Brigus Gold Reports Third Quarter Financial Results
Brigus Gold Corp. ("Brigus" or the
"Company") (NYSE MKT: BRD) (TSX: BRD)
today reported financial results
for the third quarter ended September 30, 2013.
"Brigus delivered strong operating and financial results during quarter
three. The Black Fox mine achieved record gold production while costs
on a per ounce basis were at an all-time low, and lower than
guidance.Moving forward, our top priorities continue to be safe
production, cost management, and disciplined capital allocation,"
commented Wade Dawe, Brigus' Chairman and Chief Executive Officer. "I
am proud of our team's operational performance and the fact that our
workforce has worked over 1,400 days without a lost time incident."
Third Quarter 2013 Financial Highlights
--
Sold 28,344 ounces of gold, a 49% increase over Q3 2012
--
Cash costs of $617 and All in Sustaining Costs (AISC) of $992 per ounce
of gold sold (40% reduction)
--
Made long-term debt repayments of $4.9 million
--
Revenue of $36.9 million, a 22% increase over Q3 2012
--
Adjusted cash flow from operations of $15.5 million, a 38% increase over
Q3 2012
Third Quarter 2013 Operational Highlights
--
Produced 27,174 ounces of gold, a 39% increase over Q3 2012
--
Processed 207,559 tonnes of ore (2,256 tonnes per day) at 4.34 grams per
tonne and a 94% recovery
--
Averaged 811 tonnes per day from underground at an average grade of 5.69
grams per tonne
During the third quarter of 2013, income from mining operations was $5.9
million. AISC per ounce for the third quarter was $992 per ounce,
compared to $1,649 in the third quarter of 2012, a decline of $657 or
40%. Cash costs per ounce decreased by 15% from $728 per ounce in Q3
2012 to $617 per ounce in Q3 2013.
During the quarter the Company's cash balance increased to $21.1
million, compared to $20.9 million at the end of the previous quarter,
while the balance sheet was strengthened as long term debt was reduced. Income from mining operations on a year-to-date basis totalled $18.8
million, an increase of $4.7 million compared to the same period in
2012.The increase relates to the 47% increase in ounces sold and an
11% decrease in cash costs, offset by a 10% decrease in the average
realized gold price and 58% increase in depreciation and amortization
expense.
Total liabilities decreased by $23.7 million, from $188.7 million as of
December 31, 2012, to $165.0 million as of September 30, 2013, and
shareholders' equity increased from $232.6 million to $243.8 million
year to date.
Cost management continues to be a key focus for the Company.The Company
expects capital spending for mine development and other sustaining
capital to total $38.5 million in 2013, down from the original estimate
of $41.5 million in Q1 2013. The Company reviewed its long-term
capital requirements and is forecasting total capital spending on mine
development and sustaining capital of $20 - $25 million in 2014.
During the quarter, the Company announced an updated independent NI
43-101 resource estimate for the 147, Contact, and Grey Fox South
zones. The resource estimate included a constraining pit shell which
had not been included in the previous resource estimates.Highlights
include a total of 507,400 indicated ounces (255,000 relating to the
underground and 252,400 relating to the open pit) and 228,600 inferred
ounces (184,800 relating to the underground and 43,800 relating to the
open pit). The underground and open pit cut-off grades were set at
2.84 grams per tonne and 0.72 grams per tonne, respectively. The 147,
Contact and Grey Fox South zones remain open for future expansion and
drilling continues.
At Grey Fox, Brigus completed an additional 21,458 metres (46 drill
holes) of drilling since the June 30th cut-off date and initiated additional metallurgical studies to increase
gold recoveries from the 83 percent threshold, as previously
reported. Initial results from the ongoing test work have been
favourable. The Company is now planning to release a Preliminary
Economic Assessment for Grey Fox during the second quarter of 2014.
Exploration
Subsequent to quarter end, the Company released two high grade gold
intersections from underground drilling at Black Fox. Hole 645-34-W
assayed 18.09 grams per tonne gold over 37.80 metres, including 39.45
grams per tonne gold over 10.35 metres. This 37.80 metre mineralized
intercept is from a drill interval of 316.9 to 354.7 metres, and
remains open as the last sample at 354.7 metres graded 15.34 grams per
tonne gold. Therefore, the full thickness of this high grade intercept
is unknown at this time. Hole 645-34-W intersected high grade
mineralization 30 metres to the west of hole 645-01-W, which assayed
40.71 grams per tonne gold over 26.75 metres, including 103.20 grams
per tonne gold over 8.35 metres.In light of these positive exploration
results, we have recommenced underground exploration drilling at Black
Fox. 12 to 15 holes are planned and will target this new high grade
zone.
Third Quarter Webcast and Conference Call
A webcast and conference call will be held on Wednesday, November 13th at noon Atlantic Time (11:00 a.m. Eastern Time).
Analysts and other interested parties wanting to participate in the call
should dial 1-877-407-8133 (international 201-689-8040) at least 10
minutes prior to the start of the call. No pass code is required. The
teleconference will be recorded. If you are unable to join the
teleconference live, you can dial for playback, toll-free at
1-877-660-6853 (international 201-612-7415), please use conference ID
100499. The event will be archived and available for replay until
midnight on November 27, 2013. The teleconference will also be
accompanied by a presentation made available on the Company's website
at www.brigusgold.com.
This release should be read in conjunction with Brigus' 2013
third
quarter Financial Statements and Management's Discussion and Analysis
report at www.brigusgold.com. Brigus' unaudited 2013 third quarter
Financial Statements and
Management's Discussion and Analysis have been filed with Canadian
securities regulators (available at www.sedar.com) and with the U.S
Securities and Exchange Commission (available at www.sec.gov). Brigus
shareholders may obtain a copy of the financial documents free
of charge upon request to the Company.
About Brigus Gold
Brigus is a growing gold producer committed to maximizing shareholder
value through a strategy of efficient production, targeted exploration
and select acquisitions. The Company operates the wholly owned Black
Fox Mine and Mill in the Timmins Gold District of Ontario, Canada. The
Black Fox Complex encompasses the Black Fox Mine and adjoining
properties in the Township of Black River‐Matheson, Ontario, Canada.
Brigus also owns the Goldfields Project located near Uranium City,
Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In
the Dominican Republic, Brigus has signed an agreement to sell its
remaining interests in three mineral exploration projects. In Mexico,
Brigus owns the Ixhuatan Project located in the state of Chiapas.
Cautionary Note to U.S. Investors Concerning Estimates of Mineral
Resources
This news release uses the term mineral "resources". The Company advises
U.S. investors that while these terms are defined in and required by
Canadian regulations, these terms are not defined terms under the U.S.
Securities and Exchange Commission ("SEC") Industry Guide 7 and are
generally not permitted to be used in reports and registration
statements filed with the SEC. The SEC generally only permits issuers
to report mineralization that does not constitute SEC Industry Guide 7
compliant "reserves" as in‐place tonnage and grade without reference to
unit measures. U.S. investors are cautioned not to assume that any part or all of
mineral deposits in these categories will ever be converted into
reserves.
Cautionary and Forward‐Looking Statements
Statements contained in this news release, which are not historical
facts, are forward‐looking statements that involve risks, uncertainties
and other factors that could cause actual results to differ materially
from those expressed or implied by such forward‐looking statements. All
statements regarding the ability of the Company to achieve its
production, total cash costs, steady state annual production and mining
rate estimates; estimated average gold grades for the open pit and
underground operations; increase in gold production; increase in
profitability; exploration drill results and resource additions, are
forward‐looking statements and estimates that involve various risks and
uncertainties. This forward‐ looking statements include, or may be
based upon, estimates, forecasts, and statements as to management's
expectations with respect to, among other things, the outcome of legal
proceedings, the issue of permits, the size and quality of the
Company's mineral resources, progress in development of mineral
properties, future production and sales volumes, capital and mine
production costs, demand and market outlook for metals, future metal
prices and treatment and refining charges, and the financial results of
the Company.
Important factors that could cause actual results to differ materially
from these forward‐looking statements include environmental risks and
other factors disclosed under the heading "Risk Factors" in Brigus'
most recent Annual Information Form and Management Discussion and
Analysis filed under the Company's name at www.sedar.com and annual report on Form 40F filed with the United States Securities
and Exchange Commission at www.sec.gov as well as elsewhere in Brigus' documents filed from time to time with
the Toronto Stock Exchange, the NYSE Amex Equities, the United States
Securities and Exchange Commission and other regulatory authorities.
All forward‐looking statements included in this news release are based
on information available to the Company on the date hereof. The Company
assumes no obligation to update any forward‐looking statements, except
as required by applicable securities laws.
SOURCE Brigus Gold Corp.
Wednesday, November 13, 2013
Monday, November 4, 2013
San Gold Announces High Grade Drill Results at Depth, Nov 4th 2013
San Gold Corporation TSX : SGR
OTCQX : SGRCF
November 04, 2013 08:00 ET
WINNIPEG, MANITOBA--(Marketwired - Nov. 4, 2013) -
San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) today provided updated
drilling results from its underground drilling program on 26 Level of
the Rice Lake Mine.
Initial results, obtained from the newly established 6140 drill station located approximately 1,170 metres below surface at the eastern extent of the 710 zone, demonstrate robust grades and widths that are accessible from new 26 level development. These zones are located immediately to the hanging wall of the 710 zone and appear to be part of the 007 system at depth. Highlights of this drilling include drill hole 614-13-010 which returned 45.3 g/tonne over 6.1 metres and drill hole 614-13-009 which returned 14.7 g/tonne over 4.1 metres.
The 6140 drill station was established earlier this year in closer proximity to the 710 HW region to follow up on drill hole 613-13-039 which returned 22.5 g/tonne over 4.2 metres and 15.7 g/tonne over 4.1 metres (reported April 24, 2013) and drill hole 607-12-048 which returned 15.1 g/tonne over 11.1 metres (reported November 26, 2012). The Company is planning additional drilling this year to follow up on these results.
"The high-grade region identified in the 710 vein hanging wall represents another important zone discovered as a result of ongoing exploration of the Shoreline Basalt Unit at depth. These results have been obtained within 100 metres of existing infrastructure and can be developed rapidly and with minimal capital expenditure," said Ian Berzins, San Gold's President, CEO and Chief Operating Officer.
Highlights of the preliminary drilling from the 6140 drill station are as follows:
The 710 HW zone is located at the eastern extent of known
mineralization at 26 Level of the Rice Lake mine and remains open to the
east and northeast. It was identified as part of the Company's ongoing
structural analysis to refine the Company's exploration model. This
analysis has already yielded numerous new targets within lesser known,
near-surface structures (reported September 26, 2013).
Figure 1 provides a graphic illustration showing a plan view of the 710 HW drilling. It can be found here: http://media3.marketwire.com/docs/908847fig1.pdf
Figure 2 provides a graphic illustration showing a section view of the 710 HW drilling. It can be found here: http://media3.marketwire.com/docs/908847fig2.pdf
These figures can also be found on the Company web site (www.sangold.ca) and on SEDAR (www.sedar.com).
This program was carried out by San Gold mine geologists under the supervision of Michael Michaud, P.Geo., the Qualified Person for San Gold under National Instrument 43-101 who has reviewed and approved this news release. Underground drill core samples are assayed on site in the Company's assay lab using the fire assay method with an AA and gravimetric finish. San Gold's quality control and assurance program includes the insertion of standards, the retention of pulps and rejects, and spot checks utilizing independent labs including Accurassay Laboratories of Thunder Bay, ON and Acme Analytical Laboratories Ltd in Winnipeg, MB.
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. The Company employs more than 420 people and is committed to the highest standards of safety and environmental stewardship. San Gold is on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit www.sangold.ca.
Cautionary Note
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of precious metals, as well as those factors discussed in the section entitled "Other MD&A Requirements and Additional Disclosure and Risk Factors" in the Company's most recent quarterly Management's Analysis and Discussion ("MD&A"). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Initial results, obtained from the newly established 6140 drill station located approximately 1,170 metres below surface at the eastern extent of the 710 zone, demonstrate robust grades and widths that are accessible from new 26 level development. These zones are located immediately to the hanging wall of the 710 zone and appear to be part of the 007 system at depth. Highlights of this drilling include drill hole 614-13-010 which returned 45.3 g/tonne over 6.1 metres and drill hole 614-13-009 which returned 14.7 g/tonne over 4.1 metres.
The 6140 drill station was established earlier this year in closer proximity to the 710 HW region to follow up on drill hole 613-13-039 which returned 22.5 g/tonne over 4.2 metres and 15.7 g/tonne over 4.1 metres (reported April 24, 2013) and drill hole 607-12-048 which returned 15.1 g/tonne over 11.1 metres (reported November 26, 2012). The Company is planning additional drilling this year to follow up on these results.
"The high-grade region identified in the 710 vein hanging wall represents another important zone discovered as a result of ongoing exploration of the Shoreline Basalt Unit at depth. These results have been obtained within 100 metres of existing infrastructure and can be developed rapidly and with minimal capital expenditure," said Ian Berzins, San Gold's President, CEO and Chief Operating Officer.
Highlights of the preliminary drilling from the 6140 drill station are as follows:
| Hole Number | Zone | From (m) |
To (m) |
Core (m) |
Grade† (gpt) | Depth (m) |
|
| 614-13-009 | 710 HW | 72.2 | 73.6 | 1.5 | 9.5 | 1173 | |
| 710 HW | 98.6 | 102.7 | 4.1 | 14.7 | 1173 | ||
| 614-13-010 | 710 HW | 19.2 | 21.3 | 2.1 | 12.8 | 1172 | |
| Including | 19.5 | 20.1 | 0.6 | 37.0 | |||
| 710 HW | 51.1 | 57.3 | 6.1 | 45.3 | 1172 | ||
| Including | 52.1 | 53.6 | 1.5 | 99.1 |
| † Assay values are capped at 102.8 g/tonne (3 oz per ton). |
Figure 1 provides a graphic illustration showing a plan view of the 710 HW drilling. It can be found here: http://media3.marketwire.com/docs/908847fig1.pdf
Figure 2 provides a graphic illustration showing a section view of the 710 HW drilling. It can be found here: http://media3.marketwire.com/docs/908847fig2.pdf
These figures can also be found on the Company web site (www.sangold.ca) and on SEDAR (www.sedar.com).
This program was carried out by San Gold mine geologists under the supervision of Michael Michaud, P.Geo., the Qualified Person for San Gold under National Instrument 43-101 who has reviewed and approved this news release. Underground drill core samples are assayed on site in the Company's assay lab using the fire assay method with an AA and gravimetric finish. San Gold's quality control and assurance program includes the insertion of standards, the retention of pulps and rejects, and spot checks utilizing independent labs including Accurassay Laboratories of Thunder Bay, ON and Acme Analytical Laboratories Ltd in Winnipeg, MB.
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. The Company employs more than 420 people and is committed to the highest standards of safety and environmental stewardship. San Gold is on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit www.sangold.ca.
Cautionary Note
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of precious metals, as well as those factors discussed in the section entitled "Other MD&A Requirements and Additional Disclosure and Risk Factors" in the Company's most recent quarterly Management's Analysis and Discussion ("MD&A"). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Contact Information
San Gold Corporation
Ian Berzins
President, CEO, and Chief Operating Officer
Toll Free: 1 (855) 585-4653
sgr@sangold.ca
San Gold Corporation
Tim Friesen
Investor Relations
Toll Free: 1 (855) 585-4653
sgr@sangold.ca
www.sangold.ca
Friday, November 1, 2013
Brigus digging up more gold at Black Fox Mine
Brigus Drills 18.09 gpt Gold Over 37.80 Metres & Announces Underground Exploration Program at Black Fox
Brigus Gold Corp. ("Brigus" or the
"Company") (NYSE MKT: BRD; TSX: BRD) is pleased to report a second high
grade gold intersection from underground drilling at Black Fox. Hole
645-34-W assayed 18.09 grams per tonne gold over 37.80 metres, including 39.45 grams per
tonne gold over 10.35 metres.
This 37.80 metre mineralized intercept is from a drill interval of 316.9 to 354.7 metres, and remains open as the last sample at 354.7 metres graded 15.34 grams per tonne gold. Therefore, the full thickness of this high grade intercept is unknown at this time. Hole 645-34-W intersected high grade mineralization 30 metres to the west of hole 645-01-W, which assayed 40.71 grams per tonne gold over 26.75 metres, including 103.20 grams per tonne gold over 8.35 metres.
In light of these positive results, exploration drilling at the Black Fox mine has recommenced and a third drill hole is now in progress. This phase of exploration will consist of 12 to 15 additional holes to be drilled from underground to further test and define the new zone.
"This thick, high grade gold intersection directly below current mining operations confirms the potential to expand our orebody and add significant ounces to the underground mine at Black Fox," said Wade Dawe, Brigus' Chairman and CEO. "Accordingly, we have increased our 2013 exploration budget and recommenced drilling to further test this zone and we look forward to reporting additional results in the coming weeks. Adding new high-quality gold ounces through exploration is the most direct way of increasing value for our shareholders."
Orebodies in the region, along the Destor Porcupine Fault, often extend to depths of more than 1,000 metres. The Black Fox orebody remains open for expansion both laterally and at depth.
Highlights from Black Fox drilling:
A Black Fox longitudinal section is shown in Appendix 1.
Underground drilling was conducted by Norex Drilling and was supervised by the Brigus exploration team. All sample analyses reported herein were performed by Accurassy Labs of Thunderbay, Ontario, which is ISO 17025 certified in North America using standard fire assay procedures. Intercepts cited do not necessarily represent true widths, unless otherwise noted. Brigus Gold's quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy. Senior Exploration Project Manager John A. Dixon, P. Geo., reviewed the technical exploration information in this release as the Qualified Person for the Company.
About Brigus Gold
Brigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox Mine and Mill in the Timmins Gold District of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and adjoining properties in the Township of Black River‐Matheson, Ontario, Canada. Brigus also owns the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In the Dominican Republic, Brigus has signed an agreement to sell its remaining interests in three mineral exploration projects. In Mexico, Brigus owns the Ixhuatan Project located in the state of Chiapas.
Cautionary and Forward-Looking Statements Statements in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All statements regarding the Company's ability to successfully expand the Black Fox Complex gold resource, add to Black Fox resources, advance new discoveries to production, convert resource estimates into near-term production, release of an updated mineral resource estimate in 2013 and the Black Fox underground mine exploration drilling program and continue to obtain positive down dip continuity of significant gold mineralization are forward-looking statements and estimates that involve various risks and uncertainties. There can be no assurance that such 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 these forward-looking statements include environmental risks and other factors disclosed under the heading "Risk Factors" in Brigus Gold's most recent Annual Information Form and Management Discussion and Analysis filed under the company's name at www.sedar.com and annual report on Form 40-F filed with the United States Securities and Exchange Commission at www.sec.gov and elsewhere in Brigus Gold's documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex, the United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws. Source: Brigus Gold Corp.
SOURCE Brigus Gold Corp.
Image with caption: "Appendix 1: Black Fox longitudinal section (CNW Group/Brigus Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20131031_C9151_PHOTO_EN_32800.jpg
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/October2013/31/c9151.html
SOURCE: Brigus Gold Corp.
This 37.80 metre mineralized intercept is from a drill interval of 316.9 to 354.7 metres, and remains open as the last sample at 354.7 metres graded 15.34 grams per tonne gold. Therefore, the full thickness of this high grade intercept is unknown at this time. Hole 645-34-W intersected high grade mineralization 30 metres to the west of hole 645-01-W, which assayed 40.71 grams per tonne gold over 26.75 metres, including 103.20 grams per tonne gold over 8.35 metres.
In light of these positive results, exploration drilling at the Black Fox mine has recommenced and a third drill hole is now in progress. This phase of exploration will consist of 12 to 15 additional holes to be drilled from underground to further test and define the new zone.
"This thick, high grade gold intersection directly below current mining operations confirms the potential to expand our orebody and add significant ounces to the underground mine at Black Fox," said Wade Dawe, Brigus' Chairman and CEO. "Accordingly, we have increased our 2013 exploration budget and recommenced drilling to further test this zone and we look forward to reporting additional results in the coming weeks. Adding new high-quality gold ounces through exploration is the most direct way of increasing value for our shareholders."
Orebodies in the region, along the Destor Porcupine Fault, often extend to depths of more than 1,000 metres. The Black Fox orebody remains open for expansion both laterally and at depth.
Highlights from Black Fox drilling:
____________________________________________________________________ |Hole Number| From | To |Core Width|Gold Assay |*Gold Assay| Metal | | | | | | (Uncut) | (Cut) |Factor | | | | | | | |(Uncut)| |___________|______|______|__________|___________|___________|_______| | | (m) | (m) | (m) |grams/tonne|grams/tonne|grams x| | | | | | | | width | |___________|______|______|__________|___________|___________|_______| |645-34-W |316.90|354.70| 37.80 | 18.09 | 18.09 | 684 | |___________|______|______|__________|___________|___________|_______| |including |329.45|339.80| 10.35 | 39.45 | 39.45 | 408 | |___________|______|______|__________|___________|___________|_______| |645-01-W( |339.65|366.40| 26.75 | 40.71 | 25.99 | 1089 | |(1)) | | | | | | | |___________|______|______|__________|___________|___________|_______| |including |339.65|348.00| 8.35 | 103.20 | 66.30 | 862 | |___________|______|______|__________|___________|___________|_______|*All high grade assays capped at 300.00g/t. (1) Reported in 16(th)October 2013 Press Release
A Black Fox longitudinal section is shown in Appendix 1.
Underground drilling was conducted by Norex Drilling and was supervised by the Brigus exploration team. All sample analyses reported herein were performed by Accurassy Labs of Thunderbay, Ontario, which is ISO 17025 certified in North America using standard fire assay procedures. Intercepts cited do not necessarily represent true widths, unless otherwise noted. Brigus Gold's quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy. Senior Exploration Project Manager John A. Dixon, P. Geo., reviewed the technical exploration information in this release as the Qualified Person for the Company.
About Brigus Gold
Brigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox Mine and Mill in the Timmins Gold District of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and adjoining properties in the Township of Black River‐Matheson, Ontario, Canada. Brigus also owns the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In the Dominican Republic, Brigus has signed an agreement to sell its remaining interests in three mineral exploration projects. In Mexico, Brigus owns the Ixhuatan Project located in the state of Chiapas.
Cautionary and Forward-Looking Statements Statements in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All statements regarding the Company's ability to successfully expand the Black Fox Complex gold resource, add to Black Fox resources, advance new discoveries to production, convert resource estimates into near-term production, release of an updated mineral resource estimate in 2013 and the Black Fox underground mine exploration drilling program and continue to obtain positive down dip continuity of significant gold mineralization are forward-looking statements and estimates that involve various risks and uncertainties. There can be no assurance that such 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 these forward-looking statements include environmental risks and other factors disclosed under the heading "Risk Factors" in Brigus Gold's most recent Annual Information Form and Management Discussion and Analysis filed under the company's name at www.sedar.com and annual report on Form 40-F filed with the United States Securities and Exchange Commission at www.sec.gov and elsewhere in Brigus Gold's documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex, the United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws. Source: Brigus Gold Corp.
SOURCE Brigus Gold Corp.
Image with caption: "Appendix 1: Black Fox longitudinal section (CNW Group/Brigus Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20131031_C9151_PHOTO_EN_32800.jpg
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SOURCE: Brigus Gold Corp.
Investor Relations Contact Information Morgan Tyghe Director of Investor Relations (416) 214-9867 mtyghe@brigusgold.com www.brigusgold.com
Thursday, October 31, 2013
IBC Advanced Alloys Signs MOU with Global Nuclear Fuels America and Ceramic Tubular Products to Advance Nuclear Fuel Initiatives
IBC Advanced Alloys Corp. TSX VENTURE : IB
OTCQX : IAALF
October 31, 2013 09:30 ET
IBC to explore opportunities with GNF-A and CTP to advance accident tolerant nuclear fuel technologies
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 31, 2013) - IBC Advanced Alloys Corp. (TSX VENTURE:IB)(OTCQX:IAALF) ("IBC" or the "Company") is pleased to announce that it has signed a memorandum of understanding (the "MOU") with Global Nuclear Fuel - Americas, LLC ("GNF-A") and Ceramic Tubular Products, LLC ("CTP")
to explore opportunities to collaborate on nuclear fuel research. The
MOU was signed following meetings at the recent American Nuclear
Society's annual Top Fuels conference where IBC presented recent R&D
developments on its beryllium oxide ("BeO") nuclear fuel focused on developing a safer and more accident tolerant nuclear fuel.
Under the terms of the agreement, the parties will enter into discussions regarding a potential joint collaborative effort to develop and analyze the benefits of increased cooperation and interaction regarding the development and commercialization of the advanced beryllium oxide-silicon carbide ("BeO-SiC") fuel technology. The parties have also agreed to explore available opportunities for government or industry partner funding for accident tolerant fuel R&D initiatives.
Based in Wilmington, N.C., GNF-A is a joint venture of General Electric, Hitachi Ltd. and Toshiba Corporation and is a leading fabricator and supplier of Boiling Water Reactors ("BWR") fuel and services. GNF-A strives to continually advance fuel technologies to meet the demands of today's power reactors and to support a strong nuclear industry.
CTP, based in Rockville, MD is developing advanced silicon carbide nuclear fuel cladding which will improve both industry economics and safety. CTP has been awarded multiple grants, including one from the US Department of Energy, to further research, identify and evaluate complementary fuel forms, such as IBC's BeO enhanced fuel.
IBC recently reported that the Massachusetts Institute of Technology ("MIT") completed a fuel performance study supporting IBC's BeO nuclear fuel technology combined with CTP's silicon carbide cladding. The MIT report validates how IBC's BeO enhanced fuel and CTP's SiC cladding could reduce fuel operating temperatures and improve fuel operating characteristics leading to a safer and more accident tolerant fuel. The report, along with other recent findings from Texas A&M and Purdue Universities, was presented at the Top Fuels conference.
"We are very pleased to have signed this MOU with IBC and CTP which could have significant fuel cycle benefits for plant operators," said Chet Akiri, COO of GNF-A. "The potential benefits of the improved thermal conductivity fuel, combined with CTP's cladding technology, include lower fuel operating temperatures that deliver the same energy to the reactor system. GNF is committed," continued Akiri, "to pursuing new technologies that will improve fuel performance and result in important benefits for our utility customers."
Herb Feinroth, CEO of Ceramic Tubular Products, echoed Akiri's sentiments and said, "The tests of CTP's TRIPLEX Silicon Carbide cladding have already shown the potential for hundreds of times lower heat release and hydrogen release during severe accidents as compared to the current metal cladding now used in commercial reactors. The combination of CTP's cladding technology with IBC's enhanced BeO fuel," continued Feinroth, "could mark a significant step in the development of more accident tolerant nuclear fuels and we look forward to working with IBC and GNF to advance this important initiative."
As a result of recent nuclear industry events, industry officials and governments are supporting alternative advanced fuel designs including increased R&D initiatives for more accident tolerant fuels. Because of this increasing industry awareness the parties to the agreement look forward to entering into discussions with a number of potential nuclear industry partners to explore and discuss the next phase of R&D including irradiation requirements and testing of the fuel in test reactors.
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 83 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".
This news release was prepared by management of IBC, which takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release. Neither 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.
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, limited availability of raw materials, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with manufacturing activities therefore the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
Under the terms of the agreement, the parties will enter into discussions regarding a potential joint collaborative effort to develop and analyze the benefits of increased cooperation and interaction regarding the development and commercialization of the advanced beryllium oxide-silicon carbide ("BeO-SiC") fuel technology. The parties have also agreed to explore available opportunities for government or industry partner funding for accident tolerant fuel R&D initiatives.
Based in Wilmington, N.C., GNF-A is a joint venture of General Electric, Hitachi Ltd. and Toshiba Corporation and is a leading fabricator and supplier of Boiling Water Reactors ("BWR") fuel and services. GNF-A strives to continually advance fuel technologies to meet the demands of today's power reactors and to support a strong nuclear industry.
CTP, based in Rockville, MD is developing advanced silicon carbide nuclear fuel cladding which will improve both industry economics and safety. CTP has been awarded multiple grants, including one from the US Department of Energy, to further research, identify and evaluate complementary fuel forms, such as IBC's BeO enhanced fuel.
IBC recently reported that the Massachusetts Institute of Technology ("MIT") completed a fuel performance study supporting IBC's BeO nuclear fuel technology combined with CTP's silicon carbide cladding. The MIT report validates how IBC's BeO enhanced fuel and CTP's SiC cladding could reduce fuel operating temperatures and improve fuel operating characteristics leading to a safer and more accident tolerant fuel. The report, along with other recent findings from Texas A&M and Purdue Universities, was presented at the Top Fuels conference.
"We are very pleased to have signed this MOU with IBC and CTP which could have significant fuel cycle benefits for plant operators," said Chet Akiri, COO of GNF-A. "The potential benefits of the improved thermal conductivity fuel, combined with CTP's cladding technology, include lower fuel operating temperatures that deliver the same energy to the reactor system. GNF is committed," continued Akiri, "to pursuing new technologies that will improve fuel performance and result in important benefits for our utility customers."
Herb Feinroth, CEO of Ceramic Tubular Products, echoed Akiri's sentiments and said, "The tests of CTP's TRIPLEX Silicon Carbide cladding have already shown the potential for hundreds of times lower heat release and hydrogen release during severe accidents as compared to the current metal cladding now used in commercial reactors. The combination of CTP's cladding technology with IBC's enhanced BeO fuel," continued Feinroth, "could mark a significant step in the development of more accident tolerant nuclear fuels and we look forward to working with IBC and GNF to advance this important initiative."
As a result of recent nuclear industry events, industry officials and governments are supporting alternative advanced fuel designs including increased R&D initiatives for more accident tolerant fuels. Because of this increasing industry awareness the parties to the agreement look forward to entering into discussions with a number of potential nuclear industry partners to explore and discuss the next phase of R&D including irradiation requirements and testing of the fuel in test reactors.
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 83 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".
This news release was prepared by management of IBC, which takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release. Neither 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.
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, limited availability of raw materials, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with manufacturing activities therefore the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
Contact Information
-
IBC Advanced Alloys Corp.
Ian Tootill, Director of Corporate Communications
(604) 685-6263 ext. 110
itootill@ibcadvancedalloys.com
www.ibcadvancedalloys.com
Tuesday, October 15, 2013
Rodinia Lithium completes financing
RODINIA COMPLETES SHARES FOR DEBT TRANSACTION
Toronto, Ontario, October 15, 2013: Rodinia Lithium Inc. (“Rodinia” or the “Company”) (TSX-V: RM),
has completed its previously announced shares for debt transaction
(See Press Release Dated August 29, 2013). Accordingly, the Company has
issued 5,327,253 common shares at a deemed price of $0.1121 (the
“Shares for Debt”) to settle an aggregate outstanding amount of
$507,185. The Shares for Debt will be subject to a four month and one
day hold period which expires on February 12, 2013. The transaction
remains subject to final TSX Venture Exchange approval.
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 Argentina. 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.
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
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 Argentina. 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.
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 may be deemed to constitute “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may include, without limitation, statements (express or implied) regarding the appointment, anticipated timing and results of the development of the Diablillos property and the ability of the Company to complete a strategic transaction. There can be no assurance that such statements (express or implied) will prove to be accurate, and actual results and future events could differ materially from such statements. 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.
Except for statements of historical fact contained herein, the information in this press release may be deemed to constitute “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may include, without limitation, statements (express or implied) regarding the appointment, anticipated timing and results of the development of the Diablillos property and the ability of the Company to complete a strategic transaction. There can be no assurance that such statements (express or implied) will prove to be accurate, and actual results and future events could differ materially from such statements. 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.
Tuesday, October 8, 2013
RODINIA LITHIUM WELCOMES DAVID STEIN THE BOARD
Toronto, Ontario, October 7, 2013: Rodinia Lithium Inc. (“Rodinia” or the “Company”) (TSX-V: RM),
announces the appointment of Mr. David Stein to the Company’s Board of
Directors. Mr. Stein will be instrumental in providing financial and
strategic guidance to the Company in its continuing strategy of becoming
a low-cost producer of lithium carbonate and potash from its Salar de
Diablillos in Salta Province, Argentina. The Company welcomes Mr.
Stein to the Board and looks forward to working with him as the
Company’s strategic focus is realized.
Mr. Stein is an investment manager specializing in natural resource assets and companies and is currently the President and CEO of Aberdeen International Inc., a global resource investment corporation and merchant bank trading on the TSX. Apart from overseeing natural resource investments across the globe, Mr. Stein has also served on a number of public and private resource company boards with a specific focus on Latin America, Asia and Africa. Prior to joining Aberdeen International, Mr. Stein was a mining equities analyst, director and member of the executive committee at Cormark Securities Inc. Mr. Stein joined Cormark’s predecessor Sprott Securities Inc. in 2001 and gained experience with equity research, corporate finance and marketing. Mr. Stein holds a Master of Science degree (Economic Geology) and Bachelor of Applied Science (Geological Engineering) from Queen’s University, and is a CFA charter holder.
William Randall, President & CEO of Rodinia, commented “David and Aberdeen have long been supporters of Rodinia and strong believers in the potential of the Diablillos Project. David brings invaluable expertise in the capital markets and a solid network of contacts in South America and across the broader investor universe. We look forward to working more closely with him as he joins our Board of Directors.”
Mr. Stein replaces Mr. Dan Bruno who tendered his resignation from the Board. The Company would like to thank Mr. Bruno for his contribution to the Company and wish him success in future endeavors.
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 Argentina. 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.
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 may be deemed to constitute “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may include, without limitation, statements (express or implied) regarding the appointment, anticipated timing and results of the development of the Diablillos property and the ability of the Company to complete a strategic transaction. There can be no assurance that such statements (express or implied) will prove to be accurate, and actual results and future events could differ materially from such statements. 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.
Mr. Stein is an investment manager specializing in natural resource assets and companies and is currently the President and CEO of Aberdeen International Inc., a global resource investment corporation and merchant bank trading on the TSX. Apart from overseeing natural resource investments across the globe, Mr. Stein has also served on a number of public and private resource company boards with a specific focus on Latin America, Asia and Africa. Prior to joining Aberdeen International, Mr. Stein was a mining equities analyst, director and member of the executive committee at Cormark Securities Inc. Mr. Stein joined Cormark’s predecessor Sprott Securities Inc. in 2001 and gained experience with equity research, corporate finance and marketing. Mr. Stein holds a Master of Science degree (Economic Geology) and Bachelor of Applied Science (Geological Engineering) from Queen’s University, and is a CFA charter holder.
William Randall, President & CEO of Rodinia, commented “David and Aberdeen have long been supporters of Rodinia and strong believers in the potential of the Diablillos Project. David brings invaluable expertise in the capital markets and a solid network of contacts in South America and across the broader investor universe. We look forward to working more closely with him as he joins our Board of Directors.”
Mr. Stein replaces Mr. Dan Bruno who tendered his resignation from the Board. The Company would like to thank Mr. Bruno for his contribution to the Company and wish him success in future endeavors.
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 Argentina. 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.
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 may be deemed to constitute “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may include, without limitation, statements (express or implied) regarding the appointment, anticipated timing and results of the development of the Diablillos property and the ability of the Company to complete a strategic transaction. There can be no assurance that such statements (express or implied) will prove to be accurate, and actual results and future events could differ materially from such statements. 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 |
Wednesday, August 21, 2013
Focus Graphite Reports Lac Knife Pilot Flotation Plant Tests Yield Large Flake Graphite Concentrate (+ 80 mesh) Grading 98.3% Carbon
OTTAWA, ONTARIO–(Marketwired – Aug. 21, 2013) - Focus Graphite Inc. (TSX VENTURE:FMS)(OTCQX:FCSMF)(FRANKFURT:FKC) (“Focus” or
the “Company”) is very pleased to report pilot plant test results
from its flagship Lac Knife high grade flake graphite project located
in the Grenville Geological Province of northeastern Québec. This work
was performed as part of the ongoing Lac Knife concentrator flowsheet
design process. The graphite concentrates generated from the pilot
flotation plant will be subjected to further purification tests as part
of ongoing metallurgical studies.
Highlights:
The fact that the medium and large graphite flakes could be upgraded
to purity levels ranging between 98% Ct and 98.3% Ct by flotation
suggests that the impurities are attached to the surface of the graphite
flakes in the flotation concentrate and have the potential to be
upgraded even further, to purity levels required by battery grade
graphite manufacturers. The objective of the pilot plant testing was to
produce the highest quality large flake graphite concentrate.
The pilot plant metallurgical testing was completed by SGS on a 23.3 tonne composite of drill core samples collected from the massive, semi-massive and low grade mineralization zones of the Lac Knife graphite deposit. The average total carbon (Ct*) head grade of the bulk sample was lower than the deposit average grade at 11.8% Ct in order to be able to increase the amount of mineralized material available for pilot plant testing at that time. Even with the lower head grade the metallurgical results were excellent confirming the robustness of the concentrator flowsheet design.
Overall, the graphite concentrate recovery decreased slightly from 92.5% in the Phase 2 LCTs to 91.0% in the pilot plant tests, while the amount of large flake graphite concentrate greater than 80 mesh recovered in the pilot plant test was 33.5% by weight compared with 42.5% in the LCTs. The decrease in large graphite flake recovery is attributable to the decision to employ aggressive polishing techniques that successfully improved the quality and increased the carbon content of the large flake graphite concentrate during the pilot plant tests. The assumption that the aggressive polishing conditions led to a breakage and/or folding of the graphite flakes is supported by the fact that the medium sized flake concentrate recovery with a size range of less than 80 mesh and greater than 150 mesh, increased to 29.8% from 21.2% in the LCTs.
Focus President and CEO Gary Economo said: “The pilot plant test results
confirm once more the overall quality of our flake graphite resource at
Lac Knife; a level of excellence that helps to further de-risk the
project. More importantly, the results indicate that all of Lac Knife’s
future production holds the potential for purification to premium-priced
technology-grade graphite.
“Lac Knife,” he added, “provides the foundation for our mine-to-market to value-added technology business strategy. We anticipate no impediments to the successful execution of our mining and related corporate objectives.”
Dr. Joseph Doninger, Director of Manufacturing and Technology for Focus Graphite, stated: “The +98% Ct purity level and high recoveries achieved on the greater than 200 mesh flake size of graphite during the pilot plant tests confirm the robustness of the Lac Knife concentrator flowsheet design developed by SGS Inc. in the Phase I & II LCTs conducted in 2012 and 2013.”
About SGS Metallurgical Services (Lakefield)
SGS Canada Inc. (“SGS”) is recognized as a world leader in the development of concentrator flowsheet design and pilot plant testing programs. SGS’ Metallurgical Services division was founded over half a century ago. Its metallurgists, hydro-metallurgists and chemical engineers are experienced in all the major physical and chemical separation processes utilized in the recovery of metals and minerals contained in resource properties around the world.
The information pertaining to the metallurgical test program completed by SGS that is presented in this news release has been reviewed and approved by Mr. Oliver Peters, M.Sc., P.Eng, MBA, SGS Canada Inc. Consulting Metallurgist. Mr. Peters has extensive experience in the development of metallurgical processes and has managed the majority of the graphite testing programs conducted at SGS in recent years.
This news release has been reviewed by Mr. Jeff Hussey, P.Geo (Québec), VP-Project Development for Focus Graphite and a Qualified Person under NI 43-101 guidelines.
About Focus Graphite
Focus Graphite Inc. is an emerging mid-tier junior mining development company, a technology solutions supplier and a business innovator. Focus is the owner of the Lac Knife graphite deposit located in the Côte-Nord region of northeastern Québec. The Lac Knife project hosts a NI 43-101 compliant Indicated Mineral Resource Estimate of 4.9 million tonnes grading 15.8% graphitic carbon (Cgr) as crystalline graphite with an additional Inferred Mineral Resource Estimate of 3.0 Mt grading 15.6% Cgr of crystalline graphite. Focus’ goal is to assume an industry leadership position by becoming a low-cost producer of technology-grade graphite. On October 29th, 2012 the Company released the results of a Preliminary Economic Assessment (“PEA”) of the Lac Knife Project which demonstrated that the project has an excellent potential to become a graphite producer. As a technology-oriented enterprise with a view to building long-term, sustainable shareholder value, Focus also invests in the development of graphene applications and patents through Grafoid Inc.
Forward Looking Statements – Disclaimer
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. Important factors that could cause actual results to differ materially from the Company’s expectations are in our documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com Focus Graphite disclaims any intention or obligation to revise or update such statements.
Neither 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.
Highlights:
- The average grade of the coarse size fraction (+ 80 mesh) was 98.3% Total Carbon* (“Ct”) compared with 97.4% Ct in the Phase 2 Locked Cycle Tests** (“LCTs”)
- The average grade of the medium size fraction, less than 80 mesh and greater than 150 mesh in size, was 98.2% Ct compared with 97.4% Ct in the Phase 2 LCTs
- The average grade of the size fraction greater than 200 mesh was 98.0% Ct compared with 97.2% Ct in the Phase 2 LCTs
- The average carbon content of the pilot plant campaign was 96.6% Ct compared to 96.4% Ct reported in the Company’s July 9, 2013 press release on the final results of the Phase II LCTs. It is important to note that these results were achieved despite the fact that the less than 200 mesh fraction was not subjected to another cleaning circuit in the pilot plant run as was done in the LCTs, meaning the carbon content of the overall sample would likely have been even higher.
- These results indicate that all three concentrate size fractions may be easier and more cost effective to beneficiate into technology grade graphite due to the high grade carbon content obtained from the pilot plant testing. Higher concentrate grades translates into reduced levels of impurities that have to be removed in the thermal or hydrometallurgical purification processes.
| *All carbon analyses were performed by SGS Canada Inc. (“SGS”) and are reported as total carbon (“Ct”). The analytical methods that were used to determine the metallurgical results included total carbon analysis by Leco on the final concentrates. The lower grade tailings products were analyzed by the graphitic carbon (“Cgr”) method to discount the organic carbon and carbonate carbon in the samples. | ||
The pilot plant metallurgical testing was completed by SGS on a 23.3 tonne composite of drill core samples collected from the massive, semi-massive and low grade mineralization zones of the Lac Knife graphite deposit. The average total carbon (Ct*) head grade of the bulk sample was lower than the deposit average grade at 11.8% Ct in order to be able to increase the amount of mineralized material available for pilot plant testing at that time. Even with the lower head grade the metallurgical results were excellent confirming the robustness of the concentrator flowsheet design.
Overall, the graphite concentrate recovery decreased slightly from 92.5% in the Phase 2 LCTs to 91.0% in the pilot plant tests, while the amount of large flake graphite concentrate greater than 80 mesh recovered in the pilot plant test was 33.5% by weight compared with 42.5% in the LCTs. The decrease in large graphite flake recovery is attributable to the decision to employ aggressive polishing techniques that successfully improved the quality and increased the carbon content of the large flake graphite concentrate during the pilot plant tests. The assumption that the aggressive polishing conditions led to a breakage and/or folding of the graphite flakes is supported by the fact that the medium sized flake concentrate recovery with a size range of less than 80 mesh and greater than 150 mesh, increased to 29.8% from 21.2% in the LCTs.
| ** A locked cycle test (LCT) is a repetitive batch flotation test conducted to assess flow sheet design. It is the preferred method for arriving at a metallurgical projection from laboratory testing. In a LCT the intermediate products are incorporated in the following cycles, thus simulating a continuous flotation circuit on a laboratory scale. | ||
“Lac Knife,” he added, “provides the foundation for our mine-to-market to value-added technology business strategy. We anticipate no impediments to the successful execution of our mining and related corporate objectives.”
Dr. Joseph Doninger, Director of Manufacturing and Technology for Focus Graphite, stated: “The +98% Ct purity level and high recoveries achieved on the greater than 200 mesh flake size of graphite during the pilot plant tests confirm the robustness of the Lac Knife concentrator flowsheet design developed by SGS Inc. in the Phase I & II LCTs conducted in 2012 and 2013.”
About SGS Metallurgical Services (Lakefield)
SGS Canada Inc. (“SGS”) is recognized as a world leader in the development of concentrator flowsheet design and pilot plant testing programs. SGS’ Metallurgical Services division was founded over half a century ago. Its metallurgists, hydro-metallurgists and chemical engineers are experienced in all the major physical and chemical separation processes utilized in the recovery of metals and minerals contained in resource properties around the world.
The information pertaining to the metallurgical test program completed by SGS that is presented in this news release has been reviewed and approved by Mr. Oliver Peters, M.Sc., P.Eng, MBA, SGS Canada Inc. Consulting Metallurgist. Mr. Peters has extensive experience in the development of metallurgical processes and has managed the majority of the graphite testing programs conducted at SGS in recent years.
This news release has been reviewed by Mr. Jeff Hussey, P.Geo (Québec), VP-Project Development for Focus Graphite and a Qualified Person under NI 43-101 guidelines.
About Focus Graphite
Focus Graphite Inc. is an emerging mid-tier junior mining development company, a technology solutions supplier and a business innovator. Focus is the owner of the Lac Knife graphite deposit located in the Côte-Nord region of northeastern Québec. The Lac Knife project hosts a NI 43-101 compliant Indicated Mineral Resource Estimate of 4.9 million tonnes grading 15.8% graphitic carbon (Cgr) as crystalline graphite with an additional Inferred Mineral Resource Estimate of 3.0 Mt grading 15.6% Cgr of crystalline graphite. Focus’ goal is to assume an industry leadership position by becoming a low-cost producer of technology-grade graphite. On October 29th, 2012 the Company released the results of a Preliminary Economic Assessment (“PEA”) of the Lac Knife Project which demonstrated that the project has an excellent potential to become a graphite producer. As a technology-oriented enterprise with a view to building long-term, sustainable shareholder value, Focus also invests in the development of graphene applications and patents through Grafoid Inc.
Forward Looking Statements – Disclaimer
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. Important factors that could cause actual results to differ materially from the Company’s expectations are in our documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com Focus Graphite disclaims any intention or obligation to revise or update such statements.
Neither 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.
Contact Information
-
-
Mr. Gary Economo
President and Chief Executive Officer
613-691-1091, ext. 101
geconomo@focusgraphite.com
www.focusgraphite.com
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