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Underworld Resources Inc. (TSX VENTURE:UW) is pleased to announce further assay results from the final drill holes of its 2008 drilling program at the 100% owned White Gold Property, Yukon Territory, Canada. To date, Underworld has discovered two separate near surface mineralizing gold systems at the Golden Saddle and Arc Zones. Both areas of mineralization are open to expansion and are potentially amenable to open-pit mining methods.
Full Story
Wednesday, November 26, 2008
NovaGold forced to suspend operation of Rock Creek mine
Gold production at the new Rock Creek mine near Nome has been suspended indefinitely while its Canadian owner struggles to overcome mounting debts and other major setbacks.
NovaGold Resources Inc. announced the open-pit mine has suffered from unexpected mechanical problems, including an electrical failure that shut down its mill. The company said it was concerned that the mine might not meet all of the environmental conditions imposed by state and federal regulators for it to continue operating.
"Though this has been a difficult decision with Rock Creek, based on the current economic conditions, and the challenges associated with meeting environmental requirements compounded by working through the arctic winter, we believe these actions are in the best interest of the company at this time," said Rick Van Nieuwenhuyse, NovaGold's president.
He did not elaborate on several key issues, including: how many employees would be laid off; how it planned to manage the gold mine during the suspension; and how long it expected the suspension to last.
Full Story at ADN
NovaGold Resources Inc. announced the open-pit mine has suffered from unexpected mechanical problems, including an electrical failure that shut down its mill. The company said it was concerned that the mine might not meet all of the environmental conditions imposed by state and federal regulators for it to continue operating.
"Though this has been a difficult decision with Rock Creek, based on the current economic conditions, and the challenges associated with meeting environmental requirements compounded by working through the arctic winter, we believe these actions are in the best interest of the company at this time," said Rick Van Nieuwenhuyse, NovaGold's president.
He did not elaborate on several key issues, including: how many employees would be laid off; how it planned to manage the gold mine during the suspension; and how long it expected the suspension to last.
Full Story at ADN
Saturday, November 22, 2008
Northern Dynasty Minerals Ltd. - Pebble Deposit Drilling Results Update
VANCOUVER, Nov. 20 /CNW/ - Northern Dynasty Minerals Ltd. ("Northern
Dynasty" or the "Company") (TSX: NDM; AMEX: NAK) reports that core drilling
activities at the Pebble Limited Partnership's ("PLP", "Pebble Partnership" or
the "Partnership") project site in southwest Alaska continue to intersect long
intervals of higher grade mineralization, and demonstrate a very high level of
continuity within the Pebble deposit.
The focus of the Partnership's 2008 drill program is to upgrade the
classification for a large portion of the mineral resource in the Pebble East
area and to delineate the deposit's extent and overall geometry in order to
facilitate comprehensive mine planning. To early November 2008, PLP crews had
completed 123,000 feet of drilling in 27 infill and step-out holes. Results
have been received for 18 holes (numbered 8401 through 8416, 8419 and 8421),
and assays are pending for seven other holes. Drilling is ongoing with six
rigs working on new holes.
"The primary goal of the 2008 drill program is to allow the Partnership
to finalize a Prefeasibility Study next year," said Northern Dynasty President
& CEO Ron Thiessen. "The results we are releasing today are fully consistent
with that goal. Not only do they confirm the consistency and tenor of the
Pebble deposit, but also the potential to expand the mineral resource in
future."
Thiessen said a revised mineral resource estimate for the Pebble deposit
will be complete before year end, and is expected to move a significant
proportion of the mineralization in the Pebble East area from an inferred to
an indicated category. He added that Northern Dynasty plans to cease reporting
on the Pebble West and Pebble East zones separately, and publish a single
mineral resource estimate for the overall Pebble Deposit.
A Table of 2008 Pebble Deposit Assay Results is included with this news
release and a Drill Hole Location Plan Map is posted on Northern Dynasty's
website www.northerndynastyminerals.com/ndm/NewsReleases.asp.
<<
Highlights include:
- Hole 8405 intersected 2,460 feet grading 1.20% copper equivalent
(CuEQ(1)) (0.78% Cu, 0.25 g/t Au, 0.046% Mo). Included in this
intersection is a 386 foot interval grading 1.87% CuEQ (1.40% Cu,
0.16 g/t Au, 0.066% Mo).
- Hole 8410 intersected 1,525 feet grading 1.21% CuEQ (0.80% Cu, 0.44
g/t Au, and 0.023% Mo). Included in this intersection is a 730 foot
interval grading 1.44% CuEQ (0.92% Cu, 0.57 g/t Au, 0.027% Mo).
- Hole 8412 intersected 1,301 feet grading 1.76% CuEQ (1.11% Cu, 0.69
g/t Au, and 0.038% Mo). Included in this intersection is a 649 foot
interval grading 1.96% CuEQ (1.34% Cu, 0.65 g/t Au, 0.036% Mo).
- Hole 8413 intersected 2,469 feet grading 1.15% CuEQ (0.80% Cu, 0.20
g/t Au, and 0.040% Mo). Included in this intersection is a 1789 foot
interval grading 1.32% CuEQ (0.96% Cu, 0.23 g/t Au, 0.036% Mo).
- Hole 8414 intersected 1,224 feet grading 1.27% CuEQ (0.60% Cu, 0.80
g/t Au, and 0.027% Mo). Included in this intersection is a 796 foot
interval grading 1.42% CuEQ (0.59% Cu, 1.06 g/t Au, 0.024% Mo).
- Hole 8515 intersected 2009 feet grading 1.15% CuEQ (0.64% Cu, 0.54
g/t Au and 0.029% Mo). Included in this intersection is a 1060 feet
interval grading 1.52% CuEQ (0.81% Cu, 0.84 g/t Au and 0.028% Mo).
>>
Of particular note, hole 8413 (2,469 feet grading 1.15% CuEQ)
demonstrates the strength of the mineralizing system in the central part of
Pebble East. Holes 8410, 8412, 8414 and 8415 drilled in the southeast, holes
8408, 8411 and 8419 drilled in the northwest, and hole 8404 drilled in the
south, tested for the extent of the deposit. The positive results from these
holes confirm the open-ended potential in these areas.
The 2008 drilling program has also contributed significantly to the
geological and structural understanding of the Pebble deposit which will
assist with the Prefeasibility Study work.
"Pebble continues to distinguish itself as one of the world's great
mineral deposits, with the potential to support a modern, long-life mine that
delivers substantial benefits to shareholders, local communities and the State
of Alaska," Thiessen said. "Based on the positive drill results released
today, and ongoing progress made by the project's engineering, environmental
and stakeholder relations teams, the Pebble Partnership remains on track to
finalize a Prefeasibility Study in the latter half of 2009 and commence
project permitting in early 2010."
Mark Rebagliati, P.Eng., a Qualified Person who is supervising the
exploration and drilling programs for the Pebble Project on behalf of Northern
Dynasty, has reviewed this release.
Review Canadian public filings at www.sedar.com and US public filings at
www.sec.gov.
<<
On behalf of the Board of Directors
Ronald W. Thiessen
President & CEO
-------------------------------------------------------------------------
Core logging and sampling are completed in PLP's secure facility at
Iliamna, Alaska. The NQ-size core is sawn and samples are transported to
the ALS Chemex laboratory in Fairbanks for drying, weighing and crushing.
Samples are shipped by airfreight to the main ALS Chemex laboratory,
North Vancouver, Canada (an ISO 9003 certified laboratory) for final
preparation and analysis. Gold is determined by 30 g Fire Assay (FA)
fusion with an Atomic Absorption Spectroscopy (AAS) finish. Copper,
molybdenum and 23 other elements are assayed by four acid digestion with
an Inductively Coupled Plasma-Emission Spectroscopy (ICP-ES) finish. PLP
includes standards, duplicates and blanks in addition to the laboratory's
internal quality control work. Duplicate samples are analyzed by Acme
Analytical Laboratories of Vancouver, Canada.
-------------------------------------------------------------------------
Sole Responsibility
No regulatory authority accepts responsibility for the accuracy
of this release.
Northern Dynasty is solely and entirely responsible
for the contents of this news release. No other party,
including any parties which have an interest in the project,
are in any way responsible for the contents hereof.
Comments on Forward Looking Information, Estimates and other
Cautionary Factors
>>
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts, especially those that address estimated
resource quantities, grades and contained metals, are forward-looking
statements because they are generally made on the basis of estimation and
extrapolation from a limited number of drill holes and metallurgical studies.
Although diamond drill hole core provides valuable information about the size,
shape and geology of an exploration project, there will always remain a
significant degree of uncertainty in connection with these valuation factors
until a deposit has been extensively drilled on closely spaced centers which
has occurred only in specific areas on the Pebble Project. Although the
Company believes the expectations expressed in its forward-looking statements
are based on reasonable assumptions, such statements should not be in any way
construed as guarantees of the ultimate size, quality or commercial
feasibility of the Pebble Project or of the Company's future performance.
Subsequent results and developments may differ materially from those
postulated in the estimates and forward-looking statements. Other factors that
could cause the Company's actual results and performance to differ materially
from those in forward-looking statements include adverse market prices for
metals, the conclusions of detailed feasibility and technical analyses, lower
than expected grades and quantities of resources, mining rates and metal
recovery rates and the fact that necessary capital may not be available to the
Company on terms acceptable to it or at all. The need for compliance with
extensive environmental and socio-economic rules and practices and the
requirement for the Company to obtain government permitting can cause a delay
or even abandonment of a mineral project. The Company is subject to the
specific risks inherent in the mining business as well as general economic and
business conditions. For more information on the Company, Investors should
review the Company's annual Form 20-F filing with the United States Securities
and Exchange Commission and its home jurisdiction filings that are available
at www.sedar.com.
<<
Information about CuEQ
>>
Copper equivalency or "CuEQ" is a manner of expressing poly-metallic
deposits as a grade of the principal mineralization (by value). As used
herein, gold and molybdenum values have been expressed as part of the copper
grade. CuEQ as calculated herein is based on assumed metal prices of
US$1.80/lb for copper, US$800/oz for gold, and US$10.00/lb for molybdenum.
Copper equivalent has not been adjusted for metallurgical recoveries.
Adjustment factors to account for differences in relative metallurgical
recoveries for gold, copper and molybdenum depend upon the completion of
definitive metallurgical testing. Significant shifts in the relative values of
these metals can significantly change the CuEQ. CuEQ is provided for
illustrative purposes only.
<<
Information Concerning Estimates of Measured, Indicated
and Inferred Resources
>>
This news release uses the terms "measured resources", "indicated
resources" and "inferred resources". Northern Dynasty Minerals Ltd. advises
investors that although these terms are recognized and required by Canadian
regulations (under National Instrument 43-101 Standards of Disclosure for
Mineral Projects), the U.S. Securities and Exchange Commission does not
recognize them. Investors are cautioned not to assume that any part or all of
the mineral deposits in these categories will ever be converted into reserves.
In addition, "inferred resources" have a great amount of uncertainty as to
their existence, and economic and legal feasibility. It cannot be assumed that
all or any part of an Inferred Mineral Resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of Inferred Mineral Resources
may not form the basis of feasibility or pre-feasibility studies, or economic
studies except for Preliminary Assessment as defined under 43-101. Investors
are cautioned not to assume that part or all of an inferred resource exists,
or is economically or legally mineable.
<<
PEBBLE DEPOSIT - 2008 ASSAY RESULTS
-------------------------------------------------------------------------
Verti-
cal
Depth Hole
to Di-
Drill Cret- Hole rec- Inter-
Hole ace- Dip tion cept Inter-
Num- ous (degr- (degr- (met From To cept Cu Au(2) Mo CuEQ(1)
ber (feet) ees) ees) res)(feet)(feet)(feet) % g/t % %
-------------------------------------------------------------------------
8401 1115 -90 0 506.9 1768 3431 1663 0.53 0.37 0.026 0.91
-------------------------------------------------------------------------
8401 1115 -90 0 incl. 81.1 1768 2034 266 0.85 0.85 0.024 1.53
-------------------------------------------------------------------------
8402 1376 -90 0 339.9 2433 3548 1115 0.84 0.11 0.019 1.02
-------------------------------------------------------------------------
8402 1376 -90 0 incl. 176.8 2938 3518 580 0.99 0.12 0.028 1.22
-------------------------------------------------------------------------
8403 1091 -90 0 719.9 1091 3453 2362 0.40 0.47 0.027 0.86
-------------------------------------------------------------------------
8403 1091 -90 0 incl. 27.4 1091 1181 90 0.80 0.69 0.019 1.36
-------------------------------------------------------------------------
8403 1091 -90 0 incl. 92.7 2035 2339 304 0.64 0.68 0.025 1.22
-------------------------------------------------------------------------
8404 1099 -90 333 280.7 1206 2127 921 0.64 0.48 0.035 1.14
-------------------------------------------------------------------------
8404 1099 -90 333 incl. 135.3 1683 2127 444 0.74 0.55 0.039 1.32
-------------------------------------------------------------------------
8405 1988 -74 237 749.8 2288 4758 2460 0.78 0.25 0.046 1.20
-------------------------------------------------------------------------
8405 1988 -74 237 incl. 442.6 2528 3990 1452 1.00 0.23 0.050 1.43
-------------------------------------------------------------------------
8405 1988 -74 237 and 117.7 2944 3330 386 1.40 0.16 0.066 1.87
-------------------------------------------------------------------------
8406 1282 -80 70 85.7 3567 3848 281 1.35 0.06 0.014 1.46
-------------------------------------------------------------------------
8407 4360+ -90 0 Lost - No assays
-------------------------------------------------------------------------
8408 989 -90 0 118.9 989 1379 390 0.40 0.67 0.024 0.97
-------------------------------------------------------------------------
8409 1616 -80 270 291.7 1626 2583 957 0.65 0.55 0.038 1.22
-------------------------------------------------------------------------
8409 1616 -80 270 incl. 124.1 1626 2033 407 0.96 0.80 0.051 1.76
-------------------------------------------------------------------------
8410 2426 -68 270 464.8 2617 4142 1525 0.80 0.44 0.023 1.21
-------------------------------------------------------------------------
8410 2426 -68 270 incl. 397.8 2617 3922 1305 0.88 0.47 0.021 1.30
-------------------------------------------------------------------------
8410 2426 -68 270 and 222.5 3192 3922 730 0.92 0.57 0.027 1.44
-------------------------------------------------------------------------
8410 2426 -68 270 and 88.4 3192 3482 290 1.12 0.79 0.023 1.76
-------------------------------------------------------------------------
8411 972 -85 20 686.4 986 3238 2252 0.32 0.34 0.026 0.68
-------------------------------------------------------------------------
8411 972 -85 20 incl. 45.7 986 1136 150 0.61 0.67 0.018 1.14
-------------------------------------------------------------------------
8411 972 -85 20 incl. 45.7 1898 2048 150 0.53 0.40 0.026 0.94
-------------------------------------------------------------------------
8411 972 -85 20 incl. 114.9 2861 3238 377 0.29 0.49 0.048 0.87
-------------------------------------------------------------------------
8412 2684 -73 325 396.5 2807 4108 1301 1.11 0.69 0.038 1.76
-------------------------------------------------------------------------
8412 2684 -73 325 incl. 197.8 2886 3535 649 1.34 0.65 0.036 1.96
-------------------------------------------------------------------------
8413 1618 -90 0 752.4 1619 4087 2469 0.80 0.20 0.040 1.15
-------------------------------------------------------------------------
8413 1618 -90 0 incl. 545.1 1619 3407 1789 0.96 0.23 0.036 1.32
-------------------------------------------------------------------------
8413 1618 -90 0 and 212.9 1619 2317 699 1.21 0.13 0.036 1.49
-------------------------------------------------------------------------
8413 1618 -90 0 and 225.6 2587 3327 740 0.83 0.35 0.040 1.28
-------------------------------------------------------------------------
8413 1618 -90 0 and 51.8 3157 3327 170 0.52 0.96 0.072 1.54
-------------------------------------------------------------------------
8414 2422 -75 318 373.1 2547 3779 1224 0.60 0.80 0.027 1.27
-------------------------------------------------------------------------
8414 2422 -75 318 incl. 242.6 2627 3423 796 0.59 1.06 0.024 1.42
-------------------------------------------------------------------------
8414 2422 -75 318 and 76.8 2942 3194 252 0.71 1.46 0.022 1.78
-------------------------------------------------------------------------
8414 2422 -75 318 and 45.4 3274 3423 149 0.77 1.24 0.035 1.77
-------------------------------------------------------------------------
8415 2634 -77 312 612.3 2703 4712 2009 0.64 0.54 0.029 1.15
-------------------------------------------------------------------------
8415 2634 -77 312 incl. 323.1 2703 3763 1060 0.81 0.84 0.028 1.52
-------------------------------------------------------------------------
8415 2634 -77 312 and 51.8 3183 3353 170 1.04 1.43 0.032 2.15
-------------------------------------------------------------------------
8416 623 -90 0 1009.2 623 3934 3311 0.14 0.16 0.015 0.33
-------------------------------------------------------------------------
8419 1078 -90 0 218.5 3283 4000 717 0.35 0.53 0.003 0.71
-------------------------------------------------------------------------
8419 1078 -90 0 incl. 48.8 3520 3680 160 0.64 0.43 0.007 0.96
-------------------------------------------------------------------------
8421 1690 -73 325 873.6 2212 5078 2866 0.19 0.11 0.003 0.27
-------------------------------------------------------------------------
(1) Copper equivalent calculations use metal prices of US$1.80/lb for
copper, US$800/oz for gold and US$10.00/lb for molybdenum.
Metallurgical recoveries and net smelter returns are assumed to be
100%. CuEQ = Cu % + (Au g/t x 25.72/39.68) + (Mo % x
220.46/39.68).
(2) Au values of greater than 5.0 g/t are capped at 5.0 g/t.
>>
For further information: on Northern Dynasty please visit the Company's
website at www.northerndynasty.com or contact Investor Services at (604)
684-6365 or within North America at 1-800-667-2114
Dynasty" or the "Company") (TSX: NDM; AMEX: NAK) reports that core drilling
activities at the Pebble Limited Partnership's ("PLP", "Pebble Partnership" or
the "Partnership") project site in southwest Alaska continue to intersect long
intervals of higher grade mineralization, and demonstrate a very high level of
continuity within the Pebble deposit.
The focus of the Partnership's 2008 drill program is to upgrade the
classification for a large portion of the mineral resource in the Pebble East
area and to delineate the deposit's extent and overall geometry in order to
facilitate comprehensive mine planning. To early November 2008, PLP crews had
completed 123,000 feet of drilling in 27 infill and step-out holes. Results
have been received for 18 holes (numbered 8401 through 8416, 8419 and 8421),
and assays are pending for seven other holes. Drilling is ongoing with six
rigs working on new holes.
"The primary goal of the 2008 drill program is to allow the Partnership
to finalize a Prefeasibility Study next year," said Northern Dynasty President
& CEO Ron Thiessen. "The results we are releasing today are fully consistent
with that goal. Not only do they confirm the consistency and tenor of the
Pebble deposit, but also the potential to expand the mineral resource in
future."
Thiessen said a revised mineral resource estimate for the Pebble deposit
will be complete before year end, and is expected to move a significant
proportion of the mineralization in the Pebble East area from an inferred to
an indicated category. He added that Northern Dynasty plans to cease reporting
on the Pebble West and Pebble East zones separately, and publish a single
mineral resource estimate for the overall Pebble Deposit.
A Table of 2008 Pebble Deposit Assay Results is included with this news
release and a Drill Hole Location Plan Map is posted on Northern Dynasty's
website www.northerndynastyminerals.com/ndm/NewsReleases.asp.
<<
Highlights include:
- Hole 8405 intersected 2,460 feet grading 1.20% copper equivalent
(CuEQ(1)) (0.78% Cu, 0.25 g/t Au, 0.046% Mo). Included in this
intersection is a 386 foot interval grading 1.87% CuEQ (1.40% Cu,
0.16 g/t Au, 0.066% Mo).
- Hole 8410 intersected 1,525 feet grading 1.21% CuEQ (0.80% Cu, 0.44
g/t Au, and 0.023% Mo). Included in this intersection is a 730 foot
interval grading 1.44% CuEQ (0.92% Cu, 0.57 g/t Au, 0.027% Mo).
- Hole 8412 intersected 1,301 feet grading 1.76% CuEQ (1.11% Cu, 0.69
g/t Au, and 0.038% Mo). Included in this intersection is a 649 foot
interval grading 1.96% CuEQ (1.34% Cu, 0.65 g/t Au, 0.036% Mo).
- Hole 8413 intersected 2,469 feet grading 1.15% CuEQ (0.80% Cu, 0.20
g/t Au, and 0.040% Mo). Included in this intersection is a 1789 foot
interval grading 1.32% CuEQ (0.96% Cu, 0.23 g/t Au, 0.036% Mo).
- Hole 8414 intersected 1,224 feet grading 1.27% CuEQ (0.60% Cu, 0.80
g/t Au, and 0.027% Mo). Included in this intersection is a 796 foot
interval grading 1.42% CuEQ (0.59% Cu, 1.06 g/t Au, 0.024% Mo).
- Hole 8515 intersected 2009 feet grading 1.15% CuEQ (0.64% Cu, 0.54
g/t Au and 0.029% Mo). Included in this intersection is a 1060 feet
interval grading 1.52% CuEQ (0.81% Cu, 0.84 g/t Au and 0.028% Mo).
>>
Of particular note, hole 8413 (2,469 feet grading 1.15% CuEQ)
demonstrates the strength of the mineralizing system in the central part of
Pebble East. Holes 8410, 8412, 8414 and 8415 drilled in the southeast, holes
8408, 8411 and 8419 drilled in the northwest, and hole 8404 drilled in the
south, tested for the extent of the deposit. The positive results from these
holes confirm the open-ended potential in these areas.
The 2008 drilling program has also contributed significantly to the
geological and structural understanding of the Pebble deposit which will
assist with the Prefeasibility Study work.
"Pebble continues to distinguish itself as one of the world's great
mineral deposits, with the potential to support a modern, long-life mine that
delivers substantial benefits to shareholders, local communities and the State
of Alaska," Thiessen said. "Based on the positive drill results released
today, and ongoing progress made by the project's engineering, environmental
and stakeholder relations teams, the Pebble Partnership remains on track to
finalize a Prefeasibility Study in the latter half of 2009 and commence
project permitting in early 2010."
Mark Rebagliati, P.Eng., a Qualified Person who is supervising the
exploration and drilling programs for the Pebble Project on behalf of Northern
Dynasty, has reviewed this release.
Review Canadian public filings at www.sedar.com and US public filings at
www.sec.gov.
<<
On behalf of the Board of Directors
Ronald W. Thiessen
President & CEO
-------------------------------------------------------------------------
Core logging and sampling are completed in PLP's secure facility at
Iliamna, Alaska. The NQ-size core is sawn and samples are transported to
the ALS Chemex laboratory in Fairbanks for drying, weighing and crushing.
Samples are shipped by airfreight to the main ALS Chemex laboratory,
North Vancouver, Canada (an ISO 9003 certified laboratory) for final
preparation and analysis. Gold is determined by 30 g Fire Assay (FA)
fusion with an Atomic Absorption Spectroscopy (AAS) finish. Copper,
molybdenum and 23 other elements are assayed by four acid digestion with
an Inductively Coupled Plasma-Emission Spectroscopy (ICP-ES) finish. PLP
includes standards, duplicates and blanks in addition to the laboratory's
internal quality control work. Duplicate samples are analyzed by Acme
Analytical Laboratories of Vancouver, Canada.
-------------------------------------------------------------------------
Sole Responsibility
No regulatory authority accepts responsibility for the accuracy
of this release.
Northern Dynasty is solely and entirely responsible
for the contents of this news release. No other party,
including any parties which have an interest in the project,
are in any way responsible for the contents hereof.
Comments on Forward Looking Information, Estimates and other
Cautionary Factors
>>
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts, especially those that address estimated
resource quantities, grades and contained metals, are forward-looking
statements because they are generally made on the basis of estimation and
extrapolation from a limited number of drill holes and metallurgical studies.
Although diamond drill hole core provides valuable information about the size,
shape and geology of an exploration project, there will always remain a
significant degree of uncertainty in connection with these valuation factors
until a deposit has been extensively drilled on closely spaced centers which
has occurred only in specific areas on the Pebble Project. Although the
Company believes the expectations expressed in its forward-looking statements
are based on reasonable assumptions, such statements should not be in any way
construed as guarantees of the ultimate size, quality or commercial
feasibility of the Pebble Project or of the Company's future performance.
Subsequent results and developments may differ materially from those
postulated in the estimates and forward-looking statements. Other factors that
could cause the Company's actual results and performance to differ materially
from those in forward-looking statements include adverse market prices for
metals, the conclusions of detailed feasibility and technical analyses, lower
than expected grades and quantities of resources, mining rates and metal
recovery rates and the fact that necessary capital may not be available to the
Company on terms acceptable to it or at all. The need for compliance with
extensive environmental and socio-economic rules and practices and the
requirement for the Company to obtain government permitting can cause a delay
or even abandonment of a mineral project. The Company is subject to the
specific risks inherent in the mining business as well as general economic and
business conditions. For more information on the Company, Investors should
review the Company's annual Form 20-F filing with the United States Securities
and Exchange Commission and its home jurisdiction filings that are available
at www.sedar.com.
<<
Information about CuEQ
>>
Copper equivalency or "CuEQ" is a manner of expressing poly-metallic
deposits as a grade of the principal mineralization (by value). As used
herein, gold and molybdenum values have been expressed as part of the copper
grade. CuEQ as calculated herein is based on assumed metal prices of
US$1.80/lb for copper, US$800/oz for gold, and US$10.00/lb for molybdenum.
Copper equivalent has not been adjusted for metallurgical recoveries.
Adjustment factors to account for differences in relative metallurgical
recoveries for gold, copper and molybdenum depend upon the completion of
definitive metallurgical testing. Significant shifts in the relative values of
these metals can significantly change the CuEQ. CuEQ is provided for
illustrative purposes only.
<<
Information Concerning Estimates of Measured, Indicated
and Inferred Resources
>>
This news release uses the terms "measured resources", "indicated
resources" and "inferred resources". Northern Dynasty Minerals Ltd. advises
investors that although these terms are recognized and required by Canadian
regulations (under National Instrument 43-101 Standards of Disclosure for
Mineral Projects), the U.S. Securities and Exchange Commission does not
recognize them. Investors are cautioned not to assume that any part or all of
the mineral deposits in these categories will ever be converted into reserves.
In addition, "inferred resources" have a great amount of uncertainty as to
their existence, and economic and legal feasibility. It cannot be assumed that
all or any part of an Inferred Mineral Resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of Inferred Mineral Resources
may not form the basis of feasibility or pre-feasibility studies, or economic
studies except for Preliminary Assessment as defined under 43-101. Investors
are cautioned not to assume that part or all of an inferred resource exists,
or is economically or legally mineable.
<<
PEBBLE DEPOSIT - 2008 ASSAY RESULTS
-------------------------------------------------------------------------
Verti-
cal
Depth Hole
to Di-
Drill Cret- Hole rec- Inter-
Hole ace- Dip tion cept Inter-
Num- ous (degr- (degr- (met From To cept Cu Au(2) Mo CuEQ(1)
ber (feet) ees) ees) res)(feet)(feet)(feet) % g/t % %
-------------------------------------------------------------------------
8401 1115 -90 0 506.9 1768 3431 1663 0.53 0.37 0.026 0.91
-------------------------------------------------------------------------
8401 1115 -90 0 incl. 81.1 1768 2034 266 0.85 0.85 0.024 1.53
-------------------------------------------------------------------------
8402 1376 -90 0 339.9 2433 3548 1115 0.84 0.11 0.019 1.02
-------------------------------------------------------------------------
8402 1376 -90 0 incl. 176.8 2938 3518 580 0.99 0.12 0.028 1.22
-------------------------------------------------------------------------
8403 1091 -90 0 719.9 1091 3453 2362 0.40 0.47 0.027 0.86
-------------------------------------------------------------------------
8403 1091 -90 0 incl. 27.4 1091 1181 90 0.80 0.69 0.019 1.36
-------------------------------------------------------------------------
8403 1091 -90 0 incl. 92.7 2035 2339 304 0.64 0.68 0.025 1.22
-------------------------------------------------------------------------
8404 1099 -90 333 280.7 1206 2127 921 0.64 0.48 0.035 1.14
-------------------------------------------------------------------------
8404 1099 -90 333 incl. 135.3 1683 2127 444 0.74 0.55 0.039 1.32
-------------------------------------------------------------------------
8405 1988 -74 237 749.8 2288 4758 2460 0.78 0.25 0.046 1.20
-------------------------------------------------------------------------
8405 1988 -74 237 incl. 442.6 2528 3990 1452 1.00 0.23 0.050 1.43
-------------------------------------------------------------------------
8405 1988 -74 237 and 117.7 2944 3330 386 1.40 0.16 0.066 1.87
-------------------------------------------------------------------------
8406 1282 -80 70 85.7 3567 3848 281 1.35 0.06 0.014 1.46
-------------------------------------------------------------------------
8407 4360+ -90 0 Lost - No assays
-------------------------------------------------------------------------
8408 989 -90 0 118.9 989 1379 390 0.40 0.67 0.024 0.97
-------------------------------------------------------------------------
8409 1616 -80 270 291.7 1626 2583 957 0.65 0.55 0.038 1.22
-------------------------------------------------------------------------
8409 1616 -80 270 incl. 124.1 1626 2033 407 0.96 0.80 0.051 1.76
-------------------------------------------------------------------------
8410 2426 -68 270 464.8 2617 4142 1525 0.80 0.44 0.023 1.21
-------------------------------------------------------------------------
8410 2426 -68 270 incl. 397.8 2617 3922 1305 0.88 0.47 0.021 1.30
-------------------------------------------------------------------------
8410 2426 -68 270 and 222.5 3192 3922 730 0.92 0.57 0.027 1.44
-------------------------------------------------------------------------
8410 2426 -68 270 and 88.4 3192 3482 290 1.12 0.79 0.023 1.76
-------------------------------------------------------------------------
8411 972 -85 20 686.4 986 3238 2252 0.32 0.34 0.026 0.68
-------------------------------------------------------------------------
8411 972 -85 20 incl. 45.7 986 1136 150 0.61 0.67 0.018 1.14
-------------------------------------------------------------------------
8411 972 -85 20 incl. 45.7 1898 2048 150 0.53 0.40 0.026 0.94
-------------------------------------------------------------------------
8411 972 -85 20 incl. 114.9 2861 3238 377 0.29 0.49 0.048 0.87
-------------------------------------------------------------------------
8412 2684 -73 325 396.5 2807 4108 1301 1.11 0.69 0.038 1.76
-------------------------------------------------------------------------
8412 2684 -73 325 incl. 197.8 2886 3535 649 1.34 0.65 0.036 1.96
-------------------------------------------------------------------------
8413 1618 -90 0 752.4 1619 4087 2469 0.80 0.20 0.040 1.15
-------------------------------------------------------------------------
8413 1618 -90 0 incl. 545.1 1619 3407 1789 0.96 0.23 0.036 1.32
-------------------------------------------------------------------------
8413 1618 -90 0 and 212.9 1619 2317 699 1.21 0.13 0.036 1.49
-------------------------------------------------------------------------
8413 1618 -90 0 and 225.6 2587 3327 740 0.83 0.35 0.040 1.28
-------------------------------------------------------------------------
8413 1618 -90 0 and 51.8 3157 3327 170 0.52 0.96 0.072 1.54
-------------------------------------------------------------------------
8414 2422 -75 318 373.1 2547 3779 1224 0.60 0.80 0.027 1.27
-------------------------------------------------------------------------
8414 2422 -75 318 incl. 242.6 2627 3423 796 0.59 1.06 0.024 1.42
-------------------------------------------------------------------------
8414 2422 -75 318 and 76.8 2942 3194 252 0.71 1.46 0.022 1.78
-------------------------------------------------------------------------
8414 2422 -75 318 and 45.4 3274 3423 149 0.77 1.24 0.035 1.77
-------------------------------------------------------------------------
8415 2634 -77 312 612.3 2703 4712 2009 0.64 0.54 0.029 1.15
-------------------------------------------------------------------------
8415 2634 -77 312 incl. 323.1 2703 3763 1060 0.81 0.84 0.028 1.52
-------------------------------------------------------------------------
8415 2634 -77 312 and 51.8 3183 3353 170 1.04 1.43 0.032 2.15
-------------------------------------------------------------------------
8416 623 -90 0 1009.2 623 3934 3311 0.14 0.16 0.015 0.33
-------------------------------------------------------------------------
8419 1078 -90 0 218.5 3283 4000 717 0.35 0.53 0.003 0.71
-------------------------------------------------------------------------
8419 1078 -90 0 incl. 48.8 3520 3680 160 0.64 0.43 0.007 0.96
-------------------------------------------------------------------------
8421 1690 -73 325 873.6 2212 5078 2866 0.19 0.11 0.003 0.27
-------------------------------------------------------------------------
(1) Copper equivalent calculations use metal prices of US$1.80/lb for
copper, US$800/oz for gold and US$10.00/lb for molybdenum.
Metallurgical recoveries and net smelter returns are assumed to be
100%. CuEQ = Cu % + (Au g/t x 25.72/39.68) + (Mo % x
220.46/39.68).
(2) Au values of greater than 5.0 g/t are capped at 5.0 g/t.
>>
For further information: on Northern Dynasty please visit the Company's
website at www.northerndynasty.com or contact Investor Services at (604)
684-6365 or within North America at 1-800-667-2114
MAX intersects 22 metres of 0.78 g/t gold at Howell
VANCOUVER, Nov. 21 /CNW/ - MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF;
Frankfurt: M1D) has now received the results from the Howell gold project, the
first of four drill programs completed by MAX during 2008. The Howell project
is located in south-eastern B.C., approximately 40 kilometres southeast of the
city of Fernie.
Twelve holes totaling 1,312 metres of NQ core were completed and two new
soil grids established. Two distinct styles of mineralization were targeted;
the first being carbonate hosted gold and the second being carbonate
replacement mineralization (commonly referred to as "CRD").
<<
The highlights of the 2008 drilling are as follows:
-------------------------------------------------------------------------
Hole From (m) To (m) Width (m) Gold g/t
-------------------------------------------------------------------------
HW-08-06 ext 23.7 204.0 180.7 0.26
-------------------------------------------------------------------------
Including 23.7 74.0 50.7 0.47
-------------------------------------------------------------------------
HW-08-07 88.1 92.0 3.9 0.65
-------------------------------------------------------------------------
and 132.0 138.0 6.0 0.53
-------------------------------------------------------------------------
HW-08-09 8.5 129.0 120.5 0.30
-------------------------------------------------------------------------
including 8.5 30.5 22.0 0.78
-------------------------------------------------------------------------
HW-08-10 8.0 10.0 2.0 0.79
-------------------------------------------------------------------------
HW-08-15 23.3 68.0 44.7 0.41
-------------------------------------------------------------------------
including 23.3 44.0 20.7 0.53
-------------------------------------------------------------------------
>>
At Howell, disseminated gold mineralization occurs in limestone and as
quartz stockworks in limestone and syenite intrusives. Prior drilling included
1.23 g/t gold over 58 metres, 0.95 g/t gold over 39 metres, 0.65 g/t gold over
82 metres, and 0.57 g/t gold over 149 metres.
No CRD mineralization was identified in drill core although one of the
soil grids (the southeastern grid) is believed to indicate such mineralization
with a number of samples collected in 2008 returning very anomalous values in
gold, silver, zinc and lead including values to 130 g/t silver and 1.4% lead
in soil. Holes HW-08-12 and HW-08-13 were drilled during the current program
to test for CRD mineralization in the area where reverse circulation hole
HRC-15, drilled by Placer Dome in 1988, had intersected 7.6 metres of apparent
CRD mineralized dolomite grading 1.5% zinc, 1.4% lead, and 53.2 g/t silver.
Holes HW-08-12 and HW-08-13 were lost at 35 and 86 metres respectively, which
was well short of the target depth, due to drilling difficulties.
A number of additional targets exist at Howell including a stockwork
quartz system in limestone that has returned up to 3 grams gold in previous
sampling and will be considered for further work in 2009. Of the 119 samples
collected in 2008 on the southeastern grid, which is 1.5 kilometres to the
south of the 2008 CRD drill targets, 16 exceeded 100 ppm gold (maximum 714
ppb), 27 exceeded 500 ppm zinc (maximum 9,527 ppm) and 9 exceeded 400 ppm lead
(maximum 14,000 ppm). The southeastern grid was established in 2008 to fill in
an area to the north of manto style zinc, lead, silver mineralization which
was identified during reverse circulation drilling completed by Placer Dome in
1988 (HRC-2 with 7.5 metres grading 2.4% Zn, 0.40% Pb and 15.3 g/t Ag).
Reconnaissance prospecting in this area, completed by Eastfield in 1999,
sampled a 300 metre northeast trending syenite intrusive that returned a value
of 2.75 grams gold from the single sample collected. Review of a subsequent
airborne geophysical survey completed in 2004 highlighted this feature.
This news release has been reviewed by Mr. Clancy J. Wendt, P. Geo, a
qualified person as that term is defined under National Instrument 43-101.
Howell is one of two exploration projects in British Columbia optioned
earlier this year from Eastfield Resources Ltd. (TSX.V:ETF), as announced in
our news release of June 9, 2008.
<<
About MAX Resource Corp.
------------------------
>>
MAX Resource Corp. is a well-financed Canadian based exploration company
with a diversified portfolio of mineral exploration projects in Canada and the
Western United States. Our properties include Uranium projects in the south
western U.S. and northern Canada, Molybdenum in Alaska and Nevada, and Gold in
Nevada and British Columbia.
For more information, please visit our web site at www.maxresource.com.
On behalf of the Board of Directors of
MAX Resource Corp.
"STUART ROGERS"
Stuart Rogers
President
<<
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
>>
This News Release includes certain "forward looking statements". Without
limitation, statements regarding potential mineralization and resources,
exploration results, and future plans and objectives of the Company are
forward looking statements that involve various degrees of risk. The following
are important factors that could cause MAX's actual results to differ
materially from those expressed or implied by such forward looking statements:
changes in the world wide price of mineral commodities, general market
conditions, risks inherent in mineral exploration, risks associated with
development, construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional capital.
For further information: Leonard MacMillan, Corporate Communication,
Telephone: (800) 248-1872 or (604) 637-2140, info@maxresource.com,
www.maxresource.com
Frankfurt: M1D) has now received the results from the Howell gold project, the
first of four drill programs completed by MAX during 2008. The Howell project
is located in south-eastern B.C., approximately 40 kilometres southeast of the
city of Fernie.
Twelve holes totaling 1,312 metres of NQ core were completed and two new
soil grids established. Two distinct styles of mineralization were targeted;
the first being carbonate hosted gold and the second being carbonate
replacement mineralization (commonly referred to as "CRD").
<<
The highlights of the 2008 drilling are as follows:
-------------------------------------------------------------------------
Hole From (m) To (m) Width (m) Gold g/t
-------------------------------------------------------------------------
HW-08-06 ext 23.7 204.0 180.7 0.26
-------------------------------------------------------------------------
Including 23.7 74.0 50.7 0.47
-------------------------------------------------------------------------
HW-08-07 88.1 92.0 3.9 0.65
-------------------------------------------------------------------------
and 132.0 138.0 6.0 0.53
-------------------------------------------------------------------------
HW-08-09 8.5 129.0 120.5 0.30
-------------------------------------------------------------------------
including 8.5 30.5 22.0 0.78
-------------------------------------------------------------------------
HW-08-10 8.0 10.0 2.0 0.79
-------------------------------------------------------------------------
HW-08-15 23.3 68.0 44.7 0.41
-------------------------------------------------------------------------
including 23.3 44.0 20.7 0.53
-------------------------------------------------------------------------
>>
At Howell, disseminated gold mineralization occurs in limestone and as
quartz stockworks in limestone and syenite intrusives. Prior drilling included
1.23 g/t gold over 58 metres, 0.95 g/t gold over 39 metres, 0.65 g/t gold over
82 metres, and 0.57 g/t gold over 149 metres.
No CRD mineralization was identified in drill core although one of the
soil grids (the southeastern grid) is believed to indicate such mineralization
with a number of samples collected in 2008 returning very anomalous values in
gold, silver, zinc and lead including values to 130 g/t silver and 1.4% lead
in soil. Holes HW-08-12 and HW-08-13 were drilled during the current program
to test for CRD mineralization in the area where reverse circulation hole
HRC-15, drilled by Placer Dome in 1988, had intersected 7.6 metres of apparent
CRD mineralized dolomite grading 1.5% zinc, 1.4% lead, and 53.2 g/t silver.
Holes HW-08-12 and HW-08-13 were lost at 35 and 86 metres respectively, which
was well short of the target depth, due to drilling difficulties.
A number of additional targets exist at Howell including a stockwork
quartz system in limestone that has returned up to 3 grams gold in previous
sampling and will be considered for further work in 2009. Of the 119 samples
collected in 2008 on the southeastern grid, which is 1.5 kilometres to the
south of the 2008 CRD drill targets, 16 exceeded 100 ppm gold (maximum 714
ppb), 27 exceeded 500 ppm zinc (maximum 9,527 ppm) and 9 exceeded 400 ppm lead
(maximum 14,000 ppm). The southeastern grid was established in 2008 to fill in
an area to the north of manto style zinc, lead, silver mineralization which
was identified during reverse circulation drilling completed by Placer Dome in
1988 (HRC-2 with 7.5 metres grading 2.4% Zn, 0.40% Pb and 15.3 g/t Ag).
Reconnaissance prospecting in this area, completed by Eastfield in 1999,
sampled a 300 metre northeast trending syenite intrusive that returned a value
of 2.75 grams gold from the single sample collected. Review of a subsequent
airborne geophysical survey completed in 2004 highlighted this feature.
This news release has been reviewed by Mr. Clancy J. Wendt, P. Geo, a
qualified person as that term is defined under National Instrument 43-101.
Howell is one of two exploration projects in British Columbia optioned
earlier this year from Eastfield Resources Ltd. (TSX.V:ETF), as announced in
our news release of June 9, 2008.
<<
About MAX Resource Corp.
------------------------
>>
MAX Resource Corp. is a well-financed Canadian based exploration company
with a diversified portfolio of mineral exploration projects in Canada and the
Western United States. Our properties include Uranium projects in the south
western U.S. and northern Canada, Molybdenum in Alaska and Nevada, and Gold in
Nevada and British Columbia.
For more information, please visit our web site at www.maxresource.com.
On behalf of the Board of Directors of
MAX Resource Corp.
"STUART ROGERS"
Stuart Rogers
President
<<
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
>>
This News Release includes certain "forward looking statements". Without
limitation, statements regarding potential mineralization and resources,
exploration results, and future plans and objectives of the Company are
forward looking statements that involve various degrees of risk. The following
are important factors that could cause MAX's actual results to differ
materially from those expressed or implied by such forward looking statements:
changes in the world wide price of mineral commodities, general market
conditions, risks inherent in mineral exploration, risks associated with
development, construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional capital.
For further information: Leonard MacMillan, Corporate Communication,
Telephone: (800) 248-1872 or (604) 637-2140, info@maxresource.com,
www.maxresource.com
Pacific North West Capital and Stillwater Mining Complete Exploration Program - Goodnews Bay Platinum Project, Alaska
Pacific North West Capital Corp. ('PFN') (CA:PFN: news, chart, profile) (PAWEF:
PAWEF
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, , ) announces the termination of the exploration agreement with Stillwater Mining Company ('Stillwater') (SWC:
SWC
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Sponsored by:
, , ) and Calista Corporation on the Goodnews Bay Platinum property. The Goodnews Bay property is located on the southwest coast of Alaska, approximately 550 air miles south-southwest of Anchorage, Alaska.
On April 12th 2006, PFN announced that it had signed an option to acquire up to 100% interest in a long-term exploration and mining lease from Calista Corporation, which encompassed an area of 82 square miles in the Goodnews Bay area. Previous placer operations in the streams draining the project area produced approximately 650,000 troy ounces of platinum. PFN began an exploration program on the Goodnews Bay property with the goal of identifying the lode source of the placer deposits.
In a second agreement dated February 26, 2007, Pacific North West Capital Corp. and Calista Corporation had entered into an option/joint venture agreement with Stillwater Mining Company, granting them the right to acquire up to 60% of its interest in the property.
The exploration programs conducted on the Goodnews Bay project culminated with the completion of a seven-hole, 1706 meter drill program completed over the summer field season of 2008. The drill program targeted platinum mineralization at the Last Chance showing, and at the Susie West soil geochemical anomaly. No significant platinum-palladium mineralization was identified during the program.
Based on the 2008 exploration results, Stillwater Mining Company and Pacific North West Capital Corp. have decided to terminate the exploration joint venture and have given proper notice to Calista Corporation.
Pacific North West Capital Corp. would like to thank both Calista Corporation and Stillwater Mining Company for their participation in the exploration of Goodnews Bay and look forward to potential business relationships with both parties in the future.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF Frankfurt.P7J.F) is a mineral exploration company focused on Platinum Group Metals (PGMs) and Base Metals. Management's corporate philosophy is to be a Project Generator, Explorer and Project Operator with the objective of option/joint venturing projects with major mining companies through to production. To that end, Pacific North West Capital's current option/joint ventures agreements are with Anglo Platinum, Xstrata Nickel, Benton Resources, First Nickel and SOQUEM.
Pacific North West Capital Corp. has approximately $8.3 million in working capital and securities.
The Qualified Person for this release is Curt Freeman, M.Sc. P.Geo.
On behalf of the Board of Directors
(signed)
Harry Barr
President & C.E.O.
Disclaimer: This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that 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 the Company's expectations are disclosed in the Company's documents filed from time to time with The Toronto Stock Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission.
SOURCE Pacific North West Capital Corp.
PAWEF
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, , ) announces the termination of the exploration agreement with Stillwater Mining Company ('Stillwater') (SWC:
SWC
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Sponsored by:
, , ) and Calista Corporation on the Goodnews Bay Platinum property. The Goodnews Bay property is located on the southwest coast of Alaska, approximately 550 air miles south-southwest of Anchorage, Alaska.
On April 12th 2006, PFN announced that it had signed an option to acquire up to 100% interest in a long-term exploration and mining lease from Calista Corporation, which encompassed an area of 82 square miles in the Goodnews Bay area. Previous placer operations in the streams draining the project area produced approximately 650,000 troy ounces of platinum. PFN began an exploration program on the Goodnews Bay property with the goal of identifying the lode source of the placer deposits.
In a second agreement dated February 26, 2007, Pacific North West Capital Corp. and Calista Corporation had entered into an option/joint venture agreement with Stillwater Mining Company, granting them the right to acquire up to 60% of its interest in the property.
The exploration programs conducted on the Goodnews Bay project culminated with the completion of a seven-hole, 1706 meter drill program completed over the summer field season of 2008. The drill program targeted platinum mineralization at the Last Chance showing, and at the Susie West soil geochemical anomaly. No significant platinum-palladium mineralization was identified during the program.
Based on the 2008 exploration results, Stillwater Mining Company and Pacific North West Capital Corp. have decided to terminate the exploration joint venture and have given proper notice to Calista Corporation.
Pacific North West Capital Corp. would like to thank both Calista Corporation and Stillwater Mining Company for their participation in the exploration of Goodnews Bay and look forward to potential business relationships with both parties in the future.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX.PFN OTCBB.PAWEF Frankfurt.P7J.F) is a mineral exploration company focused on Platinum Group Metals (PGMs) and Base Metals. Management's corporate philosophy is to be a Project Generator, Explorer and Project Operator with the objective of option/joint venturing projects with major mining companies through to production. To that end, Pacific North West Capital's current option/joint ventures agreements are with Anglo Platinum, Xstrata Nickel, Benton Resources, First Nickel and SOQUEM.
Pacific North West Capital Corp. has approximately $8.3 million in working capital and securities.
The Qualified Person for this release is Curt Freeman, M.Sc. P.Geo.
On behalf of the Board of Directors
(signed)
Harry Barr
President & C.E.O.
Disclaimer: This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that 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 the Company's expectations are disclosed in the Company's documents filed from time to time with The Toronto Stock Exchange, British Columbia Securities Commission and the United States Securities & Exchange Commission.
SOURCE Pacific North West Capital Corp.
Wednesday, November 19, 2008
Hecla Reports Third Quarter Results, Increases Silver Production by 88%
COEUR D'ALENE, Idaho, Nov 04, 2008 (BUSINESS WIRE) -- HL | Quote | Chart | News | PowerRating -- Hecla Mining Company (NYSE:HL) today reported a net loss of $3.8million for the third quarter of 2008 compared to net income of $13 million for the same period of 2007. Hecla reported a loss applicable to common shareholders of $7.2 million, or 5c per share, for the third quarter of 2008, compared to income applicable to common shareholders of $12.3 million, or 10c per share, for the third quarter of 2007. Third quarter 2008 results were impacted by higher cash costs per ounce due to increased smelter costs and diesel fuel prices, provisional price adjustments due to decreased metals prices, and increased interest expense resulting from Hecla's acquisition earlier this year of the remaining 70.27% of the Greens Creek joint venture in Alaska. Hecla has $161 million in debt remaining after completing the $750 million purchase of Greens Creek. The company remains on track to meet the estimate of approximately 9 million ounces of silver production in 2008, at an average total cash cost in the range of $3.50 per ounce.
Full Story
Full Story
Geoinformatics Announces New Discovery At Its Whistler Project in Alaska
TORONTO, Nov. 4 /CNW/ - Geoinformatics Exploration Inc. (TSX-V: GXL)
("Geoinformatics", "GXL" or the "Company") is pleased to announce that it has
intersected widespread mineralization in the first hole drilled on a regional
prospect called Raintree West, located approximately 1.5 km east of the
Whistler Zone which hosts a NI 43-101 compliant mineral resource estimate.
<<
Highlights
- First hole ever drilled at Raintree West intersected:
- 160 metres grading 0.59 g/t gold, 6.02 g/t silver, 0.10% copper,
0.20% lead, 0.46% zinc (or 1.26 g/t gold equivalent) including:
- 24 metres grading 1.37 g/t gold, 6.32 g/t silver, 0.13% copper,
0.36% lead, 0.80% zinc (or 2.42 g/t gold equivalent).
>>
Raintree West is one of several regional concealed targets drilled by
Geoinformatics during the 2008 summer field season. Assays are pending on
three remaining regional prospects and two holes from the Whistler Zone
itself.
"We are extremely pleased with the discovery of a new mineralized system
on the Whistler Project as it confirms the exploration potential and validates
the Company's innovative exploration techniques," said Mr. Darren Holden,
Chief Operating Officer of Geoinformatics. "We have long suspected that the
mineralization defined at the Whistler Zone is one of many related porphyry
systems on the project. This discovery of widespread porphyry hosted gold
mineralization at Raintree, with comparable grades to those of Whistler's Main
Zone, confirms this theory and bodes well for other similar discoveries to
further enhance the value of the overall Whistler Project."
Raintree West Prospect
The Raintree West prospect lies in a cluster of prospects identified by
the Company using proprietary targeting techniques. Raintree West exhibits a
comparable magnetic signature to that of the Whistler Zone with a coincident
induced polarization (IP) anomaly that extends over 800 metres in length.
Raintree West is a blind target, concealed by a thin veneer (5 metres) of
gravels in relatively flat ground.
Drill hole RN-08-06 was angled west to east and intersected diorite
porphyry rocks immediately below gravel overburden. The first 22 metres of the
diorite porphyry contained low-grade mineralization, below which visible
alteration and veining increased and was accompanied by visible copper, lead
and zinc sulphides over the next 190 metres. The hole remained in diorite
porphyry to the total depth of the hole at 300 metres.
Comment on Metal Ratios and Base Metal Content
Statistical analysis of the assay results shows that the gold in RN-08-06
is directly associated with copper mineralization, as is the case at Whistler.
However, Raintree West's assays exhibit a higher gold to copper ratio of
approximately 5:1 overall. Whistler's Main Zone shows gold to copper ratio of
4:1 compared with 3:1 for the overall Whistler Zone. This, in tandem with the
fact that Raintree West also contains lead and zinc mineralization, suggests
that this intercept may represent the periphery of a gold-copper porphyry
system.
<<
Table 1. Drill hole intercept calculations.
-------------------------------------------------------------------------
Gold
Equi-
From To Width Gold Copper Silver Lead Zinc valent
Hole (metres)(metres)(metres)(g/t) (%) (g/t) (%) (%) (g/t)(1)
-------------------------------------------------------------------------
RN-08-06 27 217 190 0.51 0.09 5.47 0.18 0.41 1.11
-------------------------------------------------------------------------
Including ((*)) 27 187 160 0.59 0.10 6.02 0.20 0.46 1.26
-------------------------------------------------------------------------
Including ((xx)) 106 130 24 1.37 0.13 6.32 0.36 0.80 2.42
-------------------------------------------------------------------------
Including ((xx)) 158 184 26 0.67 0.09 13.55 0.32 0.68 1.66
-------------------------------------------------------------------------
Intercepts calculated using a 0.3 g/t 'gold-equivalent cut-off' on a
minimum 10 metre width and maximum 20 metre internal dilution unless
otherwise noted. Gold-equivalent cut-off is based on the assumptions of
75% recovery of gold and silver and 85% recovery of copper, lead and zinc
and metal prices of US$550 per oz. gold, US$8 per oz. silver, US$1.50 per
lb. copper (as used in the Whistler Resource Estimation and filed on
www.sedar.com) and $0.60 per lb. lead and $0.45 per lb zinc representing
approximately 90% of London Metal Exchange prices on 30th October, 2008.
Gold Equivalent Grade (as opposed to gold-equivalent cut-off) is
presented on the basis of contained metal values assuming the above metal
prices without metallurgical recoveries taken into account and is done in
order to make a direct comparison to the gold value represented in the
gold assay grades.
((*)) Calculated using a 0.7 g/t gold-equivalent cut-off.
((xx)) Calculated using a 1.5 g/t gold equivalent cut-off.
All assays taken on average 2 metre samples of half sawn core and assayed
at Alaska Assay Laboratory located in Fairbanks, Alaska using Fire Assay
for gold and ICP for silver and base-metals. Standards and blanks were
inserted into the sample stream to monitor laboratory performance.
>>
Qualified Person
The technical content of this release was compiled by Darren Holden
(MAusIMM) - Chief Operating Officer of Geoinformatics. Mr. Holden is a
Qualified Person as defined under NI 43-101 guidelines.
About Whistler Project
The Whistler Project is located approximately 160 km. northwest of
Anchorage, Alaska. Whistler is one of the largest groups of contiguous mineral
claim blocks held by a single company in Alaska, outside of existing mines and
mine development projects.
The Whistler Zone hosts a NI 43-101 compliant Indicated resource of
30 million tonnes grading 0.87 g/t gold, 2.46 g/t silver and 0.24% copper and
an Inferred resource of 134 million tonnes grading 0.64 g/t gold, 2.18 g/t
silver and 0.20% copper. In addition, there is considerable mineralization in
the Whistler Zone that has been identified by drilling and reported in the
43-101 resource technical report filed on SEDAR (www.sedar.com), but has not
yet been categorized as a mineral resource.
The Whistler Zone is just one of a cluster of targets and prospects
within the 440 sq. km. block of 732 State of Alaska mining claims that make up
the Whistler Project. Most of these targets are covered by shallow alluvial
sediments and do not have the significant outcrop of the Whistler Zone, but do
have comparable geophysical, geological and/or geochemical signatures.
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.
<<
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
>>
%SEDAR: 00007774E
For further information: Ms. Petra Decher, President & CFO, Tel: (416)
861-1300 x225, Email: petrad@geoinformex.com, Geoinformatics Exploration Inc.,
80 Richmond St West, Suite 303, Toronto, Ontario, M5H 2A4; Mr. Darren Holden,
Chief Operating Officer, Tel: (604) 605-3073 x105, Email:
darrenh@geoinformex.com, Geoinformatics Exploration Inc., 700 West Pender
Street, Suite 304, Vancouver, British Columbia, V6C 1G8, www.geoinformex.com
("Geoinformatics", "GXL" or the "Company") is pleased to announce that it has
intersected widespread mineralization in the first hole drilled on a regional
prospect called Raintree West, located approximately 1.5 km east of the
Whistler Zone which hosts a NI 43-101 compliant mineral resource estimate.
<<
Highlights
- First hole ever drilled at Raintree West intersected:
- 160 metres grading 0.59 g/t gold, 6.02 g/t silver, 0.10% copper,
0.20% lead, 0.46% zinc (or 1.26 g/t gold equivalent) including:
- 24 metres grading 1.37 g/t gold, 6.32 g/t silver, 0.13% copper,
0.36% lead, 0.80% zinc (or 2.42 g/t gold equivalent).
>>
Raintree West is one of several regional concealed targets drilled by
Geoinformatics during the 2008 summer field season. Assays are pending on
three remaining regional prospects and two holes from the Whistler Zone
itself.
"We are extremely pleased with the discovery of a new mineralized system
on the Whistler Project as it confirms the exploration potential and validates
the Company's innovative exploration techniques," said Mr. Darren Holden,
Chief Operating Officer of Geoinformatics. "We have long suspected that the
mineralization defined at the Whistler Zone is one of many related porphyry
systems on the project. This discovery of widespread porphyry hosted gold
mineralization at Raintree, with comparable grades to those of Whistler's Main
Zone, confirms this theory and bodes well for other similar discoveries to
further enhance the value of the overall Whistler Project."
Raintree West Prospect
The Raintree West prospect lies in a cluster of prospects identified by
the Company using proprietary targeting techniques. Raintree West exhibits a
comparable magnetic signature to that of the Whistler Zone with a coincident
induced polarization (IP) anomaly that extends over 800 metres in length.
Raintree West is a blind target, concealed by a thin veneer (5 metres) of
gravels in relatively flat ground.
Drill hole RN-08-06 was angled west to east and intersected diorite
porphyry rocks immediately below gravel overburden. The first 22 metres of the
diorite porphyry contained low-grade mineralization, below which visible
alteration and veining increased and was accompanied by visible copper, lead
and zinc sulphides over the next 190 metres. The hole remained in diorite
porphyry to the total depth of the hole at 300 metres.
Comment on Metal Ratios and Base Metal Content
Statistical analysis of the assay results shows that the gold in RN-08-06
is directly associated with copper mineralization, as is the case at Whistler.
However, Raintree West's assays exhibit a higher gold to copper ratio of
approximately 5:1 overall. Whistler's Main Zone shows gold to copper ratio of
4:1 compared with 3:1 for the overall Whistler Zone. This, in tandem with the
fact that Raintree West also contains lead and zinc mineralization, suggests
that this intercept may represent the periphery of a gold-copper porphyry
system.
<<
Table 1. Drill hole intercept calculations.
-------------------------------------------------------------------------
Gold
Equi-
From To Width Gold Copper Silver Lead Zinc valent
Hole (metres)(metres)(metres)(g/t) (%) (g/t) (%) (%) (g/t)(1)
-------------------------------------------------------------------------
RN-08-06 27 217 190 0.51 0.09 5.47 0.18 0.41 1.11
-------------------------------------------------------------------------
Including ((*)) 27 187 160 0.59 0.10 6.02 0.20 0.46 1.26
-------------------------------------------------------------------------
Including ((xx)) 106 130 24 1.37 0.13 6.32 0.36 0.80 2.42
-------------------------------------------------------------------------
Including ((xx)) 158 184 26 0.67 0.09 13.55 0.32 0.68 1.66
-------------------------------------------------------------------------
Intercepts calculated using a 0.3 g/t 'gold-equivalent cut-off' on a
minimum 10 metre width and maximum 20 metre internal dilution unless
otherwise noted. Gold-equivalent cut-off is based on the assumptions of
75% recovery of gold and silver and 85% recovery of copper, lead and zinc
and metal prices of US$550 per oz. gold, US$8 per oz. silver, US$1.50 per
lb. copper (as used in the Whistler Resource Estimation and filed on
www.sedar.com) and $0.60 per lb. lead and $0.45 per lb zinc representing
approximately 90% of London Metal Exchange prices on 30th October, 2008.
Gold Equivalent Grade (as opposed to gold-equivalent cut-off) is
presented on the basis of contained metal values assuming the above metal
prices without metallurgical recoveries taken into account and is done in
order to make a direct comparison to the gold value represented in the
gold assay grades.
((*)) Calculated using a 0.7 g/t gold-equivalent cut-off.
((xx)) Calculated using a 1.5 g/t gold equivalent cut-off.
All assays taken on average 2 metre samples of half sawn core and assayed
at Alaska Assay Laboratory located in Fairbanks, Alaska using Fire Assay
for gold and ICP for silver and base-metals. Standards and blanks were
inserted into the sample stream to monitor laboratory performance.
>>
Qualified Person
The technical content of this release was compiled by Darren Holden
(MAusIMM) - Chief Operating Officer of Geoinformatics. Mr. Holden is a
Qualified Person as defined under NI 43-101 guidelines.
About Whistler Project
The Whistler Project is located approximately 160 km. northwest of
Anchorage, Alaska. Whistler is one of the largest groups of contiguous mineral
claim blocks held by a single company in Alaska, outside of existing mines and
mine development projects.
The Whistler Zone hosts a NI 43-101 compliant Indicated resource of
30 million tonnes grading 0.87 g/t gold, 2.46 g/t silver and 0.24% copper and
an Inferred resource of 134 million tonnes grading 0.64 g/t gold, 2.18 g/t
silver and 0.20% copper. In addition, there is considerable mineralization in
the Whistler Zone that has been identified by drilling and reported in the
43-101 resource technical report filed on SEDAR (www.sedar.com), but has not
yet been categorized as a mineral resource.
The Whistler Zone is just one of a cluster of targets and prospects
within the 440 sq. km. block of 732 State of Alaska mining claims that make up
the Whistler Project. Most of these targets are covered by shallow alluvial
sediments and do not have the significant outcrop of the Whistler Zone, but do
have comparable geophysical, geological and/or geochemical signatures.
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.
<<
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
>>
%SEDAR: 00007774E
For further information: Ms. Petra Decher, President & CFO, Tel: (416)
861-1300 x225, Email: petrad@geoinformex.com, Geoinformatics Exploration Inc.,
80 Richmond St West, Suite 303, Toronto, Ontario, M5H 2A4; Mr. Darren Holden,
Chief Operating Officer, Tel: (604) 605-3073 x105, Email:
darrenh@geoinformex.com, Geoinformatics Exploration Inc., 700 West Pender
Street, Suite 304, Vancouver, British Columbia, V6C 1G8, www.geoinformex.com
Kinross Announces Record Quarterly Production and Revenue
Kinross Gold Corporation (CA:K: news, chart, profile) (KGC:
KGC
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, , ) ("Kinross" or the "Company") today announced its unaudited results for the three and nine months ended September 30, 2008.
(This news release contains forward-looking information that is subject to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 14 of this news release. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)
- Gold equivalent production(1) was 551,510 gold equivalent ounces in the third quarter of 2008, an increase of 47% over the third quarter of 2007 and 36% over the second quarter of 2008, representing a new quarterly record for Kinross. Consistent with previously stated guidance, the Company remains on track to produce approximately 1.8-1.9 million gold equivalent ounces in 2008.
- Revenue was $503.7 million in the third quarter, an increase of 83% over the same period last year, also representing a new quarterly record for Kinross. Revenue was $1.13 billion for the nine months ended September 30, a year-over-year increase of 40%. The average realized gold price was $857 per ounce sold, compared with an average realized gold price of $686 per ounce in the third quarter of 2007, an increase of 25%.
- Cost of sales per gold equivalent ounce(2) was $406 in the third quarter, compared to $383 per ounce in the third quarter of 2007, and was $60 per ounce, or 13%, lower than the second quarter of 2008. Cost of sales per gold equivalent ounce is expected to be approximately $425-445 for the full year 2008, consistent with previously stated guidance.
- Kinross' margin per ounce sold was $451 in the third quarter of 2008, compared with $303 for the third quarter of 2007, an increase of 49%.
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, , ) ("Kinross" or the "Company") today announced its unaudited results for the three and nine months ended September 30, 2008.
(This news release contains forward-looking information that is subject to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 14 of this news release. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)
- Gold equivalent production(1) was 551,510 gold equivalent ounces in the third quarter of 2008, an increase of 47% over the third quarter of 2007 and 36% over the second quarter of 2008, representing a new quarterly record for Kinross. Consistent with previously stated guidance, the Company remains on track to produce approximately 1.8-1.9 million gold equivalent ounces in 2008.
- Revenue was $503.7 million in the third quarter, an increase of 83% over the same period last year, also representing a new quarterly record for Kinross. Revenue was $1.13 billion for the nine months ended September 30, a year-over-year increase of 40%. The average realized gold price was $857 per ounce sold, compared with an average realized gold price of $686 per ounce in the third quarter of 2007, an increase of 25%.
- Cost of sales per gold equivalent ounce(2) was $406 in the third quarter, compared to $383 per ounce in the third quarter of 2007, and was $60 per ounce, or 13%, lower than the second quarter of 2008. Cost of sales per gold equivalent ounce is expected to be approximately $425-445 for the full year 2008, consistent with previously stated guidance.
- Kinross' margin per ounce sold was $451 in the third quarter of 2008, compared with $303 for the third quarter of 2007, an increase of 49%.
Full Story
St Andrew Reports 2008 Q3 Financial Results
St Andrew Goldfields Ltd. (CA:SAS: news, chart, profile) ("St Andrew" or the "Company") reports for the three months ended September 30, 2008, it had a net loss of $5,273,355 or $0.02 per share as compared to a loss of $24,036,610 or $0.13 per share for the same period in 2007. Net loss for the nine months ended September 30, 2008 was $3,432,580 or $0.01 per share as compared to a loss of $62,154,948 or $0.45 per share for the nine months ended September 30, 2007.
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Emerging Metal Miners Attractive to Value Investors
There appears to be an enhanced investment opportunity for long-term value investors in emerging producers selling near cost of investment or book value. We see the mining sector gaining in interest for value investors as they screen for companies selling at 52-week lows, below book value, and with potential to expand margins and earnings. Wholesale redemptions by investors, along with tax loss selling in both the U.S. and Canada, are creating opportunities for value investors looking to acquire companies with both real assets and the potential for increasing production.
Reduced global lending and investment, which caused a shortage of liquidity, has resulted in a deflationary environment unfavorable to commodities, including precious and base metal prices. Recent actions by governments and central banks are largely inflationary, which should lead to higher gold and silver prices as banks begin to lend and invest. A reduction in credit risk should spur a resumption of global growth, increasing demand for commodities and leading to higher base metal prices. While this cycle appears inevitable to long-term investors, this scenario may be delayed by credit markets or anti-growth policies including protectionism, higher taxes, and increased regulation.
Full Story
Reduced global lending and investment, which caused a shortage of liquidity, has resulted in a deflationary environment unfavorable to commodities, including precious and base metal prices. Recent actions by governments and central banks are largely inflationary, which should lead to higher gold and silver prices as banks begin to lend and invest. A reduction in credit risk should spur a resumption of global growth, increasing demand for commodities and leading to higher base metal prices. While this cycle appears inevitable to long-term investors, this scenario may be delayed by credit markets or anti-growth policies including protectionism, higher taxes, and increased regulation.
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Full Metal and Highbury Drill 5.5m of 4.28 g/t Au at Moore Creek Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 11, 2008) - Full Metal Minerals (TSX VENTURE:FMM) ("Full Metal") and Highbury Projects Inc. (TSX VENTURE:HPI) ("Highbury") are pleased to announce that assay results have been received from a thirteen-hole, 1,878-meter drilling program at their Moore Creek gold project, located in the Kuskokwim region of West Central Alaska.
The 2008 drilling program followed up on the "Spring" and "Troy" zone discoveries made during the 2007 mechanical trenching program (see FMM 2007 NR #29, November 6, 2007). Both zones consist of northeast trending, steeply dipping, sheeted quartz veins ranging from one to ten centimeters thick with coarse gold and disseminated sulfides, and are hosted within pervasively silicified and tourmaline-altered monzonite of the early Tertiary Moore Creek pluton. Alteration intensity and grade appears to increase to the south, towards the Iditarod-Nixon Fork Fault. Channel samples from the Spring Zone assayed up to 8.86 g/t Au over 11.0m and from the Troy Zone assayed up to 88.5 g/t Au over 0.2m.
The discoveries occur at the headwaters of significant placer gold producing streams; State of Alaska Records (2005) report that Moore Creek has produced over 60,000 ounces of placer gold, often of an exceptionally coarse nature and noted for attached quartz vein rock. Mineralization is located adjacent to the Iditarod-Nixon Fork fault zone, which is also associated with NovaGold/Barrick's Donlin Creek gold deposit (M+I: 29.38M oz; Inf: 17.1M oz; NovaGold News Release Feb 7, 2008) located 90 km to the southwest of the Property.
Holes MC08-01 to MC08-05 and MC08-09 to MC08-12 tested the Spring Zone and Holes MC08-06 to MC08-08 and MC08-13 tested the Troy Zone. Strong alteration was encountered with zones of silicified and tourmaline-altered monzonite with stockwork quartz veins (up to 79 cm wide) and disseminated-massive arsenopyrite, chalcopyrite, pyrite, and rare pyrrohtite intersected in the majority of the holes. Results are as follows:
Full Story
The 2008 drilling program followed up on the "Spring" and "Troy" zone discoveries made during the 2007 mechanical trenching program (see FMM 2007 NR #29, November 6, 2007). Both zones consist of northeast trending, steeply dipping, sheeted quartz veins ranging from one to ten centimeters thick with coarse gold and disseminated sulfides, and are hosted within pervasively silicified and tourmaline-altered monzonite of the early Tertiary Moore Creek pluton. Alteration intensity and grade appears to increase to the south, towards the Iditarod-Nixon Fork Fault. Channel samples from the Spring Zone assayed up to 8.86 g/t Au over 11.0m and from the Troy Zone assayed up to 88.5 g/t Au over 0.2m.
The discoveries occur at the headwaters of significant placer gold producing streams; State of Alaska Records (2005) report that Moore Creek has produced over 60,000 ounces of placer gold, often of an exceptionally coarse nature and noted for attached quartz vein rock. Mineralization is located adjacent to the Iditarod-Nixon Fork fault zone, which is also associated with NovaGold/Barrick's Donlin Creek gold deposit (M+I: 29.38M oz; Inf: 17.1M oz; NovaGold News Release Feb 7, 2008) located 90 km to the southwest of the Property.
Holes MC08-01 to MC08-05 and MC08-09 to MC08-12 tested the Spring Zone and Holes MC08-06 to MC08-08 and MC08-13 tested the Troy Zone. Strong alteration was encountered with zones of silicified and tourmaline-altered monzonite with stockwork quartz veins (up to 79 cm wide) and disseminated-massive arsenopyrite, chalcopyrite, pyrite, and rare pyrrohtite intersected in the majority of the holes. Results are as follows:
Full Story
/C O R R E C T I O N from Source -- Silverado Gold Mines Ltd./
<<
In c9053 transmitted today at 05:00e, incorrect figures appeared in the
table summarizing updated mineral resource estimates for the Workman's
Bench deposit. Other errors occurred throughout the body of the release.
Full corrected and updated copy follows:
Silverado Announces Updated Mineral Resource Estimates for Workman's
Bench Gold and Antimony Deposit at Nolan Creek
>>
VANCOUVER, Nov. 17 /CNW/ - Silverado Gold Mines Ltd. (the "Company" or
"Silverado") SLGLF OTCBB, SLGL Frankfurt, www.silverado.com, is pleased to
announce that it has received updated antimony and gold mineral resource
estimates for its Workman's Bench gold and antimony deposit. The updated
mineral resource estimates have been prepared by Thomas K. Bundtzen
("Bundtzen") of Pacific Rim Geological Consulting Inc., the independent mining
consultant commissioned by the Company to conduct a preliminary feasibility
study on the Nolan Creek property. A NI 43-101 Technical Report in respect of
the updated resource estimates and disclosing the results of the preliminary
feasibility study will be completed and filed within 45 days of this news
release and will be available on SEDAR at www.sedar.com, EDGAR at
www.sec.gov/edgar.shtml and on the Company's website at www.silverado.com. The
updated mineral resource estimates incorporate Silverado's 2007 and 2008 drill
results (available at www.silverado.com under the heading "News Releases", and
on SEDAR), and were calculated using the polygonal block method.
Workman's Bench is the Company's prime exploration target for a lode gold
and antimony deposit in the southwestern part of the Solomon Shear Zone, which
is located on the Company's Nolan Creek Property in Alaska.
Bundtzen has confirmed the presence of three veins ('A', 'B' and 'West')
in the seventy (70) ft. wide mineralized zone of Workman's Bench. The
indicated resource represents a portion of a mineralized zone that is open
along strike and at depth. Additional drilling is planned with respect to this
zone, beginning in Spring, 2009.
The following table summarizes the updated mineral resource estimates for
the Workman's Bench gold-antimony deposit, effective November 3, 2008.
<<
-------------------------------------------------------------------------
Cut-Off
Grade Quantity Grade Metal Grade Metal
Category (% Sb) (ton) (% Sb) (ton Sb) (oz/ton Au) (oz Au)
-------------------------------------------------------------------------
'A' Vein -
Indicated 4.0 28,452 31.52 8,970 0.405 11,520
-------------------------------------------------------------------------
'B' Vein -
Indicated 4.0 8,756 25.63 2,240 0.480 4,210
-------------------------------------------------------------------------
'West' Vein -
Indicated 4.0 5,204 12.80 665 0.302 1,570
-------------------------------------------------------------------------
Average
Grades 4.0 28.00 0.408
-------------------------------------------------------------------------
Totals 42,412 11,875 17,300
-------------------------------------------------------------------------
Notes:
- Indicated Mineral Resources which are not mineral reserves do not
have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant
issues. A total of 124 mineralized intervals were examined and
provide sufficient exploration data to define these indicated mineral
resources.
- Rounding may result in some discrepancies.
- No process recovery factors have been applied to these resource
figures.
- The unit ton refers to short tons.
Assumptions and Methods
Bundtzen included the following steps during calculation of the indicated
resources at Workman's Bench:
- personal inspection of Workman's Bench lode style gold property
during 2007-2008;
- database compilation and data validation;
- geological interpretation and modeling;
- compositing assay intervals to a common length;
- determination of average material density for lode properties;
- analysis of grade variability;
- polygonal estimation of grade by compositing of sample assay
information taken within designated widths and lengths of mineralized
zones;
- assignment of appropriate cut off grades, the lowest grade that can
be mined economically;
- classification of confidence in the estimates with respect to CIM
(2005) guidelines, and;
- mineral resource tabulation and validation of the resource estimate.
>>
Data Verification
During numerous personal inspections of the Nolan Creek properties (2007
to 2008) the QP has observed sample collection and sample preparation
practices for lode-style deposits.
On June 13 and 14 and September 28 and 29, 2008, the QP visited Nolan
Camp and examined all significantly mineralized core intervals acquired from
the 2007 and 2008 exploration of the Workman's Bench property. A total of
124 mineralized intervals were examined. The analytical data was compared with
each of the mineralized zones to confirm the elevated antimony and gold values
in the sampled intervals.
Drill core intervals were checked through re-assay and inspection. The QP
is satisfied that the sampling and analysis of drill core was carried out in a
sound manner.
Selected field duplicates of sampled intervals, two from underground
channels, and one from a trench, were submitted by the QP to an umpire
laboratory (Alaska Assay Laboratories LLC) to check analytical results from
ALS Chemex. In as much that the samples are collected by different individuals
at different times and analyzed by different labs, the QP judges that results
from this limited comparison indicate acceptable levels of bias and accuracy
for gold and antimony values and confirm the existence of mineralization.
Note to News Release
Please consider the following information in connection with our resource
estimates for Workman's Bench, which we are disclosing in accordance with
applicable SEC standards and regulations:
<<
- Assumed Prices of US $750/oz for gold and US $1.65/lb for antimony.
- Process Recovery Rates of 99% for antimony and 98% for gold (as
provided by Hazen Research following a flotation test on an
underground bulk sample from the D tunnel of the Workman's Bench
A vein).
- Estimated Operating Costs of US $553/ton, based on operation of a
200 ton per day underground mine.
>>
A cutoff grade of 4% antimony was used in our analysis. A 4% cutoff grade
should be regarded as 4.0% antimony equivalent. No cutoff grade was used for
gold as antimony was the primary commodity being examined, and none of the
resource polygons contained less than 0.05 oz/ton gold.
U.S. investors are cautioned that the term "indicated resources" as used
herein, is recognized by NI 43-101 under Canadian regulations, but is not
recognized by the SEC. US investors are advised that NI 43-101 standards and
the SEC's Industry Guide 7 standards are substantially different, and that
many of the terms and concepts set out in and required to be disclosed by
NI 43-101 as information material to the Company are neither recognized by the
SEC nor included in or compliant with Industry Guide 7 standards. U.S.
Investors are also cautioned not to assume that any part of mineral deposits
in the "indicated resource" categories will ever be converted into reserves.
Qualified Person
The mineral resource estimates contained in this news release were
prepared by Thomas K. Bundtzen, P.Geo, BS, MS, CPG-10912, ABSLN No. 279639,
President of Pacific Rim Geological Consulting, Inc. of Fairbanks, Alaska, who
is independent of the Company as defined by NI 43-101. Bundtzen is a Certified
Professional Geologist with the American Institute of Professional Geologists.
Bundtzen is a "Qualified Person" as defined by NI 43-101 and also qualifies
under the rules stated by the U.S. Securities and Exchange Commission ("SEC"),
and has verified the data contained in this news release for accuracy.
About the Company
The Company is an exploration stage company focused on the exploration of
gold properties, with some past production, and the development of new
environmentally friendly low-rank coal water fuel technology. The Company has
gold properties located throughout Alaska, which include a 100% interest in
numerous mining claims located on the Nolan Creek property. Please visit
www.silverado.com.
The Company is developing low-rank coal water fuel that is designed to be
produced from low-rank coal and processed into an environmentally friendly oil
substitute. Silverado Green Fuel Inc. is a wholly owned subsidiary of its
publicly traded parent, Silverado Gold Mines Ltd. For more information about
Silverado Green Fuel Inc., please visit http://www.silveradogreenfuel.com/.
Forward-Looking Statements
This news release may contain, in addition to historical information,
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Statements in this news release that are forward-looking
statements are based on the current expectations, beliefs, assumptions,
estimates and forecasts about the Company's business and the industry and
markets in which it operates. Such forward-looking statements involve risks
and uncertainties regarding the market price of gold, availability of funds,
government regulations, common share prices, operating costs, capital costs,
outcomes of test mining activities and other factors. Forward-looking
statements are made, without limitation, in relation to operating plans,
property exploration activities, including test mining activities,
availability of funds, environmental reclamation, operating costs and permit
acquisition. Any statements contained herein that are not statements of
historical facts may be deemed to be forward-looking statements. In some
cases, you can identify forward-looking statements by terminology such as
"may", "will", "should", "expect", "plan", "intend", "anticipate", "believe",
"estimate", "predict", "potential", or "continue", and the negative of such
terms or other comparable terminology. Actual events or results may differ
materially. In evaluating these statements, you should consider various
factors, including the risks detailed in the Company's filings with the
Canadian Securities Authorities and the US SEC. These factors may cause the
Company's actual results to differ materially from any forward-looking
statement. Except as required by applicable securities laws, the Company
disclaims any obligation to publicly update these statements, or disclose any
difference between its actual results and those reflected in these statements.
Given these uncertainties, readers are cautioned not to place undue reliance
on such forward-looking statements.
For further information: Contact Information - Silverado Gold Mines
Ltd.: Mailing Address, Suite 1820 - 1111, West Georgia St, Vancouver, British
Columbia, Canada, V6E 4M3; Trading Symbols, OTC BB - SLGLF, FRANKFURT - SLGL;
Telephone: (604) 689-1535, Facsimile: (604) 682-3519, Toll Free:
1-800-665-4646 (Canada and USA only); Investor Relations: E-mail:
ir@silverado.com; Public Relations: E-mail: pr@silverado.com; Media Relations:
E-mail: jay@silverado.com
In c9053 transmitted today at 05:00e, incorrect figures appeared in the
table summarizing updated mineral resource estimates for the Workman's
Bench deposit. Other errors occurred throughout the body of the release.
Full corrected and updated copy follows:
Silverado Announces Updated Mineral Resource Estimates for Workman's
Bench Gold and Antimony Deposit at Nolan Creek
>>
VANCOUVER, Nov. 17 /CNW/ - Silverado Gold Mines Ltd. (the "Company" or
"Silverado") SLGLF OTCBB, SLGL Frankfurt, www.silverado.com, is pleased to
announce that it has received updated antimony and gold mineral resource
estimates for its Workman's Bench gold and antimony deposit. The updated
mineral resource estimates have been prepared by Thomas K. Bundtzen
("Bundtzen") of Pacific Rim Geological Consulting Inc., the independent mining
consultant commissioned by the Company to conduct a preliminary feasibility
study on the Nolan Creek property. A NI 43-101 Technical Report in respect of
the updated resource estimates and disclosing the results of the preliminary
feasibility study will be completed and filed within 45 days of this news
release and will be available on SEDAR at www.sedar.com, EDGAR at
www.sec.gov/edgar.shtml and on the Company's website at www.silverado.com. The
updated mineral resource estimates incorporate Silverado's 2007 and 2008 drill
results (available at www.silverado.com under the heading "News Releases", and
on SEDAR), and were calculated using the polygonal block method.
Workman's Bench is the Company's prime exploration target for a lode gold
and antimony deposit in the southwestern part of the Solomon Shear Zone, which
is located on the Company's Nolan Creek Property in Alaska.
Bundtzen has confirmed the presence of three veins ('A', 'B' and 'West')
in the seventy (70) ft. wide mineralized zone of Workman's Bench. The
indicated resource represents a portion of a mineralized zone that is open
along strike and at depth. Additional drilling is planned with respect to this
zone, beginning in Spring, 2009.
The following table summarizes the updated mineral resource estimates for
the Workman's Bench gold-antimony deposit, effective November 3, 2008.
<<
-------------------------------------------------------------------------
Cut-Off
Grade Quantity Grade Metal Grade Metal
Category (% Sb) (ton) (% Sb) (ton Sb) (oz/ton Au) (oz Au)
-------------------------------------------------------------------------
'A' Vein -
Indicated 4.0 28,452 31.52 8,970 0.405 11,520
-------------------------------------------------------------------------
'B' Vein -
Indicated 4.0 8,756 25.63 2,240 0.480 4,210
-------------------------------------------------------------------------
'West' Vein -
Indicated 4.0 5,204 12.80 665 0.302 1,570
-------------------------------------------------------------------------
Average
Grades 4.0 28.00 0.408
-------------------------------------------------------------------------
Totals 42,412 11,875 17,300
-------------------------------------------------------------------------
Notes:
- Indicated Mineral Resources which are not mineral reserves do not
have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant
issues. A total of 124 mineralized intervals were examined and
provide sufficient exploration data to define these indicated mineral
resources.
- Rounding may result in some discrepancies.
- No process recovery factors have been applied to these resource
figures.
- The unit ton refers to short tons.
Assumptions and Methods
Bundtzen included the following steps during calculation of the indicated
resources at Workman's Bench:
- personal inspection of Workman's Bench lode style gold property
during 2007-2008;
- database compilation and data validation;
- geological interpretation and modeling;
- compositing assay intervals to a common length;
- determination of average material density for lode properties;
- analysis of grade variability;
- polygonal estimation of grade by compositing of sample assay
information taken within designated widths and lengths of mineralized
zones;
- assignment of appropriate cut off grades, the lowest grade that can
be mined economically;
- classification of confidence in the estimates with respect to CIM
(2005) guidelines, and;
- mineral resource tabulation and validation of the resource estimate.
>>
Data Verification
During numerous personal inspections of the Nolan Creek properties (2007
to 2008) the QP has observed sample collection and sample preparation
practices for lode-style deposits.
On June 13 and 14 and September 28 and 29, 2008, the QP visited Nolan
Camp and examined all significantly mineralized core intervals acquired from
the 2007 and 2008 exploration of the Workman's Bench property. A total of
124 mineralized intervals were examined. The analytical data was compared with
each of the mineralized zones to confirm the elevated antimony and gold values
in the sampled intervals.
Drill core intervals were checked through re-assay and inspection. The QP
is satisfied that the sampling and analysis of drill core was carried out in a
sound manner.
Selected field duplicates of sampled intervals, two from underground
channels, and one from a trench, were submitted by the QP to an umpire
laboratory (Alaska Assay Laboratories LLC) to check analytical results from
ALS Chemex. In as much that the samples are collected by different individuals
at different times and analyzed by different labs, the QP judges that results
from this limited comparison indicate acceptable levels of bias and accuracy
for gold and antimony values and confirm the existence of mineralization.
Note to News Release
Please consider the following information in connection with our resource
estimates for Workman's Bench, which we are disclosing in accordance with
applicable SEC standards and regulations:
<<
- Assumed Prices of US $750/oz for gold and US $1.65/lb for antimony.
- Process Recovery Rates of 99% for antimony and 98% for gold (as
provided by Hazen Research following a flotation test on an
underground bulk sample from the D tunnel of the Workman's Bench
A vein).
- Estimated Operating Costs of US $553/ton, based on operation of a
200 ton per day underground mine.
>>
A cutoff grade of 4% antimony was used in our analysis. A 4% cutoff grade
should be regarded as 4.0% antimony equivalent. No cutoff grade was used for
gold as antimony was the primary commodity being examined, and none of the
resource polygons contained less than 0.05 oz/ton gold.
U.S. investors are cautioned that the term "indicated resources" as used
herein, is recognized by NI 43-101 under Canadian regulations, but is not
recognized by the SEC. US investors are advised that NI 43-101 standards and
the SEC's Industry Guide 7 standards are substantially different, and that
many of the terms and concepts set out in and required to be disclosed by
NI 43-101 as information material to the Company are neither recognized by the
SEC nor included in or compliant with Industry Guide 7 standards. U.S.
Investors are also cautioned not to assume that any part of mineral deposits
in the "indicated resource" categories will ever be converted into reserves.
Qualified Person
The mineral resource estimates contained in this news release were
prepared by Thomas K. Bundtzen, P.Geo, BS, MS, CPG-10912, ABSLN No. 279639,
President of Pacific Rim Geological Consulting, Inc. of Fairbanks, Alaska, who
is independent of the Company as defined by NI 43-101. Bundtzen is a Certified
Professional Geologist with the American Institute of Professional Geologists.
Bundtzen is a "Qualified Person" as defined by NI 43-101 and also qualifies
under the rules stated by the U.S. Securities and Exchange Commission ("SEC"),
and has verified the data contained in this news release for accuracy.
About the Company
The Company is an exploration stage company focused on the exploration of
gold properties, with some past production, and the development of new
environmentally friendly low-rank coal water fuel technology. The Company has
gold properties located throughout Alaska, which include a 100% interest in
numerous mining claims located on the Nolan Creek property. Please visit
www.silverado.com.
The Company is developing low-rank coal water fuel that is designed to be
produced from low-rank coal and processed into an environmentally friendly oil
substitute. Silverado Green Fuel Inc. is a wholly owned subsidiary of its
publicly traded parent, Silverado Gold Mines Ltd. For more information about
Silverado Green Fuel Inc., please visit http://www.silveradogreenfuel.com/.
Forward-Looking Statements
This news release may contain, in addition to historical information,
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Statements in this news release that are forward-looking
statements are based on the current expectations, beliefs, assumptions,
estimates and forecasts about the Company's business and the industry and
markets in which it operates. Such forward-looking statements involve risks
and uncertainties regarding the market price of gold, availability of funds,
government regulations, common share prices, operating costs, capital costs,
outcomes of test mining activities and other factors. Forward-looking
statements are made, without limitation, in relation to operating plans,
property exploration activities, including test mining activities,
availability of funds, environmental reclamation, operating costs and permit
acquisition. Any statements contained herein that are not statements of
historical facts may be deemed to be forward-looking statements. In some
cases, you can identify forward-looking statements by terminology such as
"may", "will", "should", "expect", "plan", "intend", "anticipate", "believe",
"estimate", "predict", "potential", or "continue", and the negative of such
terms or other comparable terminology. Actual events or results may differ
materially. In evaluating these statements, you should consider various
factors, including the risks detailed in the Company's filings with the
Canadian Securities Authorities and the US SEC. These factors may cause the
Company's actual results to differ materially from any forward-looking
statement. Except as required by applicable securities laws, the Company
disclaims any obligation to publicly update these statements, or disclose any
difference between its actual results and those reflected in these statements.
Given these uncertainties, readers are cautioned not to place undue reliance
on such forward-looking statements.
For further information: Contact Information - Silverado Gold Mines
Ltd.: Mailing Address, Suite 1820 - 1111, West Georgia St, Vancouver, British
Columbia, Canada, V6E 4M3; Trading Symbols, OTC BB - SLGLF, FRANKFURT - SLGL;
Telephone: (604) 689-1535, Facsimile: (604) 682-3519, Toll Free:
1-800-665-4646 (Canada and USA only); Investor Relations: E-mail:
ir@silverado.com; Public Relations: E-mail: pr@silverado.com; Media Relations:
E-mail: jay@silverado.com
Tonogold Resources, Inc. Sells Lease Interest in Nyac, Alaska Gold Project
Tonogold Resources, Inc. (Pink Sheets: TNGL) announces the sale of its Alaska assets and leasehold interest in the Nyac, Alaska Gold Project to Nyac Gold LLC.
The terms of the sale include cash and future consulting fees valued at approximately $563,420. Also, Tonogold has a retained a one-half percent net smelter royalty.
The Nyac Gold Project consists of 57,600 acres leased from Calista Corporation. Tonogold conducted exploration programs at Nyac in 2005 and 2006.
The lease assignment is subject to the approval of Calista Corporation.
Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California. The company also has a project office in Carson City, Nevada. For more information on the Company visit their website http://www.tonogold.com.
Safe Harbor Statement Under the
Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking information about Tonogold Resources, Inc. ("Tonogold") which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)", and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tonogold Resources, Inc., that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy, the grade and quantity of minerals in our projects may not be economic, we do not have fee title to our properties, but derive our rights through leases and the Mining Law, we are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission, we trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities, mining is subject to extensive environmental regulations and can create substantial environmental liabilities, gold and silver are commodities which have substantial price fluctuations, a drop in gold and/or silver prices could adversely affect future profitability and/or capital raising efforts, and mining can be dangerous and present operational hazards for employees and contractors. Readers are cautioned not to place undue reliance on these forward-looking statements. Tonogold does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Tonogold Resources, Inc.
Company Codes: OTC-PINK:TNGL
The terms of the sale include cash and future consulting fees valued at approximately $563,420. Also, Tonogold has a retained a one-half percent net smelter royalty.
The Nyac Gold Project consists of 57,600 acres leased from Calista Corporation. Tonogold conducted exploration programs at Nyac in 2005 and 2006.
The lease assignment is subject to the approval of Calista Corporation.
Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California. The company also has a project office in Carson City, Nevada. For more information on the Company visit their website http://www.tonogold.com.
Safe Harbor Statement Under the
Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking information about Tonogold Resources, Inc. ("Tonogold") which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)", and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tonogold Resources, Inc., that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy, the grade and quantity of minerals in our projects may not be economic, we do not have fee title to our properties, but derive our rights through leases and the Mining Law, we are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission, we trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities, mining is subject to extensive environmental regulations and can create substantial environmental liabilities, gold and silver are commodities which have substantial price fluctuations, a drop in gold and/or silver prices could adversely affect future profitability and/or capital raising efforts, and mining can be dangerous and present operational hazards for employees and contractors. Readers are cautioned not to place undue reliance on these forward-looking statements. Tonogold does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Tonogold Resources, Inc.
Company Codes: OTC-PINK:TNGL
Google Patent Search
Here's the link to search through patents using google: http://www.google.com/patents
Monday, November 17, 2008
ITH Doubles Gold Resource at Livengood Project, Alaska 1.86M Ounces Gold Indicated and 2.17M Ounces Gold Inferred
International Tower Hill Mines Ltd. ("ITH" or "the Company") (TSX VENTURE: ITH)(NYSE-A: THM)(FRANKFURT: IW9) is pleased to announce the results of its independently prepared mid-year mineral resource estimate for the Money Knob deposit at its Livengood gold project near Fairbanks, Alaska. The independent study incorporates approximately half the drilling that has been completed on the property in 2008. The Company anticipates a further major expansion of the open-ended resource when the results from the outstanding drilling are returned and an 'end-of-program' resource estimate is completed in mid-first quarter 2009. In addition, the Company is very pleased to see such a large percentage of the estimated resources upgraded to the indicated category (approximately 45% indicated resources and 55% inferred resources), noting that the average grade of the previous 2007 inferred resource increased significantly in the 2008 indicated resource (a 17% increase in grade), see Table 1.
Table 1
Comparison of Livengood Resources from 2007 and 2008 (at 0.50 g/t gold
cutoff)
---------------------------------------------------------------------------
Au Cutoff Tonnes Au Million
Year Classification (g/t) (millions) (g/t) Ozs Au
---------------------------------------------------------------------------
2007 Inferred 0.50 82.88 0.71 1.889
---------------------------------------------------------------------------
2008 Indicated 0.50 69.53 0.83 1.860
---------------------------------------------------------------------------
Inferred 0.50 87.88 0.77 2.170
---------------------------------------------------------------------------
This new data confirms the Company's belief that the Livengood Deposit has an excellent possibility to become one of North America's largest new gold discoveries. The pre-eminent gold endowment of the system is strongly illustrated by a 95% increase in the overall gold ounces when calculated at a 0.30 g/t cutoff (Table 2) and a 160% increase in the overall gold ounces when calculated at a 0.7 g/t gold cutoff. This increase dramatically highlights the overall grade increase of the estimated resource in the deposit (Table 3).
Table 2
Comparison of Livengood Resource from 2007 and 2008 (at 0.30 g/t gold
cutoff)
---------------------------------------------------------------------------
Au Cutoff Tonnes Au Million
Year Classification (g/t) (millions) (g/t) Ozs Au
---------------------------------------------------------------------------
2007 Inferred 0.30 188.01 0.54 3.269
---------------------------------------------------------------------------
2008 Indicated 0.30 138.54 0.61 2.730
---------------------------------------------------------------------------
Inferred 0.30 205.78 0.55 3.640
---------------------------------------------------------------------------
Table 3
Comparison of Livengood Resource from 2007 and 2008 (at 0.70 g/t gold
cutoff)
---------------------------------------------------------------------------
Au Cutoff Tonnes Au Million
Year Classification (g/t) (millions) (g/t) Ozs Au
---------------------------------------------------------------------------
2007 Inferred 0.70 33.23 0.93 0.985
---------------------------------------------------------------------------
2008 Indicated 0.70 36.37 1.06 1.240
---------------------------------------------------------------------------
Inferred 0.70 42.78 0.96 1.320
---------------------------------------------------------------------------
Livengood Project Highlights
- Independent study notes that the Livengood Deposit has significant expansion potential beyond its current 1.86M ounce indicated and 2.17M ounce inferred gold resource estimate (at 0.5 g/t gold cutoff), with assay results still pending for many drill holes and the deposit remaining open in all directions.
- New deep and eastern step out drill holes to the Core Zone have intersected thick alteration zones, highlighting the potential for significant near-term expansions of the deposit.
- Preliminary metallurgical information shows favourable cyanide solubility for possible heap leaching with increasing recoveries at finer crush sizes offering milling potential of the higher grade areas.
- The project has a favourable logistical location and no major permitting hurdles have been identified to date.
These highly encouraging results have resulted in a decision by the Company to implement a major winter drilling project, now planned to commence in February 2009, which will test immediate high-grade Core Zone expansion targets directly to the east of the main body mineralization (for example, one hole along southern margin of the winter target area - MK-RC-0050 - returned 79.3 metres @ 1.16 g/t gold).
In addition, a drilling program is planned for summer 2009 to continue with the expansion of the deposit in the newly discovered Deep and Far East zones as well as the deposit in general. Modeling of the existing drill data with surface geochemistry has identified a new target area to the south-west of the Core Zone that will be tested in February, 2009. If these new large areas of surface gold return positive results it could double the area of mineralization currently outlined in the existing resource estimate. Following the anticipated completion of the winter drilling in the second quarter of 2009 the Company plans to complete an updated 2009 resource estimate that will be used in a preliminary economic assessment of the deposit currently planned for mid-2009. A budget of approximately CAD $6M has been planned for the winter and summer programs in 2009.
To view Figure 1 accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/ith1029.jpg
The Company wishes to emphasize that the Livengood project has a very favourable logistical location, being situated 110 road kilometres north of Fairbanks, Alaska along the paved all weather Elliot Highway and the Trans Alaska pipeline corridor and approximately 55 kilometres north of the Alaska State power grid and along the proposed Alaska natural gas pipeline route.
The Company is currently engaged in the cyanide extraction analysis of numerous samples from both the oxide and non-oxide mineralized zones and, although this data is still preliminary, it indicates that both types of mineralization have the potential for heap leach extraction and that significant increases in recovery may be obtained with finer crushing (thus suggesting that milling of the higher grade areas of the deposit would be beneficial).
Currently, the Company estimates that less than 30% of the known shallow mineralized zone (down to 200 metres) has been effectively drill tested. The Livengood target is open in all directions as well as at depth, with many of the recent deeper holes intersecting mineralization in the underlying lower sedimentary package (such as MK-RC-0023 with 57.9 metres @ 2.51 g/t gold and MK-RC-0060 with 82.3 metres @ 1.07 g/t gold). A 3D image of the most recently released Livengood drill information can be viewed at: http://www.corebox.net/properties/livengood.
As a comparison, the Fort Knox mine, one of North America's larger gold mines located 80 kilometres to the southeast of Livengood, reported in their March 30, 2007 43-101 technical report a proven and probable resource estimate of 159Mt at an average grade of 0.53 g/t gold (the current mid-year Livengood resource significantly exceeds Fort Knox at this time). The Fort Knox mine has announced that they are currently commissioning a large run of mine heap leach facility to augment their current milling operations, and estimates an average heap leach recovery of 61%. The Fort Knox mine reported 2007 gold production of 338,459 ounces at a life of mine cash cost of approximately $390/ounce. However, the Company cautions that this information with respect to the Fort Knox property and operations could not be verified by the Company and is not necessarily indicative of the mineralization on the Livengood Property or the potential production from, or cost of, any future mining of the Livengood Property.
Project Background
ITH controls 100% of its 44 square kilometre Livengood land package, which is primarily made up of leased land from the Alaska Mental Health Trust and a number of smaller private mineral lessors. The Company and its predecessor, AngloGold Ashanti (U.S.A.) Exploration Inc., have been exploring the Livengood area since 2003, with the project's first indicated resource estimate being announced in early 2008. The 2008 drilling program marks the first grid drilling resource definition campaign for the project and is only the initial step in what the Company envisions as a major long-term exploration program to define what it anticipates is one of the world's largest new gold deposits.
Results of the Geologic Review and Resource Estimate
Geological Review
On October 28, 2008 Giroux Consultants Ltd. and Mineral Resource Services Inc. delivered the final draft of their technical report on the Livengood project (the "Report"), which includes information regarding the mineral resource estimate and 2008 surface exploration completed to the date of the Report. The information describes gold mineralization in the deposit and possible ore controls. Primary ore controls appear to be the intersection of favourable host lithologies with major structural zones which are interpreted to have acted as conduits for intrusion-related gold bearing fluids. The volcanic, sedimentary and mafic rocks are favourable host rocks and are persistently mineralized. Mineralization in the Money Knob deposit occurs at surface and forms stratabound and cross-cutting bodies in a large thrust faulted and recumbently folded sedimentary and volcanic sequence. The main body of mineralization lies within a general 2 kilometre wide, 6 kilometre long northeast trending belt, with the current Core Zone focused along a northwest trending surface geochemical anomaly that is at least 1.6 kilometres long and 800 meters wide. This large structural zone has localized a series of 90 million year old (Fort Knox age) dikes, sills and plugs that are believed to be related to the gold mineralization. The configuration and thickness of the mineralized zones suggest a near-surface, low strip, bulk-mining scenario.
Resource Estimate
The indicated and inferred mineral resource estimate for the Livengood deposit covers an area of approximately 3.6 square kilometres and is based on 116 drill holes which have an average length of 217 meters and 11 trenches with an average length of 45 metres.
Approximately one third of the total estimated area (1.1 square kilometres) contains 98 of the drillholes and, in this area, the geology has been modeled to represent the volumes of the different stratigraphic units on the property. Outside of the modeled area all the data was grouped together because there was insufficient geological control for more detailed analysis. Statistically, each of the geological volumes was treated independently with individual capping grades applied. However, the populations were not sufficiently different to be kriged independently.
Variogram modeling was done using 5 metre composites, the variography showed excellent continuity downdip and across dip with lesser continuity along strike. Bulk density was estimated on the basis of individual density measurements made on core samples and reverse circulation drill chips from each stratigraphic unit. In total, 95 measurements were used. Based on the general geology, a bulk density of 2.68 was used for the area outside the modeled volume. In the model, blocks with dimensions of 20 x 20 metres horizontal and 5 metres vertical were estimated by ordinary kriging.
The geology of the holes which still have assays pending suggests that the favourable host stratigraphy and alteration remain open laterally and at depth, thus indicating that the system could potentially be much larger than the current estimate.
Qualified Person and Quality Control/Quality Assurance
The work program at Livengood was designed and is supervised by Dr. Russell Myers, Vice President of Exploration, and Chris Puchner, Chief Geologist (CPG 07048) for ITH who are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project log and track all samples prior to sealing 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.
Dr. Paul D. Klipfel, Ph.D., AIPG, a consulting economic geologist employed by Mineral Resource Services Inc., has acted as the Qualified Person, as defined in NI 43-101, for the exploration data and supervised the preparation of the technical exploration information on which some of this news release is based. Dr. Klipfel has a Ph.D. in economic geology and more than 28 years of relevant experience as a mineral exploration geologist. He is a Certified Professional Geologist (CPG 10821) by the American Institute of Professional Geologists. Both Dr. Klipfel and Mineral Resource Services Inc. are independent of the Company under NI 43-101.
Mr. Gary Giroux, MASc., P. Eng (B.C.), a consulting geological engineer employed by Giroux Consultants Ltd., has acted as the Qualified Person, as defined in NI 43-101, for the Giroux Consultants Ltd. mineral resource estimate. He has over 30 years of experience in all stages of mineral exploration, development and production. Mr. Giroux specializes in computer applications in ore reserve estimation, and has consulted both nationally and internationally in this field. He has authored many papers on geostatistics and ore reserve estimation and has practiced as a Geological Engineer since 1970 and provided geostatistical services to the industry since 1976. Both Mr. Giroux and Giroux Consultants Ltd. are independent of the Company under NI 43-101.
The Report will be finalized and filed on SEDAR within 45 days of the date of this news release.
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 the advanced multimillion ounce gold discovery at Livengood. ITH is committed to building shareholder value through new discoveries while maintaining a majority interest in its key 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
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. All statements, other than statements of historical fact, included herein including, 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, 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. 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, and other risks and uncertainties disclosed in the Company's annual report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC"), and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its United States public disclosure filings may be accessed via www.sec.gov, and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
Cautionary Note Concerning Reserve and Resource Estimates
This press release and other information released by the Company uses the terms "resources", "inferred resources" and "indicated resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, 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 inferred or indicated resources will ever be converted into reserves. Inferred resources, in particular, 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 or indicated resources will ever be upgraded to reserves. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred or indicated 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 resource estimates contained in this press release have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resource and Mineral Reserves, adopted by the CIM Council on November 14, 2004 (the "CIM Standards") as they may be amended from time to time by the CIM. United States shareholders are cautioned that the requirements and terminology of NI 43-101 and the CIM Standards differ significantly from the requirements and terminology of the SEC set forth Industry Guide 7. Accordingly, the Company's disclosures regarding mineralization may not be comparable to similar information disclosed by companies subject to the SEC's Industry Guide 7. Cautionary Note Regarding Similar Mineral Property References
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.
NR08-22
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release, which has been prepared by management.
Contacts:
International Tower Hill Mines Ltd.
Quentin Mai
Vice-President - Corporate Communications
Toll Free: 1-888-770-7488 or (604) 683-6332
(604) 408-7499 (FAX)
Email: qmai@internationaltowerhill.com
Website: www.internationaltowerhill.com
SOURCE: International Tower Hill Mines Ltd.
Table 1
Comparison of Livengood Resources from 2007 and 2008 (at 0.50 g/t gold
cutoff)
---------------------------------------------------------------------------
Au Cutoff Tonnes Au Million
Year Classification (g/t) (millions) (g/t) Ozs Au
---------------------------------------------------------------------------
2007 Inferred 0.50 82.88 0.71 1.889
---------------------------------------------------------------------------
2008 Indicated 0.50 69.53 0.83 1.860
---------------------------------------------------------------------------
Inferred 0.50 87.88 0.77 2.170
---------------------------------------------------------------------------
This new data confirms the Company's belief that the Livengood Deposit has an excellent possibility to become one of North America's largest new gold discoveries. The pre-eminent gold endowment of the system is strongly illustrated by a 95% increase in the overall gold ounces when calculated at a 0.30 g/t cutoff (Table 2) and a 160% increase in the overall gold ounces when calculated at a 0.7 g/t gold cutoff. This increase dramatically highlights the overall grade increase of the estimated resource in the deposit (Table 3).
Table 2
Comparison of Livengood Resource from 2007 and 2008 (at 0.30 g/t gold
cutoff)
---------------------------------------------------------------------------
Au Cutoff Tonnes Au Million
Year Classification (g/t) (millions) (g/t) Ozs Au
---------------------------------------------------------------------------
2007 Inferred 0.30 188.01 0.54 3.269
---------------------------------------------------------------------------
2008 Indicated 0.30 138.54 0.61 2.730
---------------------------------------------------------------------------
Inferred 0.30 205.78 0.55 3.640
---------------------------------------------------------------------------
Table 3
Comparison of Livengood Resource from 2007 and 2008 (at 0.70 g/t gold
cutoff)
---------------------------------------------------------------------------
Au Cutoff Tonnes Au Million
Year Classification (g/t) (millions) (g/t) Ozs Au
---------------------------------------------------------------------------
2007 Inferred 0.70 33.23 0.93 0.985
---------------------------------------------------------------------------
2008 Indicated 0.70 36.37 1.06 1.240
---------------------------------------------------------------------------
Inferred 0.70 42.78 0.96 1.320
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Livengood Project Highlights
- Independent study notes that the Livengood Deposit has significant expansion potential beyond its current 1.86M ounce indicated and 2.17M ounce inferred gold resource estimate (at 0.5 g/t gold cutoff), with assay results still pending for many drill holes and the deposit remaining open in all directions.
- New deep and eastern step out drill holes to the Core Zone have intersected thick alteration zones, highlighting the potential for significant near-term expansions of the deposit.
- Preliminary metallurgical information shows favourable cyanide solubility for possible heap leaching with increasing recoveries at finer crush sizes offering milling potential of the higher grade areas.
- The project has a favourable logistical location and no major permitting hurdles have been identified to date.
These highly encouraging results have resulted in a decision by the Company to implement a major winter drilling project, now planned to commence in February 2009, which will test immediate high-grade Core Zone expansion targets directly to the east of the main body mineralization (for example, one hole along southern margin of the winter target area - MK-RC-0050 - returned 79.3 metres @ 1.16 g/t gold).
In addition, a drilling program is planned for summer 2009 to continue with the expansion of the deposit in the newly discovered Deep and Far East zones as well as the deposit in general. Modeling of the existing drill data with surface geochemistry has identified a new target area to the south-west of the Core Zone that will be tested in February, 2009. If these new large areas of surface gold return positive results it could double the area of mineralization currently outlined in the existing resource estimate. Following the anticipated completion of the winter drilling in the second quarter of 2009 the Company plans to complete an updated 2009 resource estimate that will be used in a preliminary economic assessment of the deposit currently planned for mid-2009. A budget of approximately CAD $6M has been planned for the winter and summer programs in 2009.
To view Figure 1 accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/ith1029.jpg
The Company wishes to emphasize that the Livengood project has a very favourable logistical location, being situated 110 road kilometres north of Fairbanks, Alaska along the paved all weather Elliot Highway and the Trans Alaska pipeline corridor and approximately 55 kilometres north of the Alaska State power grid and along the proposed Alaska natural gas pipeline route.
The Company is currently engaged in the cyanide extraction analysis of numerous samples from both the oxide and non-oxide mineralized zones and, although this data is still preliminary, it indicates that both types of mineralization have the potential for heap leach extraction and that significant increases in recovery may be obtained with finer crushing (thus suggesting that milling of the higher grade areas of the deposit would be beneficial).
Currently, the Company estimates that less than 30% of the known shallow mineralized zone (down to 200 metres) has been effectively drill tested. The Livengood target is open in all directions as well as at depth, with many of the recent deeper holes intersecting mineralization in the underlying lower sedimentary package (such as MK-RC-0023 with 57.9 metres @ 2.51 g/t gold and MK-RC-0060 with 82.3 metres @ 1.07 g/t gold). A 3D image of the most recently released Livengood drill information can be viewed at: http://www.corebox.net/properties/livengood.
As a comparison, the Fort Knox mine, one of North America's larger gold mines located 80 kilometres to the southeast of Livengood, reported in their March 30, 2007 43-101 technical report a proven and probable resource estimate of 159Mt at an average grade of 0.53 g/t gold (the current mid-year Livengood resource significantly exceeds Fort Knox at this time). The Fort Knox mine has announced that they are currently commissioning a large run of mine heap leach facility to augment their current milling operations, and estimates an average heap leach recovery of 61%. The Fort Knox mine reported 2007 gold production of 338,459 ounces at a life of mine cash cost of approximately $390/ounce. However, the Company cautions that this information with respect to the Fort Knox property and operations could not be verified by the Company and is not necessarily indicative of the mineralization on the Livengood Property or the potential production from, or cost of, any future mining of the Livengood Property.
Project Background
ITH controls 100% of its 44 square kilometre Livengood land package, which is primarily made up of leased land from the Alaska Mental Health Trust and a number of smaller private mineral lessors. The Company and its predecessor, AngloGold Ashanti (U.S.A.) Exploration Inc., have been exploring the Livengood area since 2003, with the project's first indicated resource estimate being announced in early 2008. The 2008 drilling program marks the first grid drilling resource definition campaign for the project and is only the initial step in what the Company envisions as a major long-term exploration program to define what it anticipates is one of the world's largest new gold deposits.
Results of the Geologic Review and Resource Estimate
Geological Review
On October 28, 2008 Giroux Consultants Ltd. and Mineral Resource Services Inc. delivered the final draft of their technical report on the Livengood project (the "Report"), which includes information regarding the mineral resource estimate and 2008 surface exploration completed to the date of the Report. The information describes gold mineralization in the deposit and possible ore controls. Primary ore controls appear to be the intersection of favourable host lithologies with major structural zones which are interpreted to have acted as conduits for intrusion-related gold bearing fluids. The volcanic, sedimentary and mafic rocks are favourable host rocks and are persistently mineralized. Mineralization in the Money Knob deposit occurs at surface and forms stratabound and cross-cutting bodies in a large thrust faulted and recumbently folded sedimentary and volcanic sequence. The main body of mineralization lies within a general 2 kilometre wide, 6 kilometre long northeast trending belt, with the current Core Zone focused along a northwest trending surface geochemical anomaly that is at least 1.6 kilometres long and 800 meters wide. This large structural zone has localized a series of 90 million year old (Fort Knox age) dikes, sills and plugs that are believed to be related to the gold mineralization. The configuration and thickness of the mineralized zones suggest a near-surface, low strip, bulk-mining scenario.
Resource Estimate
The indicated and inferred mineral resource estimate for the Livengood deposit covers an area of approximately 3.6 square kilometres and is based on 116 drill holes which have an average length of 217 meters and 11 trenches with an average length of 45 metres.
Approximately one third of the total estimated area (1.1 square kilometres) contains 98 of the drillholes and, in this area, the geology has been modeled to represent the volumes of the different stratigraphic units on the property. Outside of the modeled area all the data was grouped together because there was insufficient geological control for more detailed analysis. Statistically, each of the geological volumes was treated independently with individual capping grades applied. However, the populations were not sufficiently different to be kriged independently.
Variogram modeling was done using 5 metre composites, the variography showed excellent continuity downdip and across dip with lesser continuity along strike. Bulk density was estimated on the basis of individual density measurements made on core samples and reverse circulation drill chips from each stratigraphic unit. In total, 95 measurements were used. Based on the general geology, a bulk density of 2.68 was used for the area outside the modeled volume. In the model, blocks with dimensions of 20 x 20 metres horizontal and 5 metres vertical were estimated by ordinary kriging.
The geology of the holes which still have assays pending suggests that the favourable host stratigraphy and alteration remain open laterally and at depth, thus indicating that the system could potentially be much larger than the current estimate.
Qualified Person and Quality Control/Quality Assurance
The work program at Livengood was designed and is supervised by Dr. Russell Myers, Vice President of Exploration, and Chris Puchner, Chief Geologist (CPG 07048) for ITH who are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project log and track all samples prior to sealing 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.
Dr. Paul D. Klipfel, Ph.D., AIPG, a consulting economic geologist employed by Mineral Resource Services Inc., has acted as the Qualified Person, as defined in NI 43-101, for the exploration data and supervised the preparation of the technical exploration information on which some of this news release is based. Dr. Klipfel has a Ph.D. in economic geology and more than 28 years of relevant experience as a mineral exploration geologist. He is a Certified Professional Geologist (CPG 10821) by the American Institute of Professional Geologists. Both Dr. Klipfel and Mineral Resource Services Inc. are independent of the Company under NI 43-101.
Mr. Gary Giroux, MASc., P. Eng (B.C.), a consulting geological engineer employed by Giroux Consultants Ltd., has acted as the Qualified Person, as defined in NI 43-101, for the Giroux Consultants Ltd. mineral resource estimate. He has over 30 years of experience in all stages of mineral exploration, development and production. Mr. Giroux specializes in computer applications in ore reserve estimation, and has consulted both nationally and internationally in this field. He has authored many papers on geostatistics and ore reserve estimation and has practiced as a Geological Engineer since 1970 and provided geostatistical services to the industry since 1976. Both Mr. Giroux and Giroux Consultants Ltd. are independent of the Company under NI 43-101.
The Report will be finalized and filed on SEDAR within 45 days of the date of this news release.
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 the advanced multimillion ounce gold discovery at Livengood. ITH is committed to building shareholder value through new discoveries while maintaining a majority interest in its key 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
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. All statements, other than statements of historical fact, included herein including, 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, 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. 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, and other risks and uncertainties disclosed in the Company's annual report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC"), and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its United States public disclosure filings may be accessed via www.sec.gov, and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
Cautionary Note Concerning Reserve and Resource Estimates
This press release and other information released by the Company uses the terms "resources", "inferred resources" and "indicated resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, 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 inferred or indicated resources will ever be converted into reserves. Inferred resources, in particular, 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 or indicated resources will ever be upgraded to reserves. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred or indicated 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 resource estimates contained in this press release have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resource and Mineral Reserves, adopted by the CIM Council on November 14, 2004 (the "CIM Standards") as they may be amended from time to time by the CIM. United States shareholders are cautioned that the requirements and terminology of NI 43-101 and the CIM Standards differ significantly from the requirements and terminology of the SEC set forth Industry Guide 7. Accordingly, the Company's disclosures regarding mineralization may not be comparable to similar information disclosed by companies subject to the SEC's Industry Guide 7. Cautionary Note Regarding Similar Mineral Property References
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.
NR08-22
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release, which has been prepared by management.
Contacts:
International Tower Hill Mines Ltd.
Quentin Mai
Vice-President - Corporate Communications
Toll Free: 1-888-770-7488 or (604) 683-6332
(604) 408-7499 (FAX)
Email: qmai@internationaltowerhill.com
Website: www.internationaltowerhill.com
SOURCE: International Tower Hill Mines Ltd.
Millrock drills two Seward Peninsula gold prospects in 2008
wo longtime mineral prospectors known in Alaska mining have joined forces in a start-up junior exploration company that focused in 2008 on the Seward Peninsula.
Millrock Resources Inc. drilled two separate gold prospects on the Seward Peninsula this summer, spending just over $2 million on the company's 2008 exploration efforts.
Leading the exploration effort for Millrock is Gregory Beischer, president and chief executive officer, who most recently worked for Bristol Bay Native Corp., after spending 20 years with mining giant Inco.
Joining him is Phil St. George, another exploration geologist with substantial work experience with mining giant Cominco. St. George also worked for NovaGold Resources during its formative years and is credited with discovery of the initial Pebble copper-gold-molybdenum deposit in Southwest Alaska in the late 1980s.
"When we started up the business, it came on the market at 38 cents (a share) and things were great the first few months, but it's been a bit of a struggle lately," Beischer said. "Phil and I are a great teamewe have great people working for us and the company is in reasonably good shape even though our share price has declined substantially over the last three months in particular."
Venture capital financing for junior exploration companies has dried up, he said, since Millrock closed a financing arrangement in May, providing the company with funds for this year's work.
"We didn't spend it all, although it was tempting, because we were having good success, but we stuck to our guns," Beischer said. "We've got enough to hold on and survive and if it's not too protracted of a downturn, we'll still be in business next year."
The two geologists oversaw work this summer on several prospects throughout Alaska, including reconnaissance work on a high-grade gold prospect in the Alaska Range, called Estelle, and the 40-Mile prospect in eastern Interior Alaska.
But it was two separate gold projects on the Seward Peninsula that commanded the bulk of the company's exploration spending for 2008. As of mid-October, the company was still waiting for final assay reports from drilling work completed in August on both the Divide and Bluff properties, Beischer said.
Both gold prospects are located close enough to Rock Creek, in Nome, to potentially become satellite mines if geologists find enough mineralization in high-enough grades to cover trucking costs.
Divide is located north of Rock Creek, about 20 miles straight-line distance from the recently commissioned hard-rock mill, Beischer said. This summer, Millrock completed 23 exploration trenches at Divide, followed up by 10,000 feet of reverse circulation drilling in 23 holes.
"Our goal here is to find a large, multi-million-ounce deposit. The work this year will determine whether a deposit of this scope is present or not," he said.
Millrock is earning a 50 percent interest in Divide from Alix Resources Corp., paying half of the property's exploration costs and issuing 500,000 shares to Alix. Millrock was the operator for this summer's program.
Bluff is located 75 miles southeast of Nome, on the Bering Sea coast, part of a land package that Millrock Resources has optioned from the Alaska Native landowner, Bering Straits Native Corp.
According to an April 2008 announcement, Millrock and Golden Glacier Inc., a Bering Straits subsidiary, signed an exploration agreement covering approximately 153 square miles of Native-owned land highly prospective for gold exploration.
In that press release, Matt Ganley, Bering Straits' vice president of lands and resources, said the landowners "eare confident that this exploration agreement will expand our knowledge of the area's resources while enhancing the long-term economic base of the local communities."
The five-year exploration agreement between Bering Straits and Millrock calls for total spending of $4 million, with a first year work commitment of $300,000, for which Millrock receives exclusive rights to explore and develop mineral deposits on that acreage.
Annual option payments to the Native corporation will total $550,000 over the five years and Millrock will also contribute a total of $40,000 to the Bering Straits Foundation Scholarship Fund. Millrock will also issue up to 1 million shares of its corporate stock over the five-year period to the corporation.
A contracting preference is given to BSNC subsidiary companies that could provide service to Millrock, and shareholders of the Native corporation will also be given employment preference, according to the agreement.
Three prospects part of the agreement with Bering Straits include Council, Ungalik and Bluff, a coastal gold property that was previously drilled by mining giant BHP in the 1980s. BHP reported in 1991 that there was potential for a minimum 3 million tons at the Daniel's Creek prospect.
"They made some great discoveries there of gold mineralization," Beischer said.
This summer, Millrock drilled five diamond core drill holes, Beischer said. "The good news is that on a visual basis, every hole hit the altered mineralized zone that we were targeting," he said.
Millrock Resources Inc. drilled two separate gold prospects on the Seward Peninsula this summer, spending just over $2 million on the company's 2008 exploration efforts.
Leading the exploration effort for Millrock is Gregory Beischer, president and chief executive officer, who most recently worked for Bristol Bay Native Corp., after spending 20 years with mining giant Inco.
Joining him is Phil St. George, another exploration geologist with substantial work experience with mining giant Cominco. St. George also worked for NovaGold Resources during its formative years and is credited with discovery of the initial Pebble copper-gold-molybdenum deposit in Southwest Alaska in the late 1980s.
"When we started up the business, it came on the market at 38 cents (a share) and things were great the first few months, but it's been a bit of a struggle lately," Beischer said. "Phil and I are a great teamewe have great people working for us and the company is in reasonably good shape even though our share price has declined substantially over the last three months in particular."
Venture capital financing for junior exploration companies has dried up, he said, since Millrock closed a financing arrangement in May, providing the company with funds for this year's work.
"We didn't spend it all, although it was tempting, because we were having good success, but we stuck to our guns," Beischer said. "We've got enough to hold on and survive and if it's not too protracted of a downturn, we'll still be in business next year."
The two geologists oversaw work this summer on several prospects throughout Alaska, including reconnaissance work on a high-grade gold prospect in the Alaska Range, called Estelle, and the 40-Mile prospect in eastern Interior Alaska.
But it was two separate gold projects on the Seward Peninsula that commanded the bulk of the company's exploration spending for 2008. As of mid-October, the company was still waiting for final assay reports from drilling work completed in August on both the Divide and Bluff properties, Beischer said.
Both gold prospects are located close enough to Rock Creek, in Nome, to potentially become satellite mines if geologists find enough mineralization in high-enough grades to cover trucking costs.
Divide is located north of Rock Creek, about 20 miles straight-line distance from the recently commissioned hard-rock mill, Beischer said. This summer, Millrock completed 23 exploration trenches at Divide, followed up by 10,000 feet of reverse circulation drilling in 23 holes.
"Our goal here is to find a large, multi-million-ounce deposit. The work this year will determine whether a deposit of this scope is present or not," he said.
Millrock is earning a 50 percent interest in Divide from Alix Resources Corp., paying half of the property's exploration costs and issuing 500,000 shares to Alix. Millrock was the operator for this summer's program.
Bluff is located 75 miles southeast of Nome, on the Bering Sea coast, part of a land package that Millrock Resources has optioned from the Alaska Native landowner, Bering Straits Native Corp.
According to an April 2008 announcement, Millrock and Golden Glacier Inc., a Bering Straits subsidiary, signed an exploration agreement covering approximately 153 square miles of Native-owned land highly prospective for gold exploration.
In that press release, Matt Ganley, Bering Straits' vice president of lands and resources, said the landowners "eare confident that this exploration agreement will expand our knowledge of the area's resources while enhancing the long-term economic base of the local communities."
The five-year exploration agreement between Bering Straits and Millrock calls for total spending of $4 million, with a first year work commitment of $300,000, for which Millrock receives exclusive rights to explore and develop mineral deposits on that acreage.
Annual option payments to the Native corporation will total $550,000 over the five years and Millrock will also contribute a total of $40,000 to the Bering Straits Foundation Scholarship Fund. Millrock will also issue up to 1 million shares of its corporate stock over the five-year period to the corporation.
A contracting preference is given to BSNC subsidiary companies that could provide service to Millrock, and shareholders of the Native corporation will also be given employment preference, according to the agreement.
Three prospects part of the agreement with Bering Straits include Council, Ungalik and Bluff, a coastal gold property that was previously drilled by mining giant BHP in the 1980s. BHP reported in 1991 that there was potential for a minimum 3 million tons at the Daniel's Creek prospect.
"They made some great discoveries there of gold mineralization," Beischer said.
This summer, Millrock drilled five diamond core drill holes, Beischer said. "The good news is that on a visual basis, every hole hit the altered mineralized zone that we were targeting," he said.
Northern Dynasty Minerals Ltd. - Successful 2008 Study Program Continues At Alaska's Pebble Project
Northern Dynasty Minerals Ltd. ("Northern Dynasty" or the "Company") (CA:NDM: news, chart, profile) (NAK:
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, , ) reports that core drilling and other study activities at the Pebble Limited Partnership's ("PLP", "Pebble Partnership" or the "Partnership") project site in southwest Alaska continue to advance. The Pebble Project remains on track to complete a Prefeasibility Study in the second half of 2009.
"The Pebble Partnership continues to make sizable investments across a broad range of technical, environmental and social disciplines to move the project forward efficiently toward the completion of a proposed development plan and the onset of permitting," said Northern Dynasty President & CEO Ron Thiessen. "The tremendous amount of work undertaken this year by geological and geotechnical drilling crews, environmental and socioeconomic consultants, as well as the site personnel that support them, has moved us that much closer to reaching our program goals."
To the end of September 2008, PLP crews had completed 141,000 feet of drilling in 215 holes. This includes 109,800 feet of drilling in 24 holes to: increase the information base about known mineralization in the Pebble East deposit; continue to delineate the Pebble East deposit; and provide detailed geotechnical information for mine planning purposes. Crews also completed 31,160 feet of drilling in 191 dedicated environmental, geotechnical and metallurgical holes. Drilling at Pebble will continue through December 2008. Following a 6 to 8-week hiatus, site activities will begin again in February 2009.
Thiessen said the Pebble Partnership, with the assistance of co-owners Northern Dynasty and Anglo American plc, has assembled a world-class mine development team to design, permit, construct and operate a modern, long-life mine at Pebble. A dedicated team of approximately 20 engineers and technical specialists (many seconded from Anglo American), as well as 58 engineering firms and other consultancies, is currently preparing a Prefeasibility Study for the project.
"While the high-grade copper-gold-molybdenum mineralization within the Pebble East zone remains open to expansion, the 2008 drill program will delineate sufficient volume and grades to allow us to finalize a Prefeasibility Study next year," Thiessen confirmed. "Similarly, the excellent progress being made by our engineering design team, our environmental study team and stakeholder outreach personnel means Pebble is on schedule to finalize a proposed development plan in 2009 and, following input from project stakeholders, apply for permits in early 2010."
Thiessen said the Pebble Partnership and Northern Dynasty expect to publish a revised mineral resource estimate for the Pebble deposit based on 2008 drilling results later this year. A significant proportion of the known mineralization at Pebble East is expected to move from an inferred to an indicated category.
While drilling continues at Pebble, other 2008 site activities are largely complete. Some 26 environmental and socioeconomic study teams visited the project site this year as part of the fifth consecutive year of comprehensive environmental baseline studies.
Northern Dynasty and subsequently the Pebble Partnership have invested more than $100 million in environmental and socioeconomic studies over the past five years, including $25 million planned for 2008. The Partnership is currently assembling an Environmental Baseline Document for Pebble, which will be submitted as part of the project's permit applications.
"The Pebble Partnership has undertaken the most expansive and comprehensive pre-permitting environmental study program in the history of mine development in Alaska, if not North America," said Northern Dynasty Chairman Robert Dickinson. "These investments will hold the project in very good stead as it prepares to enter the federal and state permitting process."
Other statistics from a busy 2008 study program at Pebble include:
- a total of 10 helicopters have flown more than 9,000 hours, moving
crew and equipment from the operations base in Iliamna to various
project locations;
- approximately 800 individuals have worked about 40,000 person-days,
with the total number of people at site peaking at 232 in August;
- approximately 3,420 fixed wing aircraft flights have brought people
and supplies into and out of Iliamna in 2008, including more than
50 groups visiting to tour the Pebble Project;
- site expenditures to the end of September total approximately
$50 million, excluding environmental study costs; and
- some 90% of 2008 site expenditures (or approximately $45 million)
have accrued to Alaskan firms.
"Whether you're looking at investment, jobs, supply and service contracts or revenues to government, we believe Pebble has the potential to be the next great development project in Alaska - on the scale of a Prudhoe Bay or Alyeska Pipeline," Dickinson said. "But Pebble is also making a significant contribution to the regional and state economy today, in part because of the Partnership's efforts to diligently apply local hiring and local contracting policies."
The Pebble Limited Partnership was established in July 2007 as a 50:50 partnership between a wholly-owned affiliate of Northern Dynasty and a wholly-owned subsidiary of Anglo American plc. Under the terms of the agreement, Anglo American will fund $1.425 billion of project costs to acquire its 50% interest - including budgeted expenditures of US$140 million in 2008 and US$40 million in 2007.
Study activities and program expenditures at Pebble in 2009 will be finalized in December, and are expected to be similar to those in 2008. Northern Dynasty continues to hold US$36 million in cash and has no immediate funding commitments for the Pebble Project.
Mark Rebagliati, P.Eng., has reviewed the information on the site program and Stephen Hodgson, P.Eng., has reviewed the information on the engineering programs. Both are qualified persons who monitor Northern Dynasty's programs.
Ronald Thiessen
President and CEO
No regulatory authority accepts responsibility for the adequacy or
accuracy of this release.
Northern Dynasty is solely and entirely responsible for the contents of
this news release. No other party, including any parties which have an
interest in the project, are in any way responsible for the contents
hereof.
Comments on Forward-Looking Information, Estimates and other
Cautionary Factors
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, especially those that address estimated resource quantities, grades and contained metals, are forward-looking statements because they are generally made on the basis of estimation and extrapolation from a limited number of drill holes and metallurgical studies. Although diamond drill hole core provides valuable information about the size, shape and geology of an exploration project, there will always remain a significant degree of uncertainty in connection with these valuation factors until a deposit has been extensively drilled on closely spaced centers, which has occurred only in specific areas on the Pebble Project. Although the Company believes the expectations expressed in its forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of the ultimate size, quality or commercial feasibility of the Pebble Project or of the Company's future performance. The likelihood of future mining at the Pebble Project is subject to a large number of risks and will require achievement of a number of technical, economic and legal objectives, including obtaining necessary mining and construction permits, completion of prefeasibility and final feasibility studies, preparation of all necessary engineering for underground workings and processing facilities as well as receipt of significant additional financing to fund these objectives as well as funding mine construction. Such funding may not be available to the Company on acceptable terms or on any terms at all. There is no known ore at the Pebble Project and there is no assurance that the mineralization at the Pebble Project will ever be classified as ore. The need for compliance with extensive environmental and socio-economic rules and practices and the requirement for the Company to obtain government permitting can cause a delay or even abandonment of a mineral project. The Company is also subject to the specific risks inherent in the mining business as well as general economic and business conditions. For more information on the Company, Investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission and its home jurisdiction filings that are available at www.sedar.com.
SOURCE Northern Dynasty Minerals Ltd.
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, , ) reports that core drilling and other study activities at the Pebble Limited Partnership's ("PLP", "Pebble Partnership" or the "Partnership") project site in southwest Alaska continue to advance. The Pebble Project remains on track to complete a Prefeasibility Study in the second half of 2009.
"The Pebble Partnership continues to make sizable investments across a broad range of technical, environmental and social disciplines to move the project forward efficiently toward the completion of a proposed development plan and the onset of permitting," said Northern Dynasty President & CEO Ron Thiessen. "The tremendous amount of work undertaken this year by geological and geotechnical drilling crews, environmental and socioeconomic consultants, as well as the site personnel that support them, has moved us that much closer to reaching our program goals."
To the end of September 2008, PLP crews had completed 141,000 feet of drilling in 215 holes. This includes 109,800 feet of drilling in 24 holes to: increase the information base about known mineralization in the Pebble East deposit; continue to delineate the Pebble East deposit; and provide detailed geotechnical information for mine planning purposes. Crews also completed 31,160 feet of drilling in 191 dedicated environmental, geotechnical and metallurgical holes. Drilling at Pebble will continue through December 2008. Following a 6 to 8-week hiatus, site activities will begin again in February 2009.
Thiessen said the Pebble Partnership, with the assistance of co-owners Northern Dynasty and Anglo American plc, has assembled a world-class mine development team to design, permit, construct and operate a modern, long-life mine at Pebble. A dedicated team of approximately 20 engineers and technical specialists (many seconded from Anglo American), as well as 58 engineering firms and other consultancies, is currently preparing a Prefeasibility Study for the project.
"While the high-grade copper-gold-molybdenum mineralization within the Pebble East zone remains open to expansion, the 2008 drill program will delineate sufficient volume and grades to allow us to finalize a Prefeasibility Study next year," Thiessen confirmed. "Similarly, the excellent progress being made by our engineering design team, our environmental study team and stakeholder outreach personnel means Pebble is on schedule to finalize a proposed development plan in 2009 and, following input from project stakeholders, apply for permits in early 2010."
Thiessen said the Pebble Partnership and Northern Dynasty expect to publish a revised mineral resource estimate for the Pebble deposit based on 2008 drilling results later this year. A significant proportion of the known mineralization at Pebble East is expected to move from an inferred to an indicated category.
While drilling continues at Pebble, other 2008 site activities are largely complete. Some 26 environmental and socioeconomic study teams visited the project site this year as part of the fifth consecutive year of comprehensive environmental baseline studies.
Northern Dynasty and subsequently the Pebble Partnership have invested more than $100 million in environmental and socioeconomic studies over the past five years, including $25 million planned for 2008. The Partnership is currently assembling an Environmental Baseline Document for Pebble, which will be submitted as part of the project's permit applications.
"The Pebble Partnership has undertaken the most expansive and comprehensive pre-permitting environmental study program in the history of mine development in Alaska, if not North America," said Northern Dynasty Chairman Robert Dickinson. "These investments will hold the project in very good stead as it prepares to enter the federal and state permitting process."
Other statistics from a busy 2008 study program at Pebble include:
- a total of 10 helicopters have flown more than 9,000 hours, moving
crew and equipment from the operations base in Iliamna to various
project locations;
- approximately 800 individuals have worked about 40,000 person-days,
with the total number of people at site peaking at 232 in August;
- approximately 3,420 fixed wing aircraft flights have brought people
and supplies into and out of Iliamna in 2008, including more than
50 groups visiting to tour the Pebble Project;
- site expenditures to the end of September total approximately
$50 million, excluding environmental study costs; and
- some 90% of 2008 site expenditures (or approximately $45 million)
have accrued to Alaskan firms.
"Whether you're looking at investment, jobs, supply and service contracts or revenues to government, we believe Pebble has the potential to be the next great development project in Alaska - on the scale of a Prudhoe Bay or Alyeska Pipeline," Dickinson said. "But Pebble is also making a significant contribution to the regional and state economy today, in part because of the Partnership's efforts to diligently apply local hiring and local contracting policies."
The Pebble Limited Partnership was established in July 2007 as a 50:50 partnership between a wholly-owned affiliate of Northern Dynasty and a wholly-owned subsidiary of Anglo American plc. Under the terms of the agreement, Anglo American will fund $1.425 billion of project costs to acquire its 50% interest - including budgeted expenditures of US$140 million in 2008 and US$40 million in 2007.
Study activities and program expenditures at Pebble in 2009 will be finalized in December, and are expected to be similar to those in 2008. Northern Dynasty continues to hold US$36 million in cash and has no immediate funding commitments for the Pebble Project.
Mark Rebagliati, P.Eng., has reviewed the information on the site program and Stephen Hodgson, P.Eng., has reviewed the information on the engineering programs. Both are qualified persons who monitor Northern Dynasty's programs.
Ronald Thiessen
President and CEO
No regulatory authority accepts responsibility for the adequacy or
accuracy of this release.
Northern Dynasty is solely and entirely responsible for the contents of
this news release. No other party, including any parties which have an
interest in the project, are in any way responsible for the contents
hereof.
Comments on Forward-Looking Information, Estimates and other
Cautionary Factors
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, especially those that address estimated resource quantities, grades and contained metals, are forward-looking statements because they are generally made on the basis of estimation and extrapolation from a limited number of drill holes and metallurgical studies. Although diamond drill hole core provides valuable information about the size, shape and geology of an exploration project, there will always remain a significant degree of uncertainty in connection with these valuation factors until a deposit has been extensively drilled on closely spaced centers, which has occurred only in specific areas on the Pebble Project. Although the Company believes the expectations expressed in its forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of the ultimate size, quality or commercial feasibility of the Pebble Project or of the Company's future performance. The likelihood of future mining at the Pebble Project is subject to a large number of risks and will require achievement of a number of technical, economic and legal objectives, including obtaining necessary mining and construction permits, completion of prefeasibility and final feasibility studies, preparation of all necessary engineering for underground workings and processing facilities as well as receipt of significant additional financing to fund these objectives as well as funding mine construction. Such funding may not be available to the Company on acceptable terms or on any terms at all. There is no known ore at the Pebble Project and there is no assurance that the mineralization at the Pebble Project will ever be classified as ore. The need for compliance with extensive environmental and socio-economic rules and practices and the requirement for the Company to obtain government permitting can cause a delay or even abandonment of a mineral project. The Company is also subject to the specific risks inherent in the mining business as well as general economic and business conditions. For more information on the Company, Investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission and its home jurisdiction filings that are available at www.sedar.com.
SOURCE Northern Dynasty Minerals Ltd.
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