This blog contains the information or news on mining such as exploration, oil well drilling, Gold, Coal, crude oil, mining, gasoline, mining companies, mining exploration, petroleum
Showing posts with label drilling. Show all posts
Showing posts with label drilling. Show all posts
Sunday, March 29, 2009
Operational Aspects of Oil and Gas Well Testing (Handbook of Petroleum Exploration and Production)
Hardbound. Well Testing is recognised by many operating oil and gas companies to be the most hazardous operation they routinely undertake. Therefore, it is of great importance that such operations are extremely well planned and executed. This handbook covers all the major "Operational Aspects of Oil and Gas Well Testing" and uses a structured approach to guide the reader through the steps required to safely and effectively plan a well test operation under just about any circumstances world wide. Safety procedures and well testing recommended practices are rigorously addressed in this book, as are the responsibilities of those persons involved in well testing operations.
Perforating equipment, drill stem test equipment and bottom hole pressure gauges are discussed in detail in the book. There is also a very valuable section on sub sea equipment, an area often not well understood even by experienced engineers who may have been primarily invo
Practical Well Planning and Drilling Manual
A must-read for anyone planning new wells or simply wanting to manage existing sites more effectively, this text provides the essentials of drilling and associated engineering functions for today's team drilling approach.
Contents: Well design Preliminary work for the well design Precompletion, completion, casing and directional design Well programming Preliminary work for the drilling program Well control Directional planning Drillbit selection, parameters, and hydraulics Drilling fluids program Casing running program Cementing program Formation evaluation Drilling problems - avoidence planning Practical wellsite operations and reporting Drilling fluid Drilling problems Casing Cementing Drillbits Directional drilling Writing the final well report Appendices: Calculating kick tolerences; Formation integrity test recommended procedure; Information sources; Drilling equipment lists by operation; conductor setting depth for taking returns to the flowline Glossary Index.
Drilling Engineering
Coauthored by a leading drilling engineering professor/researcher and a well-experienced drilling research advisor, Drilling Engineering explains the fundamentals and field practices in drilling operations. This textbook is an excellent resource for drilling engineers, drilling supervisors and managers, and petroleum engineering students.
Topics covered include:
***Drilling rig requirements, selection, and evaluation
***Drilling fluids, including functions, types, selection criteria, evaluation, rheology
***Drilling fluid hydraulics and design requirements
***Drillstring mechanics
***Drill bit mechanics, including types, operational requirements, optimization
***Well control mechanics
***Pore and fracture pressures prediction and application
***Directional, horizontal, and multilateral well drilling
***Cementing and casing design
***Drilling problems and solutions
***Overview of underbalanced, slim hole, and coiled tubing drilling
Drilling: The Manual of Methods, Applications, and Management
Drilling: The Manual of Methods, Applications, and Management is all about drilling and its related geology, machinery, methods, applications, management, safety issues, and more.Of all the technologies employed by hydrologists, environmental engineers, and scientists interested in subsurface conditions, drilling is one of the most frequently used but most poorly understood. Now, for the first time, this industry-tested manual, developed by one of the world's leading authorities on drilling technology, is available to a world-wide audience.
Friday, August 8, 2008
Nontechnical Guide to Petroleum Geology, Exploration, Drilling and Production
Customer Reviews
By J. Campbell
If you're interested in learning about the dynamics of the oil industry and you know absolutely nothing about it, this is the book for you. Norman Hyne describes industry jargon with dictionary-like simplicity and guides you through the basics of oil drilling, where oil is located and why, how to read seismographs, and many other things. The book has photos and drawings throughout the book that help you get a better grasp of what is described.
This book seems to be written as a classroom textbook, but I read it cover-to-cover.
By Jimmy Porter
The nontechnical guide arrived in the mail in the speedy fashion typical of Amazon. I ripped into the packaging, withdrawing my hardbound book on Petroleum knowledge. I quickly flew threw the pages of the book, noting how the information was presented. Well organized according to subject, ie Geology, exploration, Drilling and Production, each one of these areas of the oil industry was explained in simple, easy to understand language, and would allow this book to be used as a class room text. There were many pictures, diagrams and drawn out explanations about the subject being explained. The material presented information in a specific area and in a manner that was easy to absorb, find again and use.
The book would allow me to become the oilman of my dreams, at least in my head. I have just finished reading the book, taking about a week or two to do so, and inclulded many margin comments in my book. This item was a good purchase, in that it provided the information I needed in a manner that I could use. There were many recommended readings in other publications. I would recommend this book for all readers, except the hardened oil man with years of experience. For him I am sure there is another source of information.
Thursday, August 7, 2008
Mining News-TEAL finalizes funding of additional US$35 million
TEAL Exploration & Mining Incorporated (TSX-“TL”) (JSE-“TEL”) (“TEAL” or the “Group”) has announced that a consortium of two lenders, Standard Chartered Bank and Standard Finance (Isle of Man) Limited, part of the Standard Bank Group, has made available a loan facility to the Group that totals US$85 million.
This unsecured US$85 million facility replaces the previous US$50 million loan. The facility is available from July 18, 2008 to August 31, 2009. The loan is guaranteed by African Rainbow Minerals Limited, TEAL’s major shareholder.
The facility will be used to settle the existing US$50 million loan, and to continue funding exploration work, general corporate expenditure and working capital requirements, inter alia:
TEAL’s Lupoto Copper Project in the Democratic Republic of Congo (“DRC”), where small scale mining is underway;
Continuing exploration drilling to expand the current resource base at the Lupoto Copper Project, which will ultimately be used in the feasibility study aimed at assessing a mining operation capable of producing around 40,000 tonnes a year of copper;
Finalizing the feasibility study on the Konkola North Copper Project in Zambia, where TEAL intends using an existing shaft and other infrastructure to produce 25,000 tonnes a year of copper;
Continuing the large exploration drilling campaign that is underway within Area “A” on the Konkola North property; and
Progressing various other exploration and evaluation projects on TEAL’s properties in the DRC, Namibia, Zambia and Mozambique.
This unsecured US$85 million facility replaces the previous US$50 million loan. The facility is available from July 18, 2008 to August 31, 2009. The loan is guaranteed by African Rainbow Minerals Limited, TEAL’s major shareholder.
The facility will be used to settle the existing US$50 million loan, and to continue funding exploration work, general corporate expenditure and working capital requirements, inter alia:
TEAL’s Lupoto Copper Project in the Democratic Republic of Congo (“DRC”), where small scale mining is underway;
Continuing exploration drilling to expand the current resource base at the Lupoto Copper Project, which will ultimately be used in the feasibility study aimed at assessing a mining operation capable of producing around 40,000 tonnes a year of copper;
Finalizing the feasibility study on the Konkola North Copper Project in Zambia, where TEAL intends using an existing shaft and other infrastructure to produce 25,000 tonnes a year of copper;
Continuing the large exploration drilling campaign that is underway within Area “A” on the Konkola North property; and
Progressing various other exploration and evaluation projects on TEAL’s properties in the DRC, Namibia, Zambia and Mozambique.
Mining News-Gemini Explorations, Inc. Updates Overview Of La Planada Gold Project
Gold Trading at $735/oz. Presents Potential $2,310,000,000 World Class Gold Deposit
Miami, FL (1888PressRelease) September 25, 2007 - Gemini Explorations, Inc (”Gemini”) (OTC BB:GXPI.OB - News) is pleased to release an updated overview of its wholly owned La Planada Gold Project as prepared by Carlos Alberto Vera, Chief Geologist of Minera Primecap Geological Services. The detailed update below supports that over 3,150,000 troy ounces of gold or a gross deposit value of approximately $2,310,000,000 with gold presently trading at $735 per ounce are possible from the La Planada Project.
The La Planada property is located in the municipality of Sotomayor, department of the Nariño, in south western Colombia. Access to the property is approximately 80 km from Pasto, the capital city of the Nariño department, by open road. The project has an exploitation (mining) license (#17486) for a period of 10 years and is renewable for an additional 10 years.
La Planada property is composed of Dagua Group Upper Cretaceous quartzites and siliceous siltstones intruded by a granodiorite plug. Surface exposure is excellent and there were numerous workings at various elevations that can be roughly traced from one elevation to another. The width of the zone (i.e. within the property boundaries) appears much greater than other surrounding properties. There are at least 3 different crosscutting vein sets. The principal vein ranges between 0.4 m and 2.0 m in width. Other veins range between 3 and 20 cm (or more) in width. All carry some sulphides, and free gold was seen in both quartz and with the sulphides. Disseminated sulphides were seen in the host rock sediments, and these will probably contain low-grade gold values, although these have yet to be lab verified. Samples should be taken from two newly reported workings, and of mixed vein and host rock material and it is anticipated that there will be good values gotten from the vein and sulphide material. Panned concentrates from both vein material and tailings showed fine to medium gold.
Assuming the average grade across host rock and vein material on La Planada produces a grade similar to that of surrounding properties there is every reason to think that the deposit could be processed by bulk mining of the entire zone. The ore would be processed using the same method, and probably the same plant, as that proposed for surrounding properties.
The entire La Planada property has excellent rock exposure. The surface could be stripped and then, samples could be taken in vertical channels across both vein and host rock. A series of small drill pads would have to be prepared on the surface of the deposit. They would be collared at 50 m intervals along that line. As drilling progressed more of that face would have to be cleared of vegetation and levelled and a parallel series of pads would have to be built 50 m on either side of the original line of holes. This work will require some blasting of rock to produce those pads. Vertical reverse circulation holes would be drilled from these pads, with holes ranging up to 200 m in depth (if capable) at highest elevation and 100 m in depth at lowest elevation, for a total depth of this first phase of drilling of roughly 1000 m. Dependent on recovery of material, samples would be taken every 2 to 5 m down each hole. Samples would be analyzed for gold by Fire Assay, with A.A. or gravimetric finish. This work will allow an estimate of grade and tonnage for La Planada Project.
Most of the gold is fine. Upon completion of at least an initial round of drilling and assuming favourable results for grade of material, a bench test would be required to determine fineness of the gold, amount of sulphides and what metals are present, and from that what type of processing plant would give the best gold recovery. If there is sufficient coarse gold, a coarse gold circuit (e.g. a vibrating table) would probably be set up. If there is significant gold carried on the surface of sulphides then a sulphide floatation circuit would also be required. However, the bulk of the gold is fine and low grade (1.5 to 4 g/tonne) and is expected to be recovered with a large heap leach pad. Assuming the average grade of 1.5 to 4g/tonne and that sampling to date confirms continuity of mineralization to a depth of 200m, then the entire block could be mined and processed. A block 200 m deep X 300m wide X 400 m long, with an average density of 2.45g/cc would produce 59 millions tonnes of ore with a cut-off grade of 1.5g/tonne gold. That translates to over 3,150,000 troy ounces of gold or a gross deposit value of approximately $2,310,000,000 with gold presently trading at $735 per ounce.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that although Gemini Explorations, Inc believes the La Planada Gold Project has promising potential, the property is in the early stages of exploration. The project has yet to be shown to contain proven or probable mineral reserves. There can be no assurance that such reserves will be identified on the property, or that, if identified, mineralization may be economically extracted. Minera Primecap Geological Services does not accept responsibility for the use of project data or in the adequacy or accuracy of this release.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2005 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Miami, FL (1888PressRelease) September 25, 2007 - Gemini Explorations, Inc (”Gemini”) (OTC BB:GXPI.OB - News) is pleased to release an updated overview of its wholly owned La Planada Gold Project as prepared by Carlos Alberto Vera, Chief Geologist of Minera Primecap Geological Services. The detailed update below supports that over 3,150,000 troy ounces of gold or a gross deposit value of approximately $2,310,000,000 with gold presently trading at $735 per ounce are possible from the La Planada Project.
The La Planada property is located in the municipality of Sotomayor, department of the Nariño, in south western Colombia. Access to the property is approximately 80 km from Pasto, the capital city of the Nariño department, by open road. The project has an exploitation (mining) license (#17486) for a period of 10 years and is renewable for an additional 10 years.
La Planada property is composed of Dagua Group Upper Cretaceous quartzites and siliceous siltstones intruded by a granodiorite plug. Surface exposure is excellent and there were numerous workings at various elevations that can be roughly traced from one elevation to another. The width of the zone (i.e. within the property boundaries) appears much greater than other surrounding properties. There are at least 3 different crosscutting vein sets. The principal vein ranges between 0.4 m and 2.0 m in width. Other veins range between 3 and 20 cm (or more) in width. All carry some sulphides, and free gold was seen in both quartz and with the sulphides. Disseminated sulphides were seen in the host rock sediments, and these will probably contain low-grade gold values, although these have yet to be lab verified. Samples should be taken from two newly reported workings, and of mixed vein and host rock material and it is anticipated that there will be good values gotten from the vein and sulphide material. Panned concentrates from both vein material and tailings showed fine to medium gold.
Assuming the average grade across host rock and vein material on La Planada produces a grade similar to that of surrounding properties there is every reason to think that the deposit could be processed by bulk mining of the entire zone. The ore would be processed using the same method, and probably the same plant, as that proposed for surrounding properties.
The entire La Planada property has excellent rock exposure. The surface could be stripped and then, samples could be taken in vertical channels across both vein and host rock. A series of small drill pads would have to be prepared on the surface of the deposit. They would be collared at 50 m intervals along that line. As drilling progressed more of that face would have to be cleared of vegetation and levelled and a parallel series of pads would have to be built 50 m on either side of the original line of holes. This work will require some blasting of rock to produce those pads. Vertical reverse circulation holes would be drilled from these pads, with holes ranging up to 200 m in depth (if capable) at highest elevation and 100 m in depth at lowest elevation, for a total depth of this first phase of drilling of roughly 1000 m. Dependent on recovery of material, samples would be taken every 2 to 5 m down each hole. Samples would be analyzed for gold by Fire Assay, with A.A. or gravimetric finish. This work will allow an estimate of grade and tonnage for La Planada Project.
Most of the gold is fine. Upon completion of at least an initial round of drilling and assuming favourable results for grade of material, a bench test would be required to determine fineness of the gold, amount of sulphides and what metals are present, and from that what type of processing plant would give the best gold recovery. If there is sufficient coarse gold, a coarse gold circuit (e.g. a vibrating table) would probably be set up. If there is significant gold carried on the surface of sulphides then a sulphide floatation circuit would also be required. However, the bulk of the gold is fine and low grade (1.5 to 4 g/tonne) and is expected to be recovered with a large heap leach pad. Assuming the average grade of 1.5 to 4g/tonne and that sampling to date confirms continuity of mineralization to a depth of 200m, then the entire block could be mined and processed. A block 200 m deep X 300m wide X 400 m long, with an average density of 2.45g/cc would produce 59 millions tonnes of ore with a cut-off grade of 1.5g/tonne gold. That translates to over 3,150,000 troy ounces of gold or a gross deposit value of approximately $2,310,000,000 with gold presently trading at $735 per ounce.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that although Gemini Explorations, Inc believes the La Planada Gold Project has promising potential, the property is in the early stages of exploration. The project has yet to be shown to contain proven or probable mineral reserves. There can be no assurance that such reserves will be identified on the property, or that, if identified, mineralization may be economically extracted. Minera Primecap Geological Services does not accept responsibility for the use of project data or in the adequacy or accuracy of this release.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2005 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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
World Mining News-TBJ poll: Readers mixed on N.C. oil drilling Triangle Business Journal
Today’s mining news on Oil drilling off the North Carolina coast: A good way to cut prices or a rig to nowhere? According to Triangle Business Journal readers, it depends on who you ask.
From July 23 through July 29, visitors to TBJ’s Web site were asked to answer the poll question: “Would drilling for oil off the North Carolina coast help reduce gas prices?”
We asked the question because the issue has been in the news recently. Republicans including President Bush and presidential candidate John McCain say they favor offshore oil drilling, which is currently banned by federal law, because it would increase supply and thus lower prices. Democratic candidate Barack Obama doesn’t favor a switch, saying that offshore drilling is a bait-and-switch that would have no immediate impact.
As for TBJ readers? Of the 825 people who responded to our unscientific survey, 33 percent said drilling would help “a lot” to ease gas prices. Another 23 percent of people agreed that it would help, though “only a little.”
On the flip side, 33 percent of respondents say drilling wouldn’t help at all. The remaining 11 percent of voters picked the option, “It doesn’t matter. We shouldn’t drill.”
The question sparked numerous comments. What follows is a list of some of those comments, all of which were made anonymously:
Adding supply helps meet demand and lowers the price point on the graph. It doesn’t matter if it takes a while to make a difference; if we don’t add supply we will only face higher prices down the, ahem, road as the developing world continues to increase their usage.
Continuing to drill for oil is not the solution to the energy crisis facing this country. Money should be poured into to finding alternative sources of “clean” power/energy to meet our future needs. I don’t believe there is one solution, and much of the economy will still need to run on oil, but we must find other ways to meet our needs. Continuing to drill for oil is yesterday’s solution.
I think anything we do to show that we can produce our own oil will stop a lot of the speculation and increased pricing from other nations that we are dependent on.
The risks to the environment and the forestalling of the urgent need to move to a non-carbon-based economy are not worth it, even if drilling off the coast would make a difference.
It’s really not going to help that much on its own. Drilling should be allowed everywhere off the U.S. coast and in Alaska to help reduce our dependence on foreign oil while we develop other energy alternatives.
In the long term, sure, it would help. But only in the long term. And only a little bit. Why risk the coastline – hurting not just the environment but the long-term economy – for short-lived, de minimis gains?
Even Bush states that we are oil addicts. We want an easier answer with no pain. Sorry, folks, we should have thought about that 30 years ago but we chose our materialistic, greedy lifestyle over a long-term energy solution. We still have a chance but it is to move forward with a “Manhattan” like project to build electric motors for our cars and nuclear plants for our major power source.
To vote on this week’s poll, which asks about curfews for teenagers at local malls in light of last week’s fight at Triangle Town Center, click here.
From July 23 through July 29, visitors to TBJ’s Web site were asked to answer the poll question: “Would drilling for oil off the North Carolina coast help reduce gas prices?”
We asked the question because the issue has been in the news recently. Republicans including President Bush and presidential candidate John McCain say they favor offshore oil drilling, which is currently banned by federal law, because it would increase supply and thus lower prices. Democratic candidate Barack Obama doesn’t favor a switch, saying that offshore drilling is a bait-and-switch that would have no immediate impact.
As for TBJ readers? Of the 825 people who responded to our unscientific survey, 33 percent said drilling would help “a lot” to ease gas prices. Another 23 percent of people agreed that it would help, though “only a little.”
On the flip side, 33 percent of respondents say drilling wouldn’t help at all. The remaining 11 percent of voters picked the option, “It doesn’t matter. We shouldn’t drill.”
The question sparked numerous comments. What follows is a list of some of those comments, all of which were made anonymously:
Adding supply helps meet demand and lowers the price point on the graph. It doesn’t matter if it takes a while to make a difference; if we don’t add supply we will only face higher prices down the, ahem, road as the developing world continues to increase their usage.
Continuing to drill for oil is not the solution to the energy crisis facing this country. Money should be poured into to finding alternative sources of “clean” power/energy to meet our future needs. I don’t believe there is one solution, and much of the economy will still need to run on oil, but we must find other ways to meet our needs. Continuing to drill for oil is yesterday’s solution.
I think anything we do to show that we can produce our own oil will stop a lot of the speculation and increased pricing from other nations that we are dependent on.
The risks to the environment and the forestalling of the urgent need to move to a non-carbon-based economy are not worth it, even if drilling off the coast would make a difference.
It’s really not going to help that much on its own. Drilling should be allowed everywhere off the U.S. coast and in Alaska to help reduce our dependence on foreign oil while we develop other energy alternatives.
In the long term, sure, it would help. But only in the long term. And only a little bit. Why risk the coastline – hurting not just the environment but the long-term economy – for short-lived, de minimis gains?
Even Bush states that we are oil addicts. We want an easier answer with no pain. Sorry, folks, we should have thought about that 30 years ago but we chose our materialistic, greedy lifestyle over a long-term energy solution. We still have a chance but it is to move forward with a “Manhattan” like project to build electric motors for our cars and nuclear plants for our major power source.
To vote on this week’s poll, which asks about curfews for teenagers at local malls in light of last week’s fight at Triangle Town Center, click here.
Labels:
drilling,
mining,
mining news,
Offshore companies,
Oil
World Mining News:Gold exploration project for Trundle
18/07/2008 9:41:00 AM
The Parkes Shire may be in for another mining boom following the announcement of an exploratry project at a property near Trundle.
Robert Brown, President and CEO of Calibre Mining Corporation announced this week that the Canadian company has initiated a 7-hole 3,700 metre diamond drill program.
The Trundle property is a 78-square kilometre tenement immediately adjacent to the township.
A mine near Turndle would add to the Northparkes copper-gold district that has produced 864,500 ounces of gold and 616,400 tonnes of copper.
Calibre is earning a 70 per cent interest in the Trundle tenement from Western Plains Resources Ltd by completing exploration expenditures totalling AU$3 million over a three-year period with a minimum work commitment of $600,000 in the first year.
Calibre can earn an additional 20per cent interest in the project by completing a Feasibility Report.
Trundle contains widespread evidence of porphyry and skarn-style copper-gold mineralisation associated with several discrete intrusive centers.
Historical shallow rotary air blast and air core drilling on four of these centres confirmed the presence of copper and gold mineralisation coincident with skarn and porphyry-style alteration and airborne magnetic highs.
GOS Drilling of Cobar has been contracted to carry out a 3,700 metre diamond drilling program.
The program focuses on the northern targets of Mordialloc, Bloomfields and Yarrabandai and is designed to test targets at depth (greater than 500m) for high grade porphyry Cu-Au mineralisation.
The Parkes Shire may be in for another mining boom following the announcement of an exploratry project at a property near Trundle.
Robert Brown, President and CEO of Calibre Mining Corporation announced this week that the Canadian company has initiated a 7-hole 3,700 metre diamond drill program.
The Trundle property is a 78-square kilometre tenement immediately adjacent to the township.
A mine near Turndle would add to the Northparkes copper-gold district that has produced 864,500 ounces of gold and 616,400 tonnes of copper.
Calibre is earning a 70 per cent interest in the Trundle tenement from Western Plains Resources Ltd by completing exploration expenditures totalling AU$3 million over a three-year period with a minimum work commitment of $600,000 in the first year.
Calibre can earn an additional 20per cent interest in the project by completing a Feasibility Report.
Trundle contains widespread evidence of porphyry and skarn-style copper-gold mineralisation associated with several discrete intrusive centers.
Historical shallow rotary air blast and air core drilling on four of these centres confirmed the presence of copper and gold mineralisation coincident with skarn and porphyry-style alteration and airborne magnetic highs.
GOS Drilling of Cobar has been contracted to carry out a 3,700 metre diamond drilling program.
The program focuses on the northern targets of Mordialloc, Bloomfields and Yarrabandai and is designed to test targets at depth (greater than 500m) for high grade porphyry Cu-Au mineralisation.
Labels:
drilling,
Gas Company,
Gold,
Mining Exploration,
mining news
Press Release on Diamond Exploration Program Commences At Pellatt Lake, Second Large Diameter RC And Third Core Rig Arrive At DO-27
Today, there are many news telling about diamond exploration. The news tells that there are now many places consisting of diamond. Thus, the activities of diamond drilling are now increasing. One of the news about Diamond exploration and drilling was released on February 24, 2006 - Vancouver, Canada - Peregrine Diamonds Ltd. (”Peregrine”) (TSX-V: PGD) today announced the commencement of the 2006 diamond exploration program at the Pellatt Lake Project, NWT, Canada. In addition, Peregrine announced that the second large diameter (24″) reverse circulation (”RC”) rig and the third core rig have arrived at the DO-27 kimberlite, WO Diamond Project, NWT, Canada.
Pellatt Lake Project
The Pellatt Lake Project comprises twenty-eight mineral claims covering 72,310 acres, located 42 km to the northeast of BHP Billiton’s Ekati™ Diamond Mine.
Work by previous operators on the property included airborne electromagnetic and magnetic surveys and heavy mineral sampling. Kimberlite indicator minerals have been recovered over much of the property, many with no known source. Previous diamond drilling intersected one kimberlite, PL01. In 2004, Peregrine flew a Falcontm gravity gradiometer survey over the property and in 2005 collected additional heavy mineral samples resulting in the identification of a number of anomalies. For the 2006 program, at least 12 anomalies will be covered with ground geophysical surveys (magnetics and HLEM). A drill will be mobilized to site during mid-March, and drilling will be completed on a number of targets.
Seven of the Pellatt claims are in joint venture with Dentonia Resources Ltd., 6 others are in joint venture with DHK Diamonds Inc. (in both instances Peregrine can earn up to 75% under certain conditions) and the remaining 16 claims are held 100% by Peregrine.
DO-27 Project
Careful advanced planning and logistics work by Peregrine at DO-27 in 2005 has resulted in all five scheduled drill rigs and auxiliary equipment arriving on-site at the DO-27 kimberlite in a timely manner in spite of unseasonably warm weather in Canada’s North which has had a detrimental effect on the main Contwoyto to Tibbitt Ice Road, delaying equipment and supplies transportation for numerous mining, exploration and services companies. Bulk sample and geological drilling is continuing at DO-27, and updates will be provided as the program progresses.
Peregrine is a well funded Canadian diamond exploration/development company that is managed by experienced geoscientists. The company is taking the plus 9 hectare DO-27 diamondiferous kimberlite into pre-feasibility, and is exploring for other diamondiferous kimberlites on its extensive land holdings in Canada. The company trades on the TSX-V Exchange under the symbol “PGD”.
Peregrine Diamonds Ltd.
Eric Friedland, President and CEO
Alan Carter, COO
Pellatt Lake Project
The Pellatt Lake Project comprises twenty-eight mineral claims covering 72,310 acres, located 42 km to the northeast of BHP Billiton’s Ekati™ Diamond Mine.
Work by previous operators on the property included airborne electromagnetic and magnetic surveys and heavy mineral sampling. Kimberlite indicator minerals have been recovered over much of the property, many with no known source. Previous diamond drilling intersected one kimberlite, PL01. In 2004, Peregrine flew a Falcontm gravity gradiometer survey over the property and in 2005 collected additional heavy mineral samples resulting in the identification of a number of anomalies. For the 2006 program, at least 12 anomalies will be covered with ground geophysical surveys (magnetics and HLEM). A drill will be mobilized to site during mid-March, and drilling will be completed on a number of targets.
Seven of the Pellatt claims are in joint venture with Dentonia Resources Ltd., 6 others are in joint venture with DHK Diamonds Inc. (in both instances Peregrine can earn up to 75% under certain conditions) and the remaining 16 claims are held 100% by Peregrine.
DO-27 Project
Careful advanced planning and logistics work by Peregrine at DO-27 in 2005 has resulted in all five scheduled drill rigs and auxiliary equipment arriving on-site at the DO-27 kimberlite in a timely manner in spite of unseasonably warm weather in Canada’s North which has had a detrimental effect on the main Contwoyto to Tibbitt Ice Road, delaying equipment and supplies transportation for numerous mining, exploration and services companies. Bulk sample and geological drilling is continuing at DO-27, and updates will be provided as the program progresses.
Peregrine is a well funded Canadian diamond exploration/development company that is managed by experienced geoscientists. The company is taking the plus 9 hectare DO-27 diamondiferous kimberlite into pre-feasibility, and is exploring for other diamondiferous kimberlites on its extensive land holdings in Canada. The company trades on the TSX-V Exchange under the symbol “PGD”.
Peregrine Diamonds Ltd.
Eric Friedland, President and CEO
Alan Carter, COO
Labels:
Diamond,
drilling,
mining discovery,
Mining Exploration,
mining news
World Mining News-Big Red Diamond Corporation Submission for Relisting & New Board and Management Submitted to TSX-V
One of the biggest diamond companies is ever is Big Red Diamond Corporation. The news tells that BRDC is now publishing the new status of the company. It seems that BRDC wants to have something better for the company’s progress. BRDC considers that updating of the company and its status is one of the ways to make the company more exist in the diamond market competition. The news telling about the new status of BRDC was first released in Montreal,on January 18, 2008. The news states that - Big Red Diamond Corporation (TSX-V: “DIA”-suspended) is pleased to provide an update on the Company and its status.
The Company Big Red Diamond Corporation (BRDC or the Company) is pleased to announce that it has submitted a request for removal of the trading suspension and application for relisting of the Company’s shares on the TSX Venture Exchange. This application includes a proposal whereby three (3) new Directors will be appointed to the Board and the Management team will be augmented with the appointment of two (2) new personnel.
Since receiving the resignation of Francois Desrosiers on August 7, 2007, the Company has been without the services of a full time President and CEO. Mr. Martin Nicoletti, the Company’s CFO has taken on the additional responsibilities of the President as well as CFO and looked after the day to day operations of
the Company. The Board wishes to acknowledge his excellent contributions and thank him for his invaluable contributions to the Company during this difficult period. The Company continues to maintain it’s regulatory filings and is current with all of it’s required filings. The Management Team and Board of Directors proposed to the TSX-V are:
Ken Ralfs - President, Chief Executive Officer and Director,
Martin Nicoletti – Chief Financial Officer,
Lili Radoi – Corporate Secretary,
Jean-Francois Perrault – Independent Director
Michael Neary – Independent Director
Clinton Barr – Independent Director,
Mike Clemann – Independent Director.
Martin Nicoletti, will continue as the Company’s CFO. Further, Messrs. Jean-Francois Perrault and Michael Neary, who were both elected as independent directors at the Company’s October 31, 2007 AGM, have agreed to remain as directors. Following is a brief biography of each of member of the team proposed to the TSX-V.
Ken Ralfs is a 1975 graduate of the University of British Columbia with a major in geology.
Employment as a geologist, project manager, stock broker, senior management and director of public companies (including President of Santa Cruz Ventures) has enabled Mr. Ralfs to develop and hone the
managerial, financial and problem solving skills so crucial to successfully managing a public company. He is currently self employed and serves as Director for several companies. Jean-François Perrault, graduated from McGill University in 1984 (Bachelor of Economics) and from Concordia University in 1989 (M.B.A.). He counts over 20 years of experience in the merchant banking
and investment banking industries. Prior to joining Union Securities Ltd as Vice-President, Corporate Finance in 2004, Mr. Perrault founded Pavilion Capital Partners in October 2002, a group providing consultancy and financial advisory services to institutional investors on alternative assets where he acted
and continues to act as the Managing Partner. Prior to that, Mr. Perrault was Vice-President and Director of TD Capital for approximately five years (1998-2002) where he was involved in completing small to mid-market investments – he also helped launch TD Capital private Equity Partners, Canada’s first
international private equity Fund of Funds (approximately 350,000,000$US). Prior to joining TD Capital, Mr. Perrault was a Senior Vice-President, Corporate Finance with Marleau, Lemire Securities from 1995- 1998. Prior to 1995, he held various senior positions with the Fonds de Solidarité FTQ (a labor sponsored venture fund), KPMG and Canadian Corporate Funding Limited (CCFL) – a private equity group. Michael Neary, is currently Vice President and Director at ThoughtSpeed eCommerce, a Toronto based Technology Solutions Company focused on web based order management solutions. From 2002 to 2007, he was a founder and executive at pVelocity Inc., a developer of Profit
Intelligence Solutions for Global Manufacturing Companies. From 1992 to 2001, Mr. Neary was a founder and VP Sales at Kitimat Systems Inc. a leading developer of Transportation Management Software in North America. In 1999, Kitimat Systems was purchased by Milwaukee based HK Systems.
Mr. Neary has a Bachelor’s of Economics from the University of British Columbia, and an MBA from the University of Cape Town.
Clinton Barr has been involved in mining exploration for over twenty years. He graduated from Lakehead University in 1991 with an H.B.Sc in Geology and is a registered Professional Geologist. From 1989-2001 Clinton worked for Noranda and Inco as a project geologist, generating and evaluating base
and precious metal opportunities both in Canada and offshore. During his tenure with Noranda he was involved in the discovery of five new base metal deposits. From 2001 to 2004 Mr. Barr consulted to numerous companies engaged in the exploration business including companies exploring for diamonds within Canada. As a founder, director, Chief Financial and Qualified Person of Benton Resources Corporation Mr. Barr has been intimately involved in the successful startup of a Junior resource company, including an IPO and listing on the TSX-V Exchange. Mr. Barr continues as an Officer and Director of
Benton Resources. His experience with exploration projects from grassroots to advanced projects and his financial experience give him a unique set of skills with which to direct and manage junior exploration companies as well as evaluate both the geological and political environments that are so critical to the success of junior resource companies.
Mike Clemann graduated from Bishops University in 1990 with a Bachelor of Business Economics. He has completed various courses within the Investment Dealers Association including the Canadian Securities Course and the Conduct and Practices Handbook. After spending 11 years working in the investment banking and brokerage business in Zurich, Switzerland, Mr. Clemann is currently Managing Director of FX Capital Ltd., a Canadian based financial advisory firm. His work at several Canadian and Swiss based banking and investment houses provides Mr. Clemann with an exceptional breadth of
experience in the corporate finance of public companies. His varied professional experience, both in raising and providing financing empower him with financial skills that are an asset to public companies. The current Board is confident that the experience and leadership ability of the new team will be an asset to Big Red and it shareholders. The new appointments are conditional upon the receipt of the approval from the TSX-V. The Exchange’s review of Messrs. Ken Ralfs, Clinton Barr and Mike Clemann and Ms. Lili Radoi remains to be completed. Updates on the progress of the relisting and TSX-V approval of the new appointees will be provided as the Exchange comments on the relisting application and the Exchange concludes its investigation into the
suitability of the new appointees. Since its suspension from trading, the Company has continued working on various of its properties.
BRDC holds four types of properties in its portfolio. These properties are held for their potential to host at least one of the following minerals: diamonds, gold or base metals, uranium, or an industrial mineral. Following is a brief summary of the exploration work completed in 2007 and the Company’s exploration
plans for 2008, for each property. Diamond Properties.
The Company’s primary asset is its interest in two joint ventures exploring for diamonds in the Attawapiskat region of Northern Ontario with Kel-Ex Developments Ltd. The original Attawapiskat Joint Venture Agreement with Kel-Ex Ltd. was modified in September 2004 when Kel-Ex assigned to the
Company an identical working interest in the Dumont Nickel Attawapiskat Property. While the original Attawapiskat claims and the Dumont claims are non-contiguous, the claims are all located within 25 kilometers of each other and claims in both the JV’s range from 4 kilometers to 22 kilometers away from DeBeers new Victor Diamond Mine which is currently under development and construction. The Victor Mine is located in geologic terrain similar to that underlying claims controlled by the Company’s Joint Ventures with Kel-Ex.
Recent exploration on the Attawapiskat JV’s has focused on evaluation of previous exploration results, data compilation, planning future exploration work and property maintenance. Kel-Ex Developments Ltd. is expected to convene a JV Management Committee meeting in the New Year to formalize work
plans and present a JV budget for 2008. The Foleyet diamond exploration property is a 50-50 Joint Venture with AntOro Resources Inc. and is
located within the Patricia Mining Division in Ontario The Joint Venture acquired a 100% interest in the property subject to a 1.1% NSR retained by the vendor. Big Red is the Project operator. Exploration work in 2007 focused on analysis and evaluation of data collected during a mapping and sampling program completed during the 2006 field season. A 2008 work program consisting of ground geophysics and basal till sampling is planned at a budgeted cost of $10,000. This work is sufficient to maintain the property in good standing.
The Hemlo diamond property is a 50-50 Joint Venture with AntOro Resources Inc and is located withinthe Patricia Mining Division in Ontario. The Joint Venture acquired a 100% interest in the property subject to a 1% NSR retained by the vendor. Big Red is the Project operator. Exploration work completed during 2007 focused on analysis of data generated by a geophysical interpretation done by Scott Hogg and Associates in early 2006 on 15 targets identified by airbourne geophysics as well as analysis of other data available in the public domain. The 2008 work plan is to conduct ground geophysics, geologic mapping and basal till sampling at a budgeted cost of $20,000. This work is sufficient to maintain the property in good standing.
The Frederike diamond property is 100% owned by BRDC and is located east of Desmaraisville, Quebec. 2007 exploration work consisted of the review, compilation and analysis of historic local and regional data, available in the public domain. Phase 1 exploration plans are budgeted at $300,000 for airbourne geophysics covering the entire property, so as to decrease the 200 meter flight line spacing of the government geophysics and increase the data density and resolution. This will facilitate better identification and location of linear and circular anomalies shown on the government data which may
indicate the presence of kimberlite dikes or plugs or kimberlite like rocks. If the airbourne geophysical results identify targets of merit, a Phase 2 exploration will be developed that will include ground geophysics and overburden and basal till sampling to further pinpoint targets for follow-up diamond drilling in a Phase 3 work program if results warrant. The decision of when to implement the airbourne geophysical work is dependent on the amount of financing raised and the success of exploration work on
the Company’s uranium exploration properties. Successful exploration results on one or more of the uranium properties may cause the Company to change it’s priorities for the expenditure of funds and delay work on the Frederike property. Sufficient past work has been completed to maintain the property
in good standing through 2008. The Valentine property was staked by BRDC and continues to be held as a 100% owned diamond property. The claims are all within the Valentine township of Ontario and were staked primarily because
of circular geophysical anomalies that may indicate the presence of kimberlite pipes. Previous exploration work by BRDC has identified three potential kimberlite targets. A 2008 work program, budgeted at $26,000 is planned to conduct confirmation ground IP to better identify the location of the
potential kimberlite targets prior to drilling. This work will be adequate to fulfill the assessment work requirements for the property. Assuming success with the confirmation ground IP, follow-up exploration work is budgeted at $301,000 and includes an airbourne EM survey and three (3) diamond drill holes as
well as additional sampling. Government data contain reports of anomalous copper associated with a carbonatite that occurs on the property, which suggests the property may have the potential to host base metal mineralization. Gold Properties BRDC is acquiring a 100% interest in the Bristol property subject to an underlying 3% NSR retained by the vendors. One payment of $7,500 remains to be paid, on February 27, 2008, at which time BRDC will have acquired a 100% interest. The Bristol property is located 10 kilometers west of the historic gold camp of Timmins, Ontario and on the westward projection of the Destor Porcupine Fault. Timmins area mines are nearly all located on the Destor Porcupine Fault and the area is well recognized in the mining community as an area that hosts multiple gold deposits that have each produced several million ounces of gold. The Bristol property was acquired for its gold potential because it is located on the Destor Porcupine Fault. Data obtained during the first work program on the property in 2006 found kimberlite and diamond indicator minerals in overburden samples. 2007 exploration work re-evaluated the data obtained from the 2006 field work and developed a work program of overburden stripping, sampling and ground geophysics to further identify and quantify the potential of this property to host gold mineralization and identify the rock types causing three linear magnetic anomaly’s that appear to be dikes. While these dike like features may be kimberlites or kimberlite like rocks, these linear magnetic features are believed to be mafic gabbro dikes similar to other such dikes in the Timmins camp. The Company plans to spend $10,000 on outcrop and overburden sampling in 2008, thus completing enough work to maintain the property in good standing. The Company acquired a 100% interest in the Munro property subject to an underlying 1.5% NSR retained by the vendor. The property is located about 20 kilometers east of Matheson, Ontario. 2007 exploration work consisted of the development of exploration plans for the property which consist of grid cutting, overburden stripping and sampling, geophysics, MMI geochemistry and follow-up drilling. Exploration plans for 2008 are budgeted at $26,000 for grid cutting and pack sack drilling. This work will maintain the property in good standing. Additional work may be done in 2008 if funding becomes available.
Uranium Properties
The Maro / Andy Lake properties are a 50-50 Joint Venture with AntOro Resources Inc. Each Company holds a 50% interest in the option to purchase a 100% interest in the Maro / Andy Lake properties, subject to an underlying 2% NSR retained by the vendor. On the Maro property, during the 2006 field season, a reconnaissance, ground radiometric prospecting program was conducted across three targets identified, sampled and drilled by previous operators. On the Andy Lake property, which is contiguous with Nova Uranium’s Mont-Laurier property in Quebec, the 2006 work program established two grid sections on separate anomalies identified by previous
operators. The grids were systematically explored with ground radiometric surveys and outcrop sampling. In 2007 the Company focused on compiling and analyzing the 2006 data in conjunction with data reported by prior operators as well as other data in the public domain, report writing and development of a
2008 work program. The work program developed consists of additional ground radiometric survey lines between and outside the 2006 lines, to increase the density, resolution and areal coverage of the ground
radiometric data. Additional outcrop sampling as well as overburden stripping followed by sampling is also planned Assuming that future work corroborates results obtained to date, this work is expected to be followed up with a first phase core drilling in 2009. Other 2008 work is planned to establish additional cut grids for radiometric surveys over other targets not explored during 2006. It is expected that at least part of this work will also be completed during 2008 but that some of the work will remain to be completed in 2009
as results warrant. The 2008 phase of the work (grid cutting, radiometric surveys, overburden stripping and sampling, and outcrop sampling) is estimated to cost $292,000. Sufficient work has been completed
to maintain the claims in good standing beyond 2008. The Joint Venture is required to expend $600,000 in exploration work on the two (2) properties combined by February 15, 2009. To date, $259,888.27 has been spent exploring on the property. (The total spent is still being verified.)
The Strategis property is held 100% by BRDC, subject to an underlying 1.5% NSR retained by the vendor. This property is contiguous to the East of the Strateco Resources Matoush Project. The Company’s 2007 work consisted of review and compilation of historic data from the property and the surrounding area, followed by the development of a work plan that will systematically explore the property. The first phase of this work program is airbourne geophysics and radiometrics to be followed up with grid cutting, ground geophysics and radiometrics, outcrop sampling, and overburden stripping
and sampling in order to better define the underlying geology and potential uranium targets on the property. If this exploration work is successful in defining drill targets then diamond drilling will follow, probably in 2009. The 2008 work program, budgeted at $325,000 will complete the airbourne geophysics and some ground radiometrics. The claims remain is good standing through the end of 2008.
Industrial Mineral Property
Big Red holds a 100% interest in the Attawapiskat Gravel property. This property is a gravel deposit in the James Bay low lands staked by BRDC and is held because gravel deposits are scarce in this part of Northern Ontario. No work has previously been done on the property. The property was restaked the last time it came open. Big Red plans to spend $10,000 doing auger sampling for gravel quality during 2008. This work will be sufficient to maintain the property in good standing. The work plans summarized above, are subject to the availability of financing.
Financing
In December, the Company received unsolicited expressions of interest from shareholders and investment houses regarding investment in the Company. Unfortunately, the Company was unable to address these expressions of interest as it was not yet re-listed for trading. After achieving re-listing for trading, the Company plans to re-visit those shareholders and investment houses that have already expressed an interest in investing in the Company, as well as other BRDC shareholders. The Company also plans to improve it’s exposure in the investment community by making presentations to the managers of investment funds, mutual funds and stock brokers who are not yet invested in the Company and are known to invest in junior exploration companies. Lastly, the Company will attend various of the investment conferences that are held across Canada and the United States to increase exposure to high net worth individuals who are familiar with the investment opportunities and risks associated with the junior exploration market.
The minimum financing required maintain the existing property interests in 2008 is $879,000. The Company plans to raise $300,000 over and above that amount to complete work plans for the Frederike property Work schedules, financing plans and property maintenance are subject to adjustment depending upon when the Company is relisted for trading.
This press release was prepared by Michael P. Gross, Chairman of the Board of Big Red Diamond
Corporation and a qualified person as defined in national policy 43-101.
Big Red Diamond is a diamond exploration company whose main asset is its participation in the Attawapiskat and Dumont Joint Ventures with Kel-Ex Development Ltd. a company owned by Charles Fipke, the discoverer of the
Ekati diamond mine in the NWT. This joint-venture is involved in a diamond exploration in Northern Ontario, in an area near the De Beers Victor diamond project. Big Red also owns outright a number of diamond and precious metals exploration properties in Northern Ontario as well as diamond and uranium exploration properties in Quebec.
KEN RALFS
President and CEO
Cell Phone: (604) 723-9600
Fax: (514) 907-9017
MARTIN NICOLETTI
CFO
Telephone: (514) 907-9016 – Ext. 160
Fax: (514) 907-9017
The Company Big Red Diamond Corporation (BRDC or the Company) is pleased to announce that it has submitted a request for removal of the trading suspension and application for relisting of the Company’s shares on the TSX Venture Exchange. This application includes a proposal whereby three (3) new Directors will be appointed to the Board and the Management team will be augmented with the appointment of two (2) new personnel.
Since receiving the resignation of Francois Desrosiers on August 7, 2007, the Company has been without the services of a full time President and CEO. Mr. Martin Nicoletti, the Company’s CFO has taken on the additional responsibilities of the President as well as CFO and looked after the day to day operations of
the Company. The Board wishes to acknowledge his excellent contributions and thank him for his invaluable contributions to the Company during this difficult period. The Company continues to maintain it’s regulatory filings and is current with all of it’s required filings. The Management Team and Board of Directors proposed to the TSX-V are:
Ken Ralfs - President, Chief Executive Officer and Director,
Martin Nicoletti – Chief Financial Officer,
Lili Radoi – Corporate Secretary,
Jean-Francois Perrault – Independent Director
Michael Neary – Independent Director
Clinton Barr – Independent Director,
Mike Clemann – Independent Director.
Martin Nicoletti, will continue as the Company’s CFO. Further, Messrs. Jean-Francois Perrault and Michael Neary, who were both elected as independent directors at the Company’s October 31, 2007 AGM, have agreed to remain as directors. Following is a brief biography of each of member of the team proposed to the TSX-V.
Ken Ralfs is a 1975 graduate of the University of British Columbia with a major in geology.
Employment as a geologist, project manager, stock broker, senior management and director of public companies (including President of Santa Cruz Ventures) has enabled Mr. Ralfs to develop and hone the
managerial, financial and problem solving skills so crucial to successfully managing a public company. He is currently self employed and serves as Director for several companies. Jean-François Perrault, graduated from McGill University in 1984 (Bachelor of Economics) and from Concordia University in 1989 (M.B.A.). He counts over 20 years of experience in the merchant banking
and investment banking industries. Prior to joining Union Securities Ltd as Vice-President, Corporate Finance in 2004, Mr. Perrault founded Pavilion Capital Partners in October 2002, a group providing consultancy and financial advisory services to institutional investors on alternative assets where he acted
and continues to act as the Managing Partner. Prior to that, Mr. Perrault was Vice-President and Director of TD Capital for approximately five years (1998-2002) where he was involved in completing small to mid-market investments – he also helped launch TD Capital private Equity Partners, Canada’s first
international private equity Fund of Funds (approximately 350,000,000$US). Prior to joining TD Capital, Mr. Perrault was a Senior Vice-President, Corporate Finance with Marleau, Lemire Securities from 1995- 1998. Prior to 1995, he held various senior positions with the Fonds de Solidarité FTQ (a labor sponsored venture fund), KPMG and Canadian Corporate Funding Limited (CCFL) – a private equity group. Michael Neary, is currently Vice President and Director at ThoughtSpeed eCommerce, a Toronto based Technology Solutions Company focused on web based order management solutions. From 2002 to 2007, he was a founder and executive at pVelocity Inc., a developer of Profit
Intelligence Solutions for Global Manufacturing Companies. From 1992 to 2001, Mr. Neary was a founder and VP Sales at Kitimat Systems Inc. a leading developer of Transportation Management Software in North America. In 1999, Kitimat Systems was purchased by Milwaukee based HK Systems.
Mr. Neary has a Bachelor’s of Economics from the University of British Columbia, and an MBA from the University of Cape Town.
Clinton Barr has been involved in mining exploration for over twenty years. He graduated from Lakehead University in 1991 with an H.B.Sc in Geology and is a registered Professional Geologist. From 1989-2001 Clinton worked for Noranda and Inco as a project geologist, generating and evaluating base
and precious metal opportunities both in Canada and offshore. During his tenure with Noranda he was involved in the discovery of five new base metal deposits. From 2001 to 2004 Mr. Barr consulted to numerous companies engaged in the exploration business including companies exploring for diamonds within Canada. As a founder, director, Chief Financial and Qualified Person of Benton Resources Corporation Mr. Barr has been intimately involved in the successful startup of a Junior resource company, including an IPO and listing on the TSX-V Exchange. Mr. Barr continues as an Officer and Director of
Benton Resources. His experience with exploration projects from grassroots to advanced projects and his financial experience give him a unique set of skills with which to direct and manage junior exploration companies as well as evaluate both the geological and political environments that are so critical to the success of junior resource companies.
Mike Clemann graduated from Bishops University in 1990 with a Bachelor of Business Economics. He has completed various courses within the Investment Dealers Association including the Canadian Securities Course and the Conduct and Practices Handbook. After spending 11 years working in the investment banking and brokerage business in Zurich, Switzerland, Mr. Clemann is currently Managing Director of FX Capital Ltd., a Canadian based financial advisory firm. His work at several Canadian and Swiss based banking and investment houses provides Mr. Clemann with an exceptional breadth of
experience in the corporate finance of public companies. His varied professional experience, both in raising and providing financing empower him with financial skills that are an asset to public companies. The current Board is confident that the experience and leadership ability of the new team will be an asset to Big Red and it shareholders. The new appointments are conditional upon the receipt of the approval from the TSX-V. The Exchange’s review of Messrs. Ken Ralfs, Clinton Barr and Mike Clemann and Ms. Lili Radoi remains to be completed. Updates on the progress of the relisting and TSX-V approval of the new appointees will be provided as the Exchange comments on the relisting application and the Exchange concludes its investigation into the
suitability of the new appointees. Since its suspension from trading, the Company has continued working on various of its properties.
BRDC holds four types of properties in its portfolio. These properties are held for their potential to host at least one of the following minerals: diamonds, gold or base metals, uranium, or an industrial mineral. Following is a brief summary of the exploration work completed in 2007 and the Company’s exploration
plans for 2008, for each property. Diamond Properties.
The Company’s primary asset is its interest in two joint ventures exploring for diamonds in the Attawapiskat region of Northern Ontario with Kel-Ex Developments Ltd. The original Attawapiskat Joint Venture Agreement with Kel-Ex Ltd. was modified in September 2004 when Kel-Ex assigned to the
Company an identical working interest in the Dumont Nickel Attawapiskat Property. While the original Attawapiskat claims and the Dumont claims are non-contiguous, the claims are all located within 25 kilometers of each other and claims in both the JV’s range from 4 kilometers to 22 kilometers away from DeBeers new Victor Diamond Mine which is currently under development and construction. The Victor Mine is located in geologic terrain similar to that underlying claims controlled by the Company’s Joint Ventures with Kel-Ex.
Recent exploration on the Attawapiskat JV’s has focused on evaluation of previous exploration results, data compilation, planning future exploration work and property maintenance. Kel-Ex Developments Ltd. is expected to convene a JV Management Committee meeting in the New Year to formalize work
plans and present a JV budget for 2008. The Foleyet diamond exploration property is a 50-50 Joint Venture with AntOro Resources Inc. and is
located within the Patricia Mining Division in Ontario The Joint Venture acquired a 100% interest in the property subject to a 1.1% NSR retained by the vendor. Big Red is the Project operator. Exploration work in 2007 focused on analysis and evaluation of data collected during a mapping and sampling program completed during the 2006 field season. A 2008 work program consisting of ground geophysics and basal till sampling is planned at a budgeted cost of $10,000. This work is sufficient to maintain the property in good standing.
The Hemlo diamond property is a 50-50 Joint Venture with AntOro Resources Inc and is located withinthe Patricia Mining Division in Ontario. The Joint Venture acquired a 100% interest in the property subject to a 1% NSR retained by the vendor. Big Red is the Project operator. Exploration work completed during 2007 focused on analysis of data generated by a geophysical interpretation done by Scott Hogg and Associates in early 2006 on 15 targets identified by airbourne geophysics as well as analysis of other data available in the public domain. The 2008 work plan is to conduct ground geophysics, geologic mapping and basal till sampling at a budgeted cost of $20,000. This work is sufficient to maintain the property in good standing.
The Frederike diamond property is 100% owned by BRDC and is located east of Desmaraisville, Quebec. 2007 exploration work consisted of the review, compilation and analysis of historic local and regional data, available in the public domain. Phase 1 exploration plans are budgeted at $300,000 for airbourne geophysics covering the entire property, so as to decrease the 200 meter flight line spacing of the government geophysics and increase the data density and resolution. This will facilitate better identification and location of linear and circular anomalies shown on the government data which may
indicate the presence of kimberlite dikes or plugs or kimberlite like rocks. If the airbourne geophysical results identify targets of merit, a Phase 2 exploration will be developed that will include ground geophysics and overburden and basal till sampling to further pinpoint targets for follow-up diamond drilling in a Phase 3 work program if results warrant. The decision of when to implement the airbourne geophysical work is dependent on the amount of financing raised and the success of exploration work on
the Company’s uranium exploration properties. Successful exploration results on one or more of the uranium properties may cause the Company to change it’s priorities for the expenditure of funds and delay work on the Frederike property. Sufficient past work has been completed to maintain the property
in good standing through 2008. The Valentine property was staked by BRDC and continues to be held as a 100% owned diamond property. The claims are all within the Valentine township of Ontario and were staked primarily because
of circular geophysical anomalies that may indicate the presence of kimberlite pipes. Previous exploration work by BRDC has identified three potential kimberlite targets. A 2008 work program, budgeted at $26,000 is planned to conduct confirmation ground IP to better identify the location of the
potential kimberlite targets prior to drilling. This work will be adequate to fulfill the assessment work requirements for the property. Assuming success with the confirmation ground IP, follow-up exploration work is budgeted at $301,000 and includes an airbourne EM survey and three (3) diamond drill holes as
well as additional sampling. Government data contain reports of anomalous copper associated with a carbonatite that occurs on the property, which suggests the property may have the potential to host base metal mineralization. Gold Properties BRDC is acquiring a 100% interest in the Bristol property subject to an underlying 3% NSR retained by the vendors. One payment of $7,500 remains to be paid, on February 27, 2008, at which time BRDC will have acquired a 100% interest. The Bristol property is located 10 kilometers west of the historic gold camp of Timmins, Ontario and on the westward projection of the Destor Porcupine Fault. Timmins area mines are nearly all located on the Destor Porcupine Fault and the area is well recognized in the mining community as an area that hosts multiple gold deposits that have each produced several million ounces of gold. The Bristol property was acquired for its gold potential because it is located on the Destor Porcupine Fault. Data obtained during the first work program on the property in 2006 found kimberlite and diamond indicator minerals in overburden samples. 2007 exploration work re-evaluated the data obtained from the 2006 field work and developed a work program of overburden stripping, sampling and ground geophysics to further identify and quantify the potential of this property to host gold mineralization and identify the rock types causing three linear magnetic anomaly’s that appear to be dikes. While these dike like features may be kimberlites or kimberlite like rocks, these linear magnetic features are believed to be mafic gabbro dikes similar to other such dikes in the Timmins camp. The Company plans to spend $10,000 on outcrop and overburden sampling in 2008, thus completing enough work to maintain the property in good standing. The Company acquired a 100% interest in the Munro property subject to an underlying 1.5% NSR retained by the vendor. The property is located about 20 kilometers east of Matheson, Ontario. 2007 exploration work consisted of the development of exploration plans for the property which consist of grid cutting, overburden stripping and sampling, geophysics, MMI geochemistry and follow-up drilling. Exploration plans for 2008 are budgeted at $26,000 for grid cutting and pack sack drilling. This work will maintain the property in good standing. Additional work may be done in 2008 if funding becomes available.
Uranium Properties
The Maro / Andy Lake properties are a 50-50 Joint Venture with AntOro Resources Inc. Each Company holds a 50% interest in the option to purchase a 100% interest in the Maro / Andy Lake properties, subject to an underlying 2% NSR retained by the vendor. On the Maro property, during the 2006 field season, a reconnaissance, ground radiometric prospecting program was conducted across three targets identified, sampled and drilled by previous operators. On the Andy Lake property, which is contiguous with Nova Uranium’s Mont-Laurier property in Quebec, the 2006 work program established two grid sections on separate anomalies identified by previous
operators. The grids were systematically explored with ground radiometric surveys and outcrop sampling. In 2007 the Company focused on compiling and analyzing the 2006 data in conjunction with data reported by prior operators as well as other data in the public domain, report writing and development of a
2008 work program. The work program developed consists of additional ground radiometric survey lines between and outside the 2006 lines, to increase the density, resolution and areal coverage of the ground
radiometric data. Additional outcrop sampling as well as overburden stripping followed by sampling is also planned Assuming that future work corroborates results obtained to date, this work is expected to be followed up with a first phase core drilling in 2009. Other 2008 work is planned to establish additional cut grids for radiometric surveys over other targets not explored during 2006. It is expected that at least part of this work will also be completed during 2008 but that some of the work will remain to be completed in 2009
as results warrant. The 2008 phase of the work (grid cutting, radiometric surveys, overburden stripping and sampling, and outcrop sampling) is estimated to cost $292,000. Sufficient work has been completed
to maintain the claims in good standing beyond 2008. The Joint Venture is required to expend $600,000 in exploration work on the two (2) properties combined by February 15, 2009. To date, $259,888.27 has been spent exploring on the property. (The total spent is still being verified.)
The Strategis property is held 100% by BRDC, subject to an underlying 1.5% NSR retained by the vendor. This property is contiguous to the East of the Strateco Resources Matoush Project. The Company’s 2007 work consisted of review and compilation of historic data from the property and the surrounding area, followed by the development of a work plan that will systematically explore the property. The first phase of this work program is airbourne geophysics and radiometrics to be followed up with grid cutting, ground geophysics and radiometrics, outcrop sampling, and overburden stripping
and sampling in order to better define the underlying geology and potential uranium targets on the property. If this exploration work is successful in defining drill targets then diamond drilling will follow, probably in 2009. The 2008 work program, budgeted at $325,000 will complete the airbourne geophysics and some ground radiometrics. The claims remain is good standing through the end of 2008.
Industrial Mineral Property
Big Red holds a 100% interest in the Attawapiskat Gravel property. This property is a gravel deposit in the James Bay low lands staked by BRDC and is held because gravel deposits are scarce in this part of Northern Ontario. No work has previously been done on the property. The property was restaked the last time it came open. Big Red plans to spend $10,000 doing auger sampling for gravel quality during 2008. This work will be sufficient to maintain the property in good standing. The work plans summarized above, are subject to the availability of financing.
Financing
In December, the Company received unsolicited expressions of interest from shareholders and investment houses regarding investment in the Company. Unfortunately, the Company was unable to address these expressions of interest as it was not yet re-listed for trading. After achieving re-listing for trading, the Company plans to re-visit those shareholders and investment houses that have already expressed an interest in investing in the Company, as well as other BRDC shareholders. The Company also plans to improve it’s exposure in the investment community by making presentations to the managers of investment funds, mutual funds and stock brokers who are not yet invested in the Company and are known to invest in junior exploration companies. Lastly, the Company will attend various of the investment conferences that are held across Canada and the United States to increase exposure to high net worth individuals who are familiar with the investment opportunities and risks associated with the junior exploration market.
The minimum financing required maintain the existing property interests in 2008 is $879,000. The Company plans to raise $300,000 over and above that amount to complete work plans for the Frederike property Work schedules, financing plans and property maintenance are subject to adjustment depending upon when the Company is relisted for trading.
This press release was prepared by Michael P. Gross, Chairman of the Board of Big Red Diamond
Corporation and a qualified person as defined in national policy 43-101.
Big Red Diamond is a diamond exploration company whose main asset is its participation in the Attawapiskat and Dumont Joint Ventures with Kel-Ex Development Ltd. a company owned by Charles Fipke, the discoverer of the
Ekati diamond mine in the NWT. This joint-venture is involved in a diamond exploration in Northern Ontario, in an area near the De Beers Victor diamond project. Big Red also owns outright a number of diamond and precious metals exploration properties in Northern Ontario as well as diamond and uranium exploration properties in Quebec.
KEN RALFS
President and CEO
Cell Phone: (604) 723-9600
Fax: (514) 907-9017
MARTIN NICOLETTI
CFO
Telephone: (514) 907-9016 – Ext. 160
Fax: (514) 907-9017
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22,000 Metre Mining Press Release-Diamond Drill Program Commences On WTM’s Thunder Creek Gold Property in Timmins, Ontario
This mining news about 22,000 Metre Diamond Drill Program Commences On WTM’s Thunder Creek Gold Property in Timmins, Ontario was released in
VANCOUVER, BRITISH COLUMBIA, Aug 5, 2008 (Marketwire via COMTEX News Network) –
West Timmins Mining Inc. (TSX:WTM) has been informed that operator Lake Shore Gold Inc. (TSX:LSG) (”LSG”) has commenced a 36-hole, 22,000 metre diamond drill program on the Company’s Thunder Creek Property located in Timmins, Ontario. Drilling will focus on further expanding and infilling the recently discovered, high-grade Rusk Gold Zone and will also test a number of other high priority gold targets. The Thunder Creek Property, a 40/60 joint venture between WTM and LSG, forms part of the Company’s West Timmins Gold Project which covers over 114 square kilometres of the western extension of the prolific Timmins Gold Camp of Ontario, Canada.
The Rusk Zone has been traced to date for 260 metres down plunge and remains open both up and down plunge. Recent intercepts from the Rusk Zone have included 9.00 metres grading 8.57 g/t gold and 7.00 metres grading 24.61 g/t gold (see NR08-09, March 8, 2008). The Rusk Zone shares a number of geological similarities with the Timmins West gold deposit, located approximately 800 metres to the north, which is currently undergoing advanced exploration and development. It is anticipated that the planned program will allow for preparation of a preliminary resource model for the Rusk Zone upon completion.
“We are very excited to see the resumption of drilling at Thunder Creek as we look to expand one of the most promising new gold discoveries of the last several years in North America’s most prolific gold district,” said Darin Wagner, President and CEO of West Timmins Mining.
In addition to expanding the Rusk Zone, drilling will continue to test the sediment-ultramafic contact, which hosts both the Rusk and Timmins West gold discoveries. The drill program is expected to take 9-12 months to complete with two drill rigs active on the property throughout that period.
Quality Control and Assurance
Geochemical results reported herein have been previously reported and the reader is referred to the Company’s press releases of March 8, 2008 (NR08-09) and December 4, 2007 (NR07-41) for details of Quality Control and Assurance measures undertaken by the Company and LSG. Mr. Darin Wagner (P.Geo), the Company’s President, has acted as the non-independent qualified person for this news release. The qualified person has visited the project site, examined drill intercepts from a number of drill holes and reviewed the available technical information for the project.
About West Timmins Mining Inc. (www.westtimminsmining.com):
West Timmins is focussed on the exploration and development of district-scale gold and related base metal projects in the major gold camps of North America. WTM currently has four drills testing gold and polymetallic targets on its West Timmins and Montana de Oro Projects located in Ontario, Canada and Sonora, Mexico respectively. West Timmins Mining is based in Vancouver, British Columbia, Canada and trades on the Toronto Stock Exchange under the symbol WTM.
On behalf of the Board of West Timmins Mining Inc.
Darin W. Wagner, President and Chief Executive Officer
For further details on West Timmins Mining Inc. please refer to prior disclosure at www.sedar.com. The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any U.S. state securities laws, and such securities may not be offered or sold in the United States absent an exemption from such registration requirements.
This press release contains forward looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including “will”, “expected to”, “plans”, “planned” and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward looking statements is subject to a number of risks, including those described in the Company’s annual information form as filed with the Canadian securities regulators which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward looking statements.
SOURCE: West Timmins Mining Inc.
West Timmins Mining Inc. Darin W. Wagner President & CEO (604) 685-8311 or Toll Free: 1-866-685-8311 Email: info@westtimminsmining.com Website: www.westtimminsmining.com
VANCOUVER, BRITISH COLUMBIA, Aug 5, 2008 (Marketwire via COMTEX News Network) –
West Timmins Mining Inc. (TSX:WTM) has been informed that operator Lake Shore Gold Inc. (TSX:LSG) (”LSG”) has commenced a 36-hole, 22,000 metre diamond drill program on the Company’s Thunder Creek Property located in Timmins, Ontario. Drilling will focus on further expanding and infilling the recently discovered, high-grade Rusk Gold Zone and will also test a number of other high priority gold targets. The Thunder Creek Property, a 40/60 joint venture between WTM and LSG, forms part of the Company’s West Timmins Gold Project which covers over 114 square kilometres of the western extension of the prolific Timmins Gold Camp of Ontario, Canada.
The Rusk Zone has been traced to date for 260 metres down plunge and remains open both up and down plunge. Recent intercepts from the Rusk Zone have included 9.00 metres grading 8.57 g/t gold and 7.00 metres grading 24.61 g/t gold (see NR08-09, March 8, 2008). The Rusk Zone shares a number of geological similarities with the Timmins West gold deposit, located approximately 800 metres to the north, which is currently undergoing advanced exploration and development. It is anticipated that the planned program will allow for preparation of a preliminary resource model for the Rusk Zone upon completion.
“We are very excited to see the resumption of drilling at Thunder Creek as we look to expand one of the most promising new gold discoveries of the last several years in North America’s most prolific gold district,” said Darin Wagner, President and CEO of West Timmins Mining.
In addition to expanding the Rusk Zone, drilling will continue to test the sediment-ultramafic contact, which hosts both the Rusk and Timmins West gold discoveries. The drill program is expected to take 9-12 months to complete with two drill rigs active on the property throughout that period.
Quality Control and Assurance
Geochemical results reported herein have been previously reported and the reader is referred to the Company’s press releases of March 8, 2008 (NR08-09) and December 4, 2007 (NR07-41) for details of Quality Control and Assurance measures undertaken by the Company and LSG. Mr. Darin Wagner (P.Geo), the Company’s President, has acted as the non-independent qualified person for this news release. The qualified person has visited the project site, examined drill intercepts from a number of drill holes and reviewed the available technical information for the project.
About West Timmins Mining Inc. (www.westtimminsmining.com):
West Timmins is focussed on the exploration and development of district-scale gold and related base metal projects in the major gold camps of North America. WTM currently has four drills testing gold and polymetallic targets on its West Timmins and Montana de Oro Projects located in Ontario, Canada and Sonora, Mexico respectively. West Timmins Mining is based in Vancouver, British Columbia, Canada and trades on the Toronto Stock Exchange under the symbol WTM.
On behalf of the Board of West Timmins Mining Inc.
Darin W. Wagner, President and Chief Executive Officer
For further details on West Timmins Mining Inc. please refer to prior disclosure at www.sedar.com. The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any U.S. state securities laws, and such securities may not be offered or sold in the United States absent an exemption from such registration requirements.
This press release contains forward looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including “will”, “expected to”, “plans”, “planned” and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward looking statements is subject to a number of risks, including those described in the Company’s annual information form as filed with the Canadian securities regulators which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward looking statements.
SOURCE: West Timmins Mining Inc.
West Timmins Mining Inc. Darin W. Wagner President & CEO (604) 685-8311 or Toll Free: 1-866-685-8311 Email: info@westtimminsmining.com Website: www.westtimminsmining.com
Wednesday, August 6, 2008
World news on Diamond-Big Red Diamond Corporation Closing of $531,600 Private Placement
This press about BRDC was first released in Montreal, Canada - July 15, 2008 - Big Red Diamond Corporation (TSXV - DIA) is pleased to announce that it has closed a non-brokered private placement of 246 units for a total amount of $246,000 (the “Private Placement”). Each unit, at a price of $1,000 is comprised of twenty thousand common shares of DIA at a price of $0.05 per share and twenty thousand common share purchase warrants. Each common share purchase warrant shall entitle its holder to
subscribe for one common share of DIA at a price of $0.10 per share for a period of 24 months following the date of closing of the Private Placement.
DIA is also pleased to announce that it has completed a non-brokered Flow-Through private placement of 272 units for a total amount of $285,600 (the “Flow-Through Private Placement”). Each unit, at a price of $1,050 is comprised of twelve thousand flow-through common shares of DIA at a price of $0.07 per share and three thousand common shares of DIA at a price of $0.07 per share.
In connection with the private placement, various intermediaries and/or rokers have received a cash payment equal to 10% of the gross proceeds raised from the distribution of units plus compensation options to purchase 24.6 units at a price of $1,000 per unit, for a period of 24 months from the date of closing of the offering.
The units to be issued under both Private Placements will be subject to a resale restriction of four months and one day. The proceeds of the Private Placement will be used to fund part of our upcoming exploration program and for general working capital purposes. Big Red Diamond Corporation reserves the right to complete additional closing until August 21,
2008.
For further information, please contact:
Jean-François Perrault
Director
Telephone: (514) 798-4484
Fax: (514) 798-4896
Martin Nicoletti
Chief Financial Officer
Telephone: (514) 907-9016 – Ext. 160
Fax: (514) 907-9017
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
subscribe for one common share of DIA at a price of $0.10 per share for a period of 24 months following the date of closing of the Private Placement.
DIA is also pleased to announce that it has completed a non-brokered Flow-Through private placement of 272 units for a total amount of $285,600 (the “Flow-Through Private Placement”). Each unit, at a price of $1,050 is comprised of twelve thousand flow-through common shares of DIA at a price of $0.07 per share and three thousand common shares of DIA at a price of $0.07 per share.
In connection with the private placement, various intermediaries and/or rokers have received a cash payment equal to 10% of the gross proceeds raised from the distribution of units plus compensation options to purchase 24.6 units at a price of $1,000 per unit, for a period of 24 months from the date of closing of the offering.
The units to be issued under both Private Placements will be subject to a resale restriction of four months and one day. The proceeds of the Private Placement will be used to fund part of our upcoming exploration program and for general working capital purposes. Big Red Diamond Corporation reserves the right to complete additional closing until August 21,
2008.
For further information, please contact:
Jean-François Perrault
Director
Telephone: (514) 798-4484
Fax: (514) 798-4896
Martin Nicoletti
Chief Financial Officer
Telephone: (514) 907-9016 – Ext. 160
Fax: (514) 907-9017
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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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
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