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The U.S. Geological Survey (USGS) announced today three grant award recipients for the 2008 Mineral Resources External Research Program, which encourages minerals research.
The Mineral Resources External Research Program invited research proposals that will help ensure a sustainable supply of minerals for the nation's future; understand the relationship between minerals, the environment and public health; provide information to make informed land-use decisions; and deliver mineral information critical to national security. Proposals were accepted from academia, state agencies, industry, and other private sector organizations and scientists.
Following are the proposals and principal investigators awarded grants for the 2008 Mineral Resources External Research Program.
Comparing Old and New Deposits
Mark Barton, Lukas Zürcher and Eric Seedorff of the University of Arizona will study the formation of mineral systems in the Basin and Range Province of Arizona and Nevada. Older mineral systems will be compared and contrasted with younger systems to provide a new perspective on deposit characteristics and mineral potential in the region. The results of this study are expected to improve the ability to assess undiscovered mineral resources in the western United States and northern Mexico.
Formation of Gold Deposits
Jean Cline and Haroldo Lledo of the University of Nevada, Las Vegas, will investigate whether there is a relationship between the intrusion of magma and the formation of overlying gold deposits in the Searchlight mining district in Nevada. Because the system has been tilted on its side, allowing for the examination of very deep magmatic roots, this district provides a unique opportunity to study a mineralized system with extensive gold deposits. This research is expected to advance our understanding of how these types of mineral systems relate to intrusive and volcanic processes and improve our ability to assess undiscovered resources associated with them.
Copper Faulting and Uplift
Paul O'Sullivan and Raymond Donelick of Apatite to Zircon, Inc., Viola, Idaho, will conduct research on the Pebble copper deposit in southwest Alaska, potentially one of the largest copper deposits of its type in the world. This work will attempt to document the timing of the deposit's faulting and uplift movement both before and after mineral deposit formation. Because the deposit is completely covered by younger rocks and surficial material, results of this research are expected to provide context for exploring and assessing similar concealed mineral resources in frontier regions of Alaska.
For more information on the USGS Mineral Resources Program, visit the Minerals Resources Program website.
Thursday, January 24, 2008
Thursday, January 17, 2008
Mine accident report faults training
ANCHORAGE, Alaska (AP) - Two workers killed in a construction accident at a gold mine last year were not properly trained to use the machine that toppled over and pitched them to the ground, according to a federal report.
The manlift at the Rock Creek Mine in Nome was not positioned on solid, level ground and it was being operated incorrectly because the workers had not been given adequate training, says a report issued Wednesday by the Mine Safety and Health Administration.
The accident occurred July 19, 2007, during the construction of the mine's mill building.
Tyler Kahle, 19, of Tomahawk, Wis., and Craig Bagley, 27, of Anchorage -- fishing buddies when not working -- were descending in a basket with the boom extended when the manlift tipped over.
The two were working for Alaska Mechanical Inc., a contractor building the mine and milling facilities operated by Alaska Gold Co., a NovaGold Resources Inc. (AMEX:NG) subsidiary.
Full Story
The manlift at the Rock Creek Mine in Nome was not positioned on solid, level ground and it was being operated incorrectly because the workers had not been given adequate training, says a report issued Wednesday by the Mine Safety and Health Administration.
The accident occurred July 19, 2007, during the construction of the mine's mill building.
Tyler Kahle, 19, of Tomahawk, Wis., and Craig Bagley, 27, of Anchorage -- fishing buddies when not working -- were descending in a basket with the boom extended when the manlift tipped over.
The two were working for Alaska Mechanical Inc., a contractor building the mine and milling facilities operated by Alaska Gold Co., a NovaGold Resources Inc. (AMEX:NG) subsidiary.
Full Story
Pacific North West Capital And Stillwater Mining Agree On Terms Of JV
1/16/2008 12:29:16 PM Pacific North West Capital (PFN.TO), a mineral exploration company, said Wednesday it finalized a joint venture agreement on the Goodnews Bay Platinum Project with the Billings, Montana-based Stillwater Mining Co. (SWC).
Under the terms of the agreement, Stillwater by spending $4 million is entitled to earn a 50% interest in the project by December 31, 2010.
Stillwater has the option to increase its interest in the project to 60% by incurring an additional $8 million in exploration expenditures within an additional two-year period or upon completion of a Feasibility Study, whichever occurs first.
Stillwater may increase its interest to 65% by arranging for 100% of the project financing required to place the Property into Commercial Production within an additional three years.
PFN and Stillwater are exploring the Goodnews Bay Platinum Project. The sampling program was completed in 2006 and 2007 and resulted in definition of drilling targets at both Red Mountain and Susie Mountain.
The Vancouver, Canada-based Pacific North West Capital disclosed that a $1 million exploration budget has been approved for 2008 with the objective to drill one or more established targets and to define additional new platinum mineralization.
PFN and Stillwater are currently engaged in two distinct platinum group metal projects in Alaska. In addition, PFN management is currently negotiating and acquiring several new PGM and Nickel projects throughout North America.
PFN.TO is trading at $0.3650 on a volume of 5,000 shares.
Under the terms of the agreement, Stillwater by spending $4 million is entitled to earn a 50% interest in the project by December 31, 2010.
Stillwater has the option to increase its interest in the project to 60% by incurring an additional $8 million in exploration expenditures within an additional two-year period or upon completion of a Feasibility Study, whichever occurs first.
Stillwater may increase its interest to 65% by arranging for 100% of the project financing required to place the Property into Commercial Production within an additional three years.
PFN and Stillwater are exploring the Goodnews Bay Platinum Project. The sampling program was completed in 2006 and 2007 and resulted in definition of drilling targets at both Red Mountain and Susie Mountain.
The Vancouver, Canada-based Pacific North West Capital disclosed that a $1 million exploration budget has been approved for 2008 with the objective to drill one or more established targets and to define additional new platinum mineralization.
PFN and Stillwater are currently engaged in two distinct platinum group metal projects in Alaska. In addition, PFN management is currently negotiating and acquiring several new PGM and Nickel projects throughout North America.
PFN.TO is trading at $0.3650 on a volume of 5,000 shares.
NovaGold Resources Inc.: New Management Team Appointed to Lead Galore Creek Project
NovaGold Resources Inc. (TSX: NG)(AMEX: NG) and Teck Cominco Limited (TSX: TCK.A)(TSX: TCK.B)(NYSE: TCK) today announced the appointment of a highly experienced senior management team to lead the Galore Creek project through the next phase of evaluation and optimization. NovaGold and Teck Cominco have appointed Mr. Pol Guzman as President & General Manager and Mr. Gary Ward as Project Director of the Galore Creek Mining Corporation.
Mr. Guzman and Mr. Ward have joined the Galore Creek team to lead an aggressive review of Galore Creek's development with the objective of producing a modified construction approach and execution plan that will deliver enhanced financial returns. This work will begin immediately.
Mr. Guzman is an internationally recognized senior project executive with in-depth experience in several complex and large-scale mine development projects. A mechanical engineer by training, Mr. Guzman brings with him decades of experience in the optimization, design and execution of mining projects, including the Escondida and Antamina mines in Latin America, where he served as Project Director during construction.
Mr. Ward brings over 40 years of project execution experience to the Galore Creek project. Mr. Ward has managed feasibility study updates, value improvement exercises and construction coordination, often in multicultural environments, and most recently as Project Director for the expansion of the Paracatu project in Brazil.
"I am very optimistic that this outstanding leadership team will be able to view the project with a fresh perspective and draw on their extensive experience to identify a path forward that will deliver clear value for both partners," said Rick Van Nieuwenhuyse, President & CEO of NovaGold.
"The appointment of two professionals with the breadth of experience that Pol and Gary bring to Galore Creek demonstrates clearly that both NovaGold and Teck Cominco remain fully committed to unlocking the potential of the Galore Creek resource as rapidly as possible," said Don Lindsay, President & CEO of Teck Cominco.
NovaGold and Teck Cominco would like to thank Doug Brown for his exceptional efforts in leading the Galore Creek project since the formation of the partnership in mid-2007. The project was operated to the highest environmental and safety standards and achieved significant progress under Mr. Brown's leadership. As the Galore Creek project moves into this phase of optimization and re-engineering, Mr. Brown will return to his role as Vice President Business Development for NovaGold but will remain actively involved in Galore Creek through its management committees.
Substantial value was added to the project during the 2007 construction season, including clearing 80% of the 135-kilometer road right-of-way, completing 66 kilometers of pioneer road, installing a number of key bridges and initiating work on the road access tunnel into the Galore Creek Valley. During the construction suspension and optimization period, the partners will maintain the existing infrastructure to ensure the project can be restarted quickly and efficiently as soon as a modified construction approach is defined and approved.
As a result of the decision to reassess the feasibility study and project economics, all of Galore Creek's proven and probable reserves have been reclassified as measured and indicated resources (see NovaGold's resource table at www.novagold.net). As a result, NovaGold expects to be filing a National Instrument 43-101 report prior to January 31, 2008. In the interim, the information contained in the Galore Creek Feasibility Study completed by Hatch Ltd. in October 2006 should not be relied upon.
About NovaGold
NovaGold is a gold and copper company engaged in the exploration and development of mineral properties in Alaska and Western Canada. Production is scheduled for 2008 at the 100%-owned Nome Operations in Alaska, which includes the Rock Creek, Big Hurrah and Nome Gold deposits. NovaGold owns 50% of the Donlin Creek gold project in Alaska, one of the world's largest gold deposits, with Barrick Gold (50%). The Company also owns 50% of the Galore Creek copper-gold-silver project in British Columbia with Teck Cominco (50%). Also in Alaska, NovaGold is earning a 51% interest as manager of the high-grade Ambler copper-zinc-silver-gold project in partnership with Rio Tinto. NovaGold has one of the largest resource bases of any exploration or development-stage precious metals company. NovaGold trades on the TSX and AMEX under the symbol NG.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation; anticipated dates for receipt of permits and approvals, construction and production, and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; estimated timing and amounts of future expenditures, and NovaGold's future production, operating and capital costs, operating or financial performance, are forward-looking statements. Information concerning mineral resource estimates also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from NovaGold's expectations include fluctuations in gold and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in NovaGold's Annual Information Form for the year ended November 30, 2006, filed with the Canadian securities regulatory authorities, NovaGold's annual report on Form 40-F filed with the United States Securities and Exchange Commission, and other information released by NovaGold and filed with the appropriate regulatory agencies.
Cautionary Note Concerning Reserve and Resource Estimates
This press release and other information released by NovaGold uses the terms "resources", "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the "SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred resources are in addition to measured and indicated resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all reserve and resource estimates contained in this press release or released by NovaGold in the future, have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. The requirements of NI 43-101 are not the same as those of the SEC, and reserves reported by NovaGold in compliance with NI 43-101 may not qualify as reserves under the SEC's standards.
Contacts:
NovaGold Resources Inc.
Greg Johnson, Vice President,
Corporate Communications and Strategic Development
(604) 669-6227 or 1-866-669-6227
NovaGold Resources Inc.
Rhylin Bailie
Manager, Corporate & Investor Relations
(604) 669-6227 or 1-866-669-6227
Email: info@novagold.net
Website: www.novagold.net
Mr. Guzman and Mr. Ward have joined the Galore Creek team to lead an aggressive review of Galore Creek's development with the objective of producing a modified construction approach and execution plan that will deliver enhanced financial returns. This work will begin immediately.
Mr. Guzman is an internationally recognized senior project executive with in-depth experience in several complex and large-scale mine development projects. A mechanical engineer by training, Mr. Guzman brings with him decades of experience in the optimization, design and execution of mining projects, including the Escondida and Antamina mines in Latin America, where he served as Project Director during construction.
Mr. Ward brings over 40 years of project execution experience to the Galore Creek project. Mr. Ward has managed feasibility study updates, value improvement exercises and construction coordination, often in multicultural environments, and most recently as Project Director for the expansion of the Paracatu project in Brazil.
"I am very optimistic that this outstanding leadership team will be able to view the project with a fresh perspective and draw on their extensive experience to identify a path forward that will deliver clear value for both partners," said Rick Van Nieuwenhuyse, President & CEO of NovaGold.
"The appointment of two professionals with the breadth of experience that Pol and Gary bring to Galore Creek demonstrates clearly that both NovaGold and Teck Cominco remain fully committed to unlocking the potential of the Galore Creek resource as rapidly as possible," said Don Lindsay, President & CEO of Teck Cominco.
NovaGold and Teck Cominco would like to thank Doug Brown for his exceptional efforts in leading the Galore Creek project since the formation of the partnership in mid-2007. The project was operated to the highest environmental and safety standards and achieved significant progress under Mr. Brown's leadership. As the Galore Creek project moves into this phase of optimization and re-engineering, Mr. Brown will return to his role as Vice President Business Development for NovaGold but will remain actively involved in Galore Creek through its management committees.
Substantial value was added to the project during the 2007 construction season, including clearing 80% of the 135-kilometer road right-of-way, completing 66 kilometers of pioneer road, installing a number of key bridges and initiating work on the road access tunnel into the Galore Creek Valley. During the construction suspension and optimization period, the partners will maintain the existing infrastructure to ensure the project can be restarted quickly and efficiently as soon as a modified construction approach is defined and approved.
As a result of the decision to reassess the feasibility study and project economics, all of Galore Creek's proven and probable reserves have been reclassified as measured and indicated resources (see NovaGold's resource table at www.novagold.net). As a result, NovaGold expects to be filing a National Instrument 43-101 report prior to January 31, 2008. In the interim, the information contained in the Galore Creek Feasibility Study completed by Hatch Ltd. in October 2006 should not be relied upon.
About NovaGold
NovaGold is a gold and copper company engaged in the exploration and development of mineral properties in Alaska and Western Canada. Production is scheduled for 2008 at the 100%-owned Nome Operations in Alaska, which includes the Rock Creek, Big Hurrah and Nome Gold deposits. NovaGold owns 50% of the Donlin Creek gold project in Alaska, one of the world's largest gold deposits, with Barrick Gold (50%). The Company also owns 50% of the Galore Creek copper-gold-silver project in British Columbia with Teck Cominco (50%). Also in Alaska, NovaGold is earning a 51% interest as manager of the high-grade Ambler copper-zinc-silver-gold project in partnership with Rio Tinto. NovaGold has one of the largest resource bases of any exploration or development-stage precious metals company. NovaGold trades on the TSX and AMEX under the symbol NG.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation; anticipated dates for receipt of permits and approvals, construction and production, and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; estimated timing and amounts of future expenditures, and NovaGold's future production, operating and capital costs, operating or financial performance, are forward-looking statements. Information concerning mineral resource estimates also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from NovaGold's expectations include fluctuations in gold and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in NovaGold's Annual Information Form for the year ended November 30, 2006, filed with the Canadian securities regulatory authorities, NovaGold's annual report on Form 40-F filed with the United States Securities and Exchange Commission, and other information released by NovaGold and filed with the appropriate regulatory agencies.
Cautionary Note Concerning Reserve and Resource Estimates
This press release and other information released by NovaGold uses the terms "resources", "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the "SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred resources are in addition to measured and indicated resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all reserve and resource estimates contained in this press release or released by NovaGold in the future, have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. The requirements of NI 43-101 are not the same as those of the SEC, and reserves reported by NovaGold in compliance with NI 43-101 may not qualify as reserves under the SEC's standards.
Contacts:
NovaGold Resources Inc.
Greg Johnson, Vice President,
Corporate Communications and Strategic Development
(604) 669-6227 or 1-866-669-6227
NovaGold Resources Inc.
Rhylin Bailie
Manager, Corporate & Investor Relations
(604) 669-6227 or 1-866-669-6227
Email: info@novagold.net
Website: www.novagold.net
Wednesday, January 16, 2008
Andover Provides Compilation of 2007 Results from SUN Property, Alaska
Andover Ventures Inc. ("Andover" or the "Company") (TSX VENTURE:AOX)(FRANKFURT:R2X) wishes to provide a synopsis of the 2007 drilling results previously announced by the Company October 11, October 31st, December 4th and December 12th, 2007 from the Company's flagship property, SUN, a volcanogenic massive sulfide (VMS) deposit located in the Ambler Mining District in the Brooks Range in Northwestern Alaska.
To recap 2007 work/drill program undertaken by the Company, conducted at the SUN deposit:
- New 20-man permanent camp.
- 1,500 foot permanent airstrip.
- Geochemical sampling along the strike.
- Two Boart-Longyear LF 70s drilled 4,496 meters (14,750 feet) of NQ2 core in 20 holes.
- Nineteen of the twenty holes encountered mineralized zones ranging from an estimated 1.20 to 37.01 meters (3.9 to 121.42 feet) thick. The 2007 drill program tested along 1,400 meters strike.
- Seven of the holes encountered two mineralized horizons.
- Two drill holes encountered three mineralized zones.
- Thirty total intersections were encountered and average over 6 meters (20 feet) thick of massive and semi-massive mineralization.
- Discovered/identified a new thickened zone.
- Extended the strike length by 300 meters North.
- Discovered lower "Hot" zone, up to 30.0 meters thick, open in both directions.
Copper, Lead, Zinc, Silver and Gold analysis for the mineralized intercepts received are included in the table below:
--------------------------------------------------------------------------
thick-
from to ness Cu Pb Zn Ag Au
Hole No. (m) (m) (m) (%) (%) (%) (g/t) (g/t)
--------------------------------------------------------------------------
Sun 07-01 84.50 88.55 4.05 0.70 2.60 6.00 133.0 0.273
--------------------------------------------------------------------------
Sun 07-02 136.70 139.70 3.00 7.40 2.50 7.40 182.9 0.241
--------------------------------------------------------------------------
Sun 07-03 140.00 145.00 5.00 0.30 0.03 5.00 265.0 0.462
--------------------------------------------------------------------------
Sun 07-04 171.00 173.74 2.74 0.14 0.27 1.02 6.2 0.059
--------------------------------------------------------------------------
Sun 07-05 165.00 167.00 2.00 0.93 0.49 1.08 29.5 0.124
--------------------------------------------------------------------------
Sun 07-06 93.35 96.35 3.00 0.15 3.59 5.92 148.0 0.217
--------------------------------------------------------------------------
Sun 07-07 FAULTED HOLE ASSAYS BELOW
--------------------------------------------------------------------------
Sun 07-07 89.20 89.45 0.25 0.37 1.24 2.91 75.0 0.174
--------------------------------------------------------------------------
Sun 07-09 106.30 111.40 5.10 3.1 0.68 3.85 206.9 0.929
--------------------------------------------------------------------------
Sun 07-10 83.80 94.74 10.94 2.34 0.77 5.98 68.1 0.266
--------------------------------------------------------------------------
And 128.57 133.65 5.08 4.34 0.58 2.76 99.1 0.199
--------------------------------------------------------------------------
Sun 07-11 108.80 110.80 2.00 1.17 0.04 0.22 4.9 0.251
--------------------------------------------------------------------------
And 168.70 173.40 4.70 0.66 1.87 8.85 64.4 0.163
--------------------------------------------------------------------------
Sun 07-12 114.55 146.97 32.42 1.04 0.80 2.83 81.2 0.261
--------------------------------------------------------------------------
Includes 114.55 119.80 5.25 1.94 1.91 6.52 194.0 0.391
--------------------------------------------------------------------------
Includes 123.53 124.17 0.64 1.10 6.54 9.30 628.6 2.360
--------------------------------------------------------------------------
Includes 133.00 146.97 13.97 1.61 0.90 3.65 82.4 0.317
--------------------------------------------------------------------------
Sun 07-13 71.44 108.45 37.01 1.17 1.85 7.26 44.0 0.179
--------------------------------------------------------------------------
Includes 72.10 84.00 11.90 1.07 5.38 16.54 86.6 0.210
--------------------------------------------------------------------------
Includes 84.00 94.40 10.40 2.11 0.31 6.28 41.9 0.322
--------------------------------------------------------------------------
Includes 104.9 108.45 3.55 0.98 0.08 0.52 9.9 0.660
--------------------------------------------------------------------------
And 139.33 141.00 1.67 1.41 1.59 5.93 73.8 0.162
--------------------------------------------------------------------------
Sun 07-14 38.43 40.64 2.21 3.53 0.50 1.48 47.7 0.138
--------------------------------------------------------------------------
And 52.00 82.20 30.20 1.06 0.69 2.03 43.0 0.344
--------------------------------------------------------------------------
Includes 52.00 59.20 7.20 1.68 2.64 5.53 156.5 1.188
--------------------------------------------------------------------------
Includes 67.70 74.00 6.30 0.99 0.12 1.86 10.4 0.115
--------------------------------------------------------------------------
Includes 78.64 82.20 3.56 2.61 0.19 2.34 25.1 0.153
--------------------------------------------------------------------------
Sun 07-8a 85.34 93.60 8.26 0.80 0.50 1.00 105.0 0.294
--------------------------------------------------------------------------
Includes 85.34 88.80 3.46 1.20 5.00 10.20 226.0 0.482
--------------------------------------------------------------------------
And 107.06 112.00 4.94 1.50 0.00 0.00 5.7 0.099
--------------------------------------------------------------------------
And 119.00 123.85 4.85 1.50 0.20 0.90 26.0 0.136
--------------------------------------------------------------------------
Sun 07-15 46.65 52.00 5.35 4.00 0.20 2.50 27.8 0.331
--------------------------------------------------------------------------
And 99.80 100.70 0.90 3.70 0.40 3.20 76.3 1.232
--------------------------------------------------------------------------
And 106.35 110.20 3.85 0.60 0.30 2.00 20.3 1.494
--------------------------------------------------------------------------
Sun 07-16 128.10 159.50 31.40 0.90 0.40 1.50 15.8 0.060
--------------------------------------------------------------------------
Includes 128.10 134.25 6.15 0.50 0.20 1.00 17.3 0.116
--------------------------------------------------------------------------
Includes 145.25 159.50 14.25 1.70 0.80 2.70 34.8 0.066
--------------------------------------------------------------------------
Includes 148.25 151.60 3.35 4.10 1.30 3.80 70.8 0.123
--------------------------------------------------------------------------
Sun 07-17 59.00 61.00 2.00 1.10 0.00 0.10 5.0 0.083
--------------------------------------------------------------------------
And 81.00 82.00 1.00 0.40 1.30 4.60 35.5 0.192
--------------------------------------------------------------------------
And 93.75 95.00 1.25 1.10 0.80 6.00 28.4 0.058
--------------------------------------------------------------------------
And 126.10 134.70 8.60 0.80 0.60 2.60 33.7 0.363
--------------------------------------------------------------------------
And 168.40 170.40 2.00 3.00 0.10 0.80 16.3 0.272
--------------------------------------------------------------------------
Sun 07-20 151.28 161.30 10.02 1.20 1.50 7.50 61.7 0.203
--------------------------------------------------------------------------
Includes 153.00 157.96 4.96 1.00 2.70 13.60 93.1 0.198
--------------------------------------------------------------------------
And 183.50 192.80 8.70 2.70 0.30 1.70 34.6 0.131
--------------------------------------------------------------------------
Sun 07-21 197.82 210.31 12.49 1.70 0.70 3.30 81.0 0.227
--------------------------------------------------------------------------
Sun 07-22 166.00 197.50 31.50 0.80 0.80 3.00 35.5 0.121
--------------------------------------------------------------------------
Includes 166.00 177.50 11.50 1.40 2.10 7.80 89.5 0.298
--------------------------------------------------------------------------
Includes 191.10 197.95 6.85 0.90 0.20 0.80 10.4 0.043
--------------------------------------------------------------------------
And 203.60 205.40 1.80 1.50 0.10 0.30 31.0 1.107
--------------------------------------------------------------------------
All drilling conducted at SUN was within 30 degrees of being perpendicular to bedding; hence thicknesses should all be close to true thickness.
The core samples were sawed and half the core was sent to Alaska Assay Labs in Fairbanks Alaska for a 30 element ICP-AA analysis with gold and silver fire assayed with an AA finish. Base metal overlimits were wet assayed. Check assays have been done at ALS Chemex labs in Vancouver, British Columbia. Blanks and standards were inserted with each sample shipment.
These results have outlined a new 500 meter long 50-100 meter wide thickened zone which averages 35.5 meters (116.5 ft) thick. This highly prospective thickened zone is open to the south for at least a further 150 meters (492 ft) towards a fault that currently bounds the main SUN mineralized zone. In 2007 AOX intercepted six (6) fold thickened intercepts over the 500 meters, which average 35.5 meters thick hosting an average grade of 1.05% Cu, 0.81% Pb, 3.26% Zn, 42.9 gm/t Ag and 0.176 gm/t Au.
This prospective large volumetric addition and thickened zone was not considered in the Main SUN resource calculation completed in January 2007.
In 2007 Andover has extended the Main SUN deposit 300 meters to the Northeast and has discovered a new lower "HOT" zone ranging, 8.6 meters to 30.0 meters thick. This new lower "HOT" zone is open in both directions and was not included in the January 2007 Main SUN resources calculation.
Andover encountered 39 separate massive sulfide zones during the 2007 season which average 6.82 meters (22.4 ft) thick over a strike length of 1,400 meters (4593 ft) to a depth of 250 meters (820 ft). Average grade was 1.5% Cu, 1.0% Pb, 3.85% Zn, 63.1 gm/t Ag and 0.266 gm/t Au.
ON BEHALF OF THE BOARD
Robert Gardner, Chairman of the Board
The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
To recap 2007 work/drill program undertaken by the Company, conducted at the SUN deposit:
- New 20-man permanent camp.
- 1,500 foot permanent airstrip.
- Geochemical sampling along the strike.
- Two Boart-Longyear LF 70s drilled 4,496 meters (14,750 feet) of NQ2 core in 20 holes.
- Nineteen of the twenty holes encountered mineralized zones ranging from an estimated 1.20 to 37.01 meters (3.9 to 121.42 feet) thick. The 2007 drill program tested along 1,400 meters strike.
- Seven of the holes encountered two mineralized horizons.
- Two drill holes encountered three mineralized zones.
- Thirty total intersections were encountered and average over 6 meters (20 feet) thick of massive and semi-massive mineralization.
- Discovered/identified a new thickened zone.
- Extended the strike length by 300 meters North.
- Discovered lower "Hot" zone, up to 30.0 meters thick, open in both directions.
Copper, Lead, Zinc, Silver and Gold analysis for the mineralized intercepts received are included in the table below:
--------------------------------------------------------------------------
thick-
from to ness Cu Pb Zn Ag Au
Hole No. (m) (m) (m) (%) (%) (%) (g/t) (g/t)
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Sun 07-01 84.50 88.55 4.05 0.70 2.60 6.00 133.0 0.273
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Sun 07-02 136.70 139.70 3.00 7.40 2.50 7.40 182.9 0.241
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Sun 07-03 140.00 145.00 5.00 0.30 0.03 5.00 265.0 0.462
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Sun 07-04 171.00 173.74 2.74 0.14 0.27 1.02 6.2 0.059
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Sun 07-05 165.00 167.00 2.00 0.93 0.49 1.08 29.5 0.124
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Sun 07-06 93.35 96.35 3.00 0.15 3.59 5.92 148.0 0.217
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Sun 07-07 FAULTED HOLE ASSAYS BELOW
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Sun 07-07 89.20 89.45 0.25 0.37 1.24 2.91 75.0 0.174
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Sun 07-09 106.30 111.40 5.10 3.1 0.68 3.85 206.9 0.929
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Sun 07-10 83.80 94.74 10.94 2.34 0.77 5.98 68.1 0.266
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And 128.57 133.65 5.08 4.34 0.58 2.76 99.1 0.199
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Sun 07-11 108.80 110.80 2.00 1.17 0.04 0.22 4.9 0.251
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And 168.70 173.40 4.70 0.66 1.87 8.85 64.4 0.163
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Sun 07-12 114.55 146.97 32.42 1.04 0.80 2.83 81.2 0.261
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Includes 114.55 119.80 5.25 1.94 1.91 6.52 194.0 0.391
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Includes 123.53 124.17 0.64 1.10 6.54 9.30 628.6 2.360
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Includes 133.00 146.97 13.97 1.61 0.90 3.65 82.4 0.317
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Sun 07-13 71.44 108.45 37.01 1.17 1.85 7.26 44.0 0.179
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Includes 72.10 84.00 11.90 1.07 5.38 16.54 86.6 0.210
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Includes 84.00 94.40 10.40 2.11 0.31 6.28 41.9 0.322
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Includes 104.9 108.45 3.55 0.98 0.08 0.52 9.9 0.660
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And 139.33 141.00 1.67 1.41 1.59 5.93 73.8 0.162
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Sun 07-14 38.43 40.64 2.21 3.53 0.50 1.48 47.7 0.138
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And 52.00 82.20 30.20 1.06 0.69 2.03 43.0 0.344
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Includes 52.00 59.20 7.20 1.68 2.64 5.53 156.5 1.188
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Includes 67.70 74.00 6.30 0.99 0.12 1.86 10.4 0.115
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Includes 78.64 82.20 3.56 2.61 0.19 2.34 25.1 0.153
--------------------------------------------------------------------------
Sun 07-8a 85.34 93.60 8.26 0.80 0.50 1.00 105.0 0.294
--------------------------------------------------------------------------
Includes 85.34 88.80 3.46 1.20 5.00 10.20 226.0 0.482
--------------------------------------------------------------------------
And 107.06 112.00 4.94 1.50 0.00 0.00 5.7 0.099
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And 119.00 123.85 4.85 1.50 0.20 0.90 26.0 0.136
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Sun 07-15 46.65 52.00 5.35 4.00 0.20 2.50 27.8 0.331
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And 99.80 100.70 0.90 3.70 0.40 3.20 76.3 1.232
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And 106.35 110.20 3.85 0.60 0.30 2.00 20.3 1.494
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Sun 07-16 128.10 159.50 31.40 0.90 0.40 1.50 15.8 0.060
--------------------------------------------------------------------------
Includes 128.10 134.25 6.15 0.50 0.20 1.00 17.3 0.116
--------------------------------------------------------------------------
Includes 145.25 159.50 14.25 1.70 0.80 2.70 34.8 0.066
--------------------------------------------------------------------------
Includes 148.25 151.60 3.35 4.10 1.30 3.80 70.8 0.123
--------------------------------------------------------------------------
Sun 07-17 59.00 61.00 2.00 1.10 0.00 0.10 5.0 0.083
--------------------------------------------------------------------------
And 81.00 82.00 1.00 0.40 1.30 4.60 35.5 0.192
--------------------------------------------------------------------------
And 93.75 95.00 1.25 1.10 0.80 6.00 28.4 0.058
--------------------------------------------------------------------------
And 126.10 134.70 8.60 0.80 0.60 2.60 33.7 0.363
--------------------------------------------------------------------------
And 168.40 170.40 2.00 3.00 0.10 0.80 16.3 0.272
--------------------------------------------------------------------------
Sun 07-20 151.28 161.30 10.02 1.20 1.50 7.50 61.7 0.203
--------------------------------------------------------------------------
Includes 153.00 157.96 4.96 1.00 2.70 13.60 93.1 0.198
--------------------------------------------------------------------------
And 183.50 192.80 8.70 2.70 0.30 1.70 34.6 0.131
--------------------------------------------------------------------------
Sun 07-21 197.82 210.31 12.49 1.70 0.70 3.30 81.0 0.227
--------------------------------------------------------------------------
Sun 07-22 166.00 197.50 31.50 0.80 0.80 3.00 35.5 0.121
--------------------------------------------------------------------------
Includes 166.00 177.50 11.50 1.40 2.10 7.80 89.5 0.298
--------------------------------------------------------------------------
Includes 191.10 197.95 6.85 0.90 0.20 0.80 10.4 0.043
--------------------------------------------------------------------------
And 203.60 205.40 1.80 1.50 0.10 0.30 31.0 1.107
--------------------------------------------------------------------------
All drilling conducted at SUN was within 30 degrees of being perpendicular to bedding; hence thicknesses should all be close to true thickness.
The core samples were sawed and half the core was sent to Alaska Assay Labs in Fairbanks Alaska for a 30 element ICP-AA analysis with gold and silver fire assayed with an AA finish. Base metal overlimits were wet assayed. Check assays have been done at ALS Chemex labs in Vancouver, British Columbia. Blanks and standards were inserted with each sample shipment.
These results have outlined a new 500 meter long 50-100 meter wide thickened zone which averages 35.5 meters (116.5 ft) thick. This highly prospective thickened zone is open to the south for at least a further 150 meters (492 ft) towards a fault that currently bounds the main SUN mineralized zone. In 2007 AOX intercepted six (6) fold thickened intercepts over the 500 meters, which average 35.5 meters thick hosting an average grade of 1.05% Cu, 0.81% Pb, 3.26% Zn, 42.9 gm/t Ag and 0.176 gm/t Au.
This prospective large volumetric addition and thickened zone was not considered in the Main SUN resource calculation completed in January 2007.
In 2007 Andover has extended the Main SUN deposit 300 meters to the Northeast and has discovered a new lower "HOT" zone ranging, 8.6 meters to 30.0 meters thick. This new lower "HOT" zone is open in both directions and was not included in the January 2007 Main SUN resources calculation.
Andover encountered 39 separate massive sulfide zones during the 2007 season which average 6.82 meters (22.4 ft) thick over a strike length of 1,400 meters (4593 ft) to a depth of 250 meters (820 ft). Average grade was 1.5% Cu, 1.0% Pb, 3.85% Zn, 63.1 gm/t Ag and 0.266 gm/t Au.
ON BEHALF OF THE BOARD
Robert Gardner, Chairman of the Board
The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
Tuesday, January 15, 2008
Full Metal Identifies Significant Geochemical and Geophysical Anomalies at OG Zn-Pb-Ag Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2008) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) is pleased to announce the results of an extensive surface mapping, sampling and gravity geophysical program from the 100% owned OG Zinc-Lead-Silver Property, Yukon.
The OG Property is a carbonate-replacement style deposit (CRD) located approximately 40 kilometers north of Dawson City, Yukon. Full Metal is planning a minimum 3,000 meter Phase I drilling program to commence in the spring of 2008.
Work completed during 2007 outlined the Raider Zone, a significant new 1.0 square kilometer multi-element soil anomaly (greater than 500 ppm Pb, greater than 1000 ppm Zn, greater than 2 g/t Ag). The Raider Zone is located 750 meters north of the Yankee Zone, which was expanded from 1.4 to 1.7 square kilometers (greater than 500 ppm Pb, greater than 1000 ppm Zn, greater than 2 g/t Ag). Sample spacing ranges from 50 meters by 50 meters to 50 meters by 200 meters at both Zones. The Yankee and Raider anomalies are open for expansion to the east. Multiple other anomalous areas were identified north of the Raider Zone. From July through September 2007, 1,380 samples were collected at the OG Property; soil samples range from 6.8 to 39,200 ppm Pb, average 327 ppm Pb; 27 to 11,100 ppm Zn, average 560 ppm Zn, and 0.2 to 154 g/t Ag, average 0.9 g/t Ag.
Additionally, a ground-based gravity geophysical survey was completed over only the western third of the Yankee Zone soil anomaly. The survey outlined a 1.1 to 1.6 mGal anomaly, measuring approximately 600 by 600 meters. Gravity geophysical surveys identify denser rock, with the intent of identifying massive sulphide mineralization.
The OG Property was drill tested by 12 core holes in 1975 and 76 by Hudson's Bay Mining. Assay results are known for only six holes, which were filed under mandatory Yukon Territory assessment report requirements. Limited exploration work was performed on the Property prior to the 2007 Exploration Program.
Surface mapping identified CRD style mineralization consisting of coarse grained pyrite, sphalerite and galena with local chalcopyrite within a sequence of platformal Proterozoic limestones, commonly altered to dolomite. Mineralization occurs within the footwall to a regional thrust fault, with capping fine grained siliciclastic overlying the mineralization. The Raider and Yankee zones are separated by a window of the upper plate sediments.
Full Metal's 2007 exploration program was supervised by Robert McLeod, P.Geo., Vice President Exploration, for Full Metal Minerals Ltd., a Qualified Person as defined by NI 43-101, who has prepared and approved the information contained in this release. Soil samples were collected by experienced technicians, and placed in sealed bags for shipment to the ALS-Chemex Labs facility in Vancouver, B.C. for analysis. A sample quality control/quality assurance program was implemented.
Full Metal is a generative exploration company with twelve active projects in Alaska and one in the Yukon Territory. Final assay results from the 2007 drilling program at the 40 Mile Property are expected shortly. Drilling Programs will be completed during 2008 at the 40 Mile, Lucky Shot, Mt. Andrew, Moore Creek, CJ, Pebble South, Chignik, Boulder Creek and OG Properties. The Company has Joint Venture Agreements with Freeport McMoRan, BHP Billiton, Metallica Resources, Triex Minerals, Altair Ventures, Millrock Resources Highbury Projects, and Andover Ventures.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Williams, President and Director
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Full Metal Minerals Ltd.
Jeff Sundar
Manager, Investor Relations
(604) 484-7855
(604) 484-7155 (FAX)
Email: info@fullmetalminerals.com
Website: www.fullmetalminerals.com
The OG Property is a carbonate-replacement style deposit (CRD) located approximately 40 kilometers north of Dawson City, Yukon. Full Metal is planning a minimum 3,000 meter Phase I drilling program to commence in the spring of 2008.
Work completed during 2007 outlined the Raider Zone, a significant new 1.0 square kilometer multi-element soil anomaly (greater than 500 ppm Pb, greater than 1000 ppm Zn, greater than 2 g/t Ag). The Raider Zone is located 750 meters north of the Yankee Zone, which was expanded from 1.4 to 1.7 square kilometers (greater than 500 ppm Pb, greater than 1000 ppm Zn, greater than 2 g/t Ag). Sample spacing ranges from 50 meters by 50 meters to 50 meters by 200 meters at both Zones. The Yankee and Raider anomalies are open for expansion to the east. Multiple other anomalous areas were identified north of the Raider Zone. From July through September 2007, 1,380 samples were collected at the OG Property; soil samples range from 6.8 to 39,200 ppm Pb, average 327 ppm Pb; 27 to 11,100 ppm Zn, average 560 ppm Zn, and 0.2 to 154 g/t Ag, average 0.9 g/t Ag.
Additionally, a ground-based gravity geophysical survey was completed over only the western third of the Yankee Zone soil anomaly. The survey outlined a 1.1 to 1.6 mGal anomaly, measuring approximately 600 by 600 meters. Gravity geophysical surveys identify denser rock, with the intent of identifying massive sulphide mineralization.
The OG Property was drill tested by 12 core holes in 1975 and 76 by Hudson's Bay Mining. Assay results are known for only six holes, which were filed under mandatory Yukon Territory assessment report requirements. Limited exploration work was performed on the Property prior to the 2007 Exploration Program.
Surface mapping identified CRD style mineralization consisting of coarse grained pyrite, sphalerite and galena with local chalcopyrite within a sequence of platformal Proterozoic limestones, commonly altered to dolomite. Mineralization occurs within the footwall to a regional thrust fault, with capping fine grained siliciclastic overlying the mineralization. The Raider and Yankee zones are separated by a window of the upper plate sediments.
Full Metal's 2007 exploration program was supervised by Robert McLeod, P.Geo., Vice President Exploration, for Full Metal Minerals Ltd., a Qualified Person as defined by NI 43-101, who has prepared and approved the information contained in this release. Soil samples were collected by experienced technicians, and placed in sealed bags for shipment to the ALS-Chemex Labs facility in Vancouver, B.C. for analysis. A sample quality control/quality assurance program was implemented.
Full Metal is a generative exploration company with twelve active projects in Alaska and one in the Yukon Territory. Final assay results from the 2007 drilling program at the 40 Mile Property are expected shortly. Drilling Programs will be completed during 2008 at the 40 Mile, Lucky Shot, Mt. Andrew, Moore Creek, CJ, Pebble South, Chignik, Boulder Creek and OG Properties. The Company has Joint Venture Agreements with Freeport McMoRan, BHP Billiton, Metallica Resources, Triex Minerals, Altair Ventures, Millrock Resources Highbury Projects, and Andover Ventures.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Williams, President and Director
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Full Metal Minerals Ltd.
Jeff Sundar
Manager, Investor Relations
(604) 484-7855
(604) 484-7155 (FAX)
Email: info@fullmetalminerals.com
Website: www.fullmetalminerals.com
MAX provides exploration update and plans for 2008
VANCOUVER, Jan. 15 /PRNewswire-FirstCall/ - MAX Resource Corp. is pleased to provide an update and an outline of plans to follow up on drilling success achieved during exploration initiatives in 2007.
Aggressive drill programs are planned for its Gold Hill molybdenum discovery in Alaska and on the C de Baca uranium project in New Mexico. Drill campaigns and exploration programs are also contemplated on several highly prospective exploration properties acquired during 2007 in Nevada (Molybdenum) and Arizona (Uranium).
MAX has over $7.8 million in working capital as at December 31, 2007 and has the resources to move our exploration portfolio forward through successful exploration.
Planned exploration activities for 2008 include:
Gold Hill molybdenum project, Alaska (90% MAX)
Full Story
Aggressive drill programs are planned for its Gold Hill molybdenum discovery in Alaska and on the C de Baca uranium project in New Mexico. Drill campaigns and exploration programs are also contemplated on several highly prospective exploration properties acquired during 2007 in Nevada (Molybdenum) and Arizona (Uranium).
MAX has over $7.8 million in working capital as at December 31, 2007 and has the resources to move our exploration portfolio forward through successful exploration.
Planned exploration activities for 2008 include:
Gold Hill molybdenum project, Alaska (90% MAX)
Full Story
Niblack Mining Corp.: Underground Exploration at Niblack Resumes
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2008) - Niblack Mining Corp. (TSX VENTURE:NIB) (the "Company") is pleased to announce that underground exploration on the Niblack gold-silver-copper-zinc (VMS) property in southeast Alaska has resumed. Drill crews have also mobilized back to the property to continue the 9,000 metre (30,000 foot) phase one underground drill program.
The underground drill program is designed to test approximately 1,500 metres (5,000 feet) of unexplored stratigraphy between the Mammoth and Lookout zones (now known as the 'North Limb') and to test approximately 600 metres (2,000 feet) of depth extension at the Lookout zone. Drilling to date has partially tested the Mammoth area given its proximity to the portal entrance. Three holes have been completed, and a further eight are planned to test the down dip extension of base and precious metal mineralization encountered in surface drilling in 2006. Massive sulphide lenses commonly exhibit strong zoning, from base-metal rich cores to pyrite dominant, base-metal poor margins, and potential for discovery of higher grade mineralization at Mammoth is considered high. Assay results will be released as they are received.
As the main cross cut advances, drilling will continue to test the North Limb and the depth extension of the Lookout zone. Some of the deeper drill intercepts from surface based exploration at the Lookout zone include hole LO-129 that grades 3.26 g/t gold, 98 g/t silver, 4.52% copper and 16.38% zinc over 4.5 metres (14.8 feet) and LO-181 grading 4.68 g/t gold, 126 g/t silver, 5.83% copper and 6.23% zinc over 14.94 metres (49 feet).
Underground Program Update
The underground tunnelling has advanced 208 metres (688 feet) in from the portal entrance and crews have increased progress to 4.8 metres (16 feet) per day. Construction of drill stations and a muck bay at the Mammoth crosscut area are also complete. Ground conditions continue to be very good with limited rock bolting required. The underground program will consist of up to 1,800 metres (6,000 feet) of tunnel development providing access to areas beneath gold-rich base metal mineralization defined at the Lookout zone, and for discovery of new massive sulphide lenses along the North Limb. Underground access to the Trio Zone could also be achieved by extending one of the exploration drifts currently under construction at the Lookout Zone by 360 metres (1,200 feet). Drilling along the North Limb is now underway and will be followed by drilling at the Lookout Zone in the spring of 2008.
About the Company
Niblack Mining Corp. is a mineral exploration company engaged in advanced stage exploration of the gold, silver, copper, zinc Niblack volcanogenic massive sulphide (VMS) property located on Prince of Wales Island in southeast Alaska. The Company is carrying out underground and surface exploration programs that are designed to expand the Lookout zone at depth. The Niblack property has excellent exploration potential and is particularly attractive due to its high precious metals content and year round tidewater access. Niblack is well capitalized with over $7 million in working capital to fund the current underground program.
To find out more about Niblack Mining Corp. (TSX VENTURE:NIB), visit our website at www.niblackmining.com.
On Behalf of the Board
NIBLACK MINING CORP.
Paddy Nicol, MBA, President
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Niblack Mining Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
For more information, please contact
Niblack Mining Corp.
Corporate Inquiries
Fraser Adams
(604) 484-5045 or Toll Free: 1-888-784-5045
or
Niblack Mining Corp.
Corporate Inquiries
Bill Gillies
(604) 484-5045 or Toll Free: 1-888-784-5045
(604) 684-0279 (FAX)
Email: info@niblackmining.com
Website: www.niblackmining.com
The underground drill program is designed to test approximately 1,500 metres (5,000 feet) of unexplored stratigraphy between the Mammoth and Lookout zones (now known as the 'North Limb') and to test approximately 600 metres (2,000 feet) of depth extension at the Lookout zone. Drilling to date has partially tested the Mammoth area given its proximity to the portal entrance. Three holes have been completed, and a further eight are planned to test the down dip extension of base and precious metal mineralization encountered in surface drilling in 2006. Massive sulphide lenses commonly exhibit strong zoning, from base-metal rich cores to pyrite dominant, base-metal poor margins, and potential for discovery of higher grade mineralization at Mammoth is considered high. Assay results will be released as they are received.
As the main cross cut advances, drilling will continue to test the North Limb and the depth extension of the Lookout zone. Some of the deeper drill intercepts from surface based exploration at the Lookout zone include hole LO-129 that grades 3.26 g/t gold, 98 g/t silver, 4.52% copper and 16.38% zinc over 4.5 metres (14.8 feet) and LO-181 grading 4.68 g/t gold, 126 g/t silver, 5.83% copper and 6.23% zinc over 14.94 metres (49 feet).
Underground Program Update
The underground tunnelling has advanced 208 metres (688 feet) in from the portal entrance and crews have increased progress to 4.8 metres (16 feet) per day. Construction of drill stations and a muck bay at the Mammoth crosscut area are also complete. Ground conditions continue to be very good with limited rock bolting required. The underground program will consist of up to 1,800 metres (6,000 feet) of tunnel development providing access to areas beneath gold-rich base metal mineralization defined at the Lookout zone, and for discovery of new massive sulphide lenses along the North Limb. Underground access to the Trio Zone could also be achieved by extending one of the exploration drifts currently under construction at the Lookout Zone by 360 metres (1,200 feet). Drilling along the North Limb is now underway and will be followed by drilling at the Lookout Zone in the spring of 2008.
About the Company
Niblack Mining Corp. is a mineral exploration company engaged in advanced stage exploration of the gold, silver, copper, zinc Niblack volcanogenic massive sulphide (VMS) property located on Prince of Wales Island in southeast Alaska. The Company is carrying out underground and surface exploration programs that are designed to expand the Lookout zone at depth. The Niblack property has excellent exploration potential and is particularly attractive due to its high precious metals content and year round tidewater access. Niblack is well capitalized with over $7 million in working capital to fund the current underground program.
To find out more about Niblack Mining Corp. (TSX VENTURE:NIB), visit our website at www.niblackmining.com.
On Behalf of the Board
NIBLACK MINING CORP.
Paddy Nicol, MBA, President
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Niblack Mining Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
For more information, please contact
Niblack Mining Corp.
Corporate Inquiries
Fraser Adams
(604) 484-5045 or Toll Free: 1-888-784-5045
or
Niblack Mining Corp.
Corporate Inquiries
Bill Gillies
(604) 484-5045 or Toll Free: 1-888-784-5045
(604) 684-0279 (FAX)
Email: info@niblackmining.com
Website: www.niblackmining.com
Anti-Pebble campaign turns in 60,000-plus signatures
The sponsors of two Alaska Clean Water initiatives turned over booklets containing more than 60,000 signatures to state officials on Monday to try to get their anti-Pebble campaign on the statewide election ballot this year.
The initiatives are an attempt to block water pollution discharges from large, metal-producing mines -- in particular, the giant Pebble copper and gold prospect in Southwest Alaska, which lies in the headwaters of two of the rivers that feed Bristol Bay's world-class fisheries.
The first -- and strictest -- version of the Clean Water initiative would prevent large metal mines from discharging any quantity of toxic pollutants into salmon streams or drinking water supplies. It also would ban mines from storing or disposing of any waste -- such as tailings -- that could generate toxic compounds.
This initiative would make it difficult or impossible to grant state approval to any future mine -- like Pebble -- or to an existing mine when it needs to get new permits, according to the Alaska Department of Natural Resources.
The second Clean Water initiative only would prohibit discharges in harmful amounts and wouldn't differ much from current laws, according to the DNR.
Full Story
The initiatives are an attempt to block water pollution discharges from large, metal-producing mines -- in particular, the giant Pebble copper and gold prospect in Southwest Alaska, which lies in the headwaters of two of the rivers that feed Bristol Bay's world-class fisheries.
The first -- and strictest -- version of the Clean Water initiative would prevent large metal mines from discharging any quantity of toxic pollutants into salmon streams or drinking water supplies. It also would ban mines from storing or disposing of any waste -- such as tailings -- that could generate toxic compounds.
This initiative would make it difficult or impossible to grant state approval to any future mine -- like Pebble -- or to an existing mine when it needs to get new permits, according to the Alaska Department of Natural Resources.
The second Clean Water initiative only would prohibit discharges in harmful amounts and wouldn't differ much from current laws, according to the DNR.
Full Story
Gold Dips as Volatility Widens; Oil Rallies & Tokyo Stocks Hit 26-Month Low
Spot Gold Prices fell $6 from an overnight rally to $911 per ounce just before the London open on Tuesday, continuing the wide volatility seen late Monday as Asian stocks fell and the US Dollar held at 7-week lows vs. the Euro and Japanese Yen.
Japan's Nikkei fell 1 percent, finishing below 14,000 for the first time since November 2005 after Bank of Japan chief Toshihiko Fukui said Japan's economic growth will "slow for some time."
The US Dollar held near to Monday's seven-week lows vs. both the Japanese Yen and the Euro ahead of on Tuesday on concern that weak U.S. bank earnings will push the economy closer to recession, fuelling expectations for more Federal Reserve interest rate cuts.
Full Story
Japan's Nikkei fell 1 percent, finishing below 14,000 for the first time since November 2005 after Bank of Japan chief Toshihiko Fukui said Japan's economic growth will "slow for some time."
The US Dollar held near to Monday's seven-week lows vs. both the Japanese Yen and the Euro ahead of on Tuesday on concern that weak U.S. bank earnings will push the economy closer to recession, fuelling expectations for more Federal Reserve interest rate cuts.
Full Story
Selkirk Metals Corp.: Ruddock Creek Underground Development Program Advancing
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2008) - Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to announce that underground mining is progressing as planned at the Ruddock Creek Property, located 100 km north-northwest of Revelstoke in the Kamloops and Revelstoke Mining Divisions, British Columbia.
Underground operations commenced in late September with the collaring of the portal and full 24 hour mining cycle on the decline starting at the end of November once the camp construction was completed. The decline has been advanced 200m from the collar of the portal, not including re-mucks, safety bays and water sumps. As expected based on the drilling and geological information, the ground conditions have been excellent. Procon Mining and Tunnelling Ltd. is continuing as the contractor on site with support from Selkirk personnel.
Full Story
Underground operations commenced in late September with the collaring of the portal and full 24 hour mining cycle on the decline starting at the end of November once the camp construction was completed. The decline has been advanced 200m from the collar of the portal, not including re-mucks, safety bays and water sumps. As expected based on the drilling and geological information, the ground conditions have been excellent. Procon Mining and Tunnelling Ltd. is continuing as the contractor on site with support from Selkirk personnel.
Full Story
Friday, January 11, 2008
Gold Hits Record $900 an Ounce
NEW YORK (AP) — Gold futures briefly rose above $900 an ounce Friday for the first time as high oil prices, a weak dollar and fears of a U.S. recession led uneasy investors to keep buying the precious metal.
An ounce of gold for February delivery on the New York Mercantile Exchange jumped $6.50 to $900.10 in morning trading, an all-time high and a psychologically important milestone. Gold later slipped to $898.70 an ounce on profit-taking but remained in record territory.
"It's a reflection of market sentiment: Gold is a hedge against uncertainty and right now it's the best bet," said Carlos Sanchez, a precious metals analyst at CPM Group in New York. "None of the other investment options look that great and gold does."
Full Article
An ounce of gold for February delivery on the New York Mercantile Exchange jumped $6.50 to $900.10 in morning trading, an all-time high and a psychologically important milestone. Gold later slipped to $898.70 an ounce on profit-taking but remained in record territory.
"It's a reflection of market sentiment: Gold is a hedge against uncertainty and right now it's the best bet," said Carlos Sanchez, a precious metals analyst at CPM Group in New York. "None of the other investment options look that great and gold does."
Full Article
Thursday, January 10, 2008
ITH Defines New Surface Gold Targets and Progresses Toward First Resource Calculation on LMS Project, Alaska
VANCOUVER, BRITISH COLUMBIA, Jan 8, 2008 (Marketwire via COMTEX) -- International Tower Hill Mines Ltd. ("ITH" or "the Company") (TSX VENTURE:ITH)(AMEX:THM)(FRANKFURT:IW9) is pleased to announce the results of its summer exploration program at the LMS prospect. The Company also reports that it is on schedule to complete an initial NI 43-101 resource calculation for the Camp Zone area, one of several targets on the property, during the first quarter of 2008.
During the 2007 field season, an extensive, deep auger drill soil sampling program was completed across LMS property, and has defined two previously unknown areas of mineralization (at Liscum and NW Camp) and better defined the known NW and South Ridge anomalies. The results highlight the extensive nature of the mineral system at LMS and the number of gold targets that remain untested in this large 59 square kilometre land package. The development of the new targets has confirmed the large untested potential of this logistically favourable project, which is located along the Pogo Mine winter road.
To view, Figure 1: Gold in soils at the LMS Project, please click on the following link: http://www.ccnmatthews.com/docs/0108ith.jpg.
The legend refers to the size of the material analyzed from soil pits, except in the case of track auger samples where the whole sample is treated as a rock sample. Numbers in brackets are the number of samples returning results within the particular range of values noted.
Project Background
The LMS project is located in Alaska, 40 kilometres south of the Pogo Gold Mine, along the winter access road and within 14 kilometres of the Richardson Highway. ITH is earning a 60% interest in the LMS project from AngloGold Ashanti (USA) Exploration Inc. ("AngloGold") (see press release of August 4, 2006 for details).
LMS was discovered in 2004 by AngloGold as part of a regional sampling program. The initial surface discovery of the outcropping Camp Zone deposit focused AngloGold's exploration drilling, resulting in the definition of the open-ended Camp Zone gold deposit. In 2006, ITH optioned the property from AngloGold, under an agreement pursuant to which it can earn a 60% interest. In 2007, ITH has focused on evaluating the remainder of the large LMS property for additional gold deposits (see other targets below).
Camp Zone
Gold mineralization within the Camp Zone is associated with a siliceous breccia horizon within a metamorphic schist unit. This siliceous breccia and surrounding gneiss units host both broad, lower grade, gold-silver mineralization and later high-grade gold veins. The mineralized breccia zone is shallowly dipping and remains open along strike and at depth. The Camp Zone has been drilled over a strike length of 300 metres and down dip approximately 500 metres by a total of 36 core and RC holes. The Company anticipates completing a NI 43-101 compliant technical report on the Camp Zone, including an initial resource calculation, in the first quarter of 2008.
Other Targets
The 2007 exploration program collected a total of 1,735 samples at the LMS property, including traditional pit soil samples, deep auger drill soil samples and MMI soil samples. This work has outlined 5 other high priority target areas, in addition to the Camp Zone, which warrant further exploration and drill testing. The Company anticipates focusing its future exploration on the expansion of the Camp Zone toward the NW Camp and South Ridge targets, as well as initial drilling of the Liscum target. The Company is currently planning its 2008 exploration program and will announce its 2008 exploration program in due course.
Qualified Person and Quality Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Pontius is the President and CEO of ITH.
The work program at LMS was designed and is supervised by Dr. Russell Myers, Vice President of Exploration, Talon Gold (US) LLC (a wholly owned subsidiary of ITH responsible for carrying out the Company's exploration programs), who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project photograph the core from each individual borehole prior to preparing the split core, which is then sealed and shipped to ALS Chemex for assay. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. is a resource exploration company, focused in Alaska and Nevada, which controls a number of exploration projects representing a spectrum of early stage to advanced gold discoveries. ITH is committed to building shareholder value through new discoveries while maintaining a majority interest in its holdings, thereby giving its shareholders the maximum value for their investment.
On behalf of INTERNATIONAL TOWER HILL MINES LTD.
Jeffrey A. Pontius, President and Chief Executive Officer
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans and business trends. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
This press release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the US Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
SOURCE: International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd.
Quentin Mai
Vice-President - Corporate Communications
(604) 683-6332 or Toll Free: 1-888-770-7488
(604) 408-7499 (FAX)
Email: qmai@internationaltowerhill.com
Website: ITHmines.com
During the 2007 field season, an extensive, deep auger drill soil sampling program was completed across LMS property, and has defined two previously unknown areas of mineralization (at Liscum and NW Camp) and better defined the known NW and South Ridge anomalies. The results highlight the extensive nature of the mineral system at LMS and the number of gold targets that remain untested in this large 59 square kilometre land package. The development of the new targets has confirmed the large untested potential of this logistically favourable project, which is located along the Pogo Mine winter road.
To view, Figure 1: Gold in soils at the LMS Project, please click on the following link: http://www.ccnmatthews.com/docs/0108ith.jpg.
The legend refers to the size of the material analyzed from soil pits, except in the case of track auger samples where the whole sample is treated as a rock sample. Numbers in brackets are the number of samples returning results within the particular range of values noted.
Project Background
The LMS project is located in Alaska, 40 kilometres south of the Pogo Gold Mine, along the winter access road and within 14 kilometres of the Richardson Highway. ITH is earning a 60% interest in the LMS project from AngloGold Ashanti (USA) Exploration Inc. ("AngloGold") (see press release of August 4, 2006 for details).
LMS was discovered in 2004 by AngloGold as part of a regional sampling program. The initial surface discovery of the outcropping Camp Zone deposit focused AngloGold's exploration drilling, resulting in the definition of the open-ended Camp Zone gold deposit. In 2006, ITH optioned the property from AngloGold, under an agreement pursuant to which it can earn a 60% interest. In 2007, ITH has focused on evaluating the remainder of the large LMS property for additional gold deposits (see other targets below).
Camp Zone
Gold mineralization within the Camp Zone is associated with a siliceous breccia horizon within a metamorphic schist unit. This siliceous breccia and surrounding gneiss units host both broad, lower grade, gold-silver mineralization and later high-grade gold veins. The mineralized breccia zone is shallowly dipping and remains open along strike and at depth. The Camp Zone has been drilled over a strike length of 300 metres and down dip approximately 500 metres by a total of 36 core and RC holes. The Company anticipates completing a NI 43-101 compliant technical report on the Camp Zone, including an initial resource calculation, in the first quarter of 2008.
Other Targets
The 2007 exploration program collected a total of 1,735 samples at the LMS property, including traditional pit soil samples, deep auger drill soil samples and MMI soil samples. This work has outlined 5 other high priority target areas, in addition to the Camp Zone, which warrant further exploration and drill testing. The Company anticipates focusing its future exploration on the expansion of the Camp Zone toward the NW Camp and South Ridge targets, as well as initial drilling of the Liscum target. The Company is currently planning its 2008 exploration program and will announce its 2008 exploration program in due course.
Qualified Person and Quality Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Pontius is the President and CEO of ITH.
The work program at LMS was designed and is supervised by Dr. Russell Myers, Vice President of Exploration, Talon Gold (US) LLC (a wholly owned subsidiary of ITH responsible for carrying out the Company's exploration programs), who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project photograph the core from each individual borehole prior to preparing the split core, which is then sealed and shipped to ALS Chemex for assay. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. is a resource exploration company, focused in Alaska and Nevada, which controls a number of exploration projects representing a spectrum of early stage to advanced gold discoveries. ITH is committed to building shareholder value through new discoveries while maintaining a majority interest in its holdings, thereby giving its shareholders the maximum value for their investment.
On behalf of INTERNATIONAL TOWER HILL MINES LTD.
Jeffrey A. Pontius, President and Chief Executive Officer
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans and business trends. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
This press release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the US Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
SOURCE: International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd.
Quentin Mai
Vice-President - Corporate Communications
(604) 683-6332 or Toll Free: 1-888-770-7488
(604) 408-7499 (FAX)
Email: qmai@internationaltowerhill.com
Website: ITHmines.com
Whistler Resource Estimate Confirms an Indicated Resource of 840,000 Ounces Gold and an Inferred Resource of 2.74 Million Ounces Gold
TORONTO, ONTARIO, Jan 9, 2008 (Marketwire via COMTEX) -- Geoinformatics Exploration Inc. (TSX VENTURE:GXL) ("Geoinformatics" or the "Company") is pleased to announce it has received the initial independent mineral resource estimate on the Whistler and Main Zones at its Whistler Project in Alaska. The report states that the greater Whistler Zone holds an Indicated Resource of 840,000 ounces of gold plus an Inferred Resource of 2.74 million ounces of gold. Consideration of the silver and copper mineralization associated with the gold, produces a gold equivalent resource of 1.31 million ounces in the Indicated category and 4.44 million ounces in the Inferred category.
The independent resource estimate was compiled by SRK Consulting (Canada) Inc. ("SRK") and complies with National Instrument (NI) 43-101 and Canadian Institute of Mining (CIM) guidelines for reporting mineral resources.
Highlights
SRK's Mineral Resource Statement confirms:
- An Indicated Resource containing 840,000 ounces of gold, 2.37 million ounces (Moz) of silver and 159 million pounds (Mlbs) of copper (which equates to 1.31 Moz in a gold equivalent resource);
- An Inferred Resource containing 2.74 Moz of gold, 9.44 Moz of silver and 573 Mlbs of copper (which equates to 4.44 Moz in a gold equivalent resource); and
- The Indicated category contains 30 million tonnes grading 0.87 grams per tonne ("g/t") gold, 2.46 g/t silver and 0.24% copper and the Inferred category contains 134 million tonnes grading 0.64 g/t gold, 2.18 g/t silver and 0.20% copper.
The resource estimation process has also highlighted several untested areas of the Whistler Zone that have the potential to increase the mineral resource significantly, which will be evaluated with follow-up drilling in 2008.
"The initial 43-101 compliant resource estimate on the Whistler Zone is a watershed milestone for Geoinformatics, as it quantifies a large gold resource that can be used as a valuation benchmark for the Company and continues to highlight the merits of our important alliance with Kennecott Exploration Company," commented Kevin L. Snook, Chairman of Geoinformatics. "The results of SRK's resource estimate clearly position Geoinformatics as holding one of the prime North American advanced exploration gold properties, and we will continue to work aggressively to enhance the project and increase its value to our shareholders."
Resource Estimate Summary
The total Indicated and Inferred Mineral Resources are presented in Table 1 below and encompass both the Whistler and Main Zones. The higher grade Main Zone is hosted within the broader mineralized envelope represented by the Whistler Zone.
SRK calculated the resource estimate based on a conceptually modeled and optimized open-pit design (described below) in which 93% of the current total tonnage is extractable through an open pit operation (cut-off grade of 0.3 g/t gold equivalent) and the remaining 7% (cut-off grade of 1.1 g/t gold equivalent) is potentially extractable by bulk underground mining methods following development of the open pit.
Table 1. Mineral Resource Statement(i) for the Whistler Gold Deposit,
Alaska, Prepared by SRK Consulting (Canada) Inc.
---------------------------------------------------------------------------
Tonnage and Grades Total Contained Metal
---------------------------------------------------------------------------
Resource Tonnage Gold Silver Copper Gold Gold Silver Copper Gold
Category (Mt) (g/t) (g/t) (%) Eq(3) (Moz) (Moz) (Mlb) Eq(3)
(g/t) (Moz)
---------------------------------------------------------------------------
Indicated
(open-
pit(1)) 30 0.87 2.46 0.24 1.35 0.84 2.37 159 1.31
---------------------------------------------------------------------------
Total
Indicated 30 0.87 2.46 0.24 1.35 0.84 2.37 159 1.31
---------------------------------------------------------------------------
Inferred
(open-
pit(1)) 123 0.59 2.07 0.19 0.98 2.33 8.19 515 3.86
---------------------------------------------------------------------------
Inferred
(under-
ground(2)) 11 1.16 3.55 0.24 1.66 0.41 1.26 58 0.59
---------------------------------------------------------------------------
Total
Inferred(4) 134 0.64 2.18 0.20 1.05 2.74 9.44 573 4.44
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1. Reported within a conceptual pit shell and based on a cut-off grade of
0.3 g/t gold equivalent adjusted for metallurgical recovery (see
methodology below).
2. Reported based on an underground bulk mining method using a cut-off
grade of 1.1 g/t gold equivalent adjusted for metallurgical recovery.
3. Total grade and Total Contained Metal gold equivalent grade and ounces
estimated based on 100% recovery, $550 per ounce gold, $8 per ounce silver
and $1.50 per pound of copper.
4. Totals may vary due to rounding.
(i) Notes: Mineral resources, which are not reserves, do not yet have
demonstrated economic viability.
SRK is unaware of any environmental, permitting, legal, title,
taxation, socio-political, marketing or other relevant issues
that may materially affect this resource estimate
"We believe that the SRK resource estimate is just the beginning of the development of the Whistler area as a new porphyry province," stated Dr. Nick Archibald, Chief Executive Officer of Geoinformatics. "The Whistler Zone itself remains open in several directions and at depth, and numerous high-quality exploration targets with similar geophysical signatures have been identified in close proximity. We intend to drill test the Whistler Zone targets which have the potential to significantly increase the resource estimate."
Next Steps
Geoinformatics plans to aggressively advance the Whistler Zone through further definition drilling of mineralized zones in both the high-grade Main Zone, as well as the extended mineralized envelope. The objective of the program will be to move resources in the Indicated and Inferred categories, respectively, into higher categories as part of a plan to complete a feasibility study on the deposit as soon as possible.
In addition, the resource estimation process has highlighted several areas in the immediate vicinity of prior drilling that are currently untested and which have the potential to significantly increase the reported mineral resource estimate. Geoinformatics intends to conduct a comprehensive exploration program on these high-priority targets in 2008.
The third component for this year's strategy will be the drilling of currently-identified high-priority regional targets as successful identification of other regional mineralized zones could positively impact the economics of the Whistler Zone.
SRK Qualifications and Methodology
SRK is a worldwide independent engineering, environmental and geological consulting company with over 700 engineers and scientists and a reputation for excellence in the estimation of mineral resources. In August 2007, Geoinformatics engaged SRK to audit the Whistler Project and to prepare an initial independent technical report on it, compliant with NI 43-101 guidelines, which was filed on SEDAR (www.sedar.com) on November 8, 2007. The scope of work was expanded, as announced in November 2007, to include completing an independent estimate of the mineral resources in the Whistler Gold Deposit. The updated NI 43-101 report will be filed on SEDAR within 45 days.
The resource estimate prepared by SRK was based on a three-dimensional (3-D) geologic and mineralization model that integrated over 7,250 meters of drilling in 31 holes and included a block model. This drilling has been audited and validated by SRK in accordance with CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and with National Instrument 43-101 guidelines.
Metal grades were estimated and incorporated into a block model that was constructed using capped composites and ordinary "kriging". A density factor of 2.72 tonnes per cubic metre was used to convert volumes into tonnage, based on 21 core specific gravity samples as determined by ALS Chemex Laboratory in Vancouver, Canada. Kriging is a geo-statistical technique commonly used in mineral resource estimates.
The near surface Whistler mineral resource has been modeled within a conceptual pit shell generated using Whittle Pit Optimization software. The Whistler in-pit mineral resource is based on a 0.30 g/t recovered gold equivalent in-pit cut-off grade assuming a 75% recovery for gold and silver and a 85% recovery for copper and using metals prices of US$550/oz for gold, US$1.50/lb for copper and US$8/oz for silver. Mining parameters used in the Whittle pit optimization were based on those from similar projects and include 2.5% pit mining losses, 35% pit slope angle, average mining cost of US$1.50/t rock and processing cost of US $7.50/t rock. Items such as refinery costs or concentrate shipping charges were not included in the calculation. Mineral resources are not reserves and do not have demonstrated economic viability.
About the Whistler Project
The Whistler Project was acquired as a target-of-merit from Kennecott in June 2007 (see "Kennecott - Geoinformatics Alliance Agreement" below), and encompasses approximately 440 contiguous sq. km. in relatively flat topography at the northeastern end of the prospective Southern Alaskan Range. This range hosts the giant Pebble copper-gold-molybdenum-silver deposit further to the southwest. The large property is located approximately 160 km. northwest of Anchorage, Alaska, and consists of 732 mining claims on state land designated for mineral exploration and development.
The Whistler Zone outcrops on a broad, relatively flat ridge with very little vegetation cover at an elevation of approximately 800 metres. The deposit has been interpreted from extensive drilling as a large gold-copper-silver porphyry system.
The Whistler Project also includes a significant number of regional exploration targets. These regional targets have largely been identified directly from geophysical "signatures" similar to that of the Whistler Zone or from Geoinformatics' proprietary auto-intrusion detection technology. Though the Whistler Zone is the only target found to-date which comes to surface, a number of regional targets have mineralized geochemistry samples, and several reconnaissance drill holes have intersected mineralization, including the Rainmaker Prospect with an intercept of 184 metres grading 0.44 g/t gold and 0.19% copper.
To view a map of "Figure 1. Whistler Project Location", please visit the link below:
http://www.ccnmatthews.com/docs/whistlerprojectlocation.pdf
Kennecott - Geoinformatics Alliance Agreement
All Whistler prospects and properties mentioned in this press release fall under the Kennecott-Geoinformatics Master Strategic Alliance Agreement (the "Alliance Agreement"). The Company entered into the Alliance Agreement effective March 2006 under which it is using its proprietary geo-science and technology platform (the "Geoinformatics Process") to identify, prioritize and drill more than 30 exploration drill targets over the initial two years of the Agreement. The Whistler Project was acquired by Geoinformatics as a target-of-merit under the Alliance Agreement in June 2007, and Kennecott retains a back-in right to acquire either a 51% or 60% interest in the Whistler Project under certain circumstances. Please refer to Geoinformatics' press-release dated August 14, 2006, for further information.
Qualified Persons
The technical content of this release has been reviewed by Darren Holden, MAusIMM, Executive Vice President - Operations of Geoinformatics. The resource estimate and technical report for the project was completed by George Wahl, an Associate Principal Resource Geologist with SRK and was reviewed by Dr. Jean-Francois Couture, P.Geo, of SRK. By virtue of their academic backgrounds and professional experience, Mr. Holden, Mr. Wahl and Dr. Couture are all "qualified persons" as defined by NI 43-101.
About Geoinformatics
The Geoinformatics Process integrates large-scale data aggregation, data mining and three-dimensional modeling, and has been designed to assist in understanding and quantifying risk at a much earlier stage of the exploration cycle than has traditionally been available. The Company's objective is to advance its properties to the stage of commercial development by applying faster, less expensive and more reliable analytical methods to resource exploration.
In addition to the Whistler Project, Geoinformatics is continuing to advance several exploration projects located in Utah (Stockton), the Battle Mountain Trend region of Nevada (Colorback), and the State of Sinaloa, Mexico (La Noria/Azulitas) to the resource estimate stage as quickly as possible. Fourteen Company-owned properties in the State of Sonora, Mexico, fall under a joint venture in which Azure Minerals Limited is earning a 51% interest by spending US$4 million. Geoinformatics also has an extensive portfolio of other direct and indirect property interests, joint ventures, and royalties covering a wide range of minerals in Mexico, Australia and New Zealand and North America.
This news release includes certain forward-looking statements concerning the future performance of Geoinformatics' business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in Geoinformatics' securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.
SOURCE: Geoinformatics Exploration Inc.
Geoinformatics Exploration Inc.
Dr. Nick Archibald
Executive Vice-Chairman and CEO
(416) 861-1300 x224
Email: nicka@geoinformex.com
Geoinformatics Exploration Inc.
Mr. Darren Holden
Executive Vice President - Operations
(604) 605-3073 x101
Email: darrenh@geoinformex.com
Website: www.geoinformex.com
The independent resource estimate was compiled by SRK Consulting (Canada) Inc. ("SRK") and complies with National Instrument (NI) 43-101 and Canadian Institute of Mining (CIM) guidelines for reporting mineral resources.
Highlights
SRK's Mineral Resource Statement confirms:
- An Indicated Resource containing 840,000 ounces of gold, 2.37 million ounces (Moz) of silver and 159 million pounds (Mlbs) of copper (which equates to 1.31 Moz in a gold equivalent resource);
- An Inferred Resource containing 2.74 Moz of gold, 9.44 Moz of silver and 573 Mlbs of copper (which equates to 4.44 Moz in a gold equivalent resource); and
- The Indicated category contains 30 million tonnes grading 0.87 grams per tonne ("g/t") gold, 2.46 g/t silver and 0.24% copper and the Inferred category contains 134 million tonnes grading 0.64 g/t gold, 2.18 g/t silver and 0.20% copper.
The resource estimation process has also highlighted several untested areas of the Whistler Zone that have the potential to increase the mineral resource significantly, which will be evaluated with follow-up drilling in 2008.
"The initial 43-101 compliant resource estimate on the Whistler Zone is a watershed milestone for Geoinformatics, as it quantifies a large gold resource that can be used as a valuation benchmark for the Company and continues to highlight the merits of our important alliance with Kennecott Exploration Company," commented Kevin L. Snook, Chairman of Geoinformatics. "The results of SRK's resource estimate clearly position Geoinformatics as holding one of the prime North American advanced exploration gold properties, and we will continue to work aggressively to enhance the project and increase its value to our shareholders."
Resource Estimate Summary
The total Indicated and Inferred Mineral Resources are presented in Table 1 below and encompass both the Whistler and Main Zones. The higher grade Main Zone is hosted within the broader mineralized envelope represented by the Whistler Zone.
SRK calculated the resource estimate based on a conceptually modeled and optimized open-pit design (described below) in which 93% of the current total tonnage is extractable through an open pit operation (cut-off grade of 0.3 g/t gold equivalent) and the remaining 7% (cut-off grade of 1.1 g/t gold equivalent) is potentially extractable by bulk underground mining methods following development of the open pit.
Table 1. Mineral Resource Statement(i) for the Whistler Gold Deposit,
Alaska, Prepared by SRK Consulting (Canada) Inc.
---------------------------------------------------------------------------
Tonnage and Grades Total Contained Metal
---------------------------------------------------------------------------
Resource Tonnage Gold Silver Copper Gold Gold Silver Copper Gold
Category (Mt) (g/t) (g/t) (%) Eq(3) (Moz) (Moz) (Mlb) Eq(3)
(g/t) (Moz)
---------------------------------------------------------------------------
Indicated
(open-
pit(1)) 30 0.87 2.46 0.24 1.35 0.84 2.37 159 1.31
---------------------------------------------------------------------------
Total
Indicated 30 0.87 2.46 0.24 1.35 0.84 2.37 159 1.31
---------------------------------------------------------------------------
Inferred
(open-
pit(1)) 123 0.59 2.07 0.19 0.98 2.33 8.19 515 3.86
---------------------------------------------------------------------------
Inferred
(under-
ground(2)) 11 1.16 3.55 0.24 1.66 0.41 1.26 58 0.59
---------------------------------------------------------------------------
Total
Inferred(4) 134 0.64 2.18 0.20 1.05 2.74 9.44 573 4.44
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1. Reported within a conceptual pit shell and based on a cut-off grade of
0.3 g/t gold equivalent adjusted for metallurgical recovery (see
methodology below).
2. Reported based on an underground bulk mining method using a cut-off
grade of 1.1 g/t gold equivalent adjusted for metallurgical recovery.
3. Total grade and Total Contained Metal gold equivalent grade and ounces
estimated based on 100% recovery, $550 per ounce gold, $8 per ounce silver
and $1.50 per pound of copper.
4. Totals may vary due to rounding.
(i) Notes: Mineral resources, which are not reserves, do not yet have
demonstrated economic viability.
SRK is unaware of any environmental, permitting, legal, title,
taxation, socio-political, marketing or other relevant issues
that may materially affect this resource estimate
"We believe that the SRK resource estimate is just the beginning of the development of the Whistler area as a new porphyry province," stated Dr. Nick Archibald, Chief Executive Officer of Geoinformatics. "The Whistler Zone itself remains open in several directions and at depth, and numerous high-quality exploration targets with similar geophysical signatures have been identified in close proximity. We intend to drill test the Whistler Zone targets which have the potential to significantly increase the resource estimate."
Next Steps
Geoinformatics plans to aggressively advance the Whistler Zone through further definition drilling of mineralized zones in both the high-grade Main Zone, as well as the extended mineralized envelope. The objective of the program will be to move resources in the Indicated and Inferred categories, respectively, into higher categories as part of a plan to complete a feasibility study on the deposit as soon as possible.
In addition, the resource estimation process has highlighted several areas in the immediate vicinity of prior drilling that are currently untested and which have the potential to significantly increase the reported mineral resource estimate. Geoinformatics intends to conduct a comprehensive exploration program on these high-priority targets in 2008.
The third component for this year's strategy will be the drilling of currently-identified high-priority regional targets as successful identification of other regional mineralized zones could positively impact the economics of the Whistler Zone.
SRK Qualifications and Methodology
SRK is a worldwide independent engineering, environmental and geological consulting company with over 700 engineers and scientists and a reputation for excellence in the estimation of mineral resources. In August 2007, Geoinformatics engaged SRK to audit the Whistler Project and to prepare an initial independent technical report on it, compliant with NI 43-101 guidelines, which was filed on SEDAR (www.sedar.com) on November 8, 2007. The scope of work was expanded, as announced in November 2007, to include completing an independent estimate of the mineral resources in the Whistler Gold Deposit. The updated NI 43-101 report will be filed on SEDAR within 45 days.
The resource estimate prepared by SRK was based on a three-dimensional (3-D) geologic and mineralization model that integrated over 7,250 meters of drilling in 31 holes and included a block model. This drilling has been audited and validated by SRK in accordance with CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and with National Instrument 43-101 guidelines.
Metal grades were estimated and incorporated into a block model that was constructed using capped composites and ordinary "kriging". A density factor of 2.72 tonnes per cubic metre was used to convert volumes into tonnage, based on 21 core specific gravity samples as determined by ALS Chemex Laboratory in Vancouver, Canada. Kriging is a geo-statistical technique commonly used in mineral resource estimates.
The near surface Whistler mineral resource has been modeled within a conceptual pit shell generated using Whittle Pit Optimization software. The Whistler in-pit mineral resource is based on a 0.30 g/t recovered gold equivalent in-pit cut-off grade assuming a 75% recovery for gold and silver and a 85% recovery for copper and using metals prices of US$550/oz for gold, US$1.50/lb for copper and US$8/oz for silver. Mining parameters used in the Whittle pit optimization were based on those from similar projects and include 2.5% pit mining losses, 35% pit slope angle, average mining cost of US$1.50/t rock and processing cost of US $7.50/t rock. Items such as refinery costs or concentrate shipping charges were not included in the calculation. Mineral resources are not reserves and do not have demonstrated economic viability.
About the Whistler Project
The Whistler Project was acquired as a target-of-merit from Kennecott in June 2007 (see "Kennecott - Geoinformatics Alliance Agreement" below), and encompasses approximately 440 contiguous sq. km. in relatively flat topography at the northeastern end of the prospective Southern Alaskan Range. This range hosts the giant Pebble copper-gold-molybdenum-silver deposit further to the southwest. The large property is located approximately 160 km. northwest of Anchorage, Alaska, and consists of 732 mining claims on state land designated for mineral exploration and development.
The Whistler Zone outcrops on a broad, relatively flat ridge with very little vegetation cover at an elevation of approximately 800 metres. The deposit has been interpreted from extensive drilling as a large gold-copper-silver porphyry system.
The Whistler Project also includes a significant number of regional exploration targets. These regional targets have largely been identified directly from geophysical "signatures" similar to that of the Whistler Zone or from Geoinformatics' proprietary auto-intrusion detection technology. Though the Whistler Zone is the only target found to-date which comes to surface, a number of regional targets have mineralized geochemistry samples, and several reconnaissance drill holes have intersected mineralization, including the Rainmaker Prospect with an intercept of 184 metres grading 0.44 g/t gold and 0.19% copper.
To view a map of "Figure 1. Whistler Project Location", please visit the link below:
http://www.ccnmatthews.com/docs/whistlerprojectlocation.pdf
Kennecott - Geoinformatics Alliance Agreement
All Whistler prospects and properties mentioned in this press release fall under the Kennecott-Geoinformatics Master Strategic Alliance Agreement (the "Alliance Agreement"). The Company entered into the Alliance Agreement effective March 2006 under which it is using its proprietary geo-science and technology platform (the "Geoinformatics Process") to identify, prioritize and drill more than 30 exploration drill targets over the initial two years of the Agreement. The Whistler Project was acquired by Geoinformatics as a target-of-merit under the Alliance Agreement in June 2007, and Kennecott retains a back-in right to acquire either a 51% or 60% interest in the Whistler Project under certain circumstances. Please refer to Geoinformatics' press-release dated August 14, 2006, for further information.
Qualified Persons
The technical content of this release has been reviewed by Darren Holden, MAusIMM, Executive Vice President - Operations of Geoinformatics. The resource estimate and technical report for the project was completed by George Wahl, an Associate Principal Resource Geologist with SRK and was reviewed by Dr. Jean-Francois Couture, P.Geo, of SRK. By virtue of their academic backgrounds and professional experience, Mr. Holden, Mr. Wahl and Dr. Couture are all "qualified persons" as defined by NI 43-101.
About Geoinformatics
The Geoinformatics Process integrates large-scale data aggregation, data mining and three-dimensional modeling, and has been designed to assist in understanding and quantifying risk at a much earlier stage of the exploration cycle than has traditionally been available. The Company's objective is to advance its properties to the stage of commercial development by applying faster, less expensive and more reliable analytical methods to resource exploration.
In addition to the Whistler Project, Geoinformatics is continuing to advance several exploration projects located in Utah (Stockton), the Battle Mountain Trend region of Nevada (Colorback), and the State of Sinaloa, Mexico (La Noria/Azulitas) to the resource estimate stage as quickly as possible. Fourteen Company-owned properties in the State of Sonora, Mexico, fall under a joint venture in which Azure Minerals Limited is earning a 51% interest by spending US$4 million. Geoinformatics also has an extensive portfolio of other direct and indirect property interests, joint ventures, and royalties covering a wide range of minerals in Mexico, Australia and New Zealand and North America.
This news release includes certain forward-looking statements concerning the future performance of Geoinformatics' business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in Geoinformatics' securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.
SOURCE: Geoinformatics Exploration Inc.
Geoinformatics Exploration Inc.
Dr. Nick Archibald
Executive Vice-Chairman and CEO
(416) 861-1300 x224
Email: nicka@geoinformex.com
Geoinformatics Exploration Inc.
Mr. Darren Holden
Executive Vice President - Operations
(604) 605-3073 x101
Email: darrenh@geoinformex.com
Website: www.geoinformex.com
Wednesday, January 9, 2008
20 Things You Didn’t Know About... Gold
Anti-inflammatory, protector of astronaut eyes, and excrement of the gods
by LeeAundra Temescu
1 Gold was probably the first metal worked by prehistoric man. Decorative gold objects found in Bulgaria date back to 4,000 B.C., so the gold age actually overlaps with the Stone Age.
2 In the 7th century B.C., dentists in Italy used gold wire to attach fake teeth, and gold fillings were recommended for cavities as far back as the 16th century.
Full Article
by LeeAundra Temescu
1 Gold was probably the first metal worked by prehistoric man. Decorative gold objects found in Bulgaria date back to 4,000 B.C., so the gold age actually overlaps with the Stone Age.
2 In the 7th century B.C., dentists in Italy used gold wire to attach fake teeth, and gold fillings were recommended for cavities as far back as the 16th century.
Full Article
Diamonds From Outer Space
Pumicelike, dark, and exotic, carbonado diamonds don’t look like the gemstones on engagement rings. That’s because they may have been created by an exploding star and delivered to Earth by an asteroid billions of years ago.
From Canada to Australia, most diamonds were formed at torturously high temperatures and pressures deep within Earth before being carried to the surface by explosive volcanoes. But the frothy texture of carbonados—found only in Brazil and the Central African Republic—is too full of bubbles to cut and polish into a gem. They are “just totally incompatible with a deep-earth origin,” says Stephen Haggerty, a geologist at Florida International University.
Haggerty and his colleagues analyzed the chemical composition of the diamonds by bouncing infrared light off polished slivers. The resulting spectra, reported in The Astrophysical Journal Letters in December 2006, don’t match signatures for terrestrial hydrogen and nitrogen but instead mimic those found in interstellar space. The findings, Haggerty says, boosted the theory of carbonados’ extraterrestrial origin from 4 to 9 out of 10 on the credibility scale.
Full Story
From Canada to Australia, most diamonds were formed at torturously high temperatures and pressures deep within Earth before being carried to the surface by explosive volcanoes. But the frothy texture of carbonados—found only in Brazil and the Central African Republic—is too full of bubbles to cut and polish into a gem. They are “just totally incompatible with a deep-earth origin,” says Stephen Haggerty, a geologist at Florida International University.
Haggerty and his colleagues analyzed the chemical composition of the diamonds by bouncing infrared light off polished slivers. The resulting spectra, reported in The Astrophysical Journal Letters in December 2006, don’t match signatures for terrestrial hydrogen and nitrogen but instead mimic those found in interstellar space. The findings, Haggerty says, boosted the theory of carbonados’ extraterrestrial origin from 4 to 9 out of 10 on the credibility scale.
Full Story
Tuesday, January 8, 2008
Gold hits all time high in Tuesday trading
The price of gold hit an all-time high Tuesday, with futures for the precious metal surpassing US$875 an ounce.
On the New York Mercantile Exchange, an ounce of gold for February delivery peaked at US$879.40.
Prices later dropped slightly to $877.20, but still marked an increase of $15.20 during morning trading.
The previous record was set in 1980 when gold hit $875 an ounce, The Canadian Press reports.
Full Story
On the New York Mercantile Exchange, an ounce of gold for February delivery peaked at US$879.40.
Prices later dropped slightly to $877.20, but still marked an increase of $15.20 during morning trading.
The previous record was set in 1980 when gold hit $875 an ounce, The Canadian Press reports.
Full Story
Monday, January 7, 2008
Little Squaw Examines Alaska's Livengood Bench Placer Gold Deposit
Little Squaw Gold Mining Company (OTCBB: LITS) ($0.85) ("Little Squaw" or "the Company") announces that it has entered into an Exclusivity Agreement ("the Agreement") on the Livengood Bench placer gold deposit in Alaska. The exclusivity fee is $100,000. The Agreement affords the Company the exclusive right to conduct a comprehensive analysis of the property and make commercial viability studies over the next two months. After completing due diligence and mining studies, Little Squaw will have the right to enter into a definitive agreement, prior to March 5, 2008, to purchase the property. The purchase terms are $8.35 million in three annual payments, each consisting of nearly equal values of cash and the Company's common shares. Should Little Squaw decide to proceed with the purchase, it will pay out $4.45 million in cash and roughly 4.33 million shares over the next three years, assuming a 90-cent stock price.
"Acquisition of this production-ready property is another example of our commitment to build value for our shareholders by focusing on highly prospective gold assets," said Little Squaw President, Richard Walters. "If the property is purchased, our Company will be making a rapid transition from explorer to gold producer over the next twelve months," he added.
The Livengood Bench property is located 75 miles north of Fairbanks and has paved-road access via the all-weather Alaska pipeline highway. The property consists of unpatented and patented federal mining claims, along with some State of Alaska mining claims. The claim block comprises approximately 3,800 acres. The principal mining area consists of 747 acres of fee simple (patented claims) land.
Livengood Bench is among Alaska's most historically productive placer gold deposits, having produced over 400,000 ounces of gold since 1914. This mine was placed on care and maintenance in 2000 due to low gold prices. The existing database includes 2,370 drill holes, which outline 12.8 million cubic yards of gold-bearing alluvium (gravel). This mineralized material is believed to contain about 355,000 ounces of recoverable gold. All major state and federal mining permits necessary for the commencement of mining are in place.
Richard Walters, President of Little Squaw Gold Mining Company, is responsible for this news release. For additional information regarding Little Squaw Gold Mining, contact Susan Schenk, Manager of Investor Relations, by telephone at (509) 535-6156, or by e-mail at ir@littlesquawgold.com. Little Squaw maintains a comprehensive Web site at www.littlesquawgold.com.
Little Squaw Gold Mining is engaged in the business of precious-metals discovery. This endeavor carries certain risks that are commensurate with the potential rewards of such efforts. These risks cannot be quantified and should not be taken lightly. All statements made here regarding the firm's investment potential should be considered "forward-looking statements" as defined by prevailing regulatory guidelines. As forward-looking statements, these items represent the measured professional judgment of management. They do not, however, represent guarantees, and unforeseen and/or unforeseeable future developments that may render them either incomplete or incorrect. Actual results, plans, programs, and financial performance may differ materially from express or implied forward-looking statements.
Contact:
Susan Schenk
Manager of Investor Relations
(509) 535-6156
ir@littlesquawgold.com
"Acquisition of this production-ready property is another example of our commitment to build value for our shareholders by focusing on highly prospective gold assets," said Little Squaw President, Richard Walters. "If the property is purchased, our Company will be making a rapid transition from explorer to gold producer over the next twelve months," he added.
The Livengood Bench property is located 75 miles north of Fairbanks and has paved-road access via the all-weather Alaska pipeline highway. The property consists of unpatented and patented federal mining claims, along with some State of Alaska mining claims. The claim block comprises approximately 3,800 acres. The principal mining area consists of 747 acres of fee simple (patented claims) land.
Livengood Bench is among Alaska's most historically productive placer gold deposits, having produced over 400,000 ounces of gold since 1914. This mine was placed on care and maintenance in 2000 due to low gold prices. The existing database includes 2,370 drill holes, which outline 12.8 million cubic yards of gold-bearing alluvium (gravel). This mineralized material is believed to contain about 355,000 ounces of recoverable gold. All major state and federal mining permits necessary for the commencement of mining are in place.
Richard Walters, President of Little Squaw Gold Mining Company, is responsible for this news release. For additional information regarding Little Squaw Gold Mining, contact Susan Schenk, Manager of Investor Relations, by telephone at (509) 535-6156, or by e-mail at ir@littlesquawgold.com. Little Squaw maintains a comprehensive Web site at www.littlesquawgold.com.
Little Squaw Gold Mining is engaged in the business of precious-metals discovery. This endeavor carries certain risks that are commensurate with the potential rewards of such efforts. These risks cannot be quantified and should not be taken lightly. All statements made here regarding the firm's investment potential should be considered "forward-looking statements" as defined by prevailing regulatory guidelines. As forward-looking statements, these items represent the measured professional judgment of management. They do not, however, represent guarantees, and unforeseen and/or unforeseeable future developments that may render them either incomplete or incorrect. Actual results, plans, programs, and financial performance may differ materially from express or implied forward-looking statements.
Contact:
Susan Schenk
Manager of Investor Relations
(509) 535-6156
ir@littlesquawgold.com
Thursday, January 3, 2008
NovaGold sees commercial production at Rock Creek by the end of the quarter
VANCOUVER - A U.S. appeal court has upheld a decision by the U.S. Army Corps of Engineers to grant a permit to allow a subsidiary of NovaGold Resources Inc. (TSX:NG) to go ahead with its Rock Creek project in Alaska.
The U.S. Court of Appeals for the Ninth Circuit ruled Thursday a lower court was right in denying an environmental group's application for a temporary restraining order and preliminary injunction against the project.
"The decisions of the Corps relating to the Rock Creek mining project were not arbitrary and capricious," Judge Ronald Gould wrote in the 29-page judgment.
Full Story
The U.S. Court of Appeals for the Ninth Circuit ruled Thursday a lower court was right in denying an environmental group's application for a temporary restraining order and preliminary injunction against the project.
"The decisions of the Corps relating to the Rock Creek mining project were not arbitrary and capricious," Judge Ronald Gould wrote in the 29-page judgment.
Full Story
Wednesday, January 2, 2008
Louis James on Why the Big Gold and Silver Spike Will Be Even Bigger This Time
Part I of a two-part interview with Louis James, Senior Editor with Casey Research. James talks about the gold and silver markets, and shares his views on several interesting companies. In Part II, to be published next week, Louis discusses five more gold and silver companies he likes and why.
TGR: Where do you think gold is headed over the next 12 months?
JAMES: There are two different ways of looking at the gold market. One has to do with the fundamentals of supply and demand. The other has to do with the speculative value of gold. Regarding the first view, the supply side is easier to grasp. And right now, there are very clear signs of difficulties ahead on the supply side. Newmont Mining Corp. (NYSE: NEM) has already announced that production is going to decline by many millions of ounces. Demand is a little trickier to forecast. Silver and the base metals have industrial uses, so industry drives demand. However, the value of gold is based largely on perception — what people feel and what they fear, as opposed to what manufacturers need.
Full Story
TGR: Where do you think gold is headed over the next 12 months?
JAMES: There are two different ways of looking at the gold market. One has to do with the fundamentals of supply and demand. The other has to do with the speculative value of gold. Regarding the first view, the supply side is easier to grasp. And right now, there are very clear signs of difficulties ahead on the supply side. Newmont Mining Corp. (NYSE: NEM) has already announced that production is going to decline by many millions of ounces. Demand is a little trickier to forecast. Silver and the base metals have industrial uses, so industry drives demand. However, the value of gold is based largely on perception — what people feel and what they fear, as opposed to what manufacturers need.
Full Story
2008 will be pivotal year for Alaska in Congress
In November, the House approved revisions to the 1872 mining law that would require hard-rock miners to pay royalties for mining on federal lands. The administration objects to increased environmental requirements, as well as other provisions in the bill. The Senate is expected to draft a new version of the bill early next year.
Full Story
Full Story
State economists predict continued growth in '08
ANCHORAGE, Alaska -- For 20 years Alaska's economy has been holding its own. So what should the state expect next year?
One state labor economist says, hopefully, we'll see more of the same.
Looking ahead to 2008, industry can expect growth in some areas while others may experience a slow down.
"You step back and look at 2007 and it's sort of an extension of the last 20 years," says Neil Fried, a labor economist for the state. "2007 is going to sort of end on an upbeat note."
Alaska has seen uninterrupted economic growth since the 1980s, the longest period in the state's history, according to Fried.
But with some economists predicting a recession on the national front, can the growth trend continue?
Full Story
One state labor economist says, hopefully, we'll see more of the same.
Looking ahead to 2008, industry can expect growth in some areas while others may experience a slow down.
"You step back and look at 2007 and it's sort of an extension of the last 20 years," says Neil Fried, a labor economist for the state. "2007 is going to sort of end on an upbeat note."
Alaska has seen uninterrupted economic growth since the 1980s, the longest period in the state's history, according to Fried.
But with some economists predicting a recession on the national front, can the growth trend continue?
Full Story
Clean water initiatives aimed at Pebble could reach far beyond
Supporters of a handful of mining-related ballot initiatives are traveling the state in a race to gather the signatures they need to put the measures to a vote.
With a pair of “Alaska Clean Water” initiatives and two others, they aim to stop or at least slow the development of a mine at Pebble, the giant deposit of copper, gold and molybdenum near Lake Iliamna in southwest Alaska. They say the state’s environmental laws aren’t strong enough to protect the local salmon streams against a massive mine and argue Alaskans will have to choose which they value more — mining or fish.
Full Story
With a pair of “Alaska Clean Water” initiatives and two others, they aim to stop or at least slow the development of a mine at Pebble, the giant deposit of copper, gold and molybdenum near Lake Iliamna in southwest Alaska. They say the state’s environmental laws aren’t strong enough to protect the local salmon streams against a massive mine and argue Alaskans will have to choose which they value more — mining or fish.
Full Story
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