Canadian junior miner Sacre-Coeur Minerals (CVE:SCM) has reported Tuesday year to date alluvial gold production figures in the vicinity of Million Mountain, in Guyana.
The news shot its stock up by 22.22 per cent to reach 11 cents each on the TSX Venture Exchange on Tuesday afternoon trade.
The
Vancouver-based miner said it produced and sold 756.6 troy ounces of
gold from its alluvial mining program for the year to date.
Alluvial
gold can be found in soil and sediment deposits. These deposits are
usually found around rivers, streams, or any other sort of running
water.
Its production reflects the output from 28 calendar weeks
of operation, as work did not resume after a year-end shut down until
the week of January 22, the company said.
During the 28-week
operating period, Sacre-Coeur said mining operations experienced total
availability of 62 per cent. This includes set-ups and mechanical
interruptions for 121.5 production days.
The company noted
alluvial operations continue to improve significantly. For the month of
July, it had produced 233.6 troy ounces gold and sold with an operating
availability of 64 per cent.
Meanwhile, due to process improvements and a good “pay zone” August production so far has risen to 30 ounces in two days.
Average
gold prices were $1,637 per ounces, with an average purity of gold sold
at 95.6 per cent. The company has made $1.20 million in sales to date.
All gold produced by the company is sold to the Guyana Gold Board.
Operating costs totalled $497,000, or $656.90 per ounces produced and sold for the 28 week.
“We
are very pleased that our alluvial operations have continued to improve
over time to now become a significant and reliable contributor of
working capital,” the company said in a statement.
“With
achievement of demonstrated production and cost performance from the
company’s initial single production unit, we can now proceed to pursue
our principal goal of near term hard-rock gold production.”
Sacre-Coeur
is a junior miner focused on gold properties in Guyana. It holds a 100
per cent stake in 978 square kilometres of mineral concession.
It
is now exploring for hard-rock gold resources along the 20 km Million
Mountain structural trend that includes the Million Mountain Zone 1,
with 451,000 troy ounces of gold.
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Tuesday, 7 August 2012
Eagle Star to raise $750,000 in non-brokered financing
Eagle Star Minerals Corp. (CVE:EGE) plans to raise $750,000 through a non-brokered private placement financing, the company said late Friday.
The exploration-stage company plans to sell 7.5 million units priced at 10 cent per share. Each unit will consist of one share and one full purchase warrant.
Holders of full warrants can purchase an extra share for 20 cents per share for a time frame of about 12 months, following the closing date.
The Vancouver-based company said it will use the proceeds toward developing its Brazilian phosphate projects – Bomfim, Ruth and Samba.
The Bomfim Agro mineral project, located in the new phosphate belt of Brazil, covers 30,922 hectares across four claims with all exploration licenses and permits in place.
Eagle Star has conducted preliminary mapping and sampling work, and also plans to carry-out a scout drilling program of up to 2,600 metres with a 50 metre depth sometime this September.
Meanwhile, the Ruth Agro mineral projects six main concession blocks cover 133,221 hectares across about 76 phosphate bearing mineral claims.
Eagle Star plans to examine the characteristics of this land package to optimize recovery, beneficiation and separation.
Since mineralization occurs at surface it is important to complete this set of tests prior to proving the extent of the package at depth and laterally by way of drilling.
The company, however, is waiting for official licenses for its Samba agro mineral project. Upon receipt, Eagle Star plans to test for possible natural fertilizer material identified across the property during the upcoming planting season.
Eagle Star, over the past two years, has boosted its presence in Brazil and continues to concentrate on maximizing shareholder value by acquiring proven phosphate mineralization assets.
The exploration-stage company plans to sell 7.5 million units priced at 10 cent per share. Each unit will consist of one share and one full purchase warrant.
Holders of full warrants can purchase an extra share for 20 cents per share for a time frame of about 12 months, following the closing date.
The Vancouver-based company said it will use the proceeds toward developing its Brazilian phosphate projects – Bomfim, Ruth and Samba.
The Bomfim Agro mineral project, located in the new phosphate belt of Brazil, covers 30,922 hectares across four claims with all exploration licenses and permits in place.
Eagle Star has conducted preliminary mapping and sampling work, and also plans to carry-out a scout drilling program of up to 2,600 metres with a 50 metre depth sometime this September.
Meanwhile, the Ruth Agro mineral projects six main concession blocks cover 133,221 hectares across about 76 phosphate bearing mineral claims.
Eagle Star plans to examine the characteristics of this land package to optimize recovery, beneficiation and separation.
Since mineralization occurs at surface it is important to complete this set of tests prior to proving the extent of the package at depth and laterally by way of drilling.
The company, however, is waiting for official licenses for its Samba agro mineral project. Upon receipt, Eagle Star plans to test for possible natural fertilizer material identified across the property during the upcoming planting season.
Eagle Star, over the past two years, has boosted its presence in Brazil and continues to concentrate on maximizing shareholder value by acquiring proven phosphate mineralization assets.
WesternZagros inks strategic investment deal with Crest Energy worth $57 mln
WesternZagros Resources (CVE:WZR)
struck a strategic investment deal with Crest Energy that would see the
oil and gas company raise $57 million in a non-brokered financing.
The private placement, which is expected to close on August 10, will see Crest own just under 10 per cent of WesternZagros’ outstanding shares.
The company plans to sell 40.7 million shares priced at $1.40 each. This is a 10 per cent premium to WesternZagros’ closing stock price on August 3.
As a result, the Abu Dhabi National Energy Co, or Taqa, has the right to buy 10.14 million extra shares priced at $1.40 to keep its ownership interest of 19.9 per cent.
The Calgary, Alberta-based company also received $83 million from Russian oil and gas giant Gazprom Neft B.V. in back costs from the Garmian production sharing contract.
WesternZagros is the operator of the Garmian block, which contains the producing Sarqala-1 oil well, the Mil Qasim discovery and several undrilled exploration prospects.
The production sharing contract will see the Kurdistan Regional Government receive about $27 million in reconciliation, while WesternZagross retains $56 million.
The private placement, which is expected to close on August 10, will see Crest own just under 10 per cent of WesternZagros’ outstanding shares.
The company plans to sell 40.7 million shares priced at $1.40 each. This is a 10 per cent premium to WesternZagros’ closing stock price on August 3.
As a result, the Abu Dhabi National Energy Co, or Taqa, has the right to buy 10.14 million extra shares priced at $1.40 to keep its ownership interest of 19.9 per cent.
The Calgary, Alberta-based company also received $83 million from Russian oil and gas giant Gazprom Neft B.V. in back costs from the Garmian production sharing contract.
WesternZagros is the operator of the Garmian block, which contains the producing Sarqala-1 oil well, the Mil Qasim discovery and several undrilled exploration prospects.
The production sharing contract will see the Kurdistan Regional Government receive about $27 million in reconciliation, while WesternZagross retains $56 million.
Montero Mining begins two Wigu Hill studies, prospecting license extended
Rare earth explorer Montero Mining and Exploration Ltd. (CVE:MON) said Tuesday it has started two pivotal environmental studies at Wigu Hill, East Africa.
The two reports, an environmental impact assessment, as well as an environmental and social impact assessment, are key to getting an environmental permit.
Montero also said it acquired a two year extension to its prospecting license by the Commissioner for minerals in Tanzania. The extension expires on June 30, 2014.
"The commencement of the EIA and ESIA are instrumental in developing a mining operation at Wigu Hill," Montero's chief executive Tony Harwood said in a statement.
"The results and submission of the EIA and ESIA will be required for the application of a mining license and contribute to the feasibility study."
Montero said it remains focused on de-risking the Wigu Hill project and targeting early production of rare earths.
It hired Tanzanian-based MTL Consulting Co. to carry out the studies, while the National Environment Management Council has approved a scoping study.
The company plans to submit the two studies by month’s end, and expects an environmental impact assessment certificate in October 2012.
Montero’s Wigu Hill project is a light rare earth element deposit and a large carbonite complex with bastnaesite mineralization. The project is located in Tanzania.
It covers a 142 square kilometre area. Grab samples have yielded results as high as 27.57% total rare earth oxides (TREO).
An initial 43-101 inferred resource estimate stands at 3.3 million tonnes at 2.6% light rare earth oxide (LREO). This includes 510,000 at 4.4% LREO on two of 10 possible drill targets.
Montero’s stock traded flat at 15 cents each on the TSX Venture Exchange on Tuesday.
The two reports, an environmental impact assessment, as well as an environmental and social impact assessment, are key to getting an environmental permit.
Montero also said it acquired a two year extension to its prospecting license by the Commissioner for minerals in Tanzania. The extension expires on June 30, 2014.
"The commencement of the EIA and ESIA are instrumental in developing a mining operation at Wigu Hill," Montero's chief executive Tony Harwood said in a statement.
"The results and submission of the EIA and ESIA will be required for the application of a mining license and contribute to the feasibility study."
Montero said it remains focused on de-risking the Wigu Hill project and targeting early production of rare earths.
It hired Tanzanian-based MTL Consulting Co. to carry out the studies, while the National Environment Management Council has approved a scoping study.
The company plans to submit the two studies by month’s end, and expects an environmental impact assessment certificate in October 2012.
Montero’s Wigu Hill project is a light rare earth element deposit and a large carbonite complex with bastnaesite mineralization. The project is located in Tanzania.
It covers a 142 square kilometre area. Grab samples have yielded results as high as 27.57% total rare earth oxides (TREO).
An initial 43-101 inferred resource estimate stands at 3.3 million tonnes at 2.6% light rare earth oxide (LREO). This includes 510,000 at 4.4% LREO on two of 10 possible drill targets.
Montero’s stock traded flat at 15 cents each on the TSX Venture Exchange on Tuesday.
Snipp to raise $1.1 mln in non-brokered financing
Mobile marketing firm Snipp Interactive (CVE:SPN) Tuesday has reported a non-brokered financing worth $1.1 million.
Each unit will consist of one unsecured convertible debenture with a par value of $1,000 and 5,000 warrants. The minimum subscription amount is $100,000.
The warrants are exercisable into common shares priced at 20 cents each. It also said the warrants expiry can be expedited if the trading price is greater than 50 cents for 20 consecutive trading days.
All securities issued are subject to a four month hold period. The debentures mature five years from closing, and bear an annual interest rate of 15 per cent.
Snipp will also pay a cash finders’ fee amounting to 10 per cent of the gross proceeds.
Profits from the offering will go toward general working capital purposes, including asset acquisition investigations. Closing of the offering remains subject to stock exchange approval.
Separately, the mobile marketing company also announced last Friday its chairman and founder Atul Sabharwal will replace Erik Hallstrom as chief executive.
Hallstrom, who will continue with Snipp in an advisory role, stepped down to pursue another opportunity. Meanwhile, director Ritesh Bhavnani will take over as chairman of the board.
Shares, in late morning trade Tuesday, fell 14.29 per cent falling to 18 cents each on the TSX Venture Exchange.
Each unit will consist of one unsecured convertible debenture with a par value of $1,000 and 5,000 warrants. The minimum subscription amount is $100,000.
The warrants are exercisable into common shares priced at 20 cents each. It also said the warrants expiry can be expedited if the trading price is greater than 50 cents for 20 consecutive trading days.
All securities issued are subject to a four month hold period. The debentures mature five years from closing, and bear an annual interest rate of 15 per cent.
Snipp will also pay a cash finders’ fee amounting to 10 per cent of the gross proceeds.
Profits from the offering will go toward general working capital purposes, including asset acquisition investigations. Closing of the offering remains subject to stock exchange approval.
Separately, the mobile marketing company also announced last Friday its chairman and founder Atul Sabharwal will replace Erik Hallstrom as chief executive.
Hallstrom, who will continue with Snipp in an advisory role, stepped down to pursue another opportunity. Meanwhile, director Ritesh Bhavnani will take over as chairman of the board.
Shares, in late morning trade Tuesday, fell 14.29 per cent falling to 18 cents each on the TSX Venture Exchange.
Prophecy Platinum announces a slew of promotions
Prophecy Platinum Corp. (CVE:NKL) has appointed a new board director and beefed-up management with a slew of promotions, the company said Tuesday.
Wesley J. Hall, who brings nearly 20 years worth of experience in corporate governance and shareholder communications, was promoted to the board of director.
Hall, also a chairman of Difference Capital Funding, was a founding board member and longest serving president of the Canadian Society of Corporate Secretaries.
The second promotion will see Neil Froc as project manager. Froc has a geological engineering degree from the University of Saskatchewan and brings over 25 years worth of experience.
Since 1980, Froc has been involved in numerous stages of precious metals, base metals and industrial mineral exploration.
Besides resource estimation and project resource development, Froc has significant proven expertise relating to socio-economic project development and First Nations engagement.
Meanwhile, Shawn Rodeck has also been promoted to the position of manager of legal affairs. With 13 plus years of international experience in the mineral exploration sector, Rodeck has consulted and also held senior management positions.
Before joining Prophecy, Rodeck was the director of corporate and legal affairs for the Minco Group of Companies.
Prophecy Platinum also announced on Tuesday Donald Gee resigned from his post as board of director. Patrick Langlois, too, resigned as vice president of corporate development.
Shares, in late morning trade, slipped to $1.15 apiece on the TSX Venture Exchange.
Wesley J. Hall, who brings nearly 20 years worth of experience in corporate governance and shareholder communications, was promoted to the board of director.
Hall, also a chairman of Difference Capital Funding, was a founding board member and longest serving president of the Canadian Society of Corporate Secretaries.
The second promotion will see Neil Froc as project manager. Froc has a geological engineering degree from the University of Saskatchewan and brings over 25 years worth of experience.
Since 1980, Froc has been involved in numerous stages of precious metals, base metals and industrial mineral exploration.
Besides resource estimation and project resource development, Froc has significant proven expertise relating to socio-economic project development and First Nations engagement.
Meanwhile, Shawn Rodeck has also been promoted to the position of manager of legal affairs. With 13 plus years of international experience in the mineral exploration sector, Rodeck has consulted and also held senior management positions.
Before joining Prophecy, Rodeck was the director of corporate and legal affairs for the Minco Group of Companies.
Prophecy Platinum also announced on Tuesday Donald Gee resigned from his post as board of director. Patrick Langlois, too, resigned as vice president of corporate development.
Shares, in late morning trade, slipped to $1.15 apiece on the TSX Venture Exchange.
Prophecy Coal debuts power division to focus on power sector in Mongolia
Prophecy Coal Corp. (CVE:PCY) Tuesday unveiled its power division named Prophecy Power, a unit to focus on the power sector in Mongolia.
Prophecy Power, formerly known as East Energy Corp., was incorporated in 2010 to supply power to Mongolia all the way through the construction of the Chandgana thermal power plant.
Prophecy Coal’s Chandgana will similarly develop the Chandgana coal project to secure fuel supply to Prophecy Power, it said. The proposed 600 megawatt power plant will be built next to Prophecy Coal’s Chandgana coal deposit located in Central Mongolia.
The project will be implemented in two phases. Phase 1 will see two 150 megawatt and transmission lines built next year and completed by 2016. Phase 2 construction will see two 150 megawatts being built in 2014 and finished by 2017.
The unit acquired approval of its environmental impact assessment from the Ministry of Nature and Tourism in November 2010.
One year later, the Ministry of Natural Resources granted a construction license for the power plant.
Since obtaining the license, the company has been in on-going talks with the Mongolian government to finalize power purchase agreements to secure the country’s long-term energy supply.
Meanwhile, Prophecy Power has been in talks with several private Mongolian companies regarding bi-lateral power purchase contracts.
The proposed mining projects – which include copper, molybdenum and iron ore, will collectively need 200 megawatts of power by 2016, excluding the Oyu Tolgoi project.
Its remaining power supply from the Chandgana power plant is expected to help meet energy demand created by on-going expansion of Eastern and Northern Mongolia, and replace Russian power imports.
Chandgana, another unit of Prophecy Coal, will supply three million tonnes of coal a year to Prophecy Power for 25 years.
In the measured and indicated categories, Chandgana controls over 1.4 billion tonnes of thermal coal including a starter pit with 140 million tonnes of measured resource.
Upon the acquisition of the Tethys Mining claims with a historic resource estimate of 2.3 billion tonnes, Chandgana will control one of largest coal basins in the world, with ample supply for a power plant of 4,200 megawatts or bigger.
Prophecy paid $10 million upfront and an 8.5 per cent royalty on future coal sales from both Chandgana and Tugalgatai licenses. The deal is slated to close in the third quarter.
Prophecy Power, formerly known as East Energy Corp., was incorporated in 2010 to supply power to Mongolia all the way through the construction of the Chandgana thermal power plant.
Prophecy Coal’s Chandgana will similarly develop the Chandgana coal project to secure fuel supply to Prophecy Power, it said. The proposed 600 megawatt power plant will be built next to Prophecy Coal’s Chandgana coal deposit located in Central Mongolia.
The project will be implemented in two phases. Phase 1 will see two 150 megawatt and transmission lines built next year and completed by 2016. Phase 2 construction will see two 150 megawatts being built in 2014 and finished by 2017.
The unit acquired approval of its environmental impact assessment from the Ministry of Nature and Tourism in November 2010.
One year later, the Ministry of Natural Resources granted a construction license for the power plant.
Since obtaining the license, the company has been in on-going talks with the Mongolian government to finalize power purchase agreements to secure the country’s long-term energy supply.
Meanwhile, Prophecy Power has been in talks with several private Mongolian companies regarding bi-lateral power purchase contracts.
The proposed mining projects – which include copper, molybdenum and iron ore, will collectively need 200 megawatts of power by 2016, excluding the Oyu Tolgoi project.
Its remaining power supply from the Chandgana power plant is expected to help meet energy demand created by on-going expansion of Eastern and Northern Mongolia, and replace Russian power imports.
Chandgana, another unit of Prophecy Coal, will supply three million tonnes of coal a year to Prophecy Power for 25 years.
In the measured and indicated categories, Chandgana controls over 1.4 billion tonnes of thermal coal including a starter pit with 140 million tonnes of measured resource.
Upon the acquisition of the Tethys Mining claims with a historic resource estimate of 2.3 billion tonnes, Chandgana will control one of largest coal basins in the world, with ample supply for a power plant of 4,200 megawatts or bigger.
Prophecy paid $10 million upfront and an 8.5 per cent royalty on future coal sales from both Chandgana and Tugalgatai licenses. The deal is slated to close in the third quarter.
Thursday, 2 August 2012
Eagle Star receives “excellent” solubility, recovery results at Canabrava block
Eagle Star Minerals Corp. (CVE:EGE) has received “excellent” solubility and heavy fraction recovery results from its Canabrava mining block, in Brazil.
Shares, in early afternoon trade, jumped 15.79 per cent, climbing to 11 cents each on the TSX Venture Exchange.
The mining concession, which rests at the Ruth Agro mineral project, encompasses 40,678 hectares across 23 mineral claims.
The tests, aimed at defining chemical composition and solubility of mineral phases, were performed using three chip samples from rock types that compose the mineralized package.
Solubility tests in both hydrochloric and citric acids confirmed fluor-apatite is the main phosphorous bearing mineral with solubility of phosphorus and calcium ranging from 87 to 96 per cent.
Results also indicated fluor-apatite represents more than 10 per cent of mineralogy, and calcinations tests excluded the presence of any secondary phosphates.
The recovery of fluor-apatite concentrate test also returned values between 76 and 83 per cent, the company said.
“The combination of mineralogical, solubility and recovery studies with the good and consistent grades along the potential area outlined indicates that Canabrava is a very attractive business opportunity that adds considerable value to our portfolio,” Eagle Star's chief operating officer Jose Campos said in a statement.
Eagle Star, a publically traded company, focuses on the exploration and development of agro mineral properties in Brazil.
Over the last two years, the company has strategically grown its presence in Brazil and continues to focus on boosting shareholder value by acquiring assets in geological areas known for phosphate mineralization.
Shares, in early afternoon trade, jumped 15.79 per cent, climbing to 11 cents each on the TSX Venture Exchange.
The mining concession, which rests at the Ruth Agro mineral project, encompasses 40,678 hectares across 23 mineral claims.
The tests, aimed at defining chemical composition and solubility of mineral phases, were performed using three chip samples from rock types that compose the mineralized package.
Solubility tests in both hydrochloric and citric acids confirmed fluor-apatite is the main phosphorous bearing mineral with solubility of phosphorus and calcium ranging from 87 to 96 per cent.
Results also indicated fluor-apatite represents more than 10 per cent of mineralogy, and calcinations tests excluded the presence of any secondary phosphates.
The recovery of fluor-apatite concentrate test also returned values between 76 and 83 per cent, the company said.
“The combination of mineralogical, solubility and recovery studies with the good and consistent grades along the potential area outlined indicates that Canabrava is a very attractive business opportunity that adds considerable value to our portfolio,” Eagle Star's chief operating officer Jose Campos said in a statement.
Eagle Star, a publically traded company, focuses on the exploration and development of agro mineral properties in Brazil.
Over the last two years, the company has strategically grown its presence in Brazil and continues to focus on boosting shareholder value by acquiring assets in geological areas known for phosphate mineralization.
African Queen Mines finds visible gold, several drill targets
African Queen Mines Ltd. (CVE:AQ)
said Thursday it has identified many drill targets and encountered
visible gold near surface at its Kenyan Ugunja gold project.
The Phase 1b exploration program also found a structure with potential to host commercial deposits, African Queen said in a statement.
“We are delighted that preliminary exploration results from both our Ugunja and Odundu projects in Western Kenya are generating positive results with identification of highly prospective drill targets,” African Queen's chief executive Irwin Olian said.
“Kenya is becoming an increasingly important focus of African Queen's exploration activities and we look forward to much success in Kenya in the future.”
The Ugunja project covers 370 square kilometres in the Lakeland district north of the shores of Lake Victoria in Western Kenya.
Work at the project has included rock sampling, trenching, mapping and ground geophysics surveys. African Queen noted visible gold has been identified in many samples of quartz vein.
This vein, which reaches 80 centimetres in width, occurs along a structure that can be traced for 240 metres.
The miner completed four trenches totalling 71 metres, while 99 samples were collected from the site and are being prepared by Kenya Mineral Services, and shipped to Australia for gold analysis.
During the prospecting campaign, about 20 gold mining work sites were located and a number of black quartz was found at these sites.
It plans to perform further trenching on several of these locations.
Separately, the gold miner also finished 13 square km ground magnetic surveys over the Ligega area, and has located potential gold-bearing structures.
Under a joint venture agreement with Kenyan-based Abba Mining Company, African Queen can earn up to an 85 percent interest in the project by funding prescribed optional stages from exploration through feasibility.
The company is also the manager and operator of the property.
Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.
The Phase 1b exploration program also found a structure with potential to host commercial deposits, African Queen said in a statement.
“We are delighted that preliminary exploration results from both our Ugunja and Odundu projects in Western Kenya are generating positive results with identification of highly prospective drill targets,” African Queen's chief executive Irwin Olian said.
“Kenya is becoming an increasingly important focus of African Queen's exploration activities and we look forward to much success in Kenya in the future.”
The Ugunja project covers 370 square kilometres in the Lakeland district north of the shores of Lake Victoria in Western Kenya.
Work at the project has included rock sampling, trenching, mapping and ground geophysics surveys. African Queen noted visible gold has been identified in many samples of quartz vein.
This vein, which reaches 80 centimetres in width, occurs along a structure that can be traced for 240 metres.
The miner completed four trenches totalling 71 metres, while 99 samples were collected from the site and are being prepared by Kenya Mineral Services, and shipped to Australia for gold analysis.
During the prospecting campaign, about 20 gold mining work sites were located and a number of black quartz was found at these sites.
It plans to perform further trenching on several of these locations.
Separately, the gold miner also finished 13 square km ground magnetic surveys over the Ligega area, and has located potential gold-bearing structures.
Under a joint venture agreement with Kenyan-based Abba Mining Company, African Queen can earn up to an 85 percent interest in the project by funding prescribed optional stages from exploration through feasibility.
The company is also the manager and operator of the property.
Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.
SouthGobi says Ivanhoe mines, Chalco extend takeover bid 30 days
SouthGobi Resources (TSE:SGQ) Thursday reported Ivanhoe Mines
(TSE:IVN) and Aluminum Corp of China Ltd., also known as Chalco, both
agreed to extend their friendly takeover bid of the Mongolian coal
producer.
Chalco, the Chinese aluminum giant, will extend the time for it to make a proportional takeover offer for up to 60 per cent of SouthGobi stock by another 30 days.
This is the second time Chalco has extended its takeover bid. Chalco will now make a takeover bid on September 4, instead of August 3.
The proposed deal valued at $926 million, or $8.48 per share, also has the backing of Ivanhoe Mines, which is SouthGobi’s largest shareholder.
Ivanhoe has entered into a lock-up agreement with Chalco and has agreed to tender all SouthGobi shares to Chalco.
Mongolia has profited from selling coal, copper and other minerals to China's booming economy but some in the thinly populated North Asian nation are uneasy about possible economic domination by their giant neighbour.
Chalco's plan to buy a 60 per cent stake in SouthGobi from Ivanhoe triggered anxiety in Mongolia about Chinese ownership of a major resource producer.
The deal remains subject to all statutory and regulatory approvals, including Canadian and Chinese regulatory approvals, and Chalco shareholder approval.
Chalco, the Chinese aluminum giant, will extend the time for it to make a proportional takeover offer for up to 60 per cent of SouthGobi stock by another 30 days.
This is the second time Chalco has extended its takeover bid. Chalco will now make a takeover bid on September 4, instead of August 3.
The proposed deal valued at $926 million, or $8.48 per share, also has the backing of Ivanhoe Mines, which is SouthGobi’s largest shareholder.
Ivanhoe has entered into a lock-up agreement with Chalco and has agreed to tender all SouthGobi shares to Chalco.
Mongolia has profited from selling coal, copper and other minerals to China's booming economy but some in the thinly populated North Asian nation are uneasy about possible economic domination by their giant neighbour.
Chalco's plan to buy a 60 per cent stake in SouthGobi from Ivanhoe triggered anxiety in Mongolia about Chinese ownership of a major resource producer.
The deal remains subject to all statutory and regulatory approvals, including Canadian and Chinese regulatory approvals, and Chalco shareholder approval.
Copper Fox extends mineralization, buys more claims at Schaft Creek
Copper Fox (CVE:CUU) has extended mineralization at the Discovery Zone, and acquired more land at Schaft Creek, in British Columbia.
The Calgary, Alberta-based company said two diamond drill holes tested the 1,800 metre long by 900 metre wide chargeability anomaly known as the Discovery Zone.
Diamond drill hole 2012CF426 intersected variable concentrations of visible chalcopyrite, a copper iron sulphide mineral, over 90 per cent of the core length at the Discovery Zone.
Drill hole 2012CF427, located 400 metres northwest of hole 2012CF426, tested the strike extension of the chargeability anomaly at Discovery Zone.
This hole hit variable concentrations of chalcopyrite and sporadic molybenite mineralization from an interval of 250 metres to 769 metres.
The chalcopyrite-molybdenite mineralization occurs as disseminations, veins and veinlets, which exhibit a number of thin basic dikes. This hole contains large intervals of silicification.
“I am pleased with the results of the first two holes completed in the Discovery Zone,” Copper Fox chief executive Elmer Stewart said in a statement.
“The mineralization in the drill core combined with the results of the Aster study and field mapping support the existence of additional zones of copper-molybdenite mineralization to the north along the previously identified Schaft Creek mineral trend.”
Copper Fox said assay results will be released shortly.
Meantime, drill holes 2012CF429 and 2012CF429B were terminated due to extremely difficult ground conditions at the Mike Zone. These drill holes were meant to test strong chargeability anomalies that define the Mike Zone, Copper Fox said.
Both drill holes reached a depth of 140 metres before being nixed.
Separately, Copper Fox also purchased nine mineral claims totalling 2,936 hectares from Randy Marko and Paul Mott.
These claims, which Copper Fox paid $10,000 plus a two per cent net smelter return royalty, are next to the company’s Schaft Creek project.
According to the deal, the company can also purchase half of the net smelter royalty for $1 million cash reducing the royalty fee down to one per cent.
The Schaft Creek project rests 45 kilometres west of the Stewart-Cassiar Highway and approximately 80 km south of Telegraph Creek in north western British Columbia.
The Schaft Creek is a giant porphyry copper-gold-molybdenum-silver deposit. A feasibility study, done by Tetra Tech, is slated to be completed by mid to late summer of 2012.
The feasibility study will include an updated geological model, resource estimate, reserve estimate, revised capital cost and operating cost estimates and other technical, socio-economic and financial aspects related to the feasibility study.
The Calgary, Alberta-based company said two diamond drill holes tested the 1,800 metre long by 900 metre wide chargeability anomaly known as the Discovery Zone.
Diamond drill hole 2012CF426 intersected variable concentrations of visible chalcopyrite, a copper iron sulphide mineral, over 90 per cent of the core length at the Discovery Zone.
Drill hole 2012CF427, located 400 metres northwest of hole 2012CF426, tested the strike extension of the chargeability anomaly at Discovery Zone.
This hole hit variable concentrations of chalcopyrite and sporadic molybenite mineralization from an interval of 250 metres to 769 metres.
The chalcopyrite-molybdenite mineralization occurs as disseminations, veins and veinlets, which exhibit a number of thin basic dikes. This hole contains large intervals of silicification.
“I am pleased with the results of the first two holes completed in the Discovery Zone,” Copper Fox chief executive Elmer Stewart said in a statement.
“The mineralization in the drill core combined with the results of the Aster study and field mapping support the existence of additional zones of copper-molybdenite mineralization to the north along the previously identified Schaft Creek mineral trend.”
Copper Fox said assay results will be released shortly.
Meantime, drill holes 2012CF429 and 2012CF429B were terminated due to extremely difficult ground conditions at the Mike Zone. These drill holes were meant to test strong chargeability anomalies that define the Mike Zone, Copper Fox said.
Both drill holes reached a depth of 140 metres before being nixed.
Separately, Copper Fox also purchased nine mineral claims totalling 2,936 hectares from Randy Marko and Paul Mott.
These claims, which Copper Fox paid $10,000 plus a two per cent net smelter return royalty, are next to the company’s Schaft Creek project.
According to the deal, the company can also purchase half of the net smelter royalty for $1 million cash reducing the royalty fee down to one per cent.
The Schaft Creek project rests 45 kilometres west of the Stewart-Cassiar Highway and approximately 80 km south of Telegraph Creek in north western British Columbia.
The Schaft Creek is a giant porphyry copper-gold-molybdenum-silver deposit. A feasibility study, done by Tetra Tech, is slated to be completed by mid to late summer of 2012.
The feasibility study will include an updated geological model, resource estimate, reserve estimate, revised capital cost and operating cost estimates and other technical, socio-economic and financial aspects related to the feasibility study.
Wednesday, 1 August 2012
Sunridge Gold encounters 1.0 g/t gold, 0.8% copper over 56 metres at Adi Rassi, Eritrea
Sunridge Gold Corp. (CVE:SGC)(OTCQX:SGCNF)
Wednesday reported final assays results for the 2012 exploration
diamond drill program at the Adi Rassi copper-gold prospect, part of the
Asmara Project in Eritrea.
The company said that the results continued to show wide copper and gold intercepts and confirms management's belief that Adi Rassi is a new large copper-gold discovery that has the potential to become Sunridge's fifth deposit on the Asmara Project.
"The 2012 drill program has successfully better defined and expanded the copper and gold mineralized zone and it is now clear that Adi Rassi has the potential of becoming much larger than the nearby Debarwa deposit" Sunridge's president and CEO Michael Hopley said.
"Metallurgical test work is underway to determine if the copper and gold recovery methodology is compatible with the process to be used at the nearby Debarwa copper-gold deposit. The next step is to have an independent initial resource estimate completed".
The copper-gold mineralized zone has now been defined over about 400 metres strike length, 40 to 100 metres in width and to a vertical depth of 330 metres. The zone remains open and Sunridge is now planning the next phase of drilling and completion of an initial resource estimate on the Adi Rassi deposit.
Amongst the highlights, hole AR-013-D encountered 0.80% copper and 1.01 grams per tonne (g/t) gold over 56.17 metres; AR-014-D drilled for 49.65 metres averaging 0.31% copper and 0.47 g/t gold; hole AR-016-D discovered 0.52% copper and 0.34 g/t gold over 74.26 metres; AR-017-D drilled 38.20 metres averaging 1.50% copper and 0.50 g/t gold and hole AR-018-D encountered 0.54% copper and 0.43 g/t gold over 99 metres.
Copper and gold mineralization at Adi Rassi is associated with quartz veins and breccia zones along a major shear zone that trends northeast for over 3 kilometres and dips steeply to the west.
This mineralization is considered to be remobilized from a distal source, possibly an as yet unidentified buried volcanogenic massive sulphide (VMS) deposit and is mainly hosted in strongly foliated and distorted altered mafic volcanic tuff and flows.
The Adi Rassi prospect is located less than 10 kilometres from Sunridge's Debarwa copper-zinc-gold VMS deposit where a positive feasibility study was completed and announced May 14, 2012. This proximity could have positive implications for any mining opportunities in the southern part of the Asmara Project.
Other gold and VMS targets drilled as part of the 2012 exploration program have yet to return any significant results although further assays are still expected. Sunridge will now focus its efforts on moving the four established deposits on the Asmara project to the completion of a final feasibility study in Q1 2013 and developing a new resource at Adi Rassi.
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar.
The company said that the results continued to show wide copper and gold intercepts and confirms management's belief that Adi Rassi is a new large copper-gold discovery that has the potential to become Sunridge's fifth deposit on the Asmara Project.
"The 2012 drill program has successfully better defined and expanded the copper and gold mineralized zone and it is now clear that Adi Rassi has the potential of becoming much larger than the nearby Debarwa deposit" Sunridge's president and CEO Michael Hopley said.
"Metallurgical test work is underway to determine if the copper and gold recovery methodology is compatible with the process to be used at the nearby Debarwa copper-gold deposit. The next step is to have an independent initial resource estimate completed".
The copper-gold mineralized zone has now been defined over about 400 metres strike length, 40 to 100 metres in width and to a vertical depth of 330 metres. The zone remains open and Sunridge is now planning the next phase of drilling and completion of an initial resource estimate on the Adi Rassi deposit.
Amongst the highlights, hole AR-013-D encountered 0.80% copper and 1.01 grams per tonne (g/t) gold over 56.17 metres; AR-014-D drilled for 49.65 metres averaging 0.31% copper and 0.47 g/t gold; hole AR-016-D discovered 0.52% copper and 0.34 g/t gold over 74.26 metres; AR-017-D drilled 38.20 metres averaging 1.50% copper and 0.50 g/t gold and hole AR-018-D encountered 0.54% copper and 0.43 g/t gold over 99 metres.
Copper and gold mineralization at Adi Rassi is associated with quartz veins and breccia zones along a major shear zone that trends northeast for over 3 kilometres and dips steeply to the west.
This mineralization is considered to be remobilized from a distal source, possibly an as yet unidentified buried volcanogenic massive sulphide (VMS) deposit and is mainly hosted in strongly foliated and distorted altered mafic volcanic tuff and flows.
The Adi Rassi prospect is located less than 10 kilometres from Sunridge's Debarwa copper-zinc-gold VMS deposit where a positive feasibility study was completed and announced May 14, 2012. This proximity could have positive implications for any mining opportunities in the southern part of the Asmara Project.
Other gold and VMS targets drilled as part of the 2012 exploration program have yet to return any significant results although further assays are still expected. Sunridge will now focus its efforts on moving the four established deposits on the Asmara project to the completion of a final feasibility study in Q1 2013 and developing a new resource at Adi Rassi.
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar.
Tuesday, 31 July 2012
Celeste Copper’s COO featured in West Briton article
Celeste Copper Corp. (CVE:C) reported its chief operating officer was recently interviewed in a West Briton article, the company said Tuesday.
Chris Davie, in the interview, talked about the significance of the South Crofty tin mine to England’s economy.
Davie, who brings more than 40 years’ worth of mining experience, in the article, said the mine has “tremendous potential to reform the South West economy.”
He grew up in Sussex before moving to Cornwall at age 16. After graduating from Camborne School of Mines, he helped design the mill operation at nearby Wheal Jane.
Prior to this, Davie has worked in tin mining in East Africa before working in gold for Canadian and U.S. based mining companies.
On July 5, the company announced "very encouraging" drill results from its on-going program at the South Crofty project in England, including five metres of 0.89% tin equivalent (Sn Eq) in hole DD1132.
Highlights include significant results from holes DD1127 to DD129, holes DD132, 135, 140 to 144, and holes DD1201, 02 and 04, which include results of eight metres at 0.51 per cent Sn Eq, 14.86 metres at 0.51 per cent Sn Eq and 5.78 metres at 0.61 per cent Sn Eq.
Earlier this month Celeste closed a deal to acquire 25 per cent of Cornish Minerals Ltd., the operating subsidiary that controls South Crofty. It has the right to ultimately earn 100 per cent of the company.
It also closed a $2.52 million share placing to support its plans for the mine.
Chris Davie, in the interview, talked about the significance of the South Crofty tin mine to England’s economy.
Davie, who brings more than 40 years’ worth of mining experience, in the article, said the mine has “tremendous potential to reform the South West economy.”
He grew up in Sussex before moving to Cornwall at age 16. After graduating from Camborne School of Mines, he helped design the mill operation at nearby Wheal Jane.
Prior to this, Davie has worked in tin mining in East Africa before working in gold for Canadian and U.S. based mining companies.
On July 5, the company announced "very encouraging" drill results from its on-going program at the South Crofty project in England, including five metres of 0.89% tin equivalent (Sn Eq) in hole DD1132.
Highlights include significant results from holes DD1127 to DD129, holes DD132, 135, 140 to 144, and holes DD1201, 02 and 04, which include results of eight metres at 0.51 per cent Sn Eq, 14.86 metres at 0.51 per cent Sn Eq and 5.78 metres at 0.61 per cent Sn Eq.
Earlier this month Celeste closed a deal to acquire 25 per cent of Cornish Minerals Ltd., the operating subsidiary that controls South Crofty. It has the right to ultimately earn 100 per cent of the company.
It also closed a $2.52 million share placing to support its plans for the mine.
Prophecy Platinum to raise $7.25 mln in private financing
Prophecy Platinum Corp. (CVE:NKL) said Tuesday it has closed a $7.25 million non-brokered private financing.
The company plans to sell 5.06 million units priced at $1.20 each to generate about $6.08 million. It added each unit consists of one share and one-half purchase warrant valid for two years.
The warrant gives the holder a right to buy one extra share priced at $1.50 each in the first year, and $2.00 per share in the second year.
It also plans to sell 807,655 flow-through shares priced at $1.45 each generating proceeds of roughly $1.17 million.
Finder’s fees may be paid, the company said.
Proceeds will go toward the company’s flagship Wellgreen project in the Yukon, and its other properties, in addition to general working capital.
Separately, the company reported roughly two weeks ago that it officially purchased nickel and copper producer Ursa Major Minerals.
The junior natural resource miner said the deal was completed Monday, July 16.
The merger, which was first announced on March 1, will create a mid-tier resource company with a pipeline of platinum and nickel projects including the Shakespeare nickel-copper mine near Sudbury, and the Wellgreen project, in Yukon Territory and Manitoba’s Lynn Lake.
Shakespeare has a probable reserve of 11.82 million tonnes grading 0.33% nickel, 0.35% copper and 0.02% cobalt with 0.33 grams per tonne (g/t) platinum. This includes 0.36 g/t palladium and 0.18 g/t gold.
The Wellgreen project in the Yukon has over 10 million ounces of platinum-palladium-gold inferred resource. Active drilling is ongoing with a pending preliminary economic assessment study.
Manitoba's Lynn Lake nickel-copper project has over 262 million pounds of nickel and 138 million pounds of copper in the measured and indicated categories.
Prophecy is a Canadian nickel and platinum group metals exploration miner with projects in Canada, Argentina and Uruguay. In Canada, it holds the Lynn Lake project in Manitoba, as well as Wellgreen.
The company plans to sell 5.06 million units priced at $1.20 each to generate about $6.08 million. It added each unit consists of one share and one-half purchase warrant valid for two years.
The warrant gives the holder a right to buy one extra share priced at $1.50 each in the first year, and $2.00 per share in the second year.
It also plans to sell 807,655 flow-through shares priced at $1.45 each generating proceeds of roughly $1.17 million.
Finder’s fees may be paid, the company said.
Proceeds will go toward the company’s flagship Wellgreen project in the Yukon, and its other properties, in addition to general working capital.
Separately, the company reported roughly two weeks ago that it officially purchased nickel and copper producer Ursa Major Minerals.
The junior natural resource miner said the deal was completed Monday, July 16.
The merger, which was first announced on March 1, will create a mid-tier resource company with a pipeline of platinum and nickel projects including the Shakespeare nickel-copper mine near Sudbury, and the Wellgreen project, in Yukon Territory and Manitoba’s Lynn Lake.
Shakespeare has a probable reserve of 11.82 million tonnes grading 0.33% nickel, 0.35% copper and 0.02% cobalt with 0.33 grams per tonne (g/t) platinum. This includes 0.36 g/t palladium and 0.18 g/t gold.
The Wellgreen project in the Yukon has over 10 million ounces of platinum-palladium-gold inferred resource. Active drilling is ongoing with a pending preliminary economic assessment study.
Manitoba's Lynn Lake nickel-copper project has over 262 million pounds of nickel and 138 million pounds of copper in the measured and indicated categories.
Prophecy is a Canadian nickel and platinum group metals exploration miner with projects in Canada, Argentina and Uruguay. In Canada, it holds the Lynn Lake project in Manitoba, as well as Wellgreen.
Sacre-Coeur Minerals to sell core drill to Riverside Resources
Guyana-focused Sacre-Coeur Minerals (CVE:SCM) struck a deal with Riverside Resources (CVE:RRI) to sell a core drill, the company said.
Financial terms of the deal were not disclosed in Tuesday’s statement.
The drill, which is one of three, has been in storage. The company can opt to buy the drill back, and can also act as agent to sell the drill to a third party.
According to the deal, if after 120 days Sacre-Coeur has not repurchased or sold the drill to a third party, Riverside shall be entitled to put the drill back for the purchase price plus a 15 per cent premium.
Sacre-Coeur Minerals plans to use the proceeds from the sale of the drill toward working capital as well as general corporate purposes.
The company, in addition, plans to update an NI 43-101 resource estimate for its Million Mountain Zone hard rock resource, as it seeks to move forward to evaluate production and commercial potential of the deposit.
The Million Mountain property hosts a resource of 12.1 million tonnes with gold grades of one gram per tonne (g/t) in the measured category, alongside 2.17 million tonnes grading 0.9 g/t gold in the indicated category, totalling 451,000 troy ounces gold combined.
Sacre-Coeur has been exploring for gold in Guyana South America since 2005. It has narrowed its focus to two major holdings known as Lower Puruni and the Northwest District Block.
Financial terms of the deal were not disclosed in Tuesday’s statement.
The drill, which is one of three, has been in storage. The company can opt to buy the drill back, and can also act as agent to sell the drill to a third party.
According to the deal, if after 120 days Sacre-Coeur has not repurchased or sold the drill to a third party, Riverside shall be entitled to put the drill back for the purchase price plus a 15 per cent premium.
Sacre-Coeur Minerals plans to use the proceeds from the sale of the drill toward working capital as well as general corporate purposes.
The company, in addition, plans to update an NI 43-101 resource estimate for its Million Mountain Zone hard rock resource, as it seeks to move forward to evaluate production and commercial potential of the deposit.
The Million Mountain property hosts a resource of 12.1 million tonnes with gold grades of one gram per tonne (g/t) in the measured category, alongside 2.17 million tonnes grading 0.9 g/t gold in the indicated category, totalling 451,000 troy ounces gold combined.
Sacre-Coeur has been exploring for gold in Guyana South America since 2005. It has narrowed its focus to two major holdings known as Lower Puruni and the Northwest District Block.
Otis Gold boosts resources at Kilgore gold deposit by 138%
Otis Gold Corp. (CVE:OOO)
(OTCQX:OGLDF) unveiled Tuesday an updated NI 43-101 resource estimate
for its Kilgore gold deposit located in Clark County, Idaho.
The Kilgore gold deposit contains an indicated resource of 520,000 ounces gold in 27.35 million tonnes at a grade of 0.59 grams per tonne (g/t) gold, representing an increase of 138 per cent in the number of ounces and 328 per cent in the number of tonnes compared to the deposit’s 2002 estimate.
Additionally, Kilgore has an inferred resource of 300,000 ounces gold in 20.23 million tonnes at a grade of 0.46 g/t gold, representing an increase of 12 per cent in the number of ounces and 131 per cent in the number of tonnes versus the 2002 estimate.
The company noted that this is its first resource estimate since acquiring the property in late 2008. It includes all historical drilling plus an additional 92 core holes drilled between 2008 through 2011, and uses a gold cut-off grade of 0.24 g/t.
“The markedly increased size of this resource provides Otis with a solid foundation upon which to build additional resources through planned drilling in areas where open-ended mineralization of significant thickness exists,” said president and CEO Craig Lindsay.
“Further, the newly expanded size of the deposit, its overall shallow depth and excellent potential for further growth, coupled with its extremely attractive metallurgy, are all positive attributes that support the potential economic viability of the deposit.”
Otis said that results its drilling programs have moved previously defined inferred resources into the indicated category and have added new resources to both the indicated and inferred categories.
Separately, in an operational update, the company said that the U.S. Forest Service, Caribou-Targhee National Forest, issued a permit to Otis at the end of May to conduct a 14 to 20-hole program consisting of 4,000 metres of HQ core drilling.
Furthermore, Otis said it is in the process of performing a cultural survey and preparing a plan of operation to build 1,350 metres of new roads into the North area of the deposit, which is defined by seven significant gold-in-soil anomalies and several open-ended mineralized holes with over 100-metre-thick intercepts averaging up to 0.89 g/t gold.
“The Kilgore gold deposit is the foundation of a very strong gold company,” said Lindsay.
“Our geologic team has already begun designing programs to both expand the deposit and test several additional high priority targets on the property.
“Otis plans to increase the number of targets under evaluation and aggressively search for new deposits with the ultimate goal of developing the property into a large-scale gold district.”
The company noted it has also received permits to drill on six sites at the Gold Ridge target, located one kilometre northwest of, and on strike with, Kilgore. This target has never been drilled and will require helicopter support, as no drill access roads are currently available in the area.
Otis stressed that exploration and drill programs will be initiated based on market conditions and the ability to raise additional capital at a reasonable price.
The Canadian mineral exploration company is focused on the acquisition and development of precious metal deposits in Idaho, U.S.
The Kilgore gold project is 5,130 acres in size, is 100-per-cent-owned by Otis and is subject to no underlying royalties.
An important achievement for the company this year was the addition of 1,880 acres, boosting its land position at Kilgore by 58 per cent and giving the miner flat land that is appropriate for heap leach processing.
The Kilgore gold deposit contains an indicated resource of 520,000 ounces gold in 27.35 million tonnes at a grade of 0.59 grams per tonne (g/t) gold, representing an increase of 138 per cent in the number of ounces and 328 per cent in the number of tonnes compared to the deposit’s 2002 estimate.
Additionally, Kilgore has an inferred resource of 300,000 ounces gold in 20.23 million tonnes at a grade of 0.46 g/t gold, representing an increase of 12 per cent in the number of ounces and 131 per cent in the number of tonnes versus the 2002 estimate.
The company noted that this is its first resource estimate since acquiring the property in late 2008. It includes all historical drilling plus an additional 92 core holes drilled between 2008 through 2011, and uses a gold cut-off grade of 0.24 g/t.
“The markedly increased size of this resource provides Otis with a solid foundation upon which to build additional resources through planned drilling in areas where open-ended mineralization of significant thickness exists,” said president and CEO Craig Lindsay.
“Further, the newly expanded size of the deposit, its overall shallow depth and excellent potential for further growth, coupled with its extremely attractive metallurgy, are all positive attributes that support the potential economic viability of the deposit.”
Otis said that results its drilling programs have moved previously defined inferred resources into the indicated category and have added new resources to both the indicated and inferred categories.
Separately, in an operational update, the company said that the U.S. Forest Service, Caribou-Targhee National Forest, issued a permit to Otis at the end of May to conduct a 14 to 20-hole program consisting of 4,000 metres of HQ core drilling.
Furthermore, Otis said it is in the process of performing a cultural survey and preparing a plan of operation to build 1,350 metres of new roads into the North area of the deposit, which is defined by seven significant gold-in-soil anomalies and several open-ended mineralized holes with over 100-metre-thick intercepts averaging up to 0.89 g/t gold.
“The Kilgore gold deposit is the foundation of a very strong gold company,” said Lindsay.
“Our geologic team has already begun designing programs to both expand the deposit and test several additional high priority targets on the property.
“Otis plans to increase the number of targets under evaluation and aggressively search for new deposits with the ultimate goal of developing the property into a large-scale gold district.”
The company noted it has also received permits to drill on six sites at the Gold Ridge target, located one kilometre northwest of, and on strike with, Kilgore. This target has never been drilled and will require helicopter support, as no drill access roads are currently available in the area.
Otis stressed that exploration and drill programs will be initiated based on market conditions and the ability to raise additional capital at a reasonable price.
The Canadian mineral exploration company is focused on the acquisition and development of precious metal deposits in Idaho, U.S.
The Kilgore gold project is 5,130 acres in size, is 100-per-cent-owned by Otis and is subject to no underlying royalties.
An important achievement for the company this year was the addition of 1,880 acres, boosting its land position at Kilgore by 58 per cent and giving the miner flat land that is appropriate for heap leach processing.
Gener8’s technology takes the guesswork out of 3D conversion
In the world of 3D conversion, Gener8 is at the top of its game.
Incorporated in February 2011, the stereoscopic 3D conversion company has become one of the few studios in the world capable of delivering stereo conversion for an entire feature-length film.
Gener8 was formed by media veterans who all come from technology/math/game creation backgrounds.
Gener8’s work includes top tier feature films such as 'The Chronicles of Narnia: Voyage of the Dawn Treader', 'Harry Potter and the Deathly Hallows: Part 2' and 'Ghost Rider: Spirit of Vengeance'. Clients include Sony Pictures, Warner Bros, Twentieth Century Fox, Columbia Pictures and more.
The company’s goal from day one has been to make it easy for its clients to convert 2D films to high-quality 3D, and to create a “new category” in the 3D world around the art of creating virtual 3D.
To that end, Gener8’s G83D division uses its own stereoscopic 3D conversion system, which the company says can meet or beat natively-shot 3D - films shot with actual 2-lens camera rigs.
Conventional methods of conversion generally use a process called displacement mapping, a 2D technique where the outline of an object is used to push its shape forward in space, creating a pixel shift in the left and right eye.
Gener8’s COO, Tim Bennison, says the resulting 3D effect from the displacement method “...often appears embossed, similar to a popup book due to the inaccurate relationships in space between objects in the scene, and incorrect outlines around objects”.
Alternatively, Gener8’s technology allows G83D to reconstruct a virtual 3D set of the environment, actors and effects.
Next, G83D animates virtual stereo cameras and projects the original shot onto the virtual set.
The process begins with the creation of a virtual camera to match moves madeby the on-set camera. Static objects including buildings, parked cars and terrain are then positioned in 3D space using the virtual camera.
Bennison says that by sharing this virtual camera and reconstructed set with visual effects (VFX) vendors, G83D and the VFX vendors are able to work in parallel and share subsequent assets.
G83D’s rotomation process takes animated objects such as people and moving cars and animates them in 3D to match the movement in the shot.
Then, using Stereo Composer, G83D’s proprietary conversion software, a stereo virtual camera is constructed. The reconstructed set and rotomation are combined with the live action background and a new, left and right eye background is generated.
Finally, the virtual stereo camera and converted background are used by the VFX vendor to generate their computer generated (CG) elements in stereo and compose the final shot.
G83D takes the guesswork out of spatial relationships and means that complex visual effects and hair shots have natural volume and depth, with no artifacts.
Bennison says the process seamlessly integrates with shots filmed using native stereo 3D camera rigs, providing filmmakers with far more flexibility in cases when shooting in native 3D isn't possible or shots need to be fixed.
The company says that even on a native 3D production, there is a need for conversion as in some cases there are physical limitations to where a stereo camera rig can fit. Other factors such as camera misalignment and lens mismatches can also compromise a finished product.
Gener8 notes that VFX and G83D can work in parallel, giving directors more time to work without sacrificing 3D quality and resulting in higher quality while remaining more cost-effective
The company typically achieves 95 percent first-time shot approval rates, and its recent projects include 'The Amazing Spider-Man'.
Gener8 says it was asked to convert certain scenes and because of its reconstruction and projection method, the results “were indistinguishable” from the natively shot footage.
“Although Sony filmed it in native 3D, 'The Amazing Spider-Man' needed some scenes converted during post production,” says CEO Rory Armes.
“More important, Gener8's work on this film helped solidify our relationship with Sony.”
Prior to that, Gener8 had a hand in 'Prometheus', released in June, the prequel to the iconic 'Alien' movie.
The company notes that Prometheus was entirely shot in native 3D but a few shots needed some conversion, including VFX element conversion.
Looking ahead, because of the large volume of work coming in, starting in September Gener8 says it is working on an expansion plan for its studio to grow the company’s capacity.
Gener8’s reach is also expanding globally, having recently partnered with the Sahara conglomerate to create a 3D promotional trailer for 'Mr. India', one of the Indian film industry's biggest-ever blockbusters.
Incorporated in February 2011, the stereoscopic 3D conversion company has become one of the few studios in the world capable of delivering stereo conversion for an entire feature-length film.
Gener8 was formed by media veterans who all come from technology/math/game creation backgrounds.
Gener8’s work includes top tier feature films such as 'The Chronicles of Narnia: Voyage of the Dawn Treader', 'Harry Potter and the Deathly Hallows: Part 2' and 'Ghost Rider: Spirit of Vengeance'. Clients include Sony Pictures, Warner Bros, Twentieth Century Fox, Columbia Pictures and more.
The company’s goal from day one has been to make it easy for its clients to convert 2D films to high-quality 3D, and to create a “new category” in the 3D world around the art of creating virtual 3D.
To that end, Gener8’s G83D division uses its own stereoscopic 3D conversion system, which the company says can meet or beat natively-shot 3D - films shot with actual 2-lens camera rigs.
Conventional methods of conversion generally use a process called displacement mapping, a 2D technique where the outline of an object is used to push its shape forward in space, creating a pixel shift in the left and right eye.
Gener8’s COO, Tim Bennison, says the resulting 3D effect from the displacement method “...often appears embossed, similar to a popup book due to the inaccurate relationships in space between objects in the scene, and incorrect outlines around objects”.
Alternatively, Gener8’s technology allows G83D to reconstruct a virtual 3D set of the environment, actors and effects.
Next, G83D animates virtual stereo cameras and projects the original shot onto the virtual set.
The process begins with the creation of a virtual camera to match moves madeby the on-set camera. Static objects including buildings, parked cars and terrain are then positioned in 3D space using the virtual camera.
Bennison says that by sharing this virtual camera and reconstructed set with visual effects (VFX) vendors, G83D and the VFX vendors are able to work in parallel and share subsequent assets.
G83D’s rotomation process takes animated objects such as people and moving cars and animates them in 3D to match the movement in the shot.
Then, using Stereo Composer, G83D’s proprietary conversion software, a stereo virtual camera is constructed. The reconstructed set and rotomation are combined with the live action background and a new, left and right eye background is generated.
Finally, the virtual stereo camera and converted background are used by the VFX vendor to generate their computer generated (CG) elements in stereo and compose the final shot.
G83D takes the guesswork out of spatial relationships and means that complex visual effects and hair shots have natural volume and depth, with no artifacts.
Bennison says the process seamlessly integrates with shots filmed using native stereo 3D camera rigs, providing filmmakers with far more flexibility in cases when shooting in native 3D isn't possible or shots need to be fixed.
The company says that even on a native 3D production, there is a need for conversion as in some cases there are physical limitations to where a stereo camera rig can fit. Other factors such as camera misalignment and lens mismatches can also compromise a finished product.
Gener8 notes that VFX and G83D can work in parallel, giving directors more time to work without sacrificing 3D quality and resulting in higher quality while remaining more cost-effective
The company typically achieves 95 percent first-time shot approval rates, and its recent projects include 'The Amazing Spider-Man'.
Gener8 says it was asked to convert certain scenes and because of its reconstruction and projection method, the results “were indistinguishable” from the natively shot footage.
“Although Sony filmed it in native 3D, 'The Amazing Spider-Man' needed some scenes converted during post production,” says CEO Rory Armes.
“More important, Gener8's work on this film helped solidify our relationship with Sony.”
Prior to that, Gener8 had a hand in 'Prometheus', released in June, the prequel to the iconic 'Alien' movie.
The company notes that Prometheus was entirely shot in native 3D but a few shots needed some conversion, including VFX element conversion.
Looking ahead, because of the large volume of work coming in, starting in September Gener8 says it is working on an expansion plan for its studio to grow the company’s capacity.
Gener8’s reach is also expanding globally, having recently partnered with the Sahara conglomerate to create a 3D promotional trailer for 'Mr. India', one of the Indian film industry's biggest-ever blockbusters.
Monday, 30 July 2012
Rubicon Minerals adds Rowlandson to board of directors
Rubicon Minerals Corp. (TSE:RMX)(NYSE-MKT:RBY) Monday announced the appointment of Peter Rowlandson as a director.
Rowlandson has over 30 years extensive and varied experience in the development and operation of gold mining operations in Ontario.
His experience in the management of chiefly underground gold mining operations includes 12 years managing the
Hemlo mining operations for Williams Operating Corp. between 1990 and 2002; the position of mine manager at the Bell Creek and Marl Hill mines in Timmins between 1989 and 1990; general manager of the Timmins Division with Pamour between 1986 and 1989 and senior managerial positions at the Pamour Mine from 1978-1986.
He is also past chairman of the Ontario Mining Association.
"We are delighted that Peter has agreed to join the board of Rubicon. He adds valuable operating experience gained from a wide variety of profitable Ontario gold mines operated by both small and large mining companies," Rubicon's president and COO Mike Lalonde said.
"Peter's appointment is part of our ongoing commitment to ensure that Rubicon transitions successfully through the development and potential future production of our F2 Gold Deposit in Red Lake, Ontario."
Rubicon is an exploration and development company focused on developing its flagship Phoenix Gold Project in Red Lake, Ontario. The project is fully permitted and Rubicon is fully funded to develop the project.
In mid-July, the company reported highly encouraging results from its underground drilling programme on the F2 system, which is part of the Phoenix Gold project in Ontario.
The highlights included a metre section grading at 198.6 grams per tonne of the precious metal, two metres at 55.8 grams and five metres at 25.3 grams.
Rowlandson has over 30 years extensive and varied experience in the development and operation of gold mining operations in Ontario.
His experience in the management of chiefly underground gold mining operations includes 12 years managing the
Hemlo mining operations for Williams Operating Corp. between 1990 and 2002; the position of mine manager at the Bell Creek and Marl Hill mines in Timmins between 1989 and 1990; general manager of the Timmins Division with Pamour between 1986 and 1989 and senior managerial positions at the Pamour Mine from 1978-1986.
He is also past chairman of the Ontario Mining Association.
"We are delighted that Peter has agreed to join the board of Rubicon. He adds valuable operating experience gained from a wide variety of profitable Ontario gold mines operated by both small and large mining companies," Rubicon's president and COO Mike Lalonde said.
"Peter's appointment is part of our ongoing commitment to ensure that Rubicon transitions successfully through the development and potential future production of our F2 Gold Deposit in Red Lake, Ontario."
Rubicon is an exploration and development company focused on developing its flagship Phoenix Gold Project in Red Lake, Ontario. The project is fully permitted and Rubicon is fully funded to develop the project.
In mid-July, the company reported highly encouraging results from its underground drilling programme on the F2 system, which is part of the Phoenix Gold project in Ontario.
The highlights included a metre section grading at 198.6 grams per tonne of the precious metal, two metres at 55.8 grams and five metres at 25.3 grams.
OncoSec Medical gets ISO 13485 certification for electroporation devices
OncoSec Medical (OTC:ONCS)
has received International Organization for Standards 13485
certification for the design and distribution of its electroporation
devices.
The San Diego, California-based biopharmaceutical company offers patients alternative treatments to existing therapies to treat cancerous tumours and cells.
Companies who get ISO 13485 certification must demonstrate an ability to provide medical devices and related services that meet customer and regulatory requirements.
OncoSec's review was conducted by SGS, an inspection, verification and certification company helping companies to become more efficient.
“The ISO certification is a significant accomplishment and an important milestone for OncoSec,” OncoSec's chief executive Punit Dhillon said in a statement.
“Certification affirms our quality management system meets the highest standards and strengthens OncoSec's commitment to product quality and development.
“With this certification in place, OncoSec is now one major step closer to obtaining the CE (European Conformity) Marking necessary for commercialization in Europe.”
OncoSec’s electroporation device, the OncoSec Medical System, is now being used in three on-going clinical trials to treat metastatic melanoma, Merkel cell carcinoma and cutaneous T-cell lymphoma.
The device has also been used in Europe in Phase IV clinical trials to treat head and neck cancer and cutaneous and subcutaneous skin cancers.
OncoSec’s electroOncology therapies address an unmet medical need and are a less invasive and less expensive therapy able to minimize the harsh effects caused by chemotherapy and immunotherapy treatments.
Its electroporation delivery system applies short electric pulses to cells, which open the pores and cell membranes and allow efficient and safe delivery of immunotherapy or chemotherapy agents to treat a range of solid tumour cancers.
The San Diego, California-based biopharmaceutical company offers patients alternative treatments to existing therapies to treat cancerous tumours and cells.
Companies who get ISO 13485 certification must demonstrate an ability to provide medical devices and related services that meet customer and regulatory requirements.
OncoSec's review was conducted by SGS, an inspection, verification and certification company helping companies to become more efficient.
“The ISO certification is a significant accomplishment and an important milestone for OncoSec,” OncoSec's chief executive Punit Dhillon said in a statement.
“Certification affirms our quality management system meets the highest standards and strengthens OncoSec's commitment to product quality and development.
“With this certification in place, OncoSec is now one major step closer to obtaining the CE (European Conformity) Marking necessary for commercialization in Europe.”
OncoSec’s electroporation device, the OncoSec Medical System, is now being used in three on-going clinical trials to treat metastatic melanoma, Merkel cell carcinoma and cutaneous T-cell lymphoma.
The device has also been used in Europe in Phase IV clinical trials to treat head and neck cancer and cutaneous and subcutaneous skin cancers.
OncoSec’s electroOncology therapies address an unmet medical need and are a less invasive and less expensive therapy able to minimize the harsh effects caused by chemotherapy and immunotherapy treatments.
Its electroporation delivery system applies short electric pulses to cells, which open the pores and cell membranes and allow efficient and safe delivery of immunotherapy or chemotherapy agents to treat a range of solid tumour cancers.
Fission Energy unveils Waterbury J-Zone drill results
Fission Energy Corp. (CVE:FIS) disclosed the latest assay results from its 2012 winter drill program from the J-Zone Waterbury Lake property on Monday.
The Waterbury Lake property covers 40,256 hectares in Saskatchewan’s Athabasca Basin. Fission has a 60 per cent stake in the joint venture project, with Korea Waterbury Uranium holding the remaining 40 per cent.
The junior natural resource miner said 36 of 49 step-out and infill holes hit mineralization returning assay grades at a 0.05% cut-off. The J-Zone’s east-west strike length now extends 667 metres from the Rio Tinto property boundary to the west to drill hole Wat 12-281.
Among the highlights, J-Zone area B drill hole Wat 12-242 returned 1.37% Uranium at nine metres. This includes 3.72% Uranium at 1.50 metres and 2.64% Uranium at 1.50 metres. Drill hole Wat 12-244 intersected 1.97% Uranium at 5.50 metres. This includes 9.61% Uranium at just one metre and 0.28% Uranium at four metres.
Hole Wat 12-247, meanwhile, intersected 1.05% Uranium at eight metres. This includes 2.22% Uranium at three metres.
“Results continue to demonstrate the significant potential for growing the J Zone,” said Fission Energy chief operating officer Ross McElroy.
J-Zone area C returned 0.20% Uranium at 23 metres in drill hole Wat 12-226. This also includes 0.64% Uranium at three metres, and 0.27% Uranium at three metres.
Drill hole Wat 12-228 intersected 0.31% Uranium at 12.5 metres, including 1.22% Uranium at just one metre. This includes 0.66% Uranium at 1.5 metres.
Fission had budgeted $30 million for exploration at Waterbury Lake over a three year period from 2010 through 2012.
Full details can be viewed at http://www.fission-energy.com/s/WaterburyLake.asp
The Waterbury Lake property covers 40,256 hectares in Saskatchewan’s Athabasca Basin. Fission has a 60 per cent stake in the joint venture project, with Korea Waterbury Uranium holding the remaining 40 per cent.
The junior natural resource miner said 36 of 49 step-out and infill holes hit mineralization returning assay grades at a 0.05% cut-off. The J-Zone’s east-west strike length now extends 667 metres from the Rio Tinto property boundary to the west to drill hole Wat 12-281.
Among the highlights, J-Zone area B drill hole Wat 12-242 returned 1.37% Uranium at nine metres. This includes 3.72% Uranium at 1.50 metres and 2.64% Uranium at 1.50 metres. Drill hole Wat 12-244 intersected 1.97% Uranium at 5.50 metres. This includes 9.61% Uranium at just one metre and 0.28% Uranium at four metres.
Hole Wat 12-247, meanwhile, intersected 1.05% Uranium at eight metres. This includes 2.22% Uranium at three metres.
“Results continue to demonstrate the significant potential for growing the J Zone,” said Fission Energy chief operating officer Ross McElroy.
J-Zone area C returned 0.20% Uranium at 23 metres in drill hole Wat 12-226. This also includes 0.64% Uranium at three metres, and 0.27% Uranium at three metres.
Drill hole Wat 12-228 intersected 0.31% Uranium at 12.5 metres, including 1.22% Uranium at just one metre. This includes 0.66% Uranium at 1.5 metres.
Fission had budgeted $30 million for exploration at Waterbury Lake over a three year period from 2010 through 2012.
Full details can be viewed at http://www.fission-energy.com/s/WaterburyLake.asp
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