Ted Mayers to be new chief financial officer of Lundin Mining, will be based in Toronto
NEW YORK (AP) -- Lundin Mining Corp., which produces copper, nickel, lead and zinc, said Monday Chief Financial Officer Anders Haker is leaving the company and will be replaced by Ted Mayers, effective Sept. 2.
Mayers, who previously served as chief financial officer of LionOre Mining International Ltd., will be based in Toronto. Three former LionOre executives also will join the finance team.
Neither Haker, who has been based in Stockholm, nor the company's financial reporting team currently based in Vancouver, will be relocating to Toronto.
Shares of Lundin Mining fell 15 cents, or 3 percent, to $4.92 in late morning trading.
Source: http://biz.yahoo.com/ap/080825/lundin_mining_personnel.html?.v=2
Showing posts with label Mining Companies. Show all posts
Showing posts with label Mining Companies. Show all posts
Monday, August 25, 2008
Four Reasons Gold will Rebound
Yes, the precious metal has pulled back with other commodities. But the underlying trends still suggest it will climb to $1,000 and beyond.
Gold bugs have seen their precious metal tarnish this summer.
Devotees of the yellow metal — which they believe protects their wealth against everything from inflation to Armageddon — have watched in horror as gold has slumped 19% in a month to $790 an ounce.
Not even Russia’s invasion of Georgia could rouse bullion, which normally shoots up in times of geopolitical crisis.
The apparent cause of gold’s drop: Many investors are changing a course that saw them buying commodities while betting against financial stocks and the U.S. dollar. A global economic slowdown has raised doubts about sustained demand, and U.S. policymakers have gotten more serious about bailing out the country’s banks.
This reversal has sent the whole commodities sector down, including gold, which flirted with $1,000 an ounce as recently as March (as I had predicted in “Why gold’s going straight to $1,000″).
Gold bugs are about to get some relief. The truth is, despite this pullback, the fundamentals that drove gold higher haven’t changed.
Four reasons gold will rebound
The near-term catalyst for the next move up could be as simple as holidays that call for giving gold as a gift, including Diwali (the Hindu “Festival of Light”), Christmas and the Chinese new year. Demand for gold to produce jewelry should soon kick in.
In fact, looking back over the past three decades, it’s really no surprise that gold is weak right now. “Gold is always a dog in August. Always,” says Frank Holmes, the chief investment officer at U.S. Global Investors (GROW.O), which offers the Gold and Precious Metals Fund (USERX). Then the price climbs as the holiday season approaches, Holmes says.
Most importantly, several factors that supported higher prices (and that led me to be bullish in “Five reasons gold is headed to $1,500″) haven’t gone away. “The key underlying trends are intact,” says Tom Winmill, who manages the Midas Fund (MIDSX).
Over the next six months, gold could move up $100 to trade in the $850-to-$900 range, Holmes believes.
Longer term, Citigroup (C.N) gold analyst John Hill says, gold will trade around an average of $950 an ounce next year and $1,000 an ounce in 2010.
If they are right, that will be good for mutual funds investing in gold, as well as exchange-traded funds, or ETFs, that track gold, like SPDR Gold Shares (GLD.N). Mining stocks are riskier but could do even better because they have fallen even more than bullion has. I offer five picks below.
But first, here four reasons gold will rebound:
No. 1: Limited supply compared with demand
The reason demand for gold jewelry can have an impact on prices is that supply and demand are already tight.
“The easy deposits have been found and mined,” says Doug Groh, a senior analyst with Tocqueville Asset Management, which runs the Tocqueville Gold Fund (TGLDX). “There is limited supply, and it is very expensive and increasingly more expensive to access that supply.”
Overall production from gold mines slipped 4% in the second quarter as fresh investments in new mines failed to offset dwindling output from mature mines, Citigroup’s Hill says.
Meanwhile, demand for gold as an investment has stepped up over the past few years because of the creation of gold ETFs, Groh says. Gold ETFs were recently backed by about 930 tons of bullion, or around 125 days of mine output, according to Tocqueville Asset Management.
Here’s the big picture: The world will see 3,275 metric tons of supply from mining and scrap in 2008. Demand for jewelry and other fabrication will be 3,210 metric tons, and investment demand will call for 365 tons, for an overall shortfall of 300 tons, predicts Lehman Bros. (LEH.N) analyst Peter Ward. He’s projecting even bigger shortfalls for 2009 through 2012.
No. 2: Inflation
At 5% a year in the U.S., consumer price inflation seems pretty high. But consider that the price of raw materials for manufacturing was recently advancing around 40% a year, says the Midas Fund’s Winmill.
The retreat of oil prices to about $115 a barrel won’t help much because oil is still historically very costly.
High inflation also means that investors are losing 2.6% a year in traditional “safe” investments such as two-year Treasurys, which now yield just 2.4% after inflation.
When prices rise and investors lose money in what are supposed to be safe debt instruments, many turn to gold, Winmill says.
No. 3: An uncertain future
We’re not out of the woods yet with the credit crunch. That will keep putting a constraint on lending, the raw fuel of capitalism. Problems in the U.S. housing sector will continue to weigh on U.S. consumers, whose spending drives economic growth. Meanwhile, the potential for big changes in tax and spending policies in Washington, D.C., if the Democrats take the White House, has investors feeling uncertain about the future.
Again, this cloud will have investors turning to safe-haven gold.
No. 4: Everyone is too bearish on gold
Typically, when sentiment gets overly bearish on an investment, that’s when it is hitting bottom and about to reverse. We are probably there now with gold. Investments in the Rydex Precious Metals Fund (RYZCX) recently dropped to lows not seen in three years, points out Jason Goepfert of SentimenTrader.com.
Plus, the recent plunge in the price of gold has been so severe that it’s bound to reverse if the past is any guide, says U.S. Global Investors’ Holmes.
“Buying after a big correction like this means the margin of error is lower, as Warren Buffett likes to say,” Holmes contends.
The strong U.S. dollar ‘problem’
One problem with calling a rebound right now is that the U.S. dollar has been strong lately, which is typically bad for gold. Gold is priced in dollars, so a strong dollar makes gold more expensive for buyers outside the U.S. This lowers demand and puts pressure on prices.
Here’s why I’m looking past this. James Paulsen, the chief investment strategist at Wells Capital Management, agrees that the U.S. dollar will continue to see strength against developed countries’ currencies. Economic weakness is spreading to these regions, so they will cut interest rates, making their currencies — say, the euro — less attractive.
However, Paulsen thinks the U.S. dollar will keep losing ground against the currencies of developing countries such as China, Mexico, India and Russia. The reason: They’ve suppressed their currencies against the American dollar to promote exports. But the underlying imbalances are too great, so they’ll soon have to let their currencies gain ground compared with the U.S. dollar.
This would to make gold look cheaper to buyers in developing countries, even as the U.S. dollar gains ground against developed-world currencies.
The gold plays
All of this should help the following stocks move up 50% to 100% over the next six to 12 months:
* Newmont Mining (NEM.N). Newmont is big, which makes it tougher to grow, and, like all mining companies, it’s struggling with costs. However, David Haughton of BMO Nesbitt Burns, an arm of BMO Capital Markets, thinks new projects in Peru plus cost containment will lead to significant cash-flow gains, two reasons he has a $60-a-share price target on the stock, which recently sold for $42.
* Agnico-Eagle Mines (AEM.TO). The shares of this mining company have been hammered — falling to $51 recently from above $80 in July — in part because of declines in zinc production and prices. But on the bright side, Agnico-Eagle operates in politically safe countries like Canada and Finland. Its huge LaRonde mine in Quebec and five development projects should support an advance in the stock to $82 in 12 to 18 months, says CIBC World Markets analyst Barry Cooper. This is the “go to” stock in the sector. “When gold runs, investors all run to Agnico,” Holmes says.
* Kinross Gold (K.TO). A big Kinross project in Russia adds an element of risk because the Russian government has a history of putting its straw into lucrative natural-resource assets on its turf. “The market hates risk now, but when investors get back into risk mode, stocks like Kinross will be biggest beneficiaries,” says Winmill, who owns shares in his Midas Fund. Analysts predict the stock will move to $25 a share in a year, according to Thomson Financial, up from $15 today.
* Yamana Gold (YRI.TO). Shares of this company have been hit so hard that Yamana now sells for less than the value of its assets, Winmill calculates. He thinks it could advance 30% to 40% once the gold sector comes back in favour. One plus is that Yamana has solid assets in politically safe regions of South America. Haughton at BMO Nesbitt Burns has a $21 price target on the stock. It recently sold for $11.
* Freeport-McMoRan Copper & Gold (FCX.N). It’s nowhere near a pure gold play because it gets so much of its revenue from producing copper, but I’m also going to sneak in my favourite play on a gold and commodities rebound. Freeport-McMoRan’s Grasberg mine in Indonesia is not only the biggest copper and gold mine, it’s also one of the best, believes Lehman analyst Ward. The company’s recent acquisition of Phelps Dodge adds growth. Plus, the stock looks cheap, and insiders just bought a boatload on the pullback. Ward has a $200 price target on the stock, which recently traded for $84.
Expert Picks
With this column I’ll add shares of Freeport-McMoRan Copper & Gold to my tracking portfolio in our Expert Picks section, and we’ll see how it does from here.
Gold bugs have seen their precious metal tarnish this summer.
Devotees of the yellow metal — which they believe protects their wealth against everything from inflation to Armageddon — have watched in horror as gold has slumped 19% in a month to $790 an ounce.
Not even Russia’s invasion of Georgia could rouse bullion, which normally shoots up in times of geopolitical crisis.
The apparent cause of gold’s drop: Many investors are changing a course that saw them buying commodities while betting against financial stocks and the U.S. dollar. A global economic slowdown has raised doubts about sustained demand, and U.S. policymakers have gotten more serious about bailing out the country’s banks.
This reversal has sent the whole commodities sector down, including gold, which flirted with $1,000 an ounce as recently as March (as I had predicted in “Why gold’s going straight to $1,000″).
Gold bugs are about to get some relief. The truth is, despite this pullback, the fundamentals that drove gold higher haven’t changed.
Four reasons gold will rebound
The near-term catalyst for the next move up could be as simple as holidays that call for giving gold as a gift, including Diwali (the Hindu “Festival of Light”), Christmas and the Chinese new year. Demand for gold to produce jewelry should soon kick in.
In fact, looking back over the past three decades, it’s really no surprise that gold is weak right now. “Gold is always a dog in August. Always,” says Frank Holmes, the chief investment officer at U.S. Global Investors (GROW.O), which offers the Gold and Precious Metals Fund (USERX). Then the price climbs as the holiday season approaches, Holmes says.
Most importantly, several factors that supported higher prices (and that led me to be bullish in “Five reasons gold is headed to $1,500″) haven’t gone away. “The key underlying trends are intact,” says Tom Winmill, who manages the Midas Fund (MIDSX).
Over the next six months, gold could move up $100 to trade in the $850-to-$900 range, Holmes believes.
Longer term, Citigroup (C.N) gold analyst John Hill says, gold will trade around an average of $950 an ounce next year and $1,000 an ounce in 2010.
If they are right, that will be good for mutual funds investing in gold, as well as exchange-traded funds, or ETFs, that track gold, like SPDR Gold Shares (GLD.N). Mining stocks are riskier but could do even better because they have fallen even more than bullion has. I offer five picks below.
But first, here four reasons gold will rebound:
No. 1: Limited supply compared with demand
The reason demand for gold jewelry can have an impact on prices is that supply and demand are already tight.
“The easy deposits have been found and mined,” says Doug Groh, a senior analyst with Tocqueville Asset Management, which runs the Tocqueville Gold Fund (TGLDX). “There is limited supply, and it is very expensive and increasingly more expensive to access that supply.”
Overall production from gold mines slipped 4% in the second quarter as fresh investments in new mines failed to offset dwindling output from mature mines, Citigroup’s Hill says.
Meanwhile, demand for gold as an investment has stepped up over the past few years because of the creation of gold ETFs, Groh says. Gold ETFs were recently backed by about 930 tons of bullion, or around 125 days of mine output, according to Tocqueville Asset Management.
Here’s the big picture: The world will see 3,275 metric tons of supply from mining and scrap in 2008. Demand for jewelry and other fabrication will be 3,210 metric tons, and investment demand will call for 365 tons, for an overall shortfall of 300 tons, predicts Lehman Bros. (LEH.N) analyst Peter Ward. He’s projecting even bigger shortfalls for 2009 through 2012.
No. 2: Inflation
At 5% a year in the U.S., consumer price inflation seems pretty high. But consider that the price of raw materials for manufacturing was recently advancing around 40% a year, says the Midas Fund’s Winmill.
The retreat of oil prices to about $115 a barrel won’t help much because oil is still historically very costly.
High inflation also means that investors are losing 2.6% a year in traditional “safe” investments such as two-year Treasurys, which now yield just 2.4% after inflation.
When prices rise and investors lose money in what are supposed to be safe debt instruments, many turn to gold, Winmill says.
No. 3: An uncertain future
We’re not out of the woods yet with the credit crunch. That will keep putting a constraint on lending, the raw fuel of capitalism. Problems in the U.S. housing sector will continue to weigh on U.S. consumers, whose spending drives economic growth. Meanwhile, the potential for big changes in tax and spending policies in Washington, D.C., if the Democrats take the White House, has investors feeling uncertain about the future.
Again, this cloud will have investors turning to safe-haven gold.
No. 4: Everyone is too bearish on gold
Typically, when sentiment gets overly bearish on an investment, that’s when it is hitting bottom and about to reverse. We are probably there now with gold. Investments in the Rydex Precious Metals Fund (RYZCX) recently dropped to lows not seen in three years, points out Jason Goepfert of SentimenTrader.com.
Plus, the recent plunge in the price of gold has been so severe that it’s bound to reverse if the past is any guide, says U.S. Global Investors’ Holmes.
“Buying after a big correction like this means the margin of error is lower, as Warren Buffett likes to say,” Holmes contends.
The strong U.S. dollar ‘problem’
One problem with calling a rebound right now is that the U.S. dollar has been strong lately, which is typically bad for gold. Gold is priced in dollars, so a strong dollar makes gold more expensive for buyers outside the U.S. This lowers demand and puts pressure on prices.
Here’s why I’m looking past this. James Paulsen, the chief investment strategist at Wells Capital Management, agrees that the U.S. dollar will continue to see strength against developed countries’ currencies. Economic weakness is spreading to these regions, so they will cut interest rates, making their currencies — say, the euro — less attractive.
However, Paulsen thinks the U.S. dollar will keep losing ground against the currencies of developing countries such as China, Mexico, India and Russia. The reason: They’ve suppressed their currencies against the American dollar to promote exports. But the underlying imbalances are too great, so they’ll soon have to let their currencies gain ground compared with the U.S. dollar.
This would to make gold look cheaper to buyers in developing countries, even as the U.S. dollar gains ground against developed-world currencies.
The gold plays
All of this should help the following stocks move up 50% to 100% over the next six to 12 months:
* Newmont Mining (NEM.N). Newmont is big, which makes it tougher to grow, and, like all mining companies, it’s struggling with costs. However, David Haughton of BMO Nesbitt Burns, an arm of BMO Capital Markets, thinks new projects in Peru plus cost containment will lead to significant cash-flow gains, two reasons he has a $60-a-share price target on the stock, which recently sold for $42.
* Agnico-Eagle Mines (AEM.TO). The shares of this mining company have been hammered — falling to $51 recently from above $80 in July — in part because of declines in zinc production and prices. But on the bright side, Agnico-Eagle operates in politically safe countries like Canada and Finland. Its huge LaRonde mine in Quebec and five development projects should support an advance in the stock to $82 in 12 to 18 months, says CIBC World Markets analyst Barry Cooper. This is the “go to” stock in the sector. “When gold runs, investors all run to Agnico,” Holmes says.
* Kinross Gold (K.TO). A big Kinross project in Russia adds an element of risk because the Russian government has a history of putting its straw into lucrative natural-resource assets on its turf. “The market hates risk now, but when investors get back into risk mode, stocks like Kinross will be biggest beneficiaries,” says Winmill, who owns shares in his Midas Fund. Analysts predict the stock will move to $25 a share in a year, according to Thomson Financial, up from $15 today.
* Yamana Gold (YRI.TO). Shares of this company have been hit so hard that Yamana now sells for less than the value of its assets, Winmill calculates. He thinks it could advance 30% to 40% once the gold sector comes back in favour. One plus is that Yamana has solid assets in politically safe regions of South America. Haughton at BMO Nesbitt Burns has a $21 price target on the stock. It recently sold for $11.
* Freeport-McMoRan Copper & Gold (FCX.N). It’s nowhere near a pure gold play because it gets so much of its revenue from producing copper, but I’m also going to sneak in my favourite play on a gold and commodities rebound. Freeport-McMoRan’s Grasberg mine in Indonesia is not only the biggest copper and gold mine, it’s also one of the best, believes Lehman analyst Ward. The company’s recent acquisition of Phelps Dodge adds growth. Plus, the stock looks cheap, and insiders just bought a boatload on the pullback. Ward has a $200 price target on the stock, which recently traded for $84.
Expert Picks
With this column I’ll add shares of Freeport-McMoRan Copper & Gold to my tracking portfolio in our Expert Picks section, and we’ll see how it does from here.
The Competition Issues in Iron Ore
SYDNEY — Mining giant BHP Billiton’s $128-billion (U.S.) bid for rival Rio Tinto could raise competition issues in iron ore, Australia’s antitrust regulator said on Friday.
With mines across Australia’s ore-rich Pilbara region, Rio Tinto and BHP are the world’s second- and third-largest iron ore producers, respectively, behind Brazil’s Vale, and analysts reckon a combined group would control about 35 per cent of the world’s seaborne traded iron ore.
In a nine-page “statement of issues” ahead of its October 1 ruling, the Australian Competition and Consumer Commission (ACCC), which can order companies to sell assets if it thinks they have too big a hold in one sector, highlighted the likely impact of a deal on the iron ore trade and, in particular, on Australian steelmakers, but saw no major competition issues in copper, gold, uranium, bauxite or alumina.
“I don’t think that’s a surprise to the two companies, particularly BHP … that iron ore would be the one area the regulators would be looking at very closely,” said Ken West, a partner at Perennial Growth Management.
“But the Pilbara is the one they don’t want to be tampered with. If the regulators don’t show flexibility, then the Pilbara could become a deal breaker,” Mr. West said.
The European Commission last month opened an in-depth investigation into BHP’s hostile 3.4 shares for each Rio share bid – which Rio insists is too low – with a list of sweeping price and competition concerns from iron ore to aluminum.
Regulators in the United States, where the proposed deal would have less market impact, cleared the bid last month. The EU has set a December 9 date for its ruling.
BHP has filed documents with competition authorities in China, where new anti-monopoly laws have been introduced.
A BHP spokeswoman said the company was “continuing to engage constructively with the commission on this matter.”
“The ACCC’s market inquiries indicated that the proposed acquisition may raise competition concerns in relation to the global seaborne supply of iron ore lump and iron ore fines,” the watchdog said in a statement posted on its website.
It warned that less competition would likely drive up global iron ore prices, pushing up costs for Australia’s steelmakers.
“In particular, Vale would be the only other supplier involved in annual benchmark price negotiations,” the ACCC noted.
This year, BHP and Rio won identical prices for their ore at prices higher than Vale after negotiations with customers from Asia steel mills.
The China Iron and Steel Association said this month it opposed BHP buying Rio, saying a combined entity would monopolize a large portion of the supply of much-needed ore and hurt consumers. BHP argues a combined group would control 27 per cent of global seaborne traded iron ore.
If BHP wins Rio, it would be the world’s second-biggest takeover after mobile phone giant Vodafone’s purchase of Mannesmann in 2000, and would create a $360-billion company – roughly the same size as Microsoft Corp.
By 0840 GMT, BHP shares traded in London were up 0.6 per cent at 16.80 pounds in a broader market up 0.9 per cent.
With mines across Australia’s ore-rich Pilbara region, Rio Tinto and BHP are the world’s second- and third-largest iron ore producers, respectively, behind Brazil’s Vale, and analysts reckon a combined group would control about 35 per cent of the world’s seaborne traded iron ore.
In a nine-page “statement of issues” ahead of its October 1 ruling, the Australian Competition and Consumer Commission (ACCC), which can order companies to sell assets if it thinks they have too big a hold in one sector, highlighted the likely impact of a deal on the iron ore trade and, in particular, on Australian steelmakers, but saw no major competition issues in copper, gold, uranium, bauxite or alumina.
“I don’t think that’s a surprise to the two companies, particularly BHP … that iron ore would be the one area the regulators would be looking at very closely,” said Ken West, a partner at Perennial Growth Management.
“But the Pilbara is the one they don’t want to be tampered with. If the regulators don’t show flexibility, then the Pilbara could become a deal breaker,” Mr. West said.
The European Commission last month opened an in-depth investigation into BHP’s hostile 3.4 shares for each Rio share bid – which Rio insists is too low – with a list of sweeping price and competition concerns from iron ore to aluminum.
Regulators in the United States, where the proposed deal would have less market impact, cleared the bid last month. The EU has set a December 9 date for its ruling.
BHP has filed documents with competition authorities in China, where new anti-monopoly laws have been introduced.
A BHP spokeswoman said the company was “continuing to engage constructively with the commission on this matter.”
“The ACCC’s market inquiries indicated that the proposed acquisition may raise competition concerns in relation to the global seaborne supply of iron ore lump and iron ore fines,” the watchdog said in a statement posted on its website.
It warned that less competition would likely drive up global iron ore prices, pushing up costs for Australia’s steelmakers.
“In particular, Vale would be the only other supplier involved in annual benchmark price negotiations,” the ACCC noted.
This year, BHP and Rio won identical prices for their ore at prices higher than Vale after negotiations with customers from Asia steel mills.
The China Iron and Steel Association said this month it opposed BHP buying Rio, saying a combined entity would monopolize a large portion of the supply of much-needed ore and hurt consumers. BHP argues a combined group would control 27 per cent of global seaborne traded iron ore.
If BHP wins Rio, it would be the world’s second-biggest takeover after mobile phone giant Vodafone’s purchase of Mannesmann in 2000, and would create a $360-billion company – roughly the same size as Microsoft Corp.
By 0840 GMT, BHP shares traded in London were up 0.6 per cent at 16.80 pounds in a broader market up 0.9 per cent.
Sunday, August 24, 2008
Resource and Exploration Update, Lanfranchi Nickel Mine, Kambalda District of Western Australia
Brilliant Mining Corp.: Resource and Exploration Update, Lanfranchi Nickel Mine, Kambalda District of Western Australia
VANCOUVER, BRITISH COLUMBIA- Brilliant Mining Corp. (TSX VENTURE:BMC - News; “Brilliant” or the “Company”) today reported an updated Measured, Indicated and Inferred Mineral Resource and an exploration update from its 25% owned Lanfranchi Nickel Mine, located in the world class Kambalda Nickel District of Western Australia.
Key Point Summary:
- 3.71 Mt at 2.58% Measured and Indicated Mineral Resource for 95,516t (210.5 MLbs) of Ni metal
- 1,62 Mt at 1.84% Inferred Resource for 29,846t (65.8 Mlbs) of Ni Metal reported at the Lanfranchi Mine as at June 30, 2008
- 2008/09 underground exploration focused on adding to mineral resource and reserve base with Deacon down-plunge drill program to commence in September 2008
- AU$8 million, 56,000m, 82 drill hole aggressive surface program
“The significant global resource reported at the Lanfranchi Mine reflects the future longevity of the operation,” states John Williamson, CEO of Brilliant Mining, “That has the potential to be increased even further through the aggressive surface and underground exploration program which we have initiated.”
Lanfranchi Project - Resource Update
An updated Measured, Indicated and Inferred Mineral Resource as at 30 June 2008 for the Lanfranchi Project is reported in the following table (Table 1).
Table 1: Lanfranchi Project Estimated Mineral Resource at 30 June 2008
————————————————————————–
————————————————————————–
As at June 30 2008 As at June 30 2007
————————————————————————–
Tonnes Ni Ni Metal Tonnes Ni Ni Metal
——————————————————-
Resource Category (,000) (%)(tonnes) (Mlbs) (,000) (%)(tonnes) (Mlbs)
————————————————————————–
————————————————————————–
Deacon Indicated 1,783 2.88 51,365 113.2 1,607 3.09 49,692 109.6
——————————————————-
Inferred 460 2.64 12,186 26.9 303 2.77 8,389 18.5
————————————————————————–
Helmut Measured 216 2.85 6,172 13.6 457 2.44 11,138 24.6
South ——————————————————-
Indicated 38 2.58 973 2.1
————————————————————————–
Winner Indicated 82 5.67 4,673 10.3 112 6.16 6,879 15.2
————————————————————————–
Lanfr- Measured 11 4.11 471 1.0
anchi ——————————————————-
Indicated 67 5.79 3,887 8.6 99 3.04 3,002 6.6
——————————————————-
Inferred 11 5.24 552 1.2 35 4.25 1,476 3.3
————————————————————————–
Schmitz Indicated 75 4.55 3,412 7.5 75 4.55 3,412 7.5
——————————————————-
Inferred 11 3.58 376 0.8 11 3.58 376 0.8
————————————————————————–
Martin Indicated 44 3.88 1,722 3.8 44 3.88 1,722 3.8
——————————————————-
Inferred 6 3.50 208 0.5 6 3.50 208 0.5
————————————————————————–
Cruik- Indicated 1,139 1.41 16,025 35.3 1,139 1.41 16,025 35.3
shank ——————————————————-
Inferred 931 1.33 12,397 27.3 931 1.33 12,397 27.3
————————————————————————–
Remnant Indicated 253 2.69 6,816 15.0 253 2.69 6,816 15.0
——————————————————-
Inferred 203 2.03 4,127 9.1 203 2.03 4,127 9.1
————————————————————————–
————————————————————————–
Total Measured 227 2.93 6,643 14.6 457 2.44 11,138 24.6
——————————————————-
Indicated 3,481 2.55 88,873 195.9 3,328 2.63 87,548 193.0
——————————————————-
Inferred 1,622 1.84 29,846 65.8 1,489 1.81 26,973 59.5
—————————————————————————
Notes:
1. Resources estimated at 1.0% Ni cut-off and 1.6% cut-off for Schmitz
2. All mineralised zone interpretations were reviewed and modified where
necessary by BM Geological Services Pty Ltd (BMGS) in consultation with
Lanfranchi Joint Venture staff prior to resource estimation
3. BMGS believes that the current geological models are fundamentally sound
and provides an appropriate basis for mine planning and project evaluation
4. Remnant Resources reflect ore remaining post historical mining by WMC
5. The Schmitz, Martin, Cruikshank and Remnant Resource estimates are
unchanged from the Company’s 43-101 technical Report on the Lanfranchi
Nickel Project dated August 2007 and filed on SEDAR
6. Additional notes detailing the Resource Estimation Parameters utilized
are listed at the bottom of this press release
After production of 7,303 tonnes (16.1 MLbs) of contained Ni metal from the Lanfranchi mine in 2007/08 the measured and indicated mineral resources for the project decreased by approximately 3,170 tonnes (7.0 MLbs) of Ni metal compared to the mineral resource as at 30 June 2007. The principal decrease in mineral resource was due to ore sourced from the Helmut South and Winner orebodies throughout the 07/08 mine production year. A relative gain was reported in the Deacon Resource estimate from the recent detailed delineation drill program.
In 2008/09 underground exploration activities will be focused on replenishing and adding to our mineral resource and reserve base by drilling the down plunge extensions at Deacon, Helmut South, Schmitz, and Lanfranchi.
Deacon Down Plunge Delineation Drill Program
The Deacon 5920 hanging wall exploration drill drive commenced during the quarter and is on schedule for a resource delineation drill program to commence in September. The first phase of drilling will target the existing 11,500 tonne of Ni metal currently classified as an Inferred Mineral Resource at the base of the Deacon Ni channel with the intent to upgrade it to an Indicated Resource and then convert to Reserves. This drill campaign has the potential to significantly add to mine life in the Reserve category.
The second phase of drilling will be to target a further 150m to 200m down plunge of the Inferred Resource limits with the intent to add new material into the resource base at the mine. A high level of confidence exists for the down plunge continuation of the Deacon mineralisation as evidenced by the strong geophysical conductor identified by parallel EM drilling performed during the last quarter of 2007 (see company press release dated November 1, 2007).
To view Figure 1, please click on the following URL: http://media3.marketwire.com/docs/Brilliant%20Figure%201.pdf
Winner Down Plunge Extension
As part of the latest resource definition drill program, drill hole WD084 was completed to enable geophysics to test the down plunge potential of the Winner Ni channel. The down hole EM survey produced a strong EM response indicating a high confidence level for the continuation of the Winner mineralisation an additional 25 to 30m down plunge of the interpreted resource limits.
Drilling to test this extension is planned when the Winner decline has progressed sufficiently to enable the development of a suitably positioned underground drill station.
Lanfranchi Down Plunge Extension
The latest resource definition drill program has increased the Measured and Indicated Mineral Resource at Lanfranchi by 45% or 1,356 tonnes (3.0 MLbs) of Ni metal. The Lanfranchi Ni channel remains open to depth.
Tramways Tenements - Surface Exploration Update
The Lanfranchi Joint Venture has embarked on an aggressive surface exploration program on the Tramways Tenements host to the producing high-grade Lanfranchi Nickel Mine. The current 82 hole 56,000 metre drill program is budgeted at AU$8 million and will test various prospective areas across the property as is shown in Fig 2.
To view Figure 2, please click on the following URL: http://media3.marketwire.com/docs/Brilliant%20Figure%202.pdf
Northern Dome Drill Area
An AU$2.5 million, 12,000 metre, 24 hole drill program is budgeted for the Northern Tramways Dome. The completed program will entail infill drilling and deeper drill traverses within the high priority “channel facies” ultramafic corridor along the interpreted overturned continuation of the Winner-Schmitz and Helmut-Deacon Ni channels. In addition, a 100 metre spaced drill fence is planned further to the west towards the projected overturned position of the main Lanfranchi orebody.
To date, 19 drill holes have been completed for a total of 5,376m of RC and 4,349m of diamond drilling with down hole EM surveys completed in 13 of the drill holes.
To view Figure 3, please click on the following URL: http://media3.marketwire.com/docs/Brilliant%20Figure%203.pdf
The drilling continues to provide strong evidence of the potential for the area to host a nickel sulphide discovery. Multi-element geochemistry continues to provide support for the overturning of the ultramafic/basalt contact on the northern margin of the Tramways Dome and identification of two high priority ‘nickel channel facies’ corridors in the projected overturned position of the Winner-Schmitz and Helmut-Deacon Ni channels. In addition, multiple high grade nickel sulphide intercepts have been identified (as previously reported on April 22, 2008).
One significant assay was received for the Northern Tramways area during the quarter, 0.25m grading 9.27% nickel, for the previously reported massive sulphide intercept in TD8043 (from 285.72m). Geophysical anomalies reported from the down hole EM surveys typically have related to either previously reported mineralisation or sediment layers. However one hole, TD8064 reported an off-hole anomaly from 420m within ultramafic that is recommended for follow-up drilling.
Lanfranchi West Drill Area
A program of surface drilling has commenced in the Ham-Edwin area focused on the down plunge extents of the Ham to Edwin Ni channel mineralisation. To date 16 RC pre-collars (TD8067-TD8083) have been completed for a total of 6,082m. Towards the end of the quarter diamond drilling commenced with 6 diamond tails (TD8067-TD8072) for 747m completed.
The results of the drilling have been encouraging with mineralisation intersected in two holes as follows:
- 6.35% Ni over 1.0m in TD8069 (458m); and
- 1.84% Ni over 0.25m in TD8072 (563.35m)
Additionally, the drill results to date indicate significant variation in the basal contact topography and hence provide the environment favorable for nickel-bearing troughs or embayments.
The drill spacing remains broad at 100m and allows ample room for an Edwin style orebody. Down hole geophysics is pending on all holes.
To view Figure 4, please click on the following URL: http://media3.marketwire.com/docs/Brilliant%20Figure%204.pdf
The project is supervised by John Williamson, P.Geol., of Edmonton, Alberta. Mr. Williamson is CEO and a Director of Brilliant, and is the qualified person as defined by National Instrument 43-101.
(ii) Table 1 Notes:
The Deacon Mineral Resource Estimate, which is JORC-compliant, has been prepared by BM Geological Services Pty Ltd and Lanfranchi Nickel Mines personnel; and has been reconciled to the mineral resource and mineral reserve categories as set out by and adopted by the CIM Council. The estimate is based on a 3D Surpac block model utilizing a block size of 10m NS x 10m EW x 2m vertical with 5.0m x 5.0m x 1.0m sub-cells. The model comprises 107 underground diamond drill holes for a total of 14,338m of diamond drilling with a total of 4,898 core samples collected. All holes have been accurately located using theodolite survey instruments and down-hole “Reflex EZ Shot” survey cameras. Grade interpolation is by Inverse Distance techniques using an oriented search ellipse based on the geometry of the mineralization. Models for validation and verification have also been completed using Ordinary Kriged interpolations.
The tonnes and grade of the Mineral Resource estimate is the material constrained within the interpreted mineralization wireframes which were constructed on sectional interpretations at 50m centres to a 1.0% Ni cut-off grade. The Deacon resource cut-off was reduced from the previous reiteration due to the selection of a bulk mining method supporting the 0.8%Ni economic cut-off for reserves. When present, high grade massive nickel sulphide mineralization was domained separately.
The Deacon Mineral Resource is largely classified as Indicated due to the good continuity of the mineralization, the adequate drill hole spacing and the confidence gained from QA/QC checks and data validation. A small zone of mineralization at the extremities of the resource has been classified as Inferred due to the lack of sample support and/or poor continuity of grade and lithological controls.
The Lanfranchi Mineral Resource Estimate, which is JORC-compliant, has been prepared by BM Geological Services Pty Ltd and Lanfranchi Nickel Mines personnel; and has been reconciled to the mineral resource and mineral reserve categories as set out by and adopted by the CIM Council. The estimate is based on a 3D Surpac block model utilizing a block size of 5.0m x 5.0m x 1.0m cells. The model comprises a total of 57 diamond holes for 7,058m of diamond drilling and a total of 1,194 core samples collected. All holes have been accurately located using theodolite survey instruments and down-hole “Reflex EZ Shot” survey cameras. Grade interpolation is by Inverse Distance techniques using an oriented search ellipse based on the geometry of the mineralization. Models for validation and verification have also been completed using Ordinary Kriged interpolations.
The tonnes and grade of the Mineral Resource estimate is the material constrained within the interpreted mineralization wireframes which were constructed on sectional interpretations at 10m centres to a 1.0% Ni cut-off grade.
The Lanfranchi Mineral Resource is largely classified as Measured and Indicated due to the good continuity of the mineralization, the adequate drill hole spacing and the confidence gained from QA/QC checks and data validation. A small zone of mineralization at the extremities of the resource has been classified as Inferred due to the lack of sample support and/or poor continuity of grade and lithological controls.
The Winner Mineral Resource Estimate, which is JORC-compliant, has been prepared by BM Geological Services Pty Ltd and Lanfranchi Nickel Mines personnel; and has been reconciled to the mineral resource and mineral reserve categories as set out by and adopted by the CIM Council. The estimate is based on a 3D Surpac block model utilizing a block size of 5.0m x 2.5m x 0.5m cells. The geological framework used for the June 2008 resource estimate incorporates the mineralisation and structural model developed from new drilling as well as the previous interpretation completed in November 2007 based on 43 surface RC and diamond drill holes. All holes have been accurately located using theodolite survey instruments and down-hole “Reflex EZ Shot” survey cameras. Variograms were calculated on multiple orientations to test for optimal grade continuity within the Winner mineralisation. The variogram that represented the highest continuity orientation was selected, which in turn also supported the geological strike of the mineralisation. Grade interpolation was completed using Ordinary Kriging methods.
The tonnes and grade of the Mineral Resource estimate is the material constrained within the interpreted mineralization wireframes which were constructed on sectional interpretations at 10m centres to a 1.0% Ni cut-off grade as well as a second wireframe with a cut off grade of 0.7% Ni to incorporate lower grade, disseminated marginal material identified on the edges of the orebody.
The Winner Mineral Resource is largely classified as Indicated due to the good continuity of the mineralization, the adequate drill hole spacing and the confidence gained from QA/QC checks and data validation. A small zone of mineralization at the extremities of the resource has been classified as Inferred due to the lack of sample support and/or poor continuity of grade and lithological controls.
The Helmut South Mineral Resource Estimate, which is JORC-compliant, has been prepared by BM Geological Services Pty Ltd and Lanfranchi Nickel Mines personnel; and has been reconciled to the mineral resource and mineral reserve categories as set out by and adopted by the CIM Council. The estimate is based on a 3D Surpac block model utilizing a block size of 5m NS x 1m EW x 5m cells. The geological framework used for the June 2008 resource estimate incorporates the mineralisation and structural model developed from new drilling as well as the previous interpretation completed in August 2007 based on 90 underground diamond drill holes. All holes have been accurately located using theodolite survey instruments and down-hole “Reflex EZ Shot” survey cameras. Grade interpolation is by Inverse Distance techniques using an oriented search ellipse based on the geometry of the mineralization. Models for validation and verification have also been completed using Ordinary Kriged interpolations.
The tonnes and grade of the Mineral Resource estimate is the material constrained within the interpreted mineralization wireframes which were constructed on sectional interpretations at 10m centres to a 1.0% Ni cut-off grade. The Helmut South Mineral Resource is largely classified as Measured due to the good continuity of the mineralization, the adequate drill hole spacing and the confidence gained from QA/QC checks and data validation.
All core samples collected have been half cored using a diamond saw. The minimum sample size was set at 20cm and the maximum sample size was set at 1.00m. KalAssay Laboratories in Kalgoorlie (KalAssay) have completed all assaying of the samples collected by LNM. The analytical technique employed to analyze all samples is a 4 acid digest with an ICP finish.
About Brilliant Mining Corp.
Brilliant Mining Corp. is focused on the production, development and exploration of nickel opportunities world wide. The Company currently has a 25% interest in the producing Lanfranchi Nickel Mine in Western Australia and has active nickel projects in Canada, including the Michikamau property in central Labrador.
On behalf of the Board of Directors
Mike Sieb, B.Sc., MBA, President
Brilliant Mining Corp.
For further information about Brilliant Mining Corp., or this news release, please visit our website at www.brilliantmining.com.
Certain disclosures in this release, including management’s assessment of Brilliant’s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Brilliant’s operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Brilliant expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Mike Sieb
Brilliant Mining Corp.
President
(604) 646-4525
Email: mikes@brilliantmining.com
Derek Iwanaka
Brilliant Mining Corp.
Investor Relations
(604) 646-4524
Email: info@brilliantmining.com
Website: www.brilliantmining.com
Source: Brilliant Mining Corp.
VANCOUVER, BRITISH COLUMBIA- Brilliant Mining Corp. (TSX VENTURE:BMC - News; “Brilliant” or the “Company”) today reported an updated Measured, Indicated and Inferred Mineral Resource and an exploration update from its 25% owned Lanfranchi Nickel Mine, located in the world class Kambalda Nickel District of Western Australia.
Key Point Summary:
- 3.71 Mt at 2.58% Measured and Indicated Mineral Resource for 95,516t (210.5 MLbs) of Ni metal
- 1,62 Mt at 1.84% Inferred Resource for 29,846t (65.8 Mlbs) of Ni Metal reported at the Lanfranchi Mine as at June 30, 2008
- 2008/09 underground exploration focused on adding to mineral resource and reserve base with Deacon down-plunge drill program to commence in September 2008
- AU$8 million, 56,000m, 82 drill hole aggressive surface program
“The significant global resource reported at the Lanfranchi Mine reflects the future longevity of the operation,” states John Williamson, CEO of Brilliant Mining, “That has the potential to be increased even further through the aggressive surface and underground exploration program which we have initiated.”
Lanfranchi Project - Resource Update
An updated Measured, Indicated and Inferred Mineral Resource as at 30 June 2008 for the Lanfranchi Project is reported in the following table (Table 1).
Table 1: Lanfranchi Project Estimated Mineral Resource at 30 June 2008
————————————————————————–
————————————————————————–
As at June 30 2008 As at June 30 2007
————————————————————————–
Tonnes Ni Ni Metal Tonnes Ni Ni Metal
——————————————————-
Resource Category (,000) (%)(tonnes) (Mlbs) (,000) (%)(tonnes) (Mlbs)
————————————————————————–
————————————————————————–
Deacon Indicated 1,783 2.88 51,365 113.2 1,607 3.09 49,692 109.6
——————————————————-
Inferred 460 2.64 12,186 26.9 303 2.77 8,389 18.5
————————————————————————–
Helmut Measured 216 2.85 6,172 13.6 457 2.44 11,138 24.6
South ——————————————————-
Indicated 38 2.58 973 2.1
————————————————————————–
Winner Indicated 82 5.67 4,673 10.3 112 6.16 6,879 15.2
————————————————————————–
Lanfr- Measured 11 4.11 471 1.0
anchi ——————————————————-
Indicated 67 5.79 3,887 8.6 99 3.04 3,002 6.6
——————————————————-
Inferred 11 5.24 552 1.2 35 4.25 1,476 3.3
————————————————————————–
Schmitz Indicated 75 4.55 3,412 7.5 75 4.55 3,412 7.5
——————————————————-
Inferred 11 3.58 376 0.8 11 3.58 376 0.8
————————————————————————–
Martin Indicated 44 3.88 1,722 3.8 44 3.88 1,722 3.8
——————————————————-
Inferred 6 3.50 208 0.5 6 3.50 208 0.5
————————————————————————–
Cruik- Indicated 1,139 1.41 16,025 35.3 1,139 1.41 16,025 35.3
shank ——————————————————-
Inferred 931 1.33 12,397 27.3 931 1.33 12,397 27.3
————————————————————————–
Remnant Indicated 253 2.69 6,816 15.0 253 2.69 6,816 15.0
——————————————————-
Inferred 203 2.03 4,127 9.1 203 2.03 4,127 9.1
————————————————————————–
————————————————————————–
Total Measured 227 2.93 6,643 14.6 457 2.44 11,138 24.6
——————————————————-
Indicated 3,481 2.55 88,873 195.9 3,328 2.63 87,548 193.0
——————————————————-
Inferred 1,622 1.84 29,846 65.8 1,489 1.81 26,973 59.5
—————————————————————————
Notes:
1. Resources estimated at 1.0% Ni cut-off and 1.6% cut-off for Schmitz
2. All mineralised zone interpretations were reviewed and modified where
necessary by BM Geological Services Pty Ltd (BMGS) in consultation with
Lanfranchi Joint Venture staff prior to resource estimation
3. BMGS believes that the current geological models are fundamentally sound
and provides an appropriate basis for mine planning and project evaluation
4. Remnant Resources reflect ore remaining post historical mining by WMC
5. The Schmitz, Martin, Cruikshank and Remnant Resource estimates are
unchanged from the Company’s 43-101 technical Report on the Lanfranchi
Nickel Project dated August 2007 and filed on SEDAR
6. Additional notes detailing the Resource Estimation Parameters utilized
are listed at the bottom of this press release
After production of 7,303 tonnes (16.1 MLbs) of contained Ni metal from the Lanfranchi mine in 2007/08 the measured and indicated mineral resources for the project decreased by approximately 3,170 tonnes (7.0 MLbs) of Ni metal compared to the mineral resource as at 30 June 2007. The principal decrease in mineral resource was due to ore sourced from the Helmut South and Winner orebodies throughout the 07/08 mine production year. A relative gain was reported in the Deacon Resource estimate from the recent detailed delineation drill program.
In 2008/09 underground exploration activities will be focused on replenishing and adding to our mineral resource and reserve base by drilling the down plunge extensions at Deacon, Helmut South, Schmitz, and Lanfranchi.
Deacon Down Plunge Delineation Drill Program
The Deacon 5920 hanging wall exploration drill drive commenced during the quarter and is on schedule for a resource delineation drill program to commence in September. The first phase of drilling will target the existing 11,500 tonne of Ni metal currently classified as an Inferred Mineral Resource at the base of the Deacon Ni channel with the intent to upgrade it to an Indicated Resource and then convert to Reserves. This drill campaign has the potential to significantly add to mine life in the Reserve category.
The second phase of drilling will be to target a further 150m to 200m down plunge of the Inferred Resource limits with the intent to add new material into the resource base at the mine. A high level of confidence exists for the down plunge continuation of the Deacon mineralisation as evidenced by the strong geophysical conductor identified by parallel EM drilling performed during the last quarter of 2007 (see company press release dated November 1, 2007).
To view Figure 1, please click on the following URL: http://media3.marketwire.com/docs/Brilliant%20Figure%201.pdf
Winner Down Plunge Extension
As part of the latest resource definition drill program, drill hole WD084 was completed to enable geophysics to test the down plunge potential of the Winner Ni channel. The down hole EM survey produced a strong EM response indicating a high confidence level for the continuation of the Winner mineralisation an additional 25 to 30m down plunge of the interpreted resource limits.
Drilling to test this extension is planned when the Winner decline has progressed sufficiently to enable the development of a suitably positioned underground drill station.
Lanfranchi Down Plunge Extension
The latest resource definition drill program has increased the Measured and Indicated Mineral Resource at Lanfranchi by 45% or 1,356 tonnes (3.0 MLbs) of Ni metal. The Lanfranchi Ni channel remains open to depth.
Tramways Tenements - Surface Exploration Update
The Lanfranchi Joint Venture has embarked on an aggressive surface exploration program on the Tramways Tenements host to the producing high-grade Lanfranchi Nickel Mine. The current 82 hole 56,000 metre drill program is budgeted at AU$8 million and will test various prospective areas across the property as is shown in Fig 2.
To view Figure 2, please click on the following URL: http://media3.marketwire.com/docs/Brilliant%20Figure%202.pdf
Northern Dome Drill Area
An AU$2.5 million, 12,000 metre, 24 hole drill program is budgeted for the Northern Tramways Dome. The completed program will entail infill drilling and deeper drill traverses within the high priority “channel facies” ultramafic corridor along the interpreted overturned continuation of the Winner-Schmitz and Helmut-Deacon Ni channels. In addition, a 100 metre spaced drill fence is planned further to the west towards the projected overturned position of the main Lanfranchi orebody.
To date, 19 drill holes have been completed for a total of 5,376m of RC and 4,349m of diamond drilling with down hole EM surveys completed in 13 of the drill holes.
To view Figure 3, please click on the following URL: http://media3.marketwire.com/docs/Brilliant%20Figure%203.pdf
The drilling continues to provide strong evidence of the potential for the area to host a nickel sulphide discovery. Multi-element geochemistry continues to provide support for the overturning of the ultramafic/basalt contact on the northern margin of the Tramways Dome and identification of two high priority ‘nickel channel facies’ corridors in the projected overturned position of the Winner-Schmitz and Helmut-Deacon Ni channels. In addition, multiple high grade nickel sulphide intercepts have been identified (as previously reported on April 22, 2008).
One significant assay was received for the Northern Tramways area during the quarter, 0.25m grading 9.27% nickel, for the previously reported massive sulphide intercept in TD8043 (from 285.72m). Geophysical anomalies reported from the down hole EM surveys typically have related to either previously reported mineralisation or sediment layers. However one hole, TD8064 reported an off-hole anomaly from 420m within ultramafic that is recommended for follow-up drilling.
Lanfranchi West Drill Area
A program of surface drilling has commenced in the Ham-Edwin area focused on the down plunge extents of the Ham to Edwin Ni channel mineralisation. To date 16 RC pre-collars (TD8067-TD8083) have been completed for a total of 6,082m. Towards the end of the quarter diamond drilling commenced with 6 diamond tails (TD8067-TD8072) for 747m completed.
The results of the drilling have been encouraging with mineralisation intersected in two holes as follows:
- 6.35% Ni over 1.0m in TD8069 (458m); and
- 1.84% Ni over 0.25m in TD8072 (563.35m)
Additionally, the drill results to date indicate significant variation in the basal contact topography and hence provide the environment favorable for nickel-bearing troughs or embayments.
The drill spacing remains broad at 100m and allows ample room for an Edwin style orebody. Down hole geophysics is pending on all holes.
To view Figure 4, please click on the following URL: http://media3.marketwire.com/docs/Brilliant%20Figure%204.pdf
The project is supervised by John Williamson, P.Geol., of Edmonton, Alberta. Mr. Williamson is CEO and a Director of Brilliant, and is the qualified person as defined by National Instrument 43-101.
(ii) Table 1 Notes:
The Deacon Mineral Resource Estimate, which is JORC-compliant, has been prepared by BM Geological Services Pty Ltd and Lanfranchi Nickel Mines personnel; and has been reconciled to the mineral resource and mineral reserve categories as set out by and adopted by the CIM Council. The estimate is based on a 3D Surpac block model utilizing a block size of 10m NS x 10m EW x 2m vertical with 5.0m x 5.0m x 1.0m sub-cells. The model comprises 107 underground diamond drill holes for a total of 14,338m of diamond drilling with a total of 4,898 core samples collected. All holes have been accurately located using theodolite survey instruments and down-hole “Reflex EZ Shot” survey cameras. Grade interpolation is by Inverse Distance techniques using an oriented search ellipse based on the geometry of the mineralization. Models for validation and verification have also been completed using Ordinary Kriged interpolations.
The tonnes and grade of the Mineral Resource estimate is the material constrained within the interpreted mineralization wireframes which were constructed on sectional interpretations at 50m centres to a 1.0% Ni cut-off grade. The Deacon resource cut-off was reduced from the previous reiteration due to the selection of a bulk mining method supporting the 0.8%Ni economic cut-off for reserves. When present, high grade massive nickel sulphide mineralization was domained separately.
The Deacon Mineral Resource is largely classified as Indicated due to the good continuity of the mineralization, the adequate drill hole spacing and the confidence gained from QA/QC checks and data validation. A small zone of mineralization at the extremities of the resource has been classified as Inferred due to the lack of sample support and/or poor continuity of grade and lithological controls.
The Lanfranchi Mineral Resource Estimate, which is JORC-compliant, has been prepared by BM Geological Services Pty Ltd and Lanfranchi Nickel Mines personnel; and has been reconciled to the mineral resource and mineral reserve categories as set out by and adopted by the CIM Council. The estimate is based on a 3D Surpac block model utilizing a block size of 5.0m x 5.0m x 1.0m cells. The model comprises a total of 57 diamond holes for 7,058m of diamond drilling and a total of 1,194 core samples collected. All holes have been accurately located using theodolite survey instruments and down-hole “Reflex EZ Shot” survey cameras. Grade interpolation is by Inverse Distance techniques using an oriented search ellipse based on the geometry of the mineralization. Models for validation and verification have also been completed using Ordinary Kriged interpolations.
The tonnes and grade of the Mineral Resource estimate is the material constrained within the interpreted mineralization wireframes which were constructed on sectional interpretations at 10m centres to a 1.0% Ni cut-off grade.
The Lanfranchi Mineral Resource is largely classified as Measured and Indicated due to the good continuity of the mineralization, the adequate drill hole spacing and the confidence gained from QA/QC checks and data validation. A small zone of mineralization at the extremities of the resource has been classified as Inferred due to the lack of sample support and/or poor continuity of grade and lithological controls.
The Winner Mineral Resource Estimate, which is JORC-compliant, has been prepared by BM Geological Services Pty Ltd and Lanfranchi Nickel Mines personnel; and has been reconciled to the mineral resource and mineral reserve categories as set out by and adopted by the CIM Council. The estimate is based on a 3D Surpac block model utilizing a block size of 5.0m x 2.5m x 0.5m cells. The geological framework used for the June 2008 resource estimate incorporates the mineralisation and structural model developed from new drilling as well as the previous interpretation completed in November 2007 based on 43 surface RC and diamond drill holes. All holes have been accurately located using theodolite survey instruments and down-hole “Reflex EZ Shot” survey cameras. Variograms were calculated on multiple orientations to test for optimal grade continuity within the Winner mineralisation. The variogram that represented the highest continuity orientation was selected, which in turn also supported the geological strike of the mineralisation. Grade interpolation was completed using Ordinary Kriging methods.
The tonnes and grade of the Mineral Resource estimate is the material constrained within the interpreted mineralization wireframes which were constructed on sectional interpretations at 10m centres to a 1.0% Ni cut-off grade as well as a second wireframe with a cut off grade of 0.7% Ni to incorporate lower grade, disseminated marginal material identified on the edges of the orebody.
The Winner Mineral Resource is largely classified as Indicated due to the good continuity of the mineralization, the adequate drill hole spacing and the confidence gained from QA/QC checks and data validation. A small zone of mineralization at the extremities of the resource has been classified as Inferred due to the lack of sample support and/or poor continuity of grade and lithological controls.
The Helmut South Mineral Resource Estimate, which is JORC-compliant, has been prepared by BM Geological Services Pty Ltd and Lanfranchi Nickel Mines personnel; and has been reconciled to the mineral resource and mineral reserve categories as set out by and adopted by the CIM Council. The estimate is based on a 3D Surpac block model utilizing a block size of 5m NS x 1m EW x 5m cells. The geological framework used for the June 2008 resource estimate incorporates the mineralisation and structural model developed from new drilling as well as the previous interpretation completed in August 2007 based on 90 underground diamond drill holes. All holes have been accurately located using theodolite survey instruments and down-hole “Reflex EZ Shot” survey cameras. Grade interpolation is by Inverse Distance techniques using an oriented search ellipse based on the geometry of the mineralization. Models for validation and verification have also been completed using Ordinary Kriged interpolations.
The tonnes and grade of the Mineral Resource estimate is the material constrained within the interpreted mineralization wireframes which were constructed on sectional interpretations at 10m centres to a 1.0% Ni cut-off grade. The Helmut South Mineral Resource is largely classified as Measured due to the good continuity of the mineralization, the adequate drill hole spacing and the confidence gained from QA/QC checks and data validation.
All core samples collected have been half cored using a diamond saw. The minimum sample size was set at 20cm and the maximum sample size was set at 1.00m. KalAssay Laboratories in Kalgoorlie (KalAssay) have completed all assaying of the samples collected by LNM. The analytical technique employed to analyze all samples is a 4 acid digest with an ICP finish.
About Brilliant Mining Corp.
Brilliant Mining Corp. is focused on the production, development and exploration of nickel opportunities world wide. The Company currently has a 25% interest in the producing Lanfranchi Nickel Mine in Western Australia and has active nickel projects in Canada, including the Michikamau property in central Labrador.
On behalf of the Board of Directors
Mike Sieb, B.Sc., MBA, President
Brilliant Mining Corp.
For further information about Brilliant Mining Corp., or this news release, please visit our website at www.brilliantmining.com.
Certain disclosures in this release, including management’s assessment of Brilliant’s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Brilliant’s operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Brilliant expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Mike Sieb
Brilliant Mining Corp.
President
(604) 646-4525
Email: mikes@brilliantmining.com
Derek Iwanaka
Brilliant Mining Corp.
Investor Relations
(604) 646-4524
Email: info@brilliantmining.com
Website: www.brilliantmining.com
Source: Brilliant Mining Corp.
Friday, August 8, 2008
Mining News- Miniveyor In African Joint Venture
Rako Products Limited, manufacturers of the world’s favorite portable conveyor system the Miniveyor™ is expanding its distribution channels with the launch of Miniveyor Africa.
(1888PressRelease) October 29, 2007 - STONEHOUSE, UK — The Joint Venture company, based in the heart of the platinum mining area of Rustenburg is headed up by CEO Louis Labuschagne who brings with him a wealth of experience of mining operations and mineral extraction.
Darracq Shawe, Managing Director of Rako Products Ltd added “Miniveyor Africa builds on our experience gained in the Brazilian mining sector. The JV gives us a platform to promote our entire product range not only within the Republic but to the entire Sub-Sahara region. Although mining operations will be our main focus the construction market in the RSA is also booming with the hosting of the FIFA World Cup just around the corner”
NOTES TO EDITORS
Rako Products Ltd, whose manufacturing headquarters are based in Stonehouse U.K., specialize in equipment for confined space working and its Miniveyor conveyor system is used on thousands of applications worldwide for construction, tunneling and mining projects and for emergency disaster debris removal following natural disasters such as post-tsunami, hurricane and earthquake recovery and crime scene investigations.
For more information, contact:
Darracq Shawe
Rako Products Ltd
Tel: +44 1453 829900
Fax: +44 1453 829928
sales ( @ ) rako dot co dot uk
www.rako-products.com
Louis Labuschagne
Miniveyor Africa (Pty) Limited
Tel: +27 79 5280576
Fax: +27 86 6319458
info ( @ ) miniveyorafrica dot co dot za
www.miniveyor.co.za
(1888PressRelease) October 29, 2007 - STONEHOUSE, UK — The Joint Venture company, based in the heart of the platinum mining area of Rustenburg is headed up by CEO Louis Labuschagne who brings with him a wealth of experience of mining operations and mineral extraction.
Darracq Shawe, Managing Director of Rako Products Ltd added “Miniveyor Africa builds on our experience gained in the Brazilian mining sector. The JV gives us a platform to promote our entire product range not only within the Republic but to the entire Sub-Sahara region. Although mining operations will be our main focus the construction market in the RSA is also booming with the hosting of the FIFA World Cup just around the corner”
NOTES TO EDITORS
Rako Products Ltd, whose manufacturing headquarters are based in Stonehouse U.K., specialize in equipment for confined space working and its Miniveyor conveyor system is used on thousands of applications worldwide for construction, tunneling and mining projects and for emergency disaster debris removal following natural disasters such as post-tsunami, hurricane and earthquake recovery and crime scene investigations.
For more information, contact:
Darracq Shawe
Rako Products Ltd
Tel: +44 1453 829900
Fax: +44 1453 829928
sales ( @ ) rako dot co dot uk
www.rako-products.com
Louis Labuschagne
Miniveyor Africa (Pty) Limited
Tel: +27 79 5280576
Fax: +27 86 6319458
info ( @ ) miniveyorafrica dot co dot za
www.miniveyor.co.za
Mining News-Coal Mine and Steelmaker Industry Expand, Arcelormittal Agreed To Buy Second Appalachian Coal Company
Appalachian coking coal is proving ever more irresistible to the international steel industry.
Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has agreed to buy its second Appalachian coal company in a month.
ArcelorMittal’s latest acquisition target, West Virginia’s Concept Group, owns some 57 million tons of reserves in the state. And those reserves, which produced some 800,000 tons of coal destined for coke furnaces and ultimately integrated steel mills, are located next door to Mid Vol Coal Group and its 85 million tons of coking reserves, which ArcelorMittal bought last month. Mid Vol produced 1.5 million tons of coal from West Virginia and Virginia mines last year.
“With raw material costs continuing to soar, increasing our upstream self sufficiency in primary raw materials is a critical component of ArcelorMittal’s growth strategy,” executive Sudhir Maheshwari said in a statement. “Concept’s proximity to Mid Vol’s operations means we can draw on the strengths of both companies to increase their combined production capacity.”
The price of U.S. coal used to make the coke that fuels the blast furnaces can go for as much as $250 a ton. Just last year, the cost was closer to $90.
Steelmakers already face pressure from customers — manufacturers that make everything from automobiles and aircraft to washing machines and refrigerators. Steel producers are doing everything they can to control soaring prices for iron ore, metallurgical coal and scrap steel.
The deal ArcelorMittal announced Monday is but the latest in a growing number of coal acquisitions by the steel industry, which increasingly sees owning its own sources of coal as critical to controlling soaring costs for scrap metal, fuel and other essentials.
ArcelorMittal recently upped its stake in Australia’s Macarthur Coal. Iron ore miner Cleveland-Cliffs picked off a smaller West Virginia and Alabama operator a year ago and just last week boldly bid nearly $10 billion for Abingdon, Va.-based Alpha Natural Resources. That deal gives Cleveland-Cliffs potential access to vast supplies of coking, or metalurgical-grade, coal across parts of West Virginia, Virginia, Kentucky and Pennsylvania.
International mining conglomerate BHP Billiton Ltd. is attempting a $170 billion takeover of rival London-based Rio Tinto Inc. and Korean steel giant Posco has bought 10 percent of Macarthur Coal. Russian steelmaker OAO Severstal is openly shopping for coal mines.
FIND MORE :
· Russia’s Leading Uranium Miner To Set Up JV With France’s Areva
· Mine Drilling Project Raytec’s Athabasca Uranium Projects
· Uranium Mine Exploration, Kazakhstan Targets Top Spot in Uranium Production
· Coal Mine Exploration Accident in China, 56 Trapped In Coal Mine
· Coal Mine and Steelmaker Industry Expand, Arcelormittal Agreed To Buy Second Appalachian Coal Company
Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has agreed to buy its second Appalachian coal company in a month.
ArcelorMittal’s latest acquisition target, West Virginia’s Concept Group, owns some 57 million tons of reserves in the state. And those reserves, which produced some 800,000 tons of coal destined for coke furnaces and ultimately integrated steel mills, are located next door to Mid Vol Coal Group and its 85 million tons of coking reserves, which ArcelorMittal bought last month. Mid Vol produced 1.5 million tons of coal from West Virginia and Virginia mines last year.
“With raw material costs continuing to soar, increasing our upstream self sufficiency in primary raw materials is a critical component of ArcelorMittal’s growth strategy,” executive Sudhir Maheshwari said in a statement. “Concept’s proximity to Mid Vol’s operations means we can draw on the strengths of both companies to increase their combined production capacity.”
The price of U.S. coal used to make the coke that fuels the blast furnaces can go for as much as $250 a ton. Just last year, the cost was closer to $90.
Steelmakers already face pressure from customers — manufacturers that make everything from automobiles and aircraft to washing machines and refrigerators. Steel producers are doing everything they can to control soaring prices for iron ore, metallurgical coal and scrap steel.
The deal ArcelorMittal announced Monday is but the latest in a growing number of coal acquisitions by the steel industry, which increasingly sees owning its own sources of coal as critical to controlling soaring costs for scrap metal, fuel and other essentials.
ArcelorMittal recently upped its stake in Australia’s Macarthur Coal. Iron ore miner Cleveland-Cliffs picked off a smaller West Virginia and Alabama operator a year ago and just last week boldly bid nearly $10 billion for Abingdon, Va.-based Alpha Natural Resources. That deal gives Cleveland-Cliffs potential access to vast supplies of coking, or metalurgical-grade, coal across parts of West Virginia, Virginia, Kentucky and Pennsylvania.
International mining conglomerate BHP Billiton Ltd. is attempting a $170 billion takeover of rival London-based Rio Tinto Inc. and Korean steel giant Posco has bought 10 percent of Macarthur Coal. Russian steelmaker OAO Severstal is openly shopping for coal mines.
FIND MORE :
· Russia’s Leading Uranium Miner To Set Up JV With France’s Areva
· Mine Drilling Project Raytec’s Athabasca Uranium Projects
· Uranium Mine Exploration, Kazakhstan Targets Top Spot in Uranium Production
· Coal Mine Exploration Accident in China, 56 Trapped In Coal Mine
· Coal Mine and Steelmaker Industry Expand, Arcelormittal Agreed To Buy Second Appalachian Coal Company
Mining News-New Report Says India Is Experiencing Fast Growth In Steel Industry
In India, the research identifies Jharkhand and Orissa as the most potential steel producing destinations. These two states, due to multiple reasons, are attracting increasing number of steel projects. The research counts several big steel projects that have been inked by the Indian government and prominent steel producers.
(1888PressRelease) January 12, 2008 - Report Buyer, the online destination for business intelligence for major industry sectors, has now added a new report showing that in 2006, India emerged as the second largest steel producer in terms of growth rate in Asia after China. Also, the country remained the seventh largest producer of crude steel that year.
“Opportunities in Indian Steel Industry” (http://www.reportbuyer.com/go/RCS00209) reports that due to fast growth in the industry, domestic players are expanding their steel production capacity to benefit from the opportunity. Apart from the domestic makers, foreign players too are staking high on this thriving sector to rake in the profits.
In India, the research identifies Jharkhand and Orissa as the most potential steel producing destinations. These two states, due to multiple reasons, are attracting increasing number of steel projects. The research counts several big steel projects that have been inked by the Indian government and prominent steel producers.
Authors of the report note that the Indian government is working in the direction of taking the steel industry to growth road. The report outlines various development programs undertaken by the government to fortify the position of the Indian steel industry. It also looks into the future development programs of the government which will spur growth in the steel demand in the years to come.
The report evaluates the industry and tries to find out the reasons for the phenomenal growth being witnessed in the Indian steel industry. The industry is full of potential for both steel production and consumption in India and is slowly gaining the global attention.
The study counts several factors responsible for the excelling Indian steel industry. It also briefs on how liberalization in the Foreign Direct Investment (FDI) has spurred growth in the Indian steel industry.
“Opportunities in Indian Steel Industry” is available from Report Buyer.
Report Buyer product ID: RCS00209
About Report Buyer.
Report Buyer is a UK-based independent online store supplying business information on major industry sectors. These include the Automotive Industry, Banking & Finance, Energy & Utilities, Food & Drink, Telecoms and Pharma & Healthcare. The website now carries over 40,000 business information products, including market reports, studies and books. Report Buyer is the intelligent way to buy market research making it an essential resource for executives and information buyers worldwide. Subscribers receive a free monthly newsletter and email alerts on new titles in their areas of interest. A regularly updated blog provides information on the latest market trends.
http://www.reportbuyer.com/
(1888PressRelease) January 12, 2008 - Report Buyer, the online destination for business intelligence for major industry sectors, has now added a new report showing that in 2006, India emerged as the second largest steel producer in terms of growth rate in Asia after China. Also, the country remained the seventh largest producer of crude steel that year.
“Opportunities in Indian Steel Industry” (http://www.reportbuyer.com/go/RCS00209) reports that due to fast growth in the industry, domestic players are expanding their steel production capacity to benefit from the opportunity. Apart from the domestic makers, foreign players too are staking high on this thriving sector to rake in the profits.
In India, the research identifies Jharkhand and Orissa as the most potential steel producing destinations. These two states, due to multiple reasons, are attracting increasing number of steel projects. The research counts several big steel projects that have been inked by the Indian government and prominent steel producers.
Authors of the report note that the Indian government is working in the direction of taking the steel industry to growth road. The report outlines various development programs undertaken by the government to fortify the position of the Indian steel industry. It also looks into the future development programs of the government which will spur growth in the steel demand in the years to come.
The report evaluates the industry and tries to find out the reasons for the phenomenal growth being witnessed in the Indian steel industry. The industry is full of potential for both steel production and consumption in India and is slowly gaining the global attention.
The study counts several factors responsible for the excelling Indian steel industry. It also briefs on how liberalization in the Foreign Direct Investment (FDI) has spurred growth in the Indian steel industry.
“Opportunities in Indian Steel Industry” is available from Report Buyer.
Report Buyer product ID: RCS00209
About Report Buyer.
Report Buyer is a UK-based independent online store supplying business information on major industry sectors. These include the Automotive Industry, Banking & Finance, Energy & Utilities, Food & Drink, Telecoms and Pharma & Healthcare. The website now carries over 40,000 business information products, including market reports, studies and books. Report Buyer is the intelligent way to buy market research making it an essential resource for executives and information buyers worldwide. Subscribers receive a free monthly newsletter and email alerts on new titles in their areas of interest. A regularly updated blog provides information on the latest market trends.
http://www.reportbuyer.com/
Mining News-Beijing Plans To Cut Iron Ore Port Stocks
Beijing plans to reduce the huge iron ore stocks at Chinese ports to curb soaring freight rates, which are hampering 2008 price negotiations with Australian mines, the official Shanghai Securities News said on Tuesday.
(1888PressRelease) May 21, 2008 - From http://supplier-steel.com/ - check out the steel news all over the globe here. Beijing plans to reduce the huge iron ore stocks at Chinese ports to curb soaring freight rates, which are hampering 2008 price negotiations with Australian mines, the official Shanghai Securities News said on Tuesday.
Quoting unnamed sources familiar with the situation, the newspaper said the move should help to break a deadlock in price negotiations between Chinese steel mills and Australian miners BHP Billiton Ltd/Plc and Rio Tinto.
The newspaper gave no details on how the government planned to reduce the ports’ iron ore stocks and government officials were not immediately available for comment.
Asian steelmakers are locked in negotiations with the Australian miners, which are demanding a freight premium to make up for the difference in transport costs with Brazilian miner Vale which has already agreed to a deal.
With April iron ore imports reaching 42.85 million tonnes, their highest monthly level ever, port stocks were estimated at about 62 million tonnes as of end-April, and imports continue to arrive faster than stocks can be sold.
The huge stocks have filled up port yards, causing serious congestion at Chinese ports and adding to upward pressure on freight rates for dry bulk cargoes.
The benchmark Baltic Dry Index hit a record of 11,709 overnight, helped by strong demand for raw materials in China and port congestion in various regions, including
(1888PressRelease) May 21, 2008 - From http://supplier-steel.com/ - check out the steel news all over the globe here. Beijing plans to reduce the huge iron ore stocks at Chinese ports to curb soaring freight rates, which are hampering 2008 price negotiations with Australian mines, the official Shanghai Securities News said on Tuesday.
Quoting unnamed sources familiar with the situation, the newspaper said the move should help to break a deadlock in price negotiations between Chinese steel mills and Australian miners BHP Billiton Ltd/Plc and Rio Tinto.
The newspaper gave no details on how the government planned to reduce the ports’ iron ore stocks and government officials were not immediately available for comment.
Asian steelmakers are locked in negotiations with the Australian miners, which are demanding a freight premium to make up for the difference in transport costs with Brazilian miner Vale which has already agreed to a deal.
With April iron ore imports reaching 42.85 million tonnes, their highest monthly level ever, port stocks were estimated at about 62 million tonnes as of end-April, and imports continue to arrive faster than stocks can be sold.
The huge stocks have filled up port yards, causing serious congestion at Chinese ports and adding to upward pressure on freight rates for dry bulk cargoes.
The benchmark Baltic Dry Index hit a record of 11,709 overnight, helped by strong demand for raw materials in China and port congestion in various regions, including
Thursday, August 7, 2008
Mining Companies: ASEC Company for Mining
Also known as: ASCOM, ASEC Geology and Mining
Country : Egypt
Ownership Type : Publicly Listed
Company Type : Joint Stock
Sector | Industry : Mining and Metals | Metal Mining Services | Inspection and Surveying
Principal Activities:
Provides mining services including exploration of precious minerals, ground calcium carbonate, glass sand, gypsum, gravel for aggregates; geological investigation; blasting services and management of quarry operations for the cement industry.
Date of Establishment: 1975 (1975 as a division of ASEC Group, 2001 as a separate legal entity)
No of Employees : 455 (Company)
More Information here
Country : Egypt
Ownership Type : Publicly Listed
Company Type : Joint Stock
Sector | Industry : Mining and Metals | Metal Mining Services | Inspection and Surveying
Principal Activities:
Provides mining services including exploration of precious minerals, ground calcium carbonate, glass sand, gypsum, gravel for aggregates; geological investigation; blasting services and management of quarry operations for the cement industry.
Date of Establishment: 1975 (1975 as a division of ASEC Group, 2001 as a separate legal entity)
No of Employees : 455 (Company)
More Information here
Northern Offshore, Ltd to Acquire Two North Sea Semisubmersible Drilling Rigs
Northern Offshore, Ltd told the press that the company has entered into agreements with affiliates of Transocean, Inc. (NYSE: RIG ) to acquire the semisubmersible drilling rigs GSF Arctic II and GSF Arctic IV currently operating in the U.K. North Sea (collectively the “Rigs”). The total acquisition price for the two rigs is approximately US$750 million. The purchase of the GSF Arctic IV is expected to close in the third quarter of 2008 and the purchase of the GSF Arctic II is expected to close in the fourth quarter of 2008, following completion of existing contract commitments.
CEO Marion M. Woolie said: “We are very pleased to announce the planned acquisition of these strategic assets. This transaction will greatly improve the Company’s earnings visibility and will be accretive to shareholders. The acquisition is an important next step in the Company’s growth strategy and builds on the North Sea jackup acquisitions in 2007. The Rigs are well-maintained, high quality assets that will complement our existing fleet. They provide significant additional scale to our North Sea operations and facilitate a more cost efficient organization. The senior management of Northern Offshore, having been formerly employed by GlobalSantaFe, is well acquainted with the Rigs and their crews, which should ensure a safe and smooth integration process”.
Under the purchase and sale agreements, the Rigs will be owned by subsidiaries of Northern Offshore. Transocean will provide $745 million in seller financing through December 31, 2010 at an interest rate of 10% per annum. The financing will be secured by the Rigs, but non-recourse to Northern Offshore and its other affiliates. Closing is subject to customary consent of the Company’s lenders.
Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas production and drilling vessels deployed around the world. The Company’s current fleet consists of one floating production facility, and five drilling units (a drillship, a semisubmersible and three jackup drilling rigs). The vessels operate in various markets including the North Sea, the Indian Ocean, offshore Russia and Southeast Asia
CEO Marion M. Woolie said: “We are very pleased to announce the planned acquisition of these strategic assets. This transaction will greatly improve the Company’s earnings visibility and will be accretive to shareholders. The acquisition is an important next step in the Company’s growth strategy and builds on the North Sea jackup acquisitions in 2007. The Rigs are well-maintained, high quality assets that will complement our existing fleet. They provide significant additional scale to our North Sea operations and facilitate a more cost efficient organization. The senior management of Northern Offshore, having been formerly employed by GlobalSantaFe, is well acquainted with the Rigs and their crews, which should ensure a safe and smooth integration process”.
Under the purchase and sale agreements, the Rigs will be owned by subsidiaries of Northern Offshore. Transocean will provide $745 million in seller financing through December 31, 2010 at an interest rate of 10% per annum. The financing will be secured by the Rigs, but non-recourse to Northern Offshore and its other affiliates. Closing is subject to customary consent of the Company’s lenders.
Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas production and drilling vessels deployed around the world. The Company’s current fleet consists of one floating production facility, and five drilling units (a drillship, a semisubmersible and three jackup drilling rigs). The vessels operate in various markets including the North Sea, the Indian Ocean, offshore Russia and Southeast Asia
Sponsored Links Mining News:Argentex Mining shares begin trading on the TSX Venture Exchange under the symbol “ATX”
Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce that effective today, Monday, July 28, 2008, its common shares will begin trading on Canada’s TSX Venture Exchange (TSX-V) in addition to the company’s existing listings in the U.S. and Germany. The company’s shares will trade on the TSX-V under the symbol “ATX.”
In 2004 Argentex acquired a large package of prospective exploration properties in the Patagonia region of Argentina. The Pinguino property quickly became the focus of the company’s exploration efforts, which in early 2006 culminated in the discovery of a significant new polymetallic and precious metal occurrence. Since that initial discovery, numerous additional vein systems have been discovered, covering more than 60 kilometers (37 miles) in total strike length, using detailed geological mapping, soil geochemistry, magnetometry and IP geophysics. Diamond drill testing has been successfully carried out on more than eight major Pinguino veins identified to date, returning excellent intersections of mineralization.
“Argentex has made a significant new mineral discovery in the Patagonia region of Argentina. The impressive extent of mineralization at Pinguino together with the indium-enriched zinc-silver-lead chemistry make it a unique discovery in the region,” said Ken Hicks, President of Argentex. “Indium is a high-value strategic metal used in flat-panel LCD-plasma displays and leading-edge solar cell technology and markets for both applications continue to grow at impressive rates. Our discovery at Pinguino continues to attract the interest of numerous major mining and smelting companies. We intend to continue expanding our exploration activities and advancing our engineering studies at Pinguino, a flagship project where we see great future potential.”
Drilling at Pinguino has so far tested only a small portion of near-surface and deeper subsurface targets. Mineralization has been discovered in exposed surface trenches and drilled to a depth of 250 meters (820 feet) below surface. Results showed no change in the strength of sulphide composition with depth and the mineralizing system remains open at depth and along strike. Argentex has so far completed more than 20,000 meters (65,617 feet) of targeted diamond drilling during its 2007-2008 exploration season, for a total of more than 30,000 meters (98,425 feet) to date.
Pinguino displays two distinct styles of mineralization. The first is a northwest-trending structurally controlled epithermal precious metal vein system, with a low sulphide content and enriched in silver and gold. Pinguino also shows a second, distinct high-sulphide style, occasionally massive in sections and containing a suite of higher-temperature elements including tin and tungsten. Typically, massive sulphide mineralization is surrounded by a wide zone of disseminated sulphides. The host tuffs and continental sediments are some of the oldest and deepest rocks exposed in the Deseado Massif.
Within the last 12 months, Argentex has completed two rounds of financing to raise aggregate gross proceeds in excess of five million dollars. The company has used the net proceeds of these financings to advance exploration at Pinguino, to fund exploration of other Santa Cruz mineral properties and for general corporate purposes.
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. The zinc-silver-indium-lead-gold-copper discovery at Pinguino in 2006 marked a major exploration milestone for the company. This was the first discovery of its kind in the region, unique in that it contains both silver-gold and indium-enriched base-metal mineralization. Since 2006, exploration of base-metal-rich targets has expanded to encompass more than eight mineralized zones, including Marta Centro, Yvonne, Yvonne Sur, Yvonne Norte, Sonia, Kasia, Savary and Luna veins, within an area of approximately 8.0 square kilometers (3.0 square miles).
Indium, a significant component of Argentex’s polymetallic discovery at Pinguino, is a high-value metal used in flat-panel (LCD, plasma) displays and in leading-edge thin-film solar cell technology.
Pinguino is easily accessible, situated approximately 400 meters (1,312 feet) above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. It owns 100% of the mineral rights to the Pinguino property and 100% mineral rights to more than 30 other mineral properties with over 377,490 acres (152,766 hectares) in the Santa Cruz and Rio Negro provinces of Argentina. Shares of Argentex common stock trade under the symbol AGXM on the OTCBB and, beginning July 28, 2008, trade on the TSX Venture Exchange under the symbol ATX.
Exploration on the Pinguino property is conducted under the supervision of Mr. Kenneth Hicks, P.Geo., Argentex’s President, a “qualified person” as defined by Canada’s NI 43-101. Mr. Hicks has read and approved the contents of this release.
Source: Argentex Mining Corporation
In 2004 Argentex acquired a large package of prospective exploration properties in the Patagonia region of Argentina. The Pinguino property quickly became the focus of the company’s exploration efforts, which in early 2006 culminated in the discovery of a significant new polymetallic and precious metal occurrence. Since that initial discovery, numerous additional vein systems have been discovered, covering more than 60 kilometers (37 miles) in total strike length, using detailed geological mapping, soil geochemistry, magnetometry and IP geophysics. Diamond drill testing has been successfully carried out on more than eight major Pinguino veins identified to date, returning excellent intersections of mineralization.
“Argentex has made a significant new mineral discovery in the Patagonia region of Argentina. The impressive extent of mineralization at Pinguino together with the indium-enriched zinc-silver-lead chemistry make it a unique discovery in the region,” said Ken Hicks, President of Argentex. “Indium is a high-value strategic metal used in flat-panel LCD-plasma displays and leading-edge solar cell technology and markets for both applications continue to grow at impressive rates. Our discovery at Pinguino continues to attract the interest of numerous major mining and smelting companies. We intend to continue expanding our exploration activities and advancing our engineering studies at Pinguino, a flagship project where we see great future potential.”
Drilling at Pinguino has so far tested only a small portion of near-surface and deeper subsurface targets. Mineralization has been discovered in exposed surface trenches and drilled to a depth of 250 meters (820 feet) below surface. Results showed no change in the strength of sulphide composition with depth and the mineralizing system remains open at depth and along strike. Argentex has so far completed more than 20,000 meters (65,617 feet) of targeted diamond drilling during its 2007-2008 exploration season, for a total of more than 30,000 meters (98,425 feet) to date.
Pinguino displays two distinct styles of mineralization. The first is a northwest-trending structurally controlled epithermal precious metal vein system, with a low sulphide content and enriched in silver and gold. Pinguino also shows a second, distinct high-sulphide style, occasionally massive in sections and containing a suite of higher-temperature elements including tin and tungsten. Typically, massive sulphide mineralization is surrounded by a wide zone of disseminated sulphides. The host tuffs and continental sediments are some of the oldest and deepest rocks exposed in the Deseado Massif.
Within the last 12 months, Argentex has completed two rounds of financing to raise aggregate gross proceeds in excess of five million dollars. The company has used the net proceeds of these financings to advance exploration at Pinguino, to fund exploration of other Santa Cruz mineral properties and for general corporate purposes.
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. The zinc-silver-indium-lead-gold-copper discovery at Pinguino in 2006 marked a major exploration milestone for the company. This was the first discovery of its kind in the region, unique in that it contains both silver-gold and indium-enriched base-metal mineralization. Since 2006, exploration of base-metal-rich targets has expanded to encompass more than eight mineralized zones, including Marta Centro, Yvonne, Yvonne Sur, Yvonne Norte, Sonia, Kasia, Savary and Luna veins, within an area of approximately 8.0 square kilometers (3.0 square miles).
Indium, a significant component of Argentex’s polymetallic discovery at Pinguino, is a high-value metal used in flat-panel (LCD, plasma) displays and in leading-edge thin-film solar cell technology.
Pinguino is easily accessible, situated approximately 400 meters (1,312 feet) above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. It owns 100% of the mineral rights to the Pinguino property and 100% mineral rights to more than 30 other mineral properties with over 377,490 acres (152,766 hectares) in the Santa Cruz and Rio Negro provinces of Argentina. Shares of Argentex common stock trade under the symbol AGXM on the OTCBB and, beginning July 28, 2008, trade on the TSX Venture Exchange under the symbol ATX.
Exploration on the Pinguino property is conducted under the supervision of Mr. Kenneth Hicks, P.Geo., Argentex’s President, a “qualified person” as defined by Canada’s NI 43-101. Mr. Hicks has read and approved the contents of this release.
Source: Argentex Mining Corporation
Mining News-‘Mining For Money’ At The InvestorIdeas.com Online Mining And Resource Investor Conference Starting September 19th
Online Audio Event to Showcase Top Industry Experts Peter Grandich, Lawrence Roulston and Kitco’s Jon Nadler Discussing Investment Opportunities within the Resource Sector
(1888PressRelease) August 08, 2007 - POINT ROBERTS, WA and DELTA, BC – www.InvestorIdeas.com, and its mining portals update the list of participants for the upcoming online mining & resource conference taking place on September 19th. This popular online event provides investors with free registration and an educational experience to better understand trends and movements with the resource sector. Participating industry experts and public companies will discuss trends and market opportunities to include gold, silver, copper, uranium, diamonds and other key segments within the resource sector.
The format for the online conference will consist of audio and visual presentations averaging 15-20 minutes in length. Investors can register at: http://www.investorideas.com/forums/Register.aspx
Current Conference Participants Include:
• Martha Buckwalter-Davis, Research Associate - Mining & Energy, Fundamental Research Corp. www.researchfrc.com
• Peter Grandich, Founder, Grandich Publications, LLC www.Grandich.com
• Jon Nadler, Senior Analyst, Kitco Inc. www.Kitco.com
• Lawrence Roulston, Resource Opportunities www.resourceopportunities.com
• Nayarit Gold Inc.(TSX.V: NYG) is a Canadian gold and silver exploration company formed in May, 2005. The Company controls over 102,000 hectares of mining concessions in the State of Nayarit, Mexico. Nayarit Gold Inc.’s management team consists of highly experienced mining and financial professionals. The Company is focused on its 7,000 metre Phase One drill program, and will apply a systematic drill program to its high quality asset. Management’s strategy is to build Nayarit Gold Inc. into a profitable resource company and maximize shareholder value through exploration of its high quality mining properties in the State of Nayarit, Mexico. The Company is committed to working with the government and people of Mexico to achieve a modern and sustainable mining region. The Company follows best practices in health and safety, environmental and community engagement. www.nayaritgold.com
To learn more about the upcoming Mining and Resource Conference visit:
http://www.investorideas.com/forums/Portals/resources2.aspx
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, do not make recommendations, but feature industry and stock news, exclusive articles and financial columnists, audio interviews and Podcasts, investor conferences, Blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research:
http://www.gold-miningstocks.com/NewsUploader/Submission.aspx
Conference Disclaimer: InvestorIdeas.com is paid a one-time fee of $1000, by participating public companies (groups of multiple presenters may be discounted). All descriptions are provided by participants. All companies agree to adhere to regulatory policies.
Disclaimer: Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. Investorideas.com is compensated by featured companies, news submissions and online advertising
www.InvestorIdeas.com/About/Disclaimer.asp
For Additional Information on Participating in this Upcoming Online Conference Please Contact:
Dawn Van Zant: 800-665-0411 - dvanzant ( @ ) investorideas dot com
Ann-Marie Fleming: 866-725-2554 - afleming ( @ ) investorideas dot com
Source: InvestorIdeas.com
(1888PressRelease) August 08, 2007 - POINT ROBERTS, WA and DELTA, BC – www.InvestorIdeas.com, and its mining portals update the list of participants for the upcoming online mining & resource conference taking place on September 19th. This popular online event provides investors with free registration and an educational experience to better understand trends and movements with the resource sector. Participating industry experts and public companies will discuss trends and market opportunities to include gold, silver, copper, uranium, diamonds and other key segments within the resource sector.
The format for the online conference will consist of audio and visual presentations averaging 15-20 minutes in length. Investors can register at: http://www.investorideas.com/forums/Register.aspx
Current Conference Participants Include:
• Martha Buckwalter-Davis, Research Associate - Mining & Energy, Fundamental Research Corp. www.researchfrc.com
• Peter Grandich, Founder, Grandich Publications, LLC www.Grandich.com
• Jon Nadler, Senior Analyst, Kitco Inc. www.Kitco.com
• Lawrence Roulston, Resource Opportunities www.resourceopportunities.com
• Nayarit Gold Inc.(TSX.V: NYG) is a Canadian gold and silver exploration company formed in May, 2005. The Company controls over 102,000 hectares of mining concessions in the State of Nayarit, Mexico. Nayarit Gold Inc.’s management team consists of highly experienced mining and financial professionals. The Company is focused on its 7,000 metre Phase One drill program, and will apply a systematic drill program to its high quality asset. Management’s strategy is to build Nayarit Gold Inc. into a profitable resource company and maximize shareholder value through exploration of its high quality mining properties in the State of Nayarit, Mexico. The Company is committed to working with the government and people of Mexico to achieve a modern and sustainable mining region. The Company follows best practices in health and safety, environmental and community engagement. www.nayaritgold.com
To learn more about the upcoming Mining and Resource Conference visit:
http://www.investorideas.com/forums/Portals/resources2.aspx
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, do not make recommendations, but feature industry and stock news, exclusive articles and financial columnists, audio interviews and Podcasts, investor conferences, Blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research:
http://www.gold-miningstocks.com/NewsUploader/Submission.aspx
Conference Disclaimer: InvestorIdeas.com is paid a one-time fee of $1000, by participating public companies (groups of multiple presenters may be discounted). All descriptions are provided by participants. All companies agree to adhere to regulatory policies.
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Mining News-Australian Natural Gas Exploration Find off Australia’s Northwest
The Briseis-1 exploration well found gas over a depth of 151 feet (46 meters), in line with estimates before the well was drilled, New York-based Hess said today in a statement distributed on Business Wire. Two more wells will be drilled this year, it said.
Hess last year beat 10 rivals for the permit on the North West Shelf, with a commitment to drill 16 wells within the first three years at a cost of A$501 million ($469 million), making it the most-expensive license to be awarded in Australia. Last month, the company announced a gas discovery at the Glencoe-1 well, the first to be drilled in the permit.
“While we are still in the early stages of our exploration program in Australia, the results of these first two wells reinforce our view of the high impact potential of the WA- 390-P permit,” John O’Connor, president of exploration and production at Hess, said in the statement.
The license area, wholly owned by the U.S. company, lies to the southwest of the 40 trillion cubic feet Gorgon and Jansz gas fields, which Chevron Corp. is seeking to develop for liquefied natural gas exports. Hess has estimated the potential gas resource in the WA-390-P permit at between 2 trillion cubic feet and 15 trillion cubic feet.
The Jack Bates drill-rig will now be moved 25 kilometers to the southwest to drill the Nimblefoot prospect, Hess said.
source : bloomberg.com
Hess last year beat 10 rivals for the permit on the North West Shelf, with a commitment to drill 16 wells within the first three years at a cost of A$501 million ($469 million), making it the most-expensive license to be awarded in Australia. Last month, the company announced a gas discovery at the Glencoe-1 well, the first to be drilled in the permit.
“While we are still in the early stages of our exploration program in Australia, the results of these first two wells reinforce our view of the high impact potential of the WA- 390-P permit,” John O’Connor, president of exploration and production at Hess, said in the statement.
The license area, wholly owned by the U.S. company, lies to the southwest of the 40 trillion cubic feet Gorgon and Jansz gas fields, which Chevron Corp. is seeking to develop for liquefied natural gas exports. Hess has estimated the potential gas resource in the WA-390-P permit at between 2 trillion cubic feet and 15 trillion cubic feet.
The Jack Bates drill-rig will now be moved 25 kilometers to the southwest to drill the Nimblefoot prospect, Hess said.
source : bloomberg.com
Spirit Exploration, Inc. Reports the Union Carbide Findings of 6,300,000 Tons of Measured and Indicated Ore Reserves at the Emerson Tungsten Mine....
Mining News-Spirit Exploration, Inc. Reports the Union Carbide Findings of 6,300,000 Tons of Measured and Indicated Ore Reserves at the Emerson Tungsten Mine in Nevada
This Mining news was released in Bakersfield, CA: On February 20, 2008. On this news Spirit Exploration, Inc. (SPXP: Pink Sheets) announced that it has signed an agreement to purchase the Emerson Tungsten Mine near Rachel, Nevada from Nevada Minerals, Inc. As part of the due diligence process, Spirit has reviewed all the old reports and findings from Union Carbide, the owner of the property when the mine was in production. The most important of these reports was the original Scope Engineering Design Memorandum that detailed the ore reserves, mine design and the process engineering that ultimately led Union Carbide to construct the Emerson Mine and Concentrator at an estimated cost of $25 million.
The mill started processing ore at a rate of 1000 tons per day in September 1977. At that time tungsten prices were rising steadily reaching levels of around $155 to $165 per STU by 1981 with occasional short peak to $195 per STU. In August 1981 the world tungsten market suffered a shock. China, with the world’s largest tungsten reserves, entered the world market as a major low cost producer. There was also a recession in 1980-1981 and a general reduction in mining and oil drilling, both of which use tungsten carbide tipped drill bits. Furthermore, the US government decided to sell tungsten concentrates and compounds from the Strategic Stockpile. Within weeks the price fell to $100 per STU and within a few months to $32 per STU. After a review of mining costs and market conditions in 1982 the project was placed on “care and maintenance” and the work force was reduced to cover only site security, environmental monitoring, maintenance and related activities. Nevada Minerals acquired the property in August 2004.
Up to 2005 it was not economically feasible to consider opening the Emerson Mine with tungsten below $65 per unit. In 2005 Tungsten reached $270 USD and has remained at least $250 per unit since.
Union Carbide summarized the geology of the Emerson tungsten deposit: “There are two main tactite horizons found at Emerson Mine which is referred to as the Moody Zone and the Grabstake Zone. They are separated by a belt of hornfels having a variable width of 25 to 110 feet. The Moody Zone has been the most significant scheelite-bearing tactite. It has a strike length of 6,000 feet, varies in thickness from 15 to 110 feet and has a known vertical range of at least 1500 feet. The Grubstake Zone is not as persistent as the Moody, but thickness up to 100 feet is noted. This cone is most prominent around the 200 N. Callahan level and extends to the 900 level. Other tactite zones include the Middle Tactite Zone, the Contact Tactite Zones, and the Schofield Mine Tactite Zone.” Union Carbide Corporation drilled and did extensive sampling and reported ore reserves of 6,303,300 tons that averaged 0.44% tungsten and 0.60% zinc. This equates to over 3,000,000 units (STU) of tungsten, which is priced at $250 per unit. The ore reserves also contain significant amounts of zinc.
Tons % WO3 (Pounds) %Zn (Pounds)
Measured Ore 1,490,800 0.44 (14,430,944) 0.60 (19,668,000)
Indicated Ore 4,812,500 0.46 (48,702,500) 0.60 (19,668,000)
Total 6,303,300
Terry Fields, CEO of Spirit commented “ Spirit will be verifying these findings with an independent geologist as soon as possible but these are extraordinary reserve numbers, giving this project a minimum 25 year mine life based on a 1000 ton a day operation.”
About Spirit Exploration Inc.
Spirit Exploration, Inc., a Nevada Corporation, is an exploration stage mining company. Through its 99% owned subsidiary ECUADORGOLDCORP, S.A., Spirit Exploration is in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have additional options to acquire, a diverse range of mineral production and exploration properties in Ecuador.
Further information is available on the company website: www.spirit-exploration.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements
IR Contacts:
Toronto:
Martti Kangas
The Equicom Group
Phone: 416 815-0700 x 243
mkangas@equicomgroup.com
Dan Gravelle
Goal Capital LLC
Phone: 877 887 2118
danny@spirit-exloration.com
Written by Spirit Exploration · Filed Under Press Releases
This Mining news was released in Bakersfield, CA: On February 20, 2008. On this news Spirit Exploration, Inc. (SPXP: Pink Sheets) announced that it has signed an agreement to purchase the Emerson Tungsten Mine near Rachel, Nevada from Nevada Minerals, Inc. As part of the due diligence process, Spirit has reviewed all the old reports and findings from Union Carbide, the owner of the property when the mine was in production. The most important of these reports was the original Scope Engineering Design Memorandum that detailed the ore reserves, mine design and the process engineering that ultimately led Union Carbide to construct the Emerson Mine and Concentrator at an estimated cost of $25 million.
The mill started processing ore at a rate of 1000 tons per day in September 1977. At that time tungsten prices were rising steadily reaching levels of around $155 to $165 per STU by 1981 with occasional short peak to $195 per STU. In August 1981 the world tungsten market suffered a shock. China, with the world’s largest tungsten reserves, entered the world market as a major low cost producer. There was also a recession in 1980-1981 and a general reduction in mining and oil drilling, both of which use tungsten carbide tipped drill bits. Furthermore, the US government decided to sell tungsten concentrates and compounds from the Strategic Stockpile. Within weeks the price fell to $100 per STU and within a few months to $32 per STU. After a review of mining costs and market conditions in 1982 the project was placed on “care and maintenance” and the work force was reduced to cover only site security, environmental monitoring, maintenance and related activities. Nevada Minerals acquired the property in August 2004.
Up to 2005 it was not economically feasible to consider opening the Emerson Mine with tungsten below $65 per unit. In 2005 Tungsten reached $270 USD and has remained at least $250 per unit since.
Union Carbide summarized the geology of the Emerson tungsten deposit: “There are two main tactite horizons found at Emerson Mine which is referred to as the Moody Zone and the Grabstake Zone. They are separated by a belt of hornfels having a variable width of 25 to 110 feet. The Moody Zone has been the most significant scheelite-bearing tactite. It has a strike length of 6,000 feet, varies in thickness from 15 to 110 feet and has a known vertical range of at least 1500 feet. The Grubstake Zone is not as persistent as the Moody, but thickness up to 100 feet is noted. This cone is most prominent around the 200 N. Callahan level and extends to the 900 level. Other tactite zones include the Middle Tactite Zone, the Contact Tactite Zones, and the Schofield Mine Tactite Zone.” Union Carbide Corporation drilled and did extensive sampling and reported ore reserves of 6,303,300 tons that averaged 0.44% tungsten and 0.60% zinc. This equates to over 3,000,000 units (STU) of tungsten, which is priced at $250 per unit. The ore reserves also contain significant amounts of zinc.
Tons % WO3 (Pounds) %Zn (Pounds)
Measured Ore 1,490,800 0.44 (14,430,944) 0.60 (19,668,000)
Indicated Ore 4,812,500 0.46 (48,702,500) 0.60 (19,668,000)
Total 6,303,300
Terry Fields, CEO of Spirit commented “ Spirit will be verifying these findings with an independent geologist as soon as possible but these are extraordinary reserve numbers, giving this project a minimum 25 year mine life based on a 1000 ton a day operation.”
About Spirit Exploration Inc.
Spirit Exploration, Inc., a Nevada Corporation, is an exploration stage mining company. Through its 99% owned subsidiary ECUADORGOLDCORP, S.A., Spirit Exploration is in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have additional options to acquire, a diverse range of mineral production and exploration properties in Ecuador.
Further information is available on the company website: www.spirit-exploration.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements
IR Contacts:
Toronto:
Martti Kangas
The Equicom Group
Phone: 416 815-0700 x 243
mkangas@equicomgroup.com
Dan Gravelle
Goal Capital LLC
Phone: 877 887 2118
danny@spirit-exloration.com
Written by Spirit Exploration · Filed Under Press Releases
Wednesday, August 6, 2008
Spirit Exploration, Inc. Diversifies its Mining Operations by Signing Acquisition Agreement to Purchase the Emerson Tungsten Mine in Nevada
This press release on mining news was released by Spirit Exploration,Inc on February 20, 2008, Bakersfield. It is said that Spirit Exploration, Inc. (SPXP: Pink Sheets) is pleased to announce it has signed an agreement to purchase the Emerson Tungsten Mine near Rachel, Nevada from Nevada Minerals, Inc. This acquisition supports Spirit’s strategic direction to broaden their product base and derive production from multiple countries. Thomas Cunningham, President of Spirit, stated “We are extremely excited about this acquisition as it strengthens the company by adding tungsten production to our mix of products and also gives us a producing mine in the United States.” Tom added “we believe, at the present tungsten prices, the Emerson Project is not only feasible but could generate significant profits for Spirit Exploration, Inc This agreement is subject to final due diligence to be completed by May 5, 2008.
The mine and plant were built and developed by Union Carbide Corporation in 1984 and operated for 9 years. After a substantial investment, Union Carbide decided to stop operations in 1993 due to the collapse of tungsten prices. Up to 2005 it was not economically feasible to consider opening the Emerson Mine with tungsten below $65 per unit in market value. In 2005 Tungsten reached $270 USD and has remained at least $250 per unit since. The Emerson Project will be a complete mining operation, which would include an underground mine, major rail and conveyor systems, laboratory and testing facility and a completely enclosed in-house floatation plant. The plant and operation is placed on 400 patent acres near Rachel Nevada. Spirit has sent a geologist to the site who is reviewing previous work conducted by Union Carbide and conducting a site inspection. Spirit will be reporting on the details of this work.
About Tungsten
Tungsten has the highest melting point of any metal and hence its usage in lighting filaments. As tungsten carbide, it is an exceptionally hard material, used in machinery, cutting, drilling and wear applications. It is one of the heaviest metals – a property that finds use in counterweights and armaments (armor-piercing ammunition and armor-plate). It is a key element in tool-steels- most notably in high speed cutting steels. It is primarily used as carbide to harden metal-cutting tools and as an alloying agent in steel-making.
The combination of these properties, particularly in ordinance and specialist machining operations, gave it status as a component of the US strategic metals stockpiles.
About Spirit Exploration Inc.
Spirit Exploration, Inc., a Nevada Corporation, is an exploration stage mining company. Through its 99% owned subsidiary ECUADORGOLDCORP, S.A., Spirit Exploration is in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have additional options to acquire, a diverse range of mineral production and exploration properties in Ecuador.
Further information is available on the company website: www.spirit-exploration.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements
IR Contacts:
Toronto:
Martti Kangas
The Equicom Group
Phone: 416 815-0700 x 243
mkangas@equicomgroup.com
Dan Gravelle
Goal Capital LLC
Phone: 877 887 2118
danny@spirit-exloration.com
Written by Spirit Exploration · Filed Under Press Releases
The mine and plant were built and developed by Union Carbide Corporation in 1984 and operated for 9 years. After a substantial investment, Union Carbide decided to stop operations in 1993 due to the collapse of tungsten prices. Up to 2005 it was not economically feasible to consider opening the Emerson Mine with tungsten below $65 per unit in market value. In 2005 Tungsten reached $270 USD and has remained at least $250 per unit since. The Emerson Project will be a complete mining operation, which would include an underground mine, major rail and conveyor systems, laboratory and testing facility and a completely enclosed in-house floatation plant. The plant and operation is placed on 400 patent acres near Rachel Nevada. Spirit has sent a geologist to the site who is reviewing previous work conducted by Union Carbide and conducting a site inspection. Spirit will be reporting on the details of this work.
About Tungsten
Tungsten has the highest melting point of any metal and hence its usage in lighting filaments. As tungsten carbide, it is an exceptionally hard material, used in machinery, cutting, drilling and wear applications. It is one of the heaviest metals – a property that finds use in counterweights and armaments (armor-piercing ammunition and armor-plate). It is a key element in tool-steels- most notably in high speed cutting steels. It is primarily used as carbide to harden metal-cutting tools and as an alloying agent in steel-making.
The combination of these properties, particularly in ordinance and specialist machining operations, gave it status as a component of the US strategic metals stockpiles.
About Spirit Exploration Inc.
Spirit Exploration, Inc., a Nevada Corporation, is an exploration stage mining company. Through its 99% owned subsidiary ECUADORGOLDCORP, S.A., Spirit Exploration is in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have additional options to acquire, a diverse range of mineral production and exploration properties in Ecuador.
Further information is available on the company website: www.spirit-exploration.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements
IR Contacts:
Toronto:
Martti Kangas
The Equicom Group
Phone: 416 815-0700 x 243
mkangas@equicomgroup.com
Dan Gravelle
Goal Capital LLC
Phone: 877 887 2118
danny@spirit-exloration.com
Written by Spirit Exploration · Filed Under Press Releases
Mining News-Australian Natural Gas Exploration Find off Australia’s Northwest
The Briseis-1 exploration well found gas over a depth of 151 feet (46 meters), in line with estimates before the well was drilled, New York-based Hess said today in a statement distributed on Business Wire. Two more wells will be drilled this year, it said.
Hess last year beat 10 rivals for the permit on the North West Shelf, with a commitment to drill 16 wells within the first three years at a cost of A$501 million ($469 million), making it the most-expensive license to be awarded in Australia. Last month, the company announced a gas discovery at the Glencoe-1 well, the first to be drilled in the permit.
“While we are still in the early stages of our exploration program in Australia, the results of these first two wells reinforce our view of the high impact potential of the WA- 390-P permit,” John O’Connor, president of exploration and production at Hess, said in the statement.
The license area, wholly owned by the U.S. company, lies to the southwest of the 40 trillion cubic feet Gorgon and Jansz gas fields, which Chevron Corp. is seeking to develop for liquefied natural gas exports. Hess has estimated the potential gas resource in the WA-390-P permit at between 2 trillion cubic feet and 15 trillion cubic feet.
The Jack Bates drill-rig will now be moved 25 kilometers to the southwest to drill the Nimblefoot prospect, Hess said.
source : bloomberg.com
Hess last year beat 10 rivals for the permit on the North West Shelf, with a commitment to drill 16 wells within the first three years at a cost of A$501 million ($469 million), making it the most-expensive license to be awarded in Australia. Last month, the company announced a gas discovery at the Glencoe-1 well, the first to be drilled in the permit.
“While we are still in the early stages of our exploration program in Australia, the results of these first two wells reinforce our view of the high impact potential of the WA- 390-P permit,” John O’Connor, president of exploration and production at Hess, said in the statement.
The license area, wholly owned by the U.S. company, lies to the southwest of the 40 trillion cubic feet Gorgon and Jansz gas fields, which Chevron Corp. is seeking to develop for liquefied natural gas exports. Hess has estimated the potential gas resource in the WA-390-P permit at between 2 trillion cubic feet and 15 trillion cubic feet.
The Jack Bates drill-rig will now be moved 25 kilometers to the southwest to drill the Nimblefoot prospect, Hess said.
source : bloomberg.com
Mining News-US - Related Industries Burnishing Aluminum Industry
The US aluminum industry, the fourth largest industry in the world, accounts for 16% of the world supply and is growing rapidly because of high domestic consumption and strong associated industries.
(1888PressRelease) March 12, 2008 - Metal industry is the backbone of all industries, be it infrastructure, physical plants and facilities, or heavy industry and consumer goods. And aluminum, being a multi-purpose element with innumerable benefits over other metals, is essential for various industries. Countries all over the world are exploiting aluminum deposits to infuse growth in their industrial segment. Specifically the US is strengthening the position of its aluminum industry, the world’s fourth largest industry in terms of annual primary production, by paying adequate attention on efficient production technologies and government support and hence, it accounts for over 16% of the global supply, which is equal to 8 Billion pounds of metal. Considering such high growth potential, RNCOS, a leading market research firm, has come up with its new report, “US Aluminum Market Analysis”, containing vital information about the industry.
The study has identified that the US accounts for around 9% market share worldwide, which is quite significant at the country level. The RNCOS research has given an insight into how other industries are contributing to the growth of the aluminum sector by focusing on their current growth and future prospects. Automobile, Packaging, Building and Construction industries have been identified by the research as the largest aluminum consumers in the country and thus, benefiting the aluminum industry.
The RNCOS report has focused on impact of the rapidly growing consumer electronics market on the US aluminum industry. Growth in the consumer electronics has opened new avenues for the aluminum industry, like recycling, and making lightweight and durable metal. It is apparent that the demand for good quality aluminum is rising in the country, however, the cost structure, which includes energy and labor industries, is obstructing to fulfill this demand.
An analysis is incomplete without a thorough discussion on each segment of the industry, thus, “US Aluminum Market Analysis” has incorporated a detailed study on import and export trends, involvement of other industries in the progress of aluminum industry, new avenues for growth, challenges for the industry, government support and future outlook.
The report has examined the past and current performance of the US aluminum market and looks into its future prospects. It updates on the trends and developments in the market vis-à-vis the global scenario.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.
For more information visit: www.rncos.com
Current Industry News: www.rncos.com
(1888PressRelease) March 12, 2008 - Metal industry is the backbone of all industries, be it infrastructure, physical plants and facilities, or heavy industry and consumer goods. And aluminum, being a multi-purpose element with innumerable benefits over other metals, is essential for various industries. Countries all over the world are exploiting aluminum deposits to infuse growth in their industrial segment. Specifically the US is strengthening the position of its aluminum industry, the world’s fourth largest industry in terms of annual primary production, by paying adequate attention on efficient production technologies and government support and hence, it accounts for over 16% of the global supply, which is equal to 8 Billion pounds of metal. Considering such high growth potential, RNCOS, a leading market research firm, has come up with its new report, “US Aluminum Market Analysis”, containing vital information about the industry.
The study has identified that the US accounts for around 9% market share worldwide, which is quite significant at the country level. The RNCOS research has given an insight into how other industries are contributing to the growth of the aluminum sector by focusing on their current growth and future prospects. Automobile, Packaging, Building and Construction industries have been identified by the research as the largest aluminum consumers in the country and thus, benefiting the aluminum industry.
The RNCOS report has focused on impact of the rapidly growing consumer electronics market on the US aluminum industry. Growth in the consumer electronics has opened new avenues for the aluminum industry, like recycling, and making lightweight and durable metal. It is apparent that the demand for good quality aluminum is rising in the country, however, the cost structure, which includes energy and labor industries, is obstructing to fulfill this demand.
An analysis is incomplete without a thorough discussion on each segment of the industry, thus, “US Aluminum Market Analysis” has incorporated a detailed study on import and export trends, involvement of other industries in the progress of aluminum industry, new avenues for growth, challenges for the industry, government support and future outlook.
The report has examined the past and current performance of the US aluminum market and looks into its future prospects. It updates on the trends and developments in the market vis-à-vis the global scenario.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.
For more information visit: www.rncos.com
Current Industry News: www.rncos.com
Mining News-CONSOL Energy and Synthesis Energy Systems Announce Funding of Front-End Engineering Design Package for West Virginia Coal ....
Sponsored Links
CONSOL Energy Inc., the nation’s largest producer of bituminous coal, and Synthesis Energy Systems Inc., a global industrial gasification company, intend to develop through a joint venture their first U.S. coal gasification and liquefaction plant to be located in West Virginia. CONSOL (through its subsidiary Terra Firma Company) and SES have formed Northern Appalachia Fuel LLC (”NAF”), as the company through which the development will occur.
The Board of Directors of CONSOL and SES have authorized funds for development activities, including the front-end engineering design (”FEED”) package. Each member company will contribute equally to this phase of the project. NAF is finalizing agreements with Aker Solutions US Inc., a subsidiary of Aker Solutions ASA (OSL: AKSO), to perform the FEED. The FEED will include a carbon management strategy that will focus on carbon sequestration in a deep saline aquifer. At a later date, NAF will file for environmental and other permits necessary for the construction of the plant.
CONSOL and SES propose to site the plant near Benwood, West Virginia, south of Wheeling. It is expected that the plant will be a ‘mine mouth’ facility with feedstock supplied directly from CONSOL’s nearby Shoemaker complex. The feedstock will be a blend of run of mine coal and coal otherwise not recovered in the normal preparation process. Coal will be converted to syngas utilizing SES’s proprietary U-GAS® technology. It is expected that the syngas will be used to produce approximately 720,000 metric tons per year of methanol that can be used as a feedstock for the chemical industry. It is also expected that the project will be capable of converting methanol production to approximately 100 million gallons/year of 87 octane gasoline. NAF is currently negotiating with ExxonMobil Research and Engineering to license their proprietary methanol-to-gasoline technology. As envisioned, the project will include a river terminal facility, where products will be stored in tanks for off-loading into barges for ultimate delivery.
CONSOL and SES also have signed a memorandum of understanding (”MOU”) with the State of West Virginia and its partner, the Regional Economic Development Partnership (”RED”), a private West Virginia non-profit development corporation focused on generating business opportunities through job creation and economic stimulus in the Ohio, Marshall and Wetzel counties of West Virginia. Under the provisions of the MOU, the State and RED will provide financing and tax incentives to the project over a 10-year period.
“This project has the potential to transform West Virginia from a major coal producing state to a national energy center as well,” said J. Brett Harvey, CONSOL Energy President and Chief Executive Officer. “By converting some of our region’s abundant, high-Btu coal into gases and liquids, not only will we create economic value for the state, but we will help West Virginia become the linchpin of American energy security.”
Harvey thanked both the State of West Virginia and the RED for their assistance and support of the project. “In every conversation I have had with Governor Manchin in recent years, we have talked about ways to leverage West Virginia’s coal position into a national energy leadership position — a position in which jobs, economic growth, and the enhancement of American energy security flow from the harnessing of West Virginia’s resources and the ‘can-do’ attitude of its people,” Harvey said. “His vision is sound. With West Virginia’s help, our success with this plant will make the vision a reality.”
“We are proud of the progress we have made to-date toward the development of the first industrial size U-GAS® gasification plant in the United States and we appreciate the support that the State of West Virginia and the RED have demonstrated for this initiative,” said Tim Vail, President and Chief Executive Officer of SES. “Together with our partner, CONSOL Energy, SES will be taking a first step toward securing energy independence in the U.S. as we convert raw and residual coal from CONSOL’s Shoemaker mine and plant into gasoline in an environmentally responsible and cost efficient manner,” Vail added.
“It’s clearer than ever that one of the biggest issues our state and country faces is meeting our energy needs,” said West Virginia Gov. Joe Manchin. “Technological solutions like this plant at Benwood will lead to more environmentally friendly ways to use our coal and hold the key to America’s energy security. I am committed to making West Virginia the leader in clean coal technology and the construction of clean coal power and fuel liquefaction plants. We have the resources and expertise to realize our goal.”
Both of West Virginia’s United States Senators voiced their support as well. “America cannot meet its energy needs,” said Senator Robert C. Byrd. “West Virginia has the coal, the brains, and the determination to meet that challenge and demonstrate to the world that we intend to be part of the solution.”
Senator Jay Rockefeller also added his support. “We are in the midst of a serious energy crisis in America. Today, with this project and others in the works, West Virginia is announcing to the world that we’re not waiting around anymore,” Rockefeller said. “We’re getting started with a CTL plant that will create jobs, meet modern environmental standards, and develop our most abundant domestic resource — coal. This plant will help put our state on the path to energy security and greater economic growth.”
Mining News-CONSOL Energy and Synthesis Energy Systems Announce Funding of Front-End Engineering Design Package for West Virginia Coal Gasification Project
CONSOL Energy Inc., the nation’s largest producer of bituminous coal, and Synthesis Energy Systems Inc., a global industrial gasification company, intend to develop through a joint venture their first U.S. coal gasification and liquefaction plant to be located in West Virginia. CONSOL (through its subsidiary Terra Firma Company) and SES have formed Northern Appalachia Fuel LLC (”NAF”), as the company through which the development will occur.
The Board of Directors of CONSOL and SES have authorized funds for development activities, including the front-end engineering design (”FEED”) package. Each member company will contribute equally to this phase of the project. NAF is finalizing agreements with Aker Solutions US Inc., a subsidiary of Aker Solutions ASA (OSL: AKSO), to perform the FEED. The FEED will include a carbon management strategy that will focus on carbon sequestration in a deep saline aquifer. At a later date, NAF will file for environmental and other permits necessary for the construction of the plant.
CONSOL and SES propose to site the plant near Benwood, West Virginia, south of Wheeling. It is expected that the plant will be a ‘mine mouth’ facility with feedstock supplied directly from CONSOL’s nearby Shoemaker complex. The feedstock will be a blend of run of mine coal and coal otherwise not recovered in the normal preparation process. Coal will be converted to syngas utilizing SES’s proprietary U-GAS® technology. It is expected that the syngas will be used to produce approximately 720,000 metric tons per year of methanol that can be used as a feedstock for the chemical industry. It is also expected that the project will be capable of converting methanol production to approximately 100 million gallons/year of 87 octane gasoline. NAF is currently negotiating with ExxonMobil Research and Engineering to license their proprietary methanol-to-gasoline technology. As envisioned, the project will include a river terminal facility, where products will be stored in tanks for off-loading into barges for ultimate delivery.
CONSOL and SES also have signed a memorandum of understanding (”MOU”) with the State of West Virginia and its partner, the Regional Economic Development Partnership (”RED”), a private West Virginia non-profit development corporation focused on generating business opportunities through job creation and economic stimulus in the Ohio, Marshall and Wetzel counties of West Virginia. Under the provisions of the MOU, the State and RED will provide financing and tax incentives to the project over a 10-year period.
“This project has the potential to transform West Virginia from a major coal producing state to a national energy center as well,” said J. Brett Harvey, CONSOL Energy President and Chief Executive Officer. “By converting some of our region’s abundant, high-Btu coal into gases and liquids, not only will we create economic value for the state, but we will help West Virginia become the linchpin of American energy security.”
Harvey thanked both the State of West Virginia and the RED for their assistance and support of the project. “In every conversation I have had with Governor Manchin in recent years, we have talked about ways to leverage West Virginia’s coal position into a national energy leadership position — a position in which jobs, economic growth, and the enhancement of American energy security flow from the harnessing of West Virginia’s resources and the ‘can-do’ attitude of its people,” Harvey said. “His vision is sound. With West Virginia’s help, our success with this plant will make the vision a reality.”
“We are proud of the progress we have made to-date toward the development of the first industrial size U-GAS® gasification plant in the United States and we appreciate the support that the State of West Virginia and the RED have demonstrated for this initiative,” said Tim Vail, President and Chief Executive Officer of SES. “Together with our partner, CONSOL Energy, SES will be taking a first step toward securing energy independence in the U.S. as we convert raw and residual coal from CONSOL’s Shoemaker mine and plant into gasoline in an environmentally responsible and cost efficient manner,” Vail added.
“It’s clearer than ever that one of the biggest issues our state and country faces is meeting our energy needs,” said West Virginia Gov. Joe Manchin. “Technological solutions like this plant at Benwood will lead to more environmentally friendly ways to use our coal and hold the key to America’s energy security. I am committed to making West Virginia the leader in clean coal technology and the construction of clean coal power and fuel liquefaction plants. We have the resources and expertise to realize our goal.”
Both of West Virginia’s United States Senators voiced their support as well. “America cannot meet its energy needs,” said Senator Robert C. Byrd. “West Virginia has the coal, the brains, and the determination to meet that challenge and demonstrate to the world that we intend to be part of the solution.”
Senator Jay Rockefeller also added his support. “We are in the midst of a serious energy crisis in America. Today, with this project and others in the works, West Virginia is announcing to the world that we’re not waiting around anymore,” Rockefeller said. “We’re getting started with a CTL plant that will create jobs, meet modern environmental standards, and develop our most abundant domestic resource — coal. This plant will help put our state on the path to energy security and greater economic growth.”
Mining Investments-Coal Mine Exploration and Producer, Waratah Coal Enters Into Investor Relations Agreement
Waratah Coal Inc. is pleased to announce that it has retained the services of Mr. Michael Joyner to conduct investor relations services for the Company.
Mr. Joyner will receive a fee of $115,000 per annum. The term of the contract is 12 months. The Company will also grant an option to Mr. Joyner to purchase 175,000 common shares of the Company at $2.90 per share for a five year period, subject to regulatory approval. The options will vest in equal stages over 18 months.
The Company also announces that, further to its press release of July 15, 2008, it has paid a success fee of AUS$500K payable through the issuance of 146,040 shares of the Company at a price of C$3.36 per share to an arm’s length third party for their assistance to Waratah in attaining the Queensland Government’s declaration of state significance for the Company’s mine, rail, and port project.
Mr. Joyner will receive a fee of $115,000 per annum. The term of the contract is 12 months. The Company will also grant an option to Mr. Joyner to purchase 175,000 common shares of the Company at $2.90 per share for a five year period, subject to regulatory approval. The options will vest in equal stages over 18 months.
The Company also announces that, further to its press release of July 15, 2008, it has paid a success fee of AUS$500K payable through the issuance of 146,040 shares of the Company at a price of C$3.36 per share to an arm’s length third party for their assistance to Waratah in attaining the Queensland Government’s declaration of state significance for the Company’s mine, rail, and port project.
Mining Invesment News-Gold Mine Exploration Project, Discovers Multiple New High Grade Gold Veins
Kodiak Exploration Limited is pleased to report that as it approaches the mid-point of its 2008 exploration program, it has already increased the dimensions of the Golden Mile mineralized zone by more than 600% and made multiple new discoveries at the Hercules project. This has dramatically enhanced the resource potential of the entire area. In addition, Kodiak has also had excellent initial exploration results on several other stand alone regional targets it generated.
These targets, spread across more than 200 kilometres of Kodiak’s land holdings, are simultaneously being explored outside the Hercules project area. As a result, Kodiak plans to increase the number of drill rigs on site from five to eight and to increase the size of its work force, which already stands at well over 100 personnel in the field.
During 2008, Kodiak has completed over 27,000 metres of drilling in over 100 holes at the Hercules Project, with gold bearing mineralization intersected in virtually every hole. In addition the program continues to be successful in extending the strike and depth extents of several gold zones, it has now intersected significant gold mineralization deep in the Golden Mile and Lucky Strike and on multiple other structures, including the WLGZ, Seven of Nine and Marino gold zones. Assay results received from holes drilled to date are set out in the table at the end of this news release.
These targets, spread across more than 200 kilometres of Kodiak’s land holdings, are simultaneously being explored outside the Hercules project area. As a result, Kodiak plans to increase the number of drill rigs on site from five to eight and to increase the size of its work force, which already stands at well over 100 personnel in the field.
During 2008, Kodiak has completed over 27,000 metres of drilling in over 100 holes at the Hercules Project, with gold bearing mineralization intersected in virtually every hole. In addition the program continues to be successful in extending the strike and depth extents of several gold zones, it has now intersected significant gold mineralization deep in the Golden Mile and Lucky Strike and on multiple other structures, including the WLGZ, Seven of Nine and Marino gold zones. Assay results received from holes drilled to date are set out in the table at the end of this news release.
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