South America-focused Camino Minerals (CVE:COR) said it received final assay results from the remaining 19 holes at its 100 percent-owned Rodeo gold project, located in Durango State, Mexico.
Among the highlights, hole RO-11-026 returned 1.06 grams per tonne (g/t) gold and 13.00 g/t silver over 102.25 metres, including 2.58 g/t gold and 5.00 g/t silver over 19.15 metres.
Camino's diamond drill program, which ended in October, totaled 6,238.20 metres in 29 holes and tested a five-kilometre long north, north-west trending epithermal system.
Camino said the higher grade gold and silver mineralization encountered at Rodeo is hosted in strong silica altered volcaniclastic rocks and appears to be restricted to an area, around Hole RO-11-001 and Hole RO-11-026, measuring approximately 50 metres by 100 metres and extending to a vertical depth of around 50 metres.
Hole RO-11-026 was drilled along strike across the mineralized sections confirming its continuity. The results also suggest that this area of higher grade mineralization is contained within an envelope of lower grade material, which averages approximately 0.30 g/t gold and 5.00 g/t silver, the company said.
While the higher grade gold and silver mineralization appears to be restricted in the southern part of the vein swarm, widely-spaced drill holes up to two kilometres north of this area returned anomalous gold values greater than 0.10 g/t gold, over significant lengths.
In addition, hole RO-11-019 intersected anomalous gold, silver, arsenic, zinc and molybdenum values in the underlying sediments.
The presence of mineralization within the sediments represents a new target for future drilling, the company said. Camino will determine the next step at the Rodeo project once it has compiled and interpreted all of the data.
Assaying from this program were completed by ALS Chemex through their office in Zacatecas, Mexico.
In 2012, the company said it will look to create shareholder value by leveraging its strong management team and balance sheet, with approximately $3.5 million in the treasury, by further advancing its Maijoma Claim Group, a large grassroots precious and base metals prospect located in northern Chihuahua State, and its Mecatona gold-silver project, also located in Chihuahua State.
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Wednesday, 21 December 2011
Monday, 19 December 2011
inShare Pdf Bravo Gold rallies 20% on channel sample results from Kinskuch property
Bravo Gold (CVE:BVG) Monday reported results from surface channel samples taken from the Kinskuch property, a 59,600 hectare claim package located adjacent to and south of the company's Homestake Ridge project in northwestern British Columbia.
Monday afternoon, shares of the North America-focused explorer rose 20 percent to $0.06.
Among the highlights of the sampling include a 2.2 metre interval averaging 530 grams per tonne (g/t) silver, 5.5 percent lead and 4.2 percent zinc (807 g/t silver equivalent), including 0.55 metres of 1503 g/t silver, 16.9 percent lead and 8.8 percent zinc (2,235 g/t silver equivalent) from trench KNTR-015.
The company said it also encountered a 1.1 metre interval at trench KNTR-018, averaging 285 g/t silver, 4.3 percent lead and 3.1 percent zinc (512 g/t silver equivalent).
And at trench KNTR-004, the company returned 1.9 metres averaging 373 g/t silver, 7.8 percent lead and 5.2 percent zinc (743 g/t silver equivalent), including a 0.6 metre interval averaging 898 g/t silver, 16.0 percent lead and 10.4 percent zinc (1,648 g/t silver equivalent).
Bravo Gold said the saw-cut channel samples were collected from surface exposures and hand-dug trenches covering a 2.5 kilometre strike-length of the Illiance River trend.
The sampling focused on a strongly altered, north-south-trending zone of silver and base-metal occurrences, hosted by the same volcanic stratigraphy that is an important host at the Homestake Ridge project, the company added.
The trend extends for over five kilometres on the eastern side of the Kinskuch property, and is open to the north and south.
The channel sampling is consistent with high-grade values from historic sampling throughout the trend, and surface chip sampling from earlier this year, the company said.
Bravo Gold said that this phase of surface exploration confirms the presence of a precious-metal enriched mineralizing system over a 2.5 kilometre strike-length within the same stratigraphic section as the Homestake Ridge deposits, and which has been only minimally explored.
Analyses from four core holes, totaling 856 metres, drilled toward the end of the 2011 exploration season are expected in January 2012.
Only three of the six known mineral occurrences were drill tested with shallow holes, leaving a significant strike-length of the trend remaining for future exploration.
Numerous other targets remain to be investigated throughout the Kinskuch project and will be the subject of an aggressive exploration program in 2012, Bravo Gold said.
Monday afternoon, shares of the North America-focused explorer rose 20 percent to $0.06.
Among the highlights of the sampling include a 2.2 metre interval averaging 530 grams per tonne (g/t) silver, 5.5 percent lead and 4.2 percent zinc (807 g/t silver equivalent), including 0.55 metres of 1503 g/t silver, 16.9 percent lead and 8.8 percent zinc (2,235 g/t silver equivalent) from trench KNTR-015.
The company said it also encountered a 1.1 metre interval at trench KNTR-018, averaging 285 g/t silver, 4.3 percent lead and 3.1 percent zinc (512 g/t silver equivalent).
And at trench KNTR-004, the company returned 1.9 metres averaging 373 g/t silver, 7.8 percent lead and 5.2 percent zinc (743 g/t silver equivalent), including a 0.6 metre interval averaging 898 g/t silver, 16.0 percent lead and 10.4 percent zinc (1,648 g/t silver equivalent).
Bravo Gold said the saw-cut channel samples were collected from surface exposures and hand-dug trenches covering a 2.5 kilometre strike-length of the Illiance River trend.
The sampling focused on a strongly altered, north-south-trending zone of silver and base-metal occurrences, hosted by the same volcanic stratigraphy that is an important host at the Homestake Ridge project, the company added.
The trend extends for over five kilometres on the eastern side of the Kinskuch property, and is open to the north and south.
The channel sampling is consistent with high-grade values from historic sampling throughout the trend, and surface chip sampling from earlier this year, the company said.
Bravo Gold said that this phase of surface exploration confirms the presence of a precious-metal enriched mineralizing system over a 2.5 kilometre strike-length within the same stratigraphic section as the Homestake Ridge deposits, and which has been only minimally explored.
Analyses from four core holes, totaling 856 metres, drilled toward the end of the 2011 exploration season are expected in January 2012.
Only three of the six known mineral occurrences were drill tested with shallow holes, leaving a significant strike-length of the trend remaining for future exploration.
Numerous other targets remain to be investigated throughout the Kinskuch project and will be the subject of an aggressive exploration program in 2012, Bravo Gold said.
Dialog Axiata's subsidiary to buy Suntel in up to $34.9 mln deal
Sri-Lanka's largest telecommunications company Dialog Axiata PLC (COL:DIAL), said recently that its subsidiary, Dialog Broadband Networks Private Limited (DBN), has agreed to acquire 100 percent of wireless fixed line operator Suntel.
The deal is expected to have an enterprise value in the range of US$33.9 to US$34.9 million, corresponding to a valuation multiple in the range of 3.0 to 3.1 times 2010 EBITDA, subject to due diligence, the companies said.
The consummation of the transaction over the next few months is expected to provide advanced fixed line and broadband services to Sri Lankan consumers.
Suntel is ranked second in Sri Lanka's fixed telecommunications sector in terms of fixed telecommunications business and revenue market share. The company began operations in 1996, and is currently a subsidiary of Swedish telecom operator Overseas Telecom AB.
Other shareholders of Suntel include National Development Bank, C-Tech Investments, Kelmarsh Investments, Townsend Limited and International Finance Corporation (IFC).
“The Sri Lankan telecom sector after 15 years of robust growth is soliciting consolidation,” said managing director of Suntel, Jerry Huxtable.
“Suntel is committed to providing a superior service to our loyal customer base, and today are at a point in our evolution where bullish and forward thinking investments are needed to elevate our broadband infrastructure to best in class standards.”
“I believe industry consolidation which crystallises economies of scale and brings together the shared effort and investment capacity of leading industry players is an optimum strategy to deliver enhanced value to consumers and the industry at large going forward."
Suntel’s fixed telecommunications infrastructure is based on a 382 base station-strong network, delivering fixed voice, broadband and data communication services using CDMA, WiMAX and other fixed wireless access technologies The company provides fixed telephony and converged voice/data/broadband services to around 0.7 million corporate and retail customers.
DBN, a fully owned subsidiary of Dialog Axiata PLC, was the fourth entrant to Sri Lanka’ fixed telecommunications sector in 2006, and has a portfolio of fixed telecommunications, broadband and optical fibre based transmission infrastructure services.
In fact, since becoming a member of the Dialog Axiata Group in 2006, the company has invested LKR 11.8 billion in the expansion of its fixed telecommunications and broadband infrastructure with a particular focus on the development of its optical fibre network, which is now being rolled out on a nationwide basis.
DBN's chairman and group CEO at Dialog Axiata, Dr. Hans Wijayasuriya, added: “We are indeed privileged to have been afforded the opportunity to combine with Suntel through this beachhead industry consolidation initiative."
"Going forward, the combined strengths of DBN and Suntel will be synergised towards establishing a best in class infrastructure platform for the provision of high quality fixed telecommunications and broadband services which are expansive in their availability, and inclusive in terms of affordability to Sri Lankan citizens.
"Suntel is a much admired service provider on Sri Lanka’s telecommunications landscape and will bring to the merger, very significant value in terms of a best in class fixed line operations framework, highly competent human capital and a longstanding customer base earned and retained through an impeccable record in service delivery.
"Through the combination of our strengths, we look forward to providing our mutual customers with unparalleled value and quality of service as we enter an exciting new era of broadband centric telecommunications development."
For the nine months ending in September, Dialog Broadband Networks reported revenues and EBITDA of LKR 1.8 billion and LKR 456 million, respectively.
DBN said the combined operations of the two companies are expected to have combined revenue and subscriber market share of approximately 16 percent and 23 percent, respectively.
The deal is expected to have an enterprise value in the range of US$33.9 to US$34.9 million, corresponding to a valuation multiple in the range of 3.0 to 3.1 times 2010 EBITDA, subject to due diligence, the companies said.
The consummation of the transaction over the next few months is expected to provide advanced fixed line and broadband services to Sri Lankan consumers.
Suntel is ranked second in Sri Lanka's fixed telecommunications sector in terms of fixed telecommunications business and revenue market share. The company began operations in 1996, and is currently a subsidiary of Swedish telecom operator Overseas Telecom AB.
Other shareholders of Suntel include National Development Bank, C-Tech Investments, Kelmarsh Investments, Townsend Limited and International Finance Corporation (IFC).
“The Sri Lankan telecom sector after 15 years of robust growth is soliciting consolidation,” said managing director of Suntel, Jerry Huxtable.
“Suntel is committed to providing a superior service to our loyal customer base, and today are at a point in our evolution where bullish and forward thinking investments are needed to elevate our broadband infrastructure to best in class standards.”
“I believe industry consolidation which crystallises economies of scale and brings together the shared effort and investment capacity of leading industry players is an optimum strategy to deliver enhanced value to consumers and the industry at large going forward."
Suntel’s fixed telecommunications infrastructure is based on a 382 base station-strong network, delivering fixed voice, broadband and data communication services using CDMA, WiMAX and other fixed wireless access technologies The company provides fixed telephony and converged voice/data/broadband services to around 0.7 million corporate and retail customers.
DBN, a fully owned subsidiary of Dialog Axiata PLC, was the fourth entrant to Sri Lanka’ fixed telecommunications sector in 2006, and has a portfolio of fixed telecommunications, broadband and optical fibre based transmission infrastructure services.
In fact, since becoming a member of the Dialog Axiata Group in 2006, the company has invested LKR 11.8 billion in the expansion of its fixed telecommunications and broadband infrastructure with a particular focus on the development of its optical fibre network, which is now being rolled out on a nationwide basis.
DBN's chairman and group CEO at Dialog Axiata, Dr. Hans Wijayasuriya, added: “We are indeed privileged to have been afforded the opportunity to combine with Suntel through this beachhead industry consolidation initiative."
"Going forward, the combined strengths of DBN and Suntel will be synergised towards establishing a best in class infrastructure platform for the provision of high quality fixed telecommunications and broadband services which are expansive in their availability, and inclusive in terms of affordability to Sri Lankan citizens.
"Suntel is a much admired service provider on Sri Lanka’s telecommunications landscape and will bring to the merger, very significant value in terms of a best in class fixed line operations framework, highly competent human capital and a longstanding customer base earned and retained through an impeccable record in service delivery.
"Through the combination of our strengths, we look forward to providing our mutual customers with unparalleled value and quality of service as we enter an exciting new era of broadband centric telecommunications development."
For the nine months ending in September, Dialog Broadband Networks reported revenues and EBITDA of LKR 1.8 billion and LKR 456 million, respectively.
DBN said the combined operations of the two companies are expected to have combined revenue and subscriber market share of approximately 16 percent and 23 percent, respectively.
Century Iron Mines intersects 132.4 metres of 31.3% iron at Duncan Lake
Century Iron Mines Corp. (TSE:FER) announced Monday interim results from its phase two drilling program at its 51 percent-owned joint venture Duncan Lake iron ore project in Quebec.
The 2011 phase two program follows the phase one program of 10,460 metres drilled in 52 holes in 2008 and 2009. The phase three campaign will extend the phase two program, which is under Century's management.
Notable results included 43.1 metres of 27.2% iron in hole DUN-11-41, 50.1 metres of 30.3% iron in hole
DUN-11-44, 132.4 metres of 31.3% iron in hole DUN-11-244, and 163.4 metres of 23.4% iron in hole DUN-11-349.
"We are very encouraged by the Phase II interim drilling results at the Duncan Lake Project and we look forward to receiving assay results for drill holes that that have been recently completed. Once the winter drilling of the interim Phase II program is completed in 2012, we look forward to providing an updated NI 43-101 and a PEA to our shareholders," said president and CEO, Sandy Chim.
As of December 1, Century had completed, in addition to the phase two drilling, 29,651 metres in 82 drill holes.
In 2012, Century Iron plans to update the property's NI 43-101 compliant resource estimate, after which it will prepare a preliminary economic assessment (PEA) for the project.
The Duncan Lake property is within approximately 110 kilometres of the shore of James Bay, 575 kilometres north of Matagami and is accessed via paved Highway 109.
The property is subdivided into six separate mineralized zones and consists of 531 mineral claims totaling 25,602.54 hectares.
In May 2008, a joint venture agreement was signed for the property between Century and Augyva Mining Resources (CVE:AUV). In November last year, Century completed its $6.0 million funding requirement to earn an initial 51 percent interest in the project, with Augyva holding the remainder.
Century is the operator of the venture and has the option to increase its interest in Duncan Lake to 65 percent by spending another $14 million within four years.
The 2011 phase two program follows the phase one program of 10,460 metres drilled in 52 holes in 2008 and 2009. The phase three campaign will extend the phase two program, which is under Century's management.
Notable results included 43.1 metres of 27.2% iron in hole DUN-11-41, 50.1 metres of 30.3% iron in hole
DUN-11-44, 132.4 metres of 31.3% iron in hole DUN-11-244, and 163.4 metres of 23.4% iron in hole DUN-11-349.
"We are very encouraged by the Phase II interim drilling results at the Duncan Lake Project and we look forward to receiving assay results for drill holes that that have been recently completed. Once the winter drilling of the interim Phase II program is completed in 2012, we look forward to providing an updated NI 43-101 and a PEA to our shareholders," said president and CEO, Sandy Chim.
As of December 1, Century had completed, in addition to the phase two drilling, 29,651 metres in 82 drill holes.
In 2012, Century Iron plans to update the property's NI 43-101 compliant resource estimate, after which it will prepare a preliminary economic assessment (PEA) for the project.
The Duncan Lake property is within approximately 110 kilometres of the shore of James Bay, 575 kilometres north of Matagami and is accessed via paved Highway 109.
The property is subdivided into six separate mineralized zones and consists of 531 mineral claims totaling 25,602.54 hectares.
In May 2008, a joint venture agreement was signed for the property between Century and Augyva Mining Resources (CVE:AUV). In November last year, Century completed its $6.0 million funding requirement to earn an initial 51 percent interest in the project, with Augyva holding the remainder.
Century is the operator of the venture and has the option to increase its interest in Duncan Lake to 65 percent by spending another $14 million within four years.
Pressure BioSciences signs distribution deal for Germany and Switzerland
Pressure BioSciences (NASDAQ:PBIO) said Monday it has inked a distribution agreement with Germany-based scientific product provider IUL Instruments.
The deal gives IUL the exclusive right to market and sell the company's pressure cycling technology (PCT) sample preparation instruments and consumables in Germany and Switzerland.
Pressure BioSciences' key product, the Barocycler, is an instrument that uses rapid and repeating cycles of hydrostatic pressure at controlled temperatures, in order to extract cell components in preparing a biological sample, for further study. Biological samples could include DNA, RNA, proteins, and lipids from humans, animals, and plants.
The PBI sample preparation system has been proven to be safer, more accurate, reproducible, and much faster than current cell extraction methods - with up to 48 samples able to be processed from a wide variety of cells and tissues within minutes.
Since the company began commercial operations in the middle of 2007, it has come a long way, releasing a number of PCT-based products geared towards the $6 billion sample preparation market, including three pressure-generating Barocyclers, a patent-pending sample homogenization device (The Shredder SG3), five types of single-use processing containers and six different, application-specific reagent kits.
In addition to the terms set out above under the distribution deal, IUL will also have the non-exclusive right to market and sell Pressure BioSciences' recently-released Shredder SG3, and its associated consumables, in the same two countries of Germany and Switzerland.
President and CEO of Pressure BioSciences, Richard T. Schumacher, said: “IUL’s customers include thousands of researchers in biotechnology, pharmaceutical, government, and academic laboratories. IUL is a well-respected, value-added distributor offering a wide assortment of laboratory products.
"They have over thirty highly trained marketing, sales and service personnel, many with advanced degrees in the life sciences. They also have a well-designed infrastructure to support their large customer base.
"We are very excited to partner with IUL and look forward to working closely with them as they introduce the PCT Platform and related products to their existing and extensive customer base.”
Already, the company has installed around 200 of its PCT Barocycler instruments plus required consumables in laboratories. The applications range from the key $2 billion target market of mass spectrometry - an analytical technique used to determine the characteristics of molecules - to biomarker discovery, forensics and counter-bioterrorism, among other uses.
According to recent market reports, the company believes there are roughly 80,000 laboratories around the world that require the extraction of DNA, RNA, proteins, lipids and small molecules from biological samples for their research studies. Pressure BioSciences aims to capture between 5 to 10 percent of this existing market in the next three to five years, amounting to roughly between 4,000 to 8,000 labs. This should mean big business considering Barocycler instruments cost between $25,000 to $48,000 per unit, and with every Barocycler sale, there is an expected stream of consumable sales for years afterwards.
President of IUL, Alexander Beljaars, commented: “We understand well the German and Swiss life sciences market, including the need for high quality sample preparation products. We believe that PBI’s PCT Sample Preparation System is unique to the market, has been proven to be very effective by leading scientists in US laboratories over the past few years, and will fill a very important yet unmet need in our customer base."
"We are excited to have the opportunity to introduce PCT, the PCT SPS, and the Shredder SG3 System to our customers, and believe we will be successful in marketing these state-of-the-art sample preparation products to the German and Swiss life sciences marketplace.”
Pressure BioSciences' revenue in the third quarter was 50 percent greater than revenue in either the first or second quarters of the year. Indeed, its PCT products revenue in the third quarter was the highest it has been in a year.
Sales so far for the company have been achieved with a sales team of just three. But earlier this month, the company managed to raise $843,000 from a registered direct offering, which will be used to further boost commercialization efforts. Schumacher said it has a specific commercialization strategy in place, which includes both internal sales and external partnerships - a strategy that is expected to be implemented into 2012.
In a recent research report by Zacks, the company was praised for having made "great progress" in 2011, as it received grants of $161,000 from the National Institutes of Health to help develop a new method for the processing of cancer and other samples, and a grant from the US Defense Department for $750,000 to help develop a new PCT-based instrument for high throughput processing.
Germany-based IUL, with a staff of more than 30, specializes in providing scientific products in microbiology, cell biology, and biotech applications and offers support of specialized technologies, including sample preparation.
The deal gives IUL the exclusive right to market and sell the company's pressure cycling technology (PCT) sample preparation instruments and consumables in Germany and Switzerland.
Pressure BioSciences' key product, the Barocycler, is an instrument that uses rapid and repeating cycles of hydrostatic pressure at controlled temperatures, in order to extract cell components in preparing a biological sample, for further study. Biological samples could include DNA, RNA, proteins, and lipids from humans, animals, and plants.
The PBI sample preparation system has been proven to be safer, more accurate, reproducible, and much faster than current cell extraction methods - with up to 48 samples able to be processed from a wide variety of cells and tissues within minutes.
Since the company began commercial operations in the middle of 2007, it has come a long way, releasing a number of PCT-based products geared towards the $6 billion sample preparation market, including three pressure-generating Barocyclers, a patent-pending sample homogenization device (The Shredder SG3), five types of single-use processing containers and six different, application-specific reagent kits.
In addition to the terms set out above under the distribution deal, IUL will also have the non-exclusive right to market and sell Pressure BioSciences' recently-released Shredder SG3, and its associated consumables, in the same two countries of Germany and Switzerland.
President and CEO of Pressure BioSciences, Richard T. Schumacher, said: “IUL’s customers include thousands of researchers in biotechnology, pharmaceutical, government, and academic laboratories. IUL is a well-respected, value-added distributor offering a wide assortment of laboratory products.
"They have over thirty highly trained marketing, sales and service personnel, many with advanced degrees in the life sciences. They also have a well-designed infrastructure to support their large customer base.
"We are very excited to partner with IUL and look forward to working closely with them as they introduce the PCT Platform and related products to their existing and extensive customer base.”
Already, the company has installed around 200 of its PCT Barocycler instruments plus required consumables in laboratories. The applications range from the key $2 billion target market of mass spectrometry - an analytical technique used to determine the characteristics of molecules - to biomarker discovery, forensics and counter-bioterrorism, among other uses.
According to recent market reports, the company believes there are roughly 80,000 laboratories around the world that require the extraction of DNA, RNA, proteins, lipids and small molecules from biological samples for their research studies. Pressure BioSciences aims to capture between 5 to 10 percent of this existing market in the next three to five years, amounting to roughly between 4,000 to 8,000 labs. This should mean big business considering Barocycler instruments cost between $25,000 to $48,000 per unit, and with every Barocycler sale, there is an expected stream of consumable sales for years afterwards.
President of IUL, Alexander Beljaars, commented: “We understand well the German and Swiss life sciences market, including the need for high quality sample preparation products. We believe that PBI’s PCT Sample Preparation System is unique to the market, has been proven to be very effective by leading scientists in US laboratories over the past few years, and will fill a very important yet unmet need in our customer base."
"We are excited to have the opportunity to introduce PCT, the PCT SPS, and the Shredder SG3 System to our customers, and believe we will be successful in marketing these state-of-the-art sample preparation products to the German and Swiss life sciences marketplace.”
Pressure BioSciences' revenue in the third quarter was 50 percent greater than revenue in either the first or second quarters of the year. Indeed, its PCT products revenue in the third quarter was the highest it has been in a year.
Sales so far for the company have been achieved with a sales team of just three. But earlier this month, the company managed to raise $843,000 from a registered direct offering, which will be used to further boost commercialization efforts. Schumacher said it has a specific commercialization strategy in place, which includes both internal sales and external partnerships - a strategy that is expected to be implemented into 2012.
In a recent research report by Zacks, the company was praised for having made "great progress" in 2011, as it received grants of $161,000 from the National Institutes of Health to help develop a new method for the processing of cancer and other samples, and a grant from the US Defense Department for $750,000 to help develop a new PCT-based instrument for high throughput processing.
Germany-based IUL, with a staff of more than 30, specializes in providing scientific products in microbiology, cell biology, and biotech applications and offers support of specialized technologies, including sample preparation.
Tethys up on initial results from Persea exploration well in Tajikstan
Tethys Petroleum (TSE:TPL)(LON:TPL) saw its shares rally early Monday after it announced the initial results of its Persea 1 exploration well in Tajikstan, and its plans to carry out production testing on the well in the new year.
The Persea 1 well, drilled some five kilometres from the town of Kurgan Teppa, reached a total depth of 2,655 metres.
Wireline logs showed a 50 metre gross zone of possible hydrocarbons, which occur in crude oil, within a mixed sandstone and carbonate sequence assigned to the Alai formation - similar to the formation about to be tested in the East Olimtoi well (EOL09), the company said.
Because of hole stability issues, Tethys said the section was drilled with relatively high mudweights, which tends to mask hydrocarbon shows while drilling.
The company now plans to run 7-inch liner in preparation for a production test, with the aim of establishing commercial flow of hydrocarbons from this zone.
The actual testing will be carried out in the first half of 2012, with the cost to be financed by internally-generated cash flow, the company said.
The news comes following Tethys' recent announcement that it acquired an additional interest in the Bokhtar production sharing contract, which includes the Persea prospect. The company now holds an 85 percent working interest in Persea.
Tethys is an oil and gas exploration and production company with activities in Central Asia, focused on the Republics of Kazakhstan, Tajikistan and Uzbekistan.
Shares of the company moved more than 4.3 percent higher in early trading on Monday, to 48 cents as of 9:39am ET.
The Persea 1 well, drilled some five kilometres from the town of Kurgan Teppa, reached a total depth of 2,655 metres.
Wireline logs showed a 50 metre gross zone of possible hydrocarbons, which occur in crude oil, within a mixed sandstone and carbonate sequence assigned to the Alai formation - similar to the formation about to be tested in the East Olimtoi well (EOL09), the company said.
Because of hole stability issues, Tethys said the section was drilled with relatively high mudweights, which tends to mask hydrocarbon shows while drilling.
The company now plans to run 7-inch liner in preparation for a production test, with the aim of establishing commercial flow of hydrocarbons from this zone.
The actual testing will be carried out in the first half of 2012, with the cost to be financed by internally-generated cash flow, the company said.
The news comes following Tethys' recent announcement that it acquired an additional interest in the Bokhtar production sharing contract, which includes the Persea prospect. The company now holds an 85 percent working interest in Persea.
Tethys is an oil and gas exploration and production company with activities in Central Asia, focused on the Republics of Kazakhstan, Tajikistan and Uzbekistan.
Shares of the company moved more than 4.3 percent higher in early trading on Monday, to 48 cents as of 9:39am ET.
Montero Mining appoints Turgis for Duyker Eiland PEA, due out in Q1 2012
Montero Mining and Exploration (CVE:MON) said Monday it has appointed Turgis Consulting to undertake a preliminary economic assessment (PEA) for its Duyker Eiland sedimentary phosphate project in South Africa, due to be released during the first quarter of next year.
Turgis is a Johannesburg-based engineering consultancy, focused on the mining industry, and has over 20 years of experience in engineering projects for mining companies in Africa.
Montero said the purpose of the study is to determine whether there are positive economics for the project, and will include a conceptual mine, plant, and infrastructure layout, as well as a basic risk assessment to show any "fatal flaws and areas of sensitivity" that require specific focus in the future.
The report will also look to define any work required for any pre-feasibility study done in the future.
"We are pleased to announce that a PEA on the initial Inferred NI 43-101 Mineral Resource at Duyker Eiland is well underway," said president and CEO, Dr Tony Harwood.
"Turgis have valuable local expertise and have been involved with this project throughout the due diligence exercise completed prior to acquisition.
"Turgis are also providing mining consulting services onour flagship Wigu Hill Rare-Earth Project in Tanzania as we focus on bringing this into production, however the phosphate assets provide excellent value-add to Montero’s portfolio.”
Work on the PEA has already begun and is due to be completed by year-end, the company said.
In mid-November, the company announced an initial resource estimate for the project, outlining a total inferred mineral resource of 32.8 million tonnes at a grade of 7.15% P2O5 from the preliminary drilling program of 26 boreholes, or 613 metres.
The company said that initial metallurgical test work thus far showed that an acid-grade phosphate concentrate of 33% to 35% P2O5 can be produced by flotation. The tests used a composite of material from the three mineralized zones, the Lower, Middle and Upper zones, prepared from reverse circulation material from four holes.
The project is located roughly 18 kilometres north of Vredenburg and 140 kilometres north-northeast of Cape Town. The Port of Saldanha, which has handled cargo in excess of 45 million tonnes annually, is 30 kilometres to the south.
The company said there is upside potential of increasing the resource base, by expanding the drilling program mainly to the north and west, as the deposit remains open in those directions.
Montero Mining is primarily focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada. Its flagship Wigu Hill REE project in Tanzania has an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5) on the Tembo and Twiga deposits, covering just the eastern ridge of the property.
Turgis is a Johannesburg-based engineering consultancy, focused on the mining industry, and has over 20 years of experience in engineering projects for mining companies in Africa.
Montero said the purpose of the study is to determine whether there are positive economics for the project, and will include a conceptual mine, plant, and infrastructure layout, as well as a basic risk assessment to show any "fatal flaws and areas of sensitivity" that require specific focus in the future.
The report will also look to define any work required for any pre-feasibility study done in the future.
"We are pleased to announce that a PEA on the initial Inferred NI 43-101 Mineral Resource at Duyker Eiland is well underway," said president and CEO, Dr Tony Harwood.
"Turgis have valuable local expertise and have been involved with this project throughout the due diligence exercise completed prior to acquisition.
"Turgis are also providing mining consulting services onour flagship Wigu Hill Rare-Earth Project in Tanzania as we focus on bringing this into production, however the phosphate assets provide excellent value-add to Montero’s portfolio.”
Work on the PEA has already begun and is due to be completed by year-end, the company said.
In mid-November, the company announced an initial resource estimate for the project, outlining a total inferred mineral resource of 32.8 million tonnes at a grade of 7.15% P2O5 from the preliminary drilling program of 26 boreholes, or 613 metres.
The company said that initial metallurgical test work thus far showed that an acid-grade phosphate concentrate of 33% to 35% P2O5 can be produced by flotation. The tests used a composite of material from the three mineralized zones, the Lower, Middle and Upper zones, prepared from reverse circulation material from four holes.
The project is located roughly 18 kilometres north of Vredenburg and 140 kilometres north-northeast of Cape Town. The Port of Saldanha, which has handled cargo in excess of 45 million tonnes annually, is 30 kilometres to the south.
The company said there is upside potential of increasing the resource base, by expanding the drilling program mainly to the north and west, as the deposit remains open in those directions.
Montero Mining is primarily focused on rare earth elements (REE), phosphates and uranium in Tanzania, South Africa and Quebec, Canada. Its flagship Wigu Hill REE project in Tanzania has an inferred resource of 3.3 million tonnes at a grade of 2.6% light rare earth oxide (LREO5) on the Tembo and Twiga deposits, covering just the eastern ridge of the property.
Simba Energy has "exciting and potentially highly prospective" assets, says Edison
Vancouver-based Simba Energy (CVE:SMB) received coverage Friday from Edison Investment Research, which said the Africa-focused oil and gas exploration play holds a "potentially highly" prospective portfolio of onshore assets.
The assets are located in Kenya, Liberia, Guinea, Mali and Ghana, where Simba has plans to potentially start drilling as early as 2013.
However, Edison noted that it is vital that the company finds farm-in partners to be able to carry its projects through to drilling.
According to Edison analysts Krisztina Kovacs and Ian McLelland, Africa is "an exciting upstream play, as underexplored assets are still available to outside investors".
With production sharing contracts (PSCs) still widely available, the region is increasingly attractive to both industry players and the equity markets.
"Simba has an exciting and potentially highly prospective asset portfolio, although assets are largely located in areas where exploration activity has been limited at best," the research report said.
Edison noted the significant experience Simba's management team has in African upstream activities. The company's pre-drill work program is expected to absorb $6 million per year over the next two years.
"Building a portfolio of assets mitigates risk and enhances the company’s ability to attract partners, but finding a partner or funding within a year is vital to carry these projects to exploration. As such we would expect further equity raises over the next year – following a C$10m raised so far- and farm outs within the next 12-18 months depending on the success of preliminary exploration studies," the Edison analysts said.
In Kenya, Simba’s early focus was Block 2A, the 7,801 square kilometre block that covers the southern end of the Mandera Basin and also parts of the Anza Basin in the south-west, and in which the company holds a production sharing contract. Four wells drilled in the late 1980s in the Mandera Basin and 11 wells in the Anza Basin all encountered oil shows, said the report.
North of Simba’s Block 2A, Afren is planning a 1,200 kilometre seismic on Block 1 in 2012 – oil seep has been recorded on Tarbaj-1, 50km from Simba’s Block 2A – but a carbonate cap and petroleum system has yet to be determined. According to Afren’s latest management estimates, there is up to 751mm boe of unrisked gross prospective resources on Block 1.
Edison said the main goal of Simba's Kenyan activity is to improve prospectivity of Block 2A over the next 12 months, both through work programs on neighbouring acreage and from its own passive seismic survey.
Vancouver-based Simba also holds a 60 percent interest in Block 1 and 2 onshore in the Republic of Guinea, as well as has applications for onshore PSCs in Liberia, Mali and Ghana.
In Guinea, the onshore licence covers 12,000 square kilometres of the Bove Basin, which is viewed as an extension to the Taoudeni basin and has relatively mature shales. The company's Guinean blocks have Silurian shales, the major source rock in all North African basins, where Simba has noted heavy oil seeps at surface.
A work program on the asset, including a passive seismic program, will start just after the company receives final approval from the Republic of Guinea’s Minister of Mines and Geology.
The assets are located in Kenya, Liberia, Guinea, Mali and Ghana, where Simba has plans to potentially start drilling as early as 2013.
However, Edison noted that it is vital that the company finds farm-in partners to be able to carry its projects through to drilling.
According to Edison analysts Krisztina Kovacs and Ian McLelland, Africa is "an exciting upstream play, as underexplored assets are still available to outside investors".
With production sharing contracts (PSCs) still widely available, the region is increasingly attractive to both industry players and the equity markets.
"Simba has an exciting and potentially highly prospective asset portfolio, although assets are largely located in areas where exploration activity has been limited at best," the research report said.
Edison noted the significant experience Simba's management team has in African upstream activities. The company's pre-drill work program is expected to absorb $6 million per year over the next two years.
"Building a portfolio of assets mitigates risk and enhances the company’s ability to attract partners, but finding a partner or funding within a year is vital to carry these projects to exploration. As such we would expect further equity raises over the next year – following a C$10m raised so far- and farm outs within the next 12-18 months depending on the success of preliminary exploration studies," the Edison analysts said.
In Kenya, Simba’s early focus was Block 2A, the 7,801 square kilometre block that covers the southern end of the Mandera Basin and also parts of the Anza Basin in the south-west, and in which the company holds a production sharing contract. Four wells drilled in the late 1980s in the Mandera Basin and 11 wells in the Anza Basin all encountered oil shows, said the report.
North of Simba’s Block 2A, Afren is planning a 1,200 kilometre seismic on Block 1 in 2012 – oil seep has been recorded on Tarbaj-1, 50km from Simba’s Block 2A – but a carbonate cap and petroleum system has yet to be determined. According to Afren’s latest management estimates, there is up to 751mm boe of unrisked gross prospective resources on Block 1.
Edison said the main goal of Simba's Kenyan activity is to improve prospectivity of Block 2A over the next 12 months, both through work programs on neighbouring acreage and from its own passive seismic survey.
Vancouver-based Simba also holds a 60 percent interest in Block 1 and 2 onshore in the Republic of Guinea, as well as has applications for onshore PSCs in Liberia, Mali and Ghana.
In Guinea, the onshore licence covers 12,000 square kilometres of the Bove Basin, which is viewed as an extension to the Taoudeni basin and has relatively mature shales. The company's Guinean blocks have Silurian shales, the major source rock in all North African basins, where Simba has noted heavy oil seeps at surface.
A work program on the asset, including a passive seismic program, will start just after the company receives final approval from the Republic of Guinea’s Minister of Mines and Geology.
As potential is identified in its assets, Simba will need to look for farm-in partners to escalate and progress exploration towards pre-drill activities, leading up to exploration drilling, Edison noted.
With no revenues and no cash flow generation, the oil and gas explorer is dependent on markets to raise funds, having raised over C$10 million in equity over the past five years.
However, the Edison analysts said that Simba's current balance sheet is unlikely to cover estimated operating costs and pre-drill activities, which means the company will either come to the market for further funding within a year, or identify farm-in partners over the next 12 to 18 months.
The report said that since the company has no defined resources or reserves, Edison's valuation is based entirely on neighbouring blocks, where there are indications of unrisked gross prospective resources and asset or PSC transfers.
"A relatively modest discovery in only one of Simba’s fields could trigger significant valuation uplift. Should initial seismic interpretation prove to be positive across any of its assets, followed by a potential farm down or sale of PSC interests for a carry, we could anticipate Simba’s value to soar to C$75m," Edison said.
However, the Edison analysts said that Simba's current balance sheet is unlikely to cover estimated operating costs and pre-drill activities, which means the company will either come to the market for further funding within a year, or identify farm-in partners over the next 12 to 18 months.
The report said that since the company has no defined resources or reserves, Edison's valuation is based entirely on neighbouring blocks, where there are indications of unrisked gross prospective resources and asset or PSC transfers.
"A relatively modest discovery in only one of Simba’s fields could trigger significant valuation uplift. Should initial seismic interpretation prove to be positive across any of its assets, followed by a potential farm down or sale of PSC interests for a carry, we could anticipate Simba’s value to soar to C$75m," Edison said.
"Meanwhile exploration success could push the gross value of its acreage into the billion dollar category, consistent with analogue deals such as that of Tullow/Heritage in Uganda."
Simba's current market capitalization of about C$11 million reflects the early stage nature of its porfolio of assets. If drilling in the region over the next year or so points to the potential for recoverable resources of over 500mm barrels in Kenya and Guinea, "the upside in the stock is considerable", concluded the capital markets firm.
Indeed, interest in Liberia, Ghana, Kenya and Guinea exploration is likely to increase following the recent discoveries and the growing interest from international oil companies in the region. Simba’s anticipated survey of existing exploration prospects in Kenya and Ghana is expected to help stimulate this interest.
The company's stock is currently changing hands around 7.5 Canadian cents on Toronto's junior exchange.
The company's stock is currently changing hands around 7.5 Canadian cents on Toronto's junior exchange.
Friday, 16 December 2011
Redhill, Mutiny complete Gullewa property acquisition
Redhill Resources (CVE:RHR) said Friday Mutiny Gold (ASX:MYG) has completed the acquisition of the Gullewa gold project.
Mutiny paid A$4 million to Redhill on December 15, and entered into a deed of variation so Mutiny could acquire the 10 percent net profit interest royalty for 40 million common shares paid to ATW Australia, Redhill’s subsidiary.
The securities issued are subject to a 15 month escrow period.
Redhill chairman Graham Harris said: "The closing of this transaction provides Redhill with a strong cash position. This combined with its equity interest in Mutiny will give the company the ability to acquire and advance future projects."
On October 24, the company announced that Mutiny opted to earn a further 30 percent – expanding its total stake to 100 percent – if it paid Redhill A$4 million and a 10 percent net profit interest royalty.
Initially, the original agreement called for Mutiny to finish a pre-feasibility study on the property to get the extra 30 percent stake. That agreement was amended earlier last month and as a result Mutiny did not need to complete the report to acquire the remaining 30 percent.
The 550 square kilometre Gullewa project rests 450 km north of Perth, in the Yalgoo mineral fields of Western Australia. Gullewa hosts multiple gold deposits of various size and grade, the most significant being the Deflector gold-copper deposit.
Mining infrastructure assets at the Gullewa project include an 800 tonne per day carbon leach plant, a licensed tailings disposal facility, a 50-person camp, offices and workshops.
In addition to the property, Redhill is actively exploring three gold prospects in the historic gold producing Gasgoyne region of Western Australia: the Cobra, McCarthy and Mt. Phillips prospects.
It also has two rare earth projects at the Honey Comb Hills beryllium prospect in Utah and the Morgan rare-earth prospect in British Columbia.
Shares of Redhill soared 13.33 percent reaching 85 cents apiece Friday in the mid afternoon trading session on Toronto’s junior Venture Exchange.
Mutiny paid A$4 million to Redhill on December 15, and entered into a deed of variation so Mutiny could acquire the 10 percent net profit interest royalty for 40 million common shares paid to ATW Australia, Redhill’s subsidiary.
The securities issued are subject to a 15 month escrow period.
Redhill chairman Graham Harris said: "The closing of this transaction provides Redhill with a strong cash position. This combined with its equity interest in Mutiny will give the company the ability to acquire and advance future projects."
On October 24, the company announced that Mutiny opted to earn a further 30 percent – expanding its total stake to 100 percent – if it paid Redhill A$4 million and a 10 percent net profit interest royalty.
Initially, the original agreement called for Mutiny to finish a pre-feasibility study on the property to get the extra 30 percent stake. That agreement was amended earlier last month and as a result Mutiny did not need to complete the report to acquire the remaining 30 percent.
The 550 square kilometre Gullewa project rests 450 km north of Perth, in the Yalgoo mineral fields of Western Australia. Gullewa hosts multiple gold deposits of various size and grade, the most significant being the Deflector gold-copper deposit.
Mining infrastructure assets at the Gullewa project include an 800 tonne per day carbon leach plant, a licensed tailings disposal facility, a 50-person camp, offices and workshops.
In addition to the property, Redhill is actively exploring three gold prospects in the historic gold producing Gasgoyne region of Western Australia: the Cobra, McCarthy and Mt. Phillips prospects.
It also has two rare earth projects at the Honey Comb Hills beryllium prospect in Utah and the Morgan rare-earth prospect in British Columbia.
Shares of Redhill soared 13.33 percent reaching 85 cents apiece Friday in the mid afternoon trading session on Toronto’s junior Venture Exchange.
Rare Element Resources appoints Randal Scott as CEO
Rare Element Resources (TSE:RES) has appointed Randall Scott as president and chief executive, the company announced Friday.
Scott is a metallurgical engineer with over 30 years worth of experience in the industry. He has wide ranging experience in project development, program management and major improvement plans for companies from start-ups to major mining companies.
Most recently, Scott was vice president of corporate responsibility for Thompson Creek Metals Co. (NYSE:TC).
Prior to that, he held senior level roles at Cyprus Amax Coal Co. where he was in charge of operations, including mines in the Gillette area of Wyoming, Appalachian operations and process management.
In addition, Norman Anderson has stepped down from his role as chairman of the board, but he will remain a director of the company.
Donald Ranta has since been named as his replacement.
The company said in a statement: "Throughout his career, Scott has repeatedly demonstrated his ability to create and communicate strategic vision and to lead diverse, multi-disciplinary teams in fast changing and challenging environments."
"Scott's experience in mine development, mining operations, and leadership of all aspects of mining companies will be another strong asset for Rare Element as we contemplate future rare earth production from the Bear Lodge project in Wyoming."
Rare Element Resources is engaged in the acquisition, exploration and development of mineral properties. The company’s flagship property is the Bear Lodge Property located in northeastern Wyoming.
Scott is a metallurgical engineer with over 30 years worth of experience in the industry. He has wide ranging experience in project development, program management and major improvement plans for companies from start-ups to major mining companies.
Most recently, Scott was vice president of corporate responsibility for Thompson Creek Metals Co. (NYSE:TC).
Prior to that, he held senior level roles at Cyprus Amax Coal Co. where he was in charge of operations, including mines in the Gillette area of Wyoming, Appalachian operations and process management.
In addition, Norman Anderson has stepped down from his role as chairman of the board, but he will remain a director of the company.
Donald Ranta has since been named as his replacement.
The company said in a statement: "Throughout his career, Scott has repeatedly demonstrated his ability to create and communicate strategic vision and to lead diverse, multi-disciplinary teams in fast changing and challenging environments."
"Scott's experience in mine development, mining operations, and leadership of all aspects of mining companies will be another strong asset for Rare Element as we contemplate future rare earth production from the Bear Lodge project in Wyoming."
Rare Element Resources is engaged in the acquisition, exploration and development of mineral properties. The company’s flagship property is the Bear Lodge Property located in northeastern Wyoming.
Tirex Resources begins trading on OTCQX
Mineral explorer Tirex Resources (CVE:TXX) said on Friday it has begun trading on the US over-the-counter-market of, OTCQX international.
The company, which also trades on Toronto's TSX-Venture Exchange, will trade under the symbol “TIRXF”.
Tirex said that Dorsey & Whitney will serve as its "Principal American Liaison" and is in charge of providing guidance on OTCQX requirements.
Tirex is an exploration-stage company exploring and developing natural resource properties in Albania. It explores for various metals like copper, zinc, gold and silver.
In October, the company said that it submitted its application for mining permits in the Mirdita District, in Albania.
Vancouver-based Tirex is seeking permits in the areas known as Central Gurthi, North Gurthi, South Gurthi and Letitna zones, as well as Fushe-Arres and Paluca.
The company has submitted documentation to the Ministry of Environment and Forestry, as well as mining plans to the Ministry of Economy, Trade and Energy. The applications received official support from all the host communities where the mining permits are located, Tirex said.
The company, which also trades on Toronto's TSX-Venture Exchange, will trade under the symbol “TIRXF”.
Tirex said that Dorsey & Whitney will serve as its "Principal American Liaison" and is in charge of providing guidance on OTCQX requirements.
Tirex is an exploration-stage company exploring and developing natural resource properties in Albania. It explores for various metals like copper, zinc, gold and silver.
In October, the company said that it submitted its application for mining permits in the Mirdita District, in Albania.
Vancouver-based Tirex is seeking permits in the areas known as Central Gurthi, North Gurthi, South Gurthi and Letitna zones, as well as Fushe-Arres and Paluca.
The company has submitted documentation to the Ministry of Environment and Forestry, as well as mining plans to the Ministry of Economy, Trade and Energy. The applications received official support from all the host communities where the mining permits are located, Tirex said.
Western Potash files updated technical report for Milestone, provides other updates
Western Potash Corp. (TSE:WPX) said Friday it has filed an updated NI 43-101 technical report summarizing a previously-announced preliminary feasibility study on its Milestone potash project in Saskatchewan, as well as announcing other updates.
The technical report includes an updated resource estimate, and a summary of the company’s pre-feasibility study announced in late October.
The company said the updated resource estimate slightly increases the Milestone recoverable potash resource to 66.6 million tonnes in the measured category, 186.9 million tonnes of indicated resource, and 708.2 million inferred tonnes.
The inferred resource around the Milestone project plant site land and associated infrastructure have been removed from the estimate, Western Potash added.
In October, the junior miner said an independent prefeasibility study (PFS) confirmed its 100 percent-owned Milestone potash property showed "significant positive economics".
The study, carried out by AMEC Americas, showed that the asset was of sufficient size and grade to support mining for more than forty years at a production rate of 2.8 million tonnes per year. The annual production rate can also be expanded through a higher level of capital expenditure, the company said.
An assessment of project economics, aassuming a discount rate of 10 percent, showed the resulting project net present value is C$4.14 billion, while the internal rate of return is 22.7 percent.
The initial capital expenditure estimate for the plant is $2.76 billion, including allowances for port infrastructure, a water supply pipeline, and off site railway. An allowance of $300 million for port infrastructure was excluded from the company’s scoping study completed in 2010. Unit operating costs were estimated to be $62.35 per tonne at full production capacity.
The company also reported Friday that environmental baseline data required for the preparation of the environmental impact study (EIS) for the project has been collected.
The EIS remains on schedule and on budget, with an anticipated submission date of the third quarter of 2012.
The Milestone property, comprising 500 square kilometres, is located 30 kilometres southeast of Regina, and southeast of Mosaic’s Belle Plaine Mine, one of the largest producing potash solution mines in the world.
In other news, Western Potash said it signed an agreement with Amarillo Gold Corp (CVE:AGC) to acquire potash mineral rights in Brazil.
Amarillo, through its Brazilian subsidiary, submitted applications on behalf of the company for 113 potash permits totaling 982,962 hectares within potash prospective portions of the Brazilian Amazon Basin, with permits having now been granted.
The technical report includes an updated resource estimate, and a summary of the company’s pre-feasibility study announced in late October.
The company said the updated resource estimate slightly increases the Milestone recoverable potash resource to 66.6 million tonnes in the measured category, 186.9 million tonnes of indicated resource, and 708.2 million inferred tonnes.
The inferred resource around the Milestone project plant site land and associated infrastructure have been removed from the estimate, Western Potash added.
In October, the junior miner said an independent prefeasibility study (PFS) confirmed its 100 percent-owned Milestone potash property showed "significant positive economics".
The study, carried out by AMEC Americas, showed that the asset was of sufficient size and grade to support mining for more than forty years at a production rate of 2.8 million tonnes per year. The annual production rate can also be expanded through a higher level of capital expenditure, the company said.
An assessment of project economics, aassuming a discount rate of 10 percent, showed the resulting project net present value is C$4.14 billion, while the internal rate of return is 22.7 percent.
The initial capital expenditure estimate for the plant is $2.76 billion, including allowances for port infrastructure, a water supply pipeline, and off site railway. An allowance of $300 million for port infrastructure was excluded from the company’s scoping study completed in 2010. Unit operating costs were estimated to be $62.35 per tonne at full production capacity.
The company also reported Friday that environmental baseline data required for the preparation of the environmental impact study (EIS) for the project has been collected.
The EIS remains on schedule and on budget, with an anticipated submission date of the third quarter of 2012.
The Milestone property, comprising 500 square kilometres, is located 30 kilometres southeast of Regina, and southeast of Mosaic’s Belle Plaine Mine, one of the largest producing potash solution mines in the world.
In other news, Western Potash said it signed an agreement with Amarillo Gold Corp (CVE:AGC) to acquire potash mineral rights in Brazil.
Amarillo, through its Brazilian subsidiary, submitted applications on behalf of the company for 113 potash permits totaling 982,962 hectares within potash prospective portions of the Brazilian Amazon Basin, with permits having now been granted.
Lithium Americas "on track" to become a leading market player, says Mackie Research
Mackie Research has initiated coverage on Argentina-focused Lithium Americas (TSE:LAC) with a "speculative buy" rating and a $3.10 target price.
In a research note, Mackie Research's analyst, Matt Gowing, said: "LAC is on track to becoming a leading player in the lithium market."
Lithium Americas has identified the third largest known lithium brine resource in the world, and the results of an NI 43-101 compliant preliminary economic assessment show that the company's flagship Cauchari-Olaroz brine deposit in Argentina has the potential to become one of the lowest cost lithium operations globally.
Cauchari-Olaroz has a total lithium and potash resource of 8.0 million tonnes and 25.4 million tonnes, respectively. In addition to lithium, Mackie Research also sees upside from by-products such as potash and boron at the flagship property.
Mitsubishi Corp. and Magna International (TSE:MG)(NYSE:MGA) - major players in the automotive sector - are strategic shareholders in the company, in addition to both having off-take arrangements with Lithium Americas.
"These relationships provide an important competitive advantage that should allow the project to succeed," Mackie's Gowing said.
Mackie Research expects the company to reach a 16,000 tonne per year production rate in 2015, and then to reach a peak production rate of 40,000 tonnes per year by 2019, putting the company "on par with the largest producers in the industry".
An April 2011 preliminary economic assessment (PEA) completed by ARA Worley Parsons defined an operation with an eventual operating capacity of 40,000 tonnes of lithium carbonate per year, having an operating cost of $1,434 per tonne.
If achieved, this would be one of the most competitive costs of any lithium operation in the world, the Mackie Research note said.
Lithium's characteristics make it suitable for a number of uses, but for many years, the metal was used mainly in the production of ceramics, glass and as a strong aluminum alloy.
However, demand for lithium has since boomed due to the advent of the rechargeable lithium-ion battery, used in anything from watches and cell phones, to BlackBerrys, iPods and for electric vehicles, power tools and military equipment.
As for near-term catalysts, a definitive feasibility study (DFS) is expected to be completed in the first quarter of next year.
Mackie's Gowing believes the DFS will show "improved economics" over those in the preliminary economic assessment (PEA) as potash production should be included in the report.
In November, Lithium Americas said that pilot production for its Cauchari-Olaroz project is underway, making the company one of the few to actually be producing battery-grade lithium carbonate.
The company's stock is currently trading at $1.26.
"At current share price levels, the market is not adequately valuing these strengths," Mackie's Gowing said.
The project is located approximately 250 kilometres northwest of San Salvador and 100 kilometres east of the international border with Chile.
The Cauchari-Olaroz properties include 84 mineral exploration permits that cover approximately 80,000 hectares in the Puna Plateau. Lithium Americas holds additional exploration prospects in the Puna Plateau, and in total, its land holding portfolio approximates 160,000 hectares.
The bulk of the lithium resource occurs within the sand unit, which is expected to be favourable for recovery of the brine since sand units can be pumped at higher rates, generally, the Mackie report noted.
In a research note, Mackie Research's analyst, Matt Gowing, said: "LAC is on track to becoming a leading player in the lithium market."
Lithium Americas has identified the third largest known lithium brine resource in the world, and the results of an NI 43-101 compliant preliminary economic assessment show that the company's flagship Cauchari-Olaroz brine deposit in Argentina has the potential to become one of the lowest cost lithium operations globally.
Cauchari-Olaroz has a total lithium and potash resource of 8.0 million tonnes and 25.4 million tonnes, respectively. In addition to lithium, Mackie Research also sees upside from by-products such as potash and boron at the flagship property.
Mitsubishi Corp. and Magna International (TSE:MG)(NYSE:MGA) - major players in the automotive sector - are strategic shareholders in the company, in addition to both having off-take arrangements with Lithium Americas.
"These relationships provide an important competitive advantage that should allow the project to succeed," Mackie's Gowing said.
Mackie Research expects the company to reach a 16,000 tonne per year production rate in 2015, and then to reach a peak production rate of 40,000 tonnes per year by 2019, putting the company "on par with the largest producers in the industry".
An April 2011 preliminary economic assessment (PEA) completed by ARA Worley Parsons defined an operation with an eventual operating capacity of 40,000 tonnes of lithium carbonate per year, having an operating cost of $1,434 per tonne.
If achieved, this would be one of the most competitive costs of any lithium operation in the world, the Mackie Research note said.
Lithium's characteristics make it suitable for a number of uses, but for many years, the metal was used mainly in the production of ceramics, glass and as a strong aluminum alloy.
However, demand for lithium has since boomed due to the advent of the rechargeable lithium-ion battery, used in anything from watches and cell phones, to BlackBerrys, iPods and for electric vehicles, power tools and military equipment.
As for near-term catalysts, a definitive feasibility study (DFS) is expected to be completed in the first quarter of next year.
Mackie's Gowing believes the DFS will show "improved economics" over those in the preliminary economic assessment (PEA) as potash production should be included in the report.
In November, Lithium Americas said that pilot production for its Cauchari-Olaroz project is underway, making the company one of the few to actually be producing battery-grade lithium carbonate.
The company's stock is currently trading at $1.26.
"At current share price levels, the market is not adequately valuing these strengths," Mackie's Gowing said.
The project is located approximately 250 kilometres northwest of San Salvador and 100 kilometres east of the international border with Chile.
The Cauchari-Olaroz properties include 84 mineral exploration permits that cover approximately 80,000 hectares in the Puna Plateau. Lithium Americas holds additional exploration prospects in the Puna Plateau, and in total, its land holding portfolio approximates 160,000 hectares.
The bulk of the lithium resource occurs within the sand unit, which is expected to be favourable for recovery of the brine since sand units can be pumped at higher rates, generally, the Mackie report noted.
Atlanta completes $3 million debenture financing
Junior mineral explorer Atlanta Gold (CVE:ATG) said Thursday it completed its previously announced debenture financing with brokerage firm Concept Capital Management, and has repaid its $3 million bridge loan.
The company said it issued Concept a $3 million six percent convertible debenture, and 30 million common share purchase warrants of Atlanta exercisable for five years at 11 cents apiece.
The debenture has a term of five years plus one day with an interest of six percent each year, and is convertible in whole or in part into common shares of Atlanta at a conversion price of 10 cents per share, it added.
Interest on the debenture can be paid in cash or stock, and is subject to Toronto Venture Exchange approval. If a default occurs, interest on the debentures will be paid at a rate of 8.5 percent a year.
Both the debenture and warrants issued are subject to a four month hold period that expires on April 15, 2012.
On June 8, Atlanta announced that it inked an agreement with Concept Capital Management for a $3 million non-interest secured short term loan, the proceeds of which went towards the purchase of a 100 percent stake in a 430-acre mining property at Atlanta’s gold project in Idaho.
The Atlanta Gold project lies inside the historic middle Boise mining district in an area with a long history of exploration and development of gold and silver ore. The project site rests on Atlanta Hill, which rises about 579 metres above Atlanta.
The junior miner, through its 100 percent owned subsidiary, holds leases, options and ownership interests in its Atlanta properties, which comprise roughly 8.74 square kilometres, located 90 air kilometres east of Boise, in Elmore County, Idaho.
The company said it issued Concept a $3 million six percent convertible debenture, and 30 million common share purchase warrants of Atlanta exercisable for five years at 11 cents apiece.
The debenture has a term of five years plus one day with an interest of six percent each year, and is convertible in whole or in part into common shares of Atlanta at a conversion price of 10 cents per share, it added.
Interest on the debenture can be paid in cash or stock, and is subject to Toronto Venture Exchange approval. If a default occurs, interest on the debentures will be paid at a rate of 8.5 percent a year.
Both the debenture and warrants issued are subject to a four month hold period that expires on April 15, 2012.
On June 8, Atlanta announced that it inked an agreement with Concept Capital Management for a $3 million non-interest secured short term loan, the proceeds of which went towards the purchase of a 100 percent stake in a 430-acre mining property at Atlanta’s gold project in Idaho.
The Atlanta Gold project lies inside the historic middle Boise mining district in an area with a long history of exploration and development of gold and silver ore. The project site rests on Atlanta Hill, which rises about 579 metres above Atlanta.
The junior miner, through its 100 percent owned subsidiary, holds leases, options and ownership interests in its Atlanta properties, which comprise roughly 8.74 square kilometres, located 90 air kilometres east of Boise, in Elmore County, Idaho.
GeoMegA Resources hits 2% TREO over 327 metres at Montviel
GéoMégA Resources (CVE:GMA) announced Thursday initial results from its phase 2 drilling program at its Montviel rare earths project, located north of Lebel-sur--Quévillon, Québec.
Notable results included 2% total rare earth oxide (TREO) over 327 metres and 0.75% niobium oxide (Nb2O5) over 32.9 metres in hole MVL-11-26.
"Phase 2 drill program is progressing according to plan. Initial results confirm our expectations of defining a significant NI 43-101 Measured resource with an average grade closer to 2% TREO," said CEO Simon Britt.
"This level of resource certainty combined with metallurgical tests results will allow us to skip either the Preliminary Economic Assessment or Pre-Feasibility Study required prior Bankable Feasibility Study.
"The 0.75% Nb2O5 over 32.9 m intersection in MVL-11-26 is a valuable surprise. Looking forward to begin 2012 with Metallurgical and Engineering developments."
The 90-metre drilling pattern, required for indicated resources, and totaling 9,100 metres over 22 diamond drill holes, was completed over the majority of the published NI 43-101 resources area, the company said.
The two drill rigs are now focusing on a 45-metre in-fill drilling pattern aimed at defining a 50 to 70 million tonne starter pit in the enriched south-west part of the Montviel ferro-carbonatite Core Zone.
An estimated 15,700 metres over 39 holes will be required to complete the in-fill drilling, GeoMegA added.
In addition, as part of the phase 2 program, two exploration holes were drilled at the fringe of the published NI 43-101 resources area.
Hole MVL-11-21 extended mineralization approximately 300 metres further to the west, while hole MVL-11-22, intersected the junction of three breccias over 47.5 metres grading 1.07% TREO, with 9.4% MHREO (middle and heavy rare earth oxides)/TREO including 70 ppm dysprosium oxide.
In September, the company released the initial NI 43-101 compliant resource for the property, estimating 183.9 million indicated tons averaging 1.45% TREO, in addition to 66.7 million inferred tons averaging 1.46% TREO.
GéoMégA owns 100 percent of the Montviel property. Shares were up 3.45 percent on Thursday afternoon, trading at $1.20 as of 1:12pm ET.
Notable results included 2% total rare earth oxide (TREO) over 327 metres and 0.75% niobium oxide (Nb2O5) over 32.9 metres in hole MVL-11-26.
"Phase 2 drill program is progressing according to plan. Initial results confirm our expectations of defining a significant NI 43-101 Measured resource with an average grade closer to 2% TREO," said CEO Simon Britt.
"This level of resource certainty combined with metallurgical tests results will allow us to skip either the Preliminary Economic Assessment or Pre-Feasibility Study required prior Bankable Feasibility Study.
"The 0.75% Nb2O5 over 32.9 m intersection in MVL-11-26 is a valuable surprise. Looking forward to begin 2012 with Metallurgical and Engineering developments."
The 90-metre drilling pattern, required for indicated resources, and totaling 9,100 metres over 22 diamond drill holes, was completed over the majority of the published NI 43-101 resources area, the company said.
The two drill rigs are now focusing on a 45-metre in-fill drilling pattern aimed at defining a 50 to 70 million tonne starter pit in the enriched south-west part of the Montviel ferro-carbonatite Core Zone.
An estimated 15,700 metres over 39 holes will be required to complete the in-fill drilling, GeoMegA added.
In addition, as part of the phase 2 program, two exploration holes were drilled at the fringe of the published NI 43-101 resources area.
Hole MVL-11-21 extended mineralization approximately 300 metres further to the west, while hole MVL-11-22, intersected the junction of three breccias over 47.5 metres grading 1.07% TREO, with 9.4% MHREO (middle and heavy rare earth oxides)/TREO including 70 ppm dysprosium oxide.
In September, the company released the initial NI 43-101 compliant resource for the property, estimating 183.9 million indicated tons averaging 1.45% TREO, in addition to 66.7 million inferred tons averaging 1.46% TREO.
GéoMégA owns 100 percent of the Montviel property. Shares were up 3.45 percent on Thursday afternoon, trading at $1.20 as of 1:12pm ET.
Pressure BioSciences "poised to grow dramatically" in fiscal 2012, says Zacks Research
Zacks Research Thursday gave a positive assessment of biotech instrument maker Pressure BioSciences (NASDAQ:PBIO).
In a note, Zacks Research analyst, Grant Zeng, said: "The company has turned the corner. We think PBIO is poised to grow dramatically in fiscal 2012."
The independent research firm maintains an "outperform" rating for the company with a price target of $5 per share.
Pressure BioSciences' key product, the Barocycler, is an instrument that uses pressure cycling technology (PCT), or rapid and repeating cycles of hydrostatic pressure at controlled temperatures, in order to extract cell components in preparing a biological sample, for further study. Biological samples could include DNA, RNA, proteins, and lipids from humans, animals, and plants.
The PBI sample preparation system has been proven to be safer, more accurate, reproducible, and much faster than current cell extraction methods - with up to 48 samples able to be processed from a wide variety of cells and tissues within minutes.
"The company’s PCT Sample Preparation System (PCT SPS) has competitive advantages over existing technologies in the sample preparation market. The company continues to make progress in pushing the technology from the conventional use in life science labs into new application areas," the Zacks report noted.
The closed system, which reduces sample handling and therefore minimizes exposure to toxins for scientists, also works with computer-controlled protocols that ensure consistent sample extraction every time, said Pressure BioSciences.
"We think the company’s Barocycler instrumentations and PCT-dependent consumable products fill an important and growing need in the sample preparation market for the safe, rapid, versatile, reproducible, and quality extraction of nucleic acids, proteins, and small molecules from a wide variety of plant and animal cells and tissues," Zeng said.
Zacks' Zeng also said that the company has made "great progress" in 2011, as it received grants of $161,000 from the National Institutes of Health to help develop a new method for the processing of cancer and other samples, and a grant from the US Defense Department for $750,000 to help develop a new PCT-based instrument for high throughput processing.
Pressure BioSciences' revenue in the third quarter was 50 percent greater than revenue in either the first or second quarters of the year. Its PCT products revenue in the third quarter was the highest it has been in a year.
The company has also filed and been granted a three year, S-3 shelf registration for up to $15 million, so that the company will have access to funds, if needed. It has already successfully used the shelf registration in an $843,000 offering last month.
Pressure BioSciences also expects to announce expanded distribution capabilities for its PCT product line before the end of the 2011 year.
"PBIO is an emerging leader in the sample preparation market with its unique and powerful PCT platform technology. The company’s PCT technology has competitive advantages over existing technologies in the sample preparation market.
"As we pointed out in our previous research reports, PBIO is still in its early stage of commercialization and PCT is increasingly gaining recognition by research labs worldwide," Zeng concluded.
Earlier this month, the company announced that the Nasdaq has given it until February 29th to return into compliance, with its shares remaining listed on the market until this time.
In a note, Zacks Research analyst, Grant Zeng, said: "The company has turned the corner. We think PBIO is poised to grow dramatically in fiscal 2012."
The independent research firm maintains an "outperform" rating for the company with a price target of $5 per share.
Pressure BioSciences' key product, the Barocycler, is an instrument that uses pressure cycling technology (PCT), or rapid and repeating cycles of hydrostatic pressure at controlled temperatures, in order to extract cell components in preparing a biological sample, for further study. Biological samples could include DNA, RNA, proteins, and lipids from humans, animals, and plants.
The PBI sample preparation system has been proven to be safer, more accurate, reproducible, and much faster than current cell extraction methods - with up to 48 samples able to be processed from a wide variety of cells and tissues within minutes.
"The company’s PCT Sample Preparation System (PCT SPS) has competitive advantages over existing technologies in the sample preparation market. The company continues to make progress in pushing the technology from the conventional use in life science labs into new application areas," the Zacks report noted.
The closed system, which reduces sample handling and therefore minimizes exposure to toxins for scientists, also works with computer-controlled protocols that ensure consistent sample extraction every time, said Pressure BioSciences.
"We think the company’s Barocycler instrumentations and PCT-dependent consumable products fill an important and growing need in the sample preparation market for the safe, rapid, versatile, reproducible, and quality extraction of nucleic acids, proteins, and small molecules from a wide variety of plant and animal cells and tissues," Zeng said.
Zacks' Zeng also said that the company has made "great progress" in 2011, as it received grants of $161,000 from the National Institutes of Health to help develop a new method for the processing of cancer and other samples, and a grant from the US Defense Department for $750,000 to help develop a new PCT-based instrument for high throughput processing.
Pressure BioSciences' revenue in the third quarter was 50 percent greater than revenue in either the first or second quarters of the year. Its PCT products revenue in the third quarter was the highest it has been in a year.
The company has also filed and been granted a three year, S-3 shelf registration for up to $15 million, so that the company will have access to funds, if needed. It has already successfully used the shelf registration in an $843,000 offering last month.
Pressure BioSciences also expects to announce expanded distribution capabilities for its PCT product line before the end of the 2011 year.
"PBIO is an emerging leader in the sample preparation market with its unique and powerful PCT platform technology. The company’s PCT technology has competitive advantages over existing technologies in the sample preparation market.
"As we pointed out in our previous research reports, PBIO is still in its early stage of commercialization and PCT is increasingly gaining recognition by research labs worldwide," Zeng concluded.
Earlier this month, the company announced that the Nasdaq has given it until February 29th to return into compliance, with its shares remaining listed on the market until this time.
Great Panther gets rid of concentrate inventory backlog at Guanajuato, expects higher production in 2012
Great Panther Silver (TSE:GPR) (AMEX:GPL) said Thursday it has finalized arrangements to sell all available concentrate inventories from its Guanajuato mine in Mexico before year-end, ensuring strong fourth quarter revenues.
The company also said it is at an advanced stage in securing new contracts for fiscal 2012 concentrate sales for both its Guanajuato and Topia mines in Mexico.
Precious metal rich lead and zinc concentrates from Topia are typically sold to traders, destined for the Asian smelting market, whereas precious metal rich concentrates from Guanajuato are typically sold directly to smelters, Great Panther said.
"We congratulate our marketing team for successfully restoring the concentrate inventory at Guanajuato to normal levels and we are pleased that there appears to be a healthy market for our anticipated 2012 production", said president and CEO Robert Archer.
In the second quarter, delays in shipments of concentrate from the Guanajuato operation led to an eight percent drop in revenues, but today's news for the sale of all available concentrate inventories before year-end is expected to balance out the previous revenue shortfall.
Looking forward to next year, the company expects metal production growth of approximately 20 percent year-on-year from its two wholly owned Mexican silver operations, with anticipated metal production in the range of 2.50 to 2.75 million silver equivalent ounces for fiscal 2012.
This includes between 1.72 to 1.90 million ounces of silver, 10,000 to 11,000 ounces of gold, 2.5 to 2.8 million pounds of lead, and 3.30 to 3.60 million pounds of zinc.
These estimates compare to 1.51 million ounces of silver in 2011, 7,800 ounces of gold, 2.0 million pounds of lead, and 2.9 million pounds of zinc.
"We are finalizing our budgets for significant capital and exploration expenditures for 2012 to ensure we meet our growth projections at both operations," continued Archer.
"However, considering the extreme grade variability we have experienced this past year, particularly at Guanajuato, we feel that it is prudent to provide for a fairly conservative range of production outcomes for 2012, even though we will be striving to achieve a higher output."
With regards to production, the company said operations are on track to achieve its fourth quarter target of 0.55 million silver equivalent ounces.
Ore grades processed at the Guanajuato Mine Complex in November averaged 220 grams per tonne (g/t) of silver and 1.78 g/t gold, up significantly from the grades of 175 g/t silver and 1.12 g/t gold, in the third quarter.
The higher grades are a result of high grade ore from the development of the Deep Cata Alto zones, which started to be processed towards the end of October, and made an immediate impact, the company said.
This development has continued through December and, as stoping is established, ore grades are expected to remain strong throughout 2012, Great Panther predicted.
"Ore throughput is estimated to increase to 200,000 tonnes in 2012, from 170,000 tonnes in 2011, due to planned expansions of output at the Guanajuatito and Santa Margarita zones," the company said in a statement.
At Guanajuatito, part of the Guanajuato Mine Complex, the new 160 metre level is being developed and the decline access ramp will be extended to the 200 and 240 metre levels during 2012.
Development on the 455 metre level at Santa Margarita is also underway and this will be followed by access to the 475 metre level to facilitate the production increase from these gold-rich veins.
The plant capacity, currently at 1,050 tonnes per day, is "more than sufficient" to handle this expansion, the company said, and further improvements in metallurgical performance are anticipated.
At the Topia mine, ore grades are expected to be similar to 2011 as the expansion of the 15 small mines continues, with an anticipated boost in throughput to 58,000 tonnes, up from 47,000 tonnes in 2011.
Improvements to the processing plant through the next two quarters is forecast to further increase capacity to approximately 300 tonnes per day at Topia.
The company also said it is at an advanced stage in securing new contracts for fiscal 2012 concentrate sales for both its Guanajuato and Topia mines in Mexico.
Precious metal rich lead and zinc concentrates from Topia are typically sold to traders, destined for the Asian smelting market, whereas precious metal rich concentrates from Guanajuato are typically sold directly to smelters, Great Panther said.
"We congratulate our marketing team for successfully restoring the concentrate inventory at Guanajuato to normal levels and we are pleased that there appears to be a healthy market for our anticipated 2012 production", said president and CEO Robert Archer.
In the second quarter, delays in shipments of concentrate from the Guanajuato operation led to an eight percent drop in revenues, but today's news for the sale of all available concentrate inventories before year-end is expected to balance out the previous revenue shortfall.
Looking forward to next year, the company expects metal production growth of approximately 20 percent year-on-year from its two wholly owned Mexican silver operations, with anticipated metal production in the range of 2.50 to 2.75 million silver equivalent ounces for fiscal 2012.
This includes between 1.72 to 1.90 million ounces of silver, 10,000 to 11,000 ounces of gold, 2.5 to 2.8 million pounds of lead, and 3.30 to 3.60 million pounds of zinc.
These estimates compare to 1.51 million ounces of silver in 2011, 7,800 ounces of gold, 2.0 million pounds of lead, and 2.9 million pounds of zinc.
"We are finalizing our budgets for significant capital and exploration expenditures for 2012 to ensure we meet our growth projections at both operations," continued Archer.
"However, considering the extreme grade variability we have experienced this past year, particularly at Guanajuato, we feel that it is prudent to provide for a fairly conservative range of production outcomes for 2012, even though we will be striving to achieve a higher output."
With regards to production, the company said operations are on track to achieve its fourth quarter target of 0.55 million silver equivalent ounces.
Ore grades processed at the Guanajuato Mine Complex in November averaged 220 grams per tonne (g/t) of silver and 1.78 g/t gold, up significantly from the grades of 175 g/t silver and 1.12 g/t gold, in the third quarter.
The higher grades are a result of high grade ore from the development of the Deep Cata Alto zones, which started to be processed towards the end of October, and made an immediate impact, the company said.
This development has continued through December and, as stoping is established, ore grades are expected to remain strong throughout 2012, Great Panther predicted.
"Ore throughput is estimated to increase to 200,000 tonnes in 2012, from 170,000 tonnes in 2011, due to planned expansions of output at the Guanajuatito and Santa Margarita zones," the company said in a statement.
At Guanajuatito, part of the Guanajuato Mine Complex, the new 160 metre level is being developed and the decline access ramp will be extended to the 200 and 240 metre levels during 2012.
Development on the 455 metre level at Santa Margarita is also underway and this will be followed by access to the 475 metre level to facilitate the production increase from these gold-rich veins.
The plant capacity, currently at 1,050 tonnes per day, is "more than sufficient" to handle this expansion, the company said, and further improvements in metallurgical performance are anticipated.
At the Topia mine, ore grades are expected to be similar to 2011 as the expansion of the 15 small mines continues, with an anticipated boost in throughput to 58,000 tonnes, up from 47,000 tonnes in 2011.
Improvements to the processing plant through the next two quarters is forecast to further increase capacity to approximately 300 tonnes per day at Topia.
Respect Your Universe to be official sponsor at Ultimate Fighting Championship events
Sports apparel and equipment company Respect Your Universe (OTC:RYUN) is to be an official sponsor for five Ultimate Fighting Championship (UFC) events in Las Vegas.
The first bout with the firm's involvement begins later this month - on December 30, it said.
As an official event sponsor, the company will be visible in various forms, including logo displays and live announcements.
The firm' presence on UFC.com will include rotating ads equating to tens of millions of impressions and it will have various items from its new clothing line available for purchase at UFCStore.com.
The four additional UFC events that will feature RYU in 2012 will be announced in the months ahead.
“We are excited to announce this opportunity with the UFC and are looking forward to a mutually beneficial relationship in 2012,” said the company's president John Wood.
“The UFC is the fastest growing sports organisation in the world. This agreement gives RYU a tremendous opportunity to reach the UFC’s loyal and rapidly-expanding fan base.”
Next spring, RYU will debut its mens' premium high performance line - “Built for Athletes, Suited for Style."
Items available for mixed martial artists and athletes in 2012 include performance t-shirts, compression tops, compression shorts, hoodies, track and wind jackets and various headwear items such as beanies and caps.
The first bout with the firm's involvement begins later this month - on December 30, it said.
As an official event sponsor, the company will be visible in various forms, including logo displays and live announcements.
The firm' presence on UFC.com will include rotating ads equating to tens of millions of impressions and it will have various items from its new clothing line available for purchase at UFCStore.com.
The four additional UFC events that will feature RYU in 2012 will be announced in the months ahead.
“We are excited to announce this opportunity with the UFC and are looking forward to a mutually beneficial relationship in 2012,” said the company's president John Wood.
“The UFC is the fastest growing sports organisation in the world. This agreement gives RYU a tremendous opportunity to reach the UFC’s loyal and rapidly-expanding fan base.”
Next spring, RYU will debut its mens' premium high performance line - “Built for Athletes, Suited for Style."
Items available for mixed martial artists and athletes in 2012 include performance t-shirts, compression tops, compression shorts, hoodies, track and wind jackets and various headwear items such as beanies and caps.
WestStar returns 311 g/t silver and 7.81 g/t gold from rock sampling at La Paloma
WestStar Resources Corp. (CVE:WER) announced Thursday the first batch of assays from a rock sampling program recently done at its La Paloma property, located west of Guadalajara in the state of Jalisco, Mexico.
The company said the most prospective sample, an outcrop rock chip sample, returned 311 grams per tonne (g/t) silver and 7.81 g/t gold. The sample was collected from a mineralized quartz vein.
Continuous rock channel sampling across this partially exposed zone of mineralization returned assays of 64.1 g/t silver and 0.84 g/t gold over a true width of 6.0 metres, outlining the property's potential, WestStar said.
The company also said that the first phase of work at the 160 hectare La Paloma property is now complete, and included detailed geologic mapping, a wide ground magnetic survey, and stream and soil geochemical sampling.
Several historic and artisanal surface pit and underground tunnel entrances from past gold and silver mining were located, with outcrop rock grab and channel samples collected at a number of these entrances. However, it was not possible to collect rock samples from within any of the underground workings, WestStar added.
WestStar has now received gold and silver assays for 158 rock samples, eight of which are quality control and quality assurance certified assay standard samples.
The 150 non QA/QC samples comprise 71 outcrop rock grab, 32 outcrop channel, and 47 boulder or talus samples.
Of the 118 outcrops and boulder/talus rock grab samples collected, a total of 23 returned assays greater than or equal to 50 g/t silver or 0.5 g/t gold. Of the 23, a total of 11 returned assays greater than 1.0 g/t gold, and a total of 8 samples found over 100 g/t silver.
Analytical results for an additional 48 rock samples collected by APEX Geoscience are still pending, the company said, along with results from 174 stream samples and 686 soil samples.
"WestStar is encouraged to start receiving assays for our rock sampling program on the La Paloma property. Once the final assays come in for the remainder of WestStar's first phase of work and the IP survey is complete WestStar will select the drill targets with confidence," said president Mitchell Adam.
Geologic mapping within La Paloma thus far has defined a southeast striking Main Vein over a 1 kilometre strike length. A second Eastern vein structure, called the Northeast Vein as it is located 195 metres to the northeast of the Main Vein, occurs over a 200 metre strike length.
In addition, a distance of 300 metres to the southwest of the Main Vein is a zone approximately 100 by 30 metres, which hosts areas of centimetre-scale branching quartz veinlets and quartz vein breccias.
Sampling was focused on outlining new areas at the property, as well as gaining a better understanding of the areas of historical mining.
The upcoming Induced Polarity survey will allow the company to drill the targets found in the first phase work with "greater confidence", WestStar said. The IP survey will cover all the primary known mineralized structures on the property including all areas with historical non-compliant gold and silver resources.
WestStar has an option to earn an initial 60 percent and later 80 percent interest of La Paloma, subject to a two percent net smelter royalty.
The project lies at the very southern end of the Sierra Madre Occidental physiographic province, which is well known for gold and silver mineralization and mining. The property was, at one time, owned by Penoles, who relinquished it in 1980.
The company said the most prospective sample, an outcrop rock chip sample, returned 311 grams per tonne (g/t) silver and 7.81 g/t gold. The sample was collected from a mineralized quartz vein.
Continuous rock channel sampling across this partially exposed zone of mineralization returned assays of 64.1 g/t silver and 0.84 g/t gold over a true width of 6.0 metres, outlining the property's potential, WestStar said.
The company also said that the first phase of work at the 160 hectare La Paloma property is now complete, and included detailed geologic mapping, a wide ground magnetic survey, and stream and soil geochemical sampling.
Several historic and artisanal surface pit and underground tunnel entrances from past gold and silver mining were located, with outcrop rock grab and channel samples collected at a number of these entrances. However, it was not possible to collect rock samples from within any of the underground workings, WestStar added.
WestStar has now received gold and silver assays for 158 rock samples, eight of which are quality control and quality assurance certified assay standard samples.
The 150 non QA/QC samples comprise 71 outcrop rock grab, 32 outcrop channel, and 47 boulder or talus samples.
Of the 118 outcrops and boulder/talus rock grab samples collected, a total of 23 returned assays greater than or equal to 50 g/t silver or 0.5 g/t gold. Of the 23, a total of 11 returned assays greater than 1.0 g/t gold, and a total of 8 samples found over 100 g/t silver.
Analytical results for an additional 48 rock samples collected by APEX Geoscience are still pending, the company said, along with results from 174 stream samples and 686 soil samples.
"WestStar is encouraged to start receiving assays for our rock sampling program on the La Paloma property. Once the final assays come in for the remainder of WestStar's first phase of work and the IP survey is complete WestStar will select the drill targets with confidence," said president Mitchell Adam.
Geologic mapping within La Paloma thus far has defined a southeast striking Main Vein over a 1 kilometre strike length. A second Eastern vein structure, called the Northeast Vein as it is located 195 metres to the northeast of the Main Vein, occurs over a 200 metre strike length.
In addition, a distance of 300 metres to the southwest of the Main Vein is a zone approximately 100 by 30 metres, which hosts areas of centimetre-scale branching quartz veinlets and quartz vein breccias.
Sampling was focused on outlining new areas at the property, as well as gaining a better understanding of the areas of historical mining.
The upcoming Induced Polarity survey will allow the company to drill the targets found in the first phase work with "greater confidence", WestStar said. The IP survey will cover all the primary known mineralized structures on the property including all areas with historical non-compliant gold and silver resources.
WestStar has an option to earn an initial 60 percent and later 80 percent interest of La Paloma, subject to a two percent net smelter royalty.
The project lies at the very southern end of the Sierra Madre Occidental physiographic province, which is well known for gold and silver mineralization and mining. The property was, at one time, owned by Penoles, who relinquished it in 1980.
Thursday, 15 December 2011
Aviva Corporation chief financial officer takes on company secretary role
Aviva Corporation (ASX: AVA) has appointed Stef Weber to the role of company secretary in addition to his recent appointment as chief financial officer.
Chartered accountant and resources veteran Stef Weber’s appointment as chief financial officer was announced on Monday December 5.
Weber has almost 20 years’ experience in the resources industry, with 16 of those spent with South Africa-based coal and base metals miner Exxaro Resources (JSE: EXX).
Most recently he was finance manager and company secretary for Exxaro’s operations and projects in Australia.
Weber replaces Brad Boyle as company secretary following Boyle’s resignation.
Aviva recently returned high grade results from further drilling at the Bumbo Base Metals Project in West Kenya that indicate potential to extend the 1.68 million tonnes Inferred JORC Resource.
Aviva is planning further infill and extension holes for Bumbo which should be completed in the March quarter of 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23549/aviva-corporation-chief-financial-officer-takes-on-company-secretary-role-23549.html
Chartered accountant and resources veteran Stef Weber’s appointment as chief financial officer was announced on Monday December 5.
Weber has almost 20 years’ experience in the resources industry, with 16 of those spent with South Africa-based coal and base metals miner Exxaro Resources (JSE: EXX).
Most recently he was finance manager and company secretary for Exxaro’s operations and projects in Australia.
Weber replaces Brad Boyle as company secretary following Boyle’s resignation.
Aviva recently returned high grade results from further drilling at the Bumbo Base Metals Project in West Kenya that indicate potential to extend the 1.68 million tonnes Inferred JORC Resource.
Aviva is planning further infill and extension holes for Bumbo which should be completed in the March quarter of 2012.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23549/aviva-corporation-chief-financial-officer-takes-on-company-secretary-role-23549.html
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