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To: LoneClone who wrote (8144)4/4/2012 7:54:52 PM
From: LoneClone
   of 10699
 
Standard Graphite Options Quebec Graphite Claims

Press Release: Standard Graphite Corporation – 10 hours ago

finance.yahoo.com



VANCOUVER, BRITISH COLUMBIA--(Marketwire -04/04/12)- Standard Graphite Corp. (TSX-V: SGH.V - News) (the "Company") is pleased to report that it has signed an option to acquire a 100% interest in 31 mining claims in Quebec. The mining claims are located in rusty graphitic gneisses similar to the ones in Fermont, Quebec.

Terms

The company has the option to earn a 100% interest in a graphite property from Hamish Ross (the "Vendor") by making the following payments and issuing the following common shares to the Vendor: (i) $5,000 and 50,000 common shares on receipt of the TSX Venture ("TSXV") acceptance of the Definitive Option Agreement; (ii) 100,000 common shares 4 months from signing the Definitive Option Agreement, and; (iii) 100,000 common shares 6 months from signing the Definitive Option Agreement. The agreement remains subject to acceptance by the TSXV. A finder's fee will be payable with respect to the transaction pursuant to the policies of the TSXV.

ON BEHALF OF THE BOARD

Chris Bogart, President & CEO

Cautionary Statement:

The foregoing information may contain forward-looking statements relating to the future performance of Standard Graphite Corp. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in Standard Graphite Corp.'s filings with the appropriate securities commissions.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Contact:

Standard Graphite Corp. - Corporate Information
Chris Bogart
President & CEO
(604) 683-2509
(604) 683-2506 (FAX)
info@standardgraphite.com
www.standardgraphite.com
G2 Consultants Corp.
Investor Inquiries
NA Toll-Free: (866) 742-9990 or (604) 742-9990
info@g2consultants.com

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To: LoneClone who wrote (8145)4/4/2012 7:58:38 PM
From: LoneClone
   of 10699
 
Bacanora Achieves Commercial Colemanite Grades and Provides Update on its Borate Program

Press Release: Bacanora Minerals Ltd. – Tue, Apr 3, 2012 1:12 PM EDT

finance.yahoo.com



CALGARY, ALBERTA--(Marketwire - April 3, 2012) - BACANORA MINERALS LTD. (the "Company" or "Bacanora") (TSX VENTURE: BCN.V - News) is pleased to announce that it has successfully achieved marketable grades of colemanite concentrate after extensive laboratory testing of borates from its El Cajon deposit. Bench scale testing has yielded product with grades upwards of 40% B2O3, which is considered as the industry benchmark grade for commercial production of colemanite concentrate. Based on management's review of published price indicators 40-42% colemanite concentrate is currently selling for approximately $500 per tonne. Both the glass and textile fibre glass industries have been identified as potential markets for Bacanora's colemanite products.

Testing conducted to date has consisted of metallurgical and process testing that has been ongoing since September 2011 and has included grinding, desliming, reagent and flotation analyses. The testing procedures were developed by internal Company experts and consultants, with actual laboratory work performed by ALS-Chemex, an independent lab based in Hermosillo, Mexico.

Now that the Company has successfully achieved a colemanite concentrate grade of 40% B2O3, further testing will be required in order to refine the flow sheet for the Company's proposed pilot plant. Upon the conclusion of testing the equipment list detailing the components required for pilot plant operation will be finalized and components will be ordered. A siting study for the pilot plant and Company laboratory has been concluded, with several possible locations identified within acceptable proximity to the El Cajon property. Upon completion of testing, focus will return to completing an updated National Instrument 43-101 compliant report targeted for release in the third quarter of 2012.

The consulting group Servicios Geologicos IMEX SC have been engaged for the generation of 3D block model, mine plan and pit design. Mining permit applications have been finalized and all applicable documents are ready for filing with the Secretary of Environment. In addition, long term lease contracts for surface rights are being negotiated. Infrastructure access, including water availability is being arranged concurrently.

Paul Conroy, President and CEO, states: "We are extremely pleased with the progress that our team has made by achieving the milestone of commercial grade colemanite from our El Cajon borate deposit. We look forward to further scaling up this process to the pilot scale level in the coming months and continue to take positive steps forward toward our goal of commercial production."

Martin Vidal, Professional Geoscientist, is the Qualified Person for this news release and has reviewed and approved its contents.

Reader Advisory

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the use of the net proceeds of the offering. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Contact:
Paul Conroy
Bacanora Minerals Ltd.
President and Chief Executive Officer
(306) 649-0600
(306) 649-0601 (FAX)

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To: LoneClone who wrote (8145)4/4/2012 8:41:11 PM
From: LoneClone
   of 10699
 
Bacanora Achieves Commercial Colemanite Grades and Provides Update on its Borate Program

Press Release: Bacanora Minerals Ltd. – Tue, Apr 3, 2012 1:12 PM EDT

finance.yahoo.com



CALGARY, ALBERTA--(Marketwire - April 3, 2012) - BACANORA MINERALS LTD. (the "Company" or "Bacanora") (TSX VENTURE: BCN.V - News) is pleased to announce that it has successfully achieved marketable grades of colemanite concentrate after extensive laboratory testing of borates from its El Cajon deposit. Bench scale testing has yielded product with grades upwards of 40% B2O3, which is considered as the industry benchmark grade for commercial production of colemanite concentrate. Based on management's review of published price indicators 40-42% colemanite concentrate is currently selling for approximately $500 per tonne. Both the glass and textile fibre glass industries have been identified as potential markets for Bacanora's colemanite products.

Testing conducted to date has consisted of metallurgical and process testing that has been ongoing since September 2011 and has included grinding, desliming, reagent and flotation analyses. The testing procedures were developed by internal Company experts and consultants, with actual laboratory work performed by ALS-Chemex, an independent lab based in Hermosillo, Mexico.

Now that the Company has successfully achieved a colemanite concentrate grade of 40% B2O3, further testing will be required in order to refine the flow sheet for the Company's proposed pilot plant. Upon the conclusion of testing the equipment list detailing the components required for pilot plant operation will be finalized and components will be ordered. A siting study for the pilot plant and Company laboratory has been concluded, with several possible locations identified within acceptable proximity to the El Cajon property. Upon completion of testing, focus will return to completing an updated National Instrument 43-101 compliant report targeted for release in the third quarter of 2012.

The consulting group Servicios Geologicos IMEX SC have been engaged for the generation of 3D block model, mine plan and pit design. Mining permit applications have been finalized and all applicable documents are ready for filing with the Secretary of Environment. In addition, long term lease contracts for surface rights are being negotiated. Infrastructure access, including water availability is being arranged concurrently.

Paul Conroy, President and CEO, states: "We are extremely pleased with the progress that our team has made by achieving the milestone of commercial grade colemanite from our El Cajon borate deposit. We look forward to further scaling up this process to the pilot scale level in the coming months and continue to take positive steps forward toward our goal of commercial production."

Martin Vidal, Professional Geoscientist, is the Qualified Person for this news release and has reviewed and approved its contents.

Reader Advisory

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the use of the net proceeds of the offering. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Contact:
Paul Conroy
Bacanora Minerals Ltd.
President and Chief Executive Officer
(306) 649-0600
(306) 649-0601 (FAX)

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To: LoneClone who wrote (8147)4/4/2012 8:44:35 PM
From: LoneClone
   of 10699
 
WestCan purchases graphite claims in Quebec

Press Release: WestCan Uranium Corp. – 12 hours ago

finance.yahoo.com



Trading Symbol TSX-V: WCU

VANCOUVER , April 4, 2012 /CNW/ - WestCan Uranium Corp. (the "Company ") ("WestCan") ("WCU") is pleased to announce an agreement has been reached with a consortium of arm's length vendors, whereby the Company has purchased 44 claims representing 2,596 hectares in the Baie-Comeauarea of the Province of Quebec , known as the "Mathieu Property ".

The Mathieu Property

The property is located approximately 125 km northwest of the deep sea port of Baie-Comeau, on the Quebec North Shore. The access to the property is excellent via the main lumber haul road which originates in Baie-Comeau and Labrieville located along the St-Lawrence River. It is adjacent to the Sun Graphite Property of Galaxy Capital and borders the Julie South-East graphite section of the St-Georges Platinum Julie property.

The area was originally explored by Otokumpu Mines Inc. in 1998 exploring for base metal mineralization. An advanced airborne geophysical program consisting of 2,600 line km in the region was undertaken. The program located multiple electro-magnetic (EM) anomalies in the area, outside or coinciding with known magnetic anomalies. In a 15 km long trend, there were multiple target anomalies and off-set structures, the longest of which was three kilometres in length. Only half of the major conductors were visited at the time.

Recent ground exploration conducted between 2008 and 2011 by St-Georges Platinum identified 24 graphite outcrops on the Julie South-East property located 7 km west of the Mathieu Property along the western border of Galaxy's Sun Graphite Property.

In late 1990, Otokumpu abandoned its exploration efforts when it was concluded that all anomalies explored were related to graphite mineralization and that the base metal sulphides which were then of interest, were further to the northeast, on the present day St-Georges Platinum's Julie Nickel-Copper Property.

Terms of the acquisition agreement

Pursuant to the terms of the agreement, WestCan will pay $35,000 to the vendors, with 50% due within 45 days of regulatory approval of the agreement, and the balance upon successful completion of a financing. As well, 1,500,000 common shares are to be issued to the vendors, within 45 days of regulatory approval of this agreement. The property is subject to a 2.5% NSR agreement the terms of which are to be agreed upon by all parties, within 60 days of the completion of a financing. If the Company establishes a resource equal to or greater than 5 million tonnes of Graphite Carbon in any NI 43-101 category of resources on the property, or if any subsequent buyer does, the Company will issue an additional 5 million common shares of the Company or its equivalent to the vendors. The Company must also complete a minimum of $500,000 in exploration within 24 months of the approval of this agreement. Finder's fees of $11,000 are payable, subject to regulatory approval.

On behalf of the Board of Directors

" Chris England "
President and CEO
WestCan Uranium Corp.



Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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To: LoneClone who wrote (8148)4/4/2012 8:46:31 PM
From: LoneClone
   of 10699
 
Dacha Reports REE Assets of US$1.16 Per Share With Inventory Valued at US$84.8 Million as of March 31, 2012

Press Release: Dacha Strategic Metals Inc. – 3 hours ago

finance.yahoo.com



TORONTO, ONTARIO--(Marketwire - April 4, 2012) - Dacha Strategic Metals Inc. ("Dacha" or the "Company") (TSX VENTURE: DSM.V - News)(OTCQX: DCHAF.PK - News) is pleased to announce the estimated market value of its Rare Earth metals inventory. As of March 31, 2012, the estimated value of its metals inventory was US$84.8 million, a decrease of US$5.0 million, or 5.6%, from the estimated value of US$89.8 million at February 29, 2012, as reported in the Company's March 2, 2012 press release.

Assets include metal inventory and cash. At March 31, 2012, in addition to its metal inventory, which had an estimated fair market value of US$84.8 million, the Company's had cash of approximately US$2.4 million for a total of US$87.2 million, or US$1.16 per share, based on 75.1 million shares outstanding, or, US$1.01 per share on a fully diluted basis of 94.5 million shares outstanding.

As at March 31, 2012, Dacha's physical inventory portfolio consisted as follows:





----------------------------------------------------------------------------

Metals Inventory Grades(i) Quantity Spot Price/kg Market Value

3/31/2012 (Kg) (US$) (US$millions)

----------------------------------------------------------------------------

Busan, South Korea

----------------------------------------------------------------------------

Dysprosium Oxide 3N+ 15,000 $ 1,293 $ 19.4

----------------------------------------------------------------------------

Dysprosium Fe Santoku 12,000 $ 1,775 $ 21.3

----------------------------------------------------------------------------

Neodymium Oxide 4N+ 18,000 $ 138 $ 2.5

----------------------------------------------------------------------------

Terbium Oxide 4N+ 14,000 $ 2,330 $ 32.6

----------------------------------------------------------------------------

Yttrium Oxide 5N 14,000 $ 125 $ 1.8

----------------------------------------------------------------------------

Jurong, Singapore

----------------------------------------------------------------------------

Gadolinium Oxide 4N5+ 9,950 $ 260 $ 2.6

----------------------------------------------------------------------------

Lutetium Oxide 4N+ 2,900 $ 1,600 $ 4.6

----------------------------------------------------------------------------

Total: 85,850 $ 84.8

----------------------------------------------------------------------------



----------------------------

(i)Grades:

4N = 99.99%

4N+ = 99.99+%

5N = 99.999%

4N5+ = 99.99%/99.999+%

----------------------------



Dacha's inventory, including market value is updated weekly every Monday morning and posted to the "Inventory" tab of its website at www.dachametals.com. Dacha encourages its shareholders and all other interested parties to visit its website regularly and to monitor the ongoing appreciation of its physical inventory of Rare Earth Elements.

About Dacha

Dacha Strategic Metals Inc. is an investment company focused on the acquisition, storage and trading of strategic metals with a primary focus on Rare Earth Elements. Dacha is in the unique position of holding a commercial stockpile of Physical Rare Earth Elements. Its shares are listed on the TSX Venture Exchange under the symbol "DSM" and on the OTCQX exchange under the symbol "DCHAF".

Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company's ability to trade in rare earth elements, the realization value of Dacha's physical inventory portfolio, proposed investment strategy of the Company, and general investment and market trends. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Dacha to be materially different from those expressed or implied by such forward-looking information. Although management of Dacha has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Dacha does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The market value of the Company's physical inventory is estimated using price quotes published by two of the largest independent news sources for the metals industry, namely, Asian Metal (www.asianmetal.com) and Metal-Pages (www.metal-pages.com). In cases where these websites do not provide a price quote on the type or quality of metal held in the Company's physical inventory, the Company relies on a price quote provided by independent third-party industry participants.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE


Contact:
Scott Moore
Dacha Strategic Metals Inc.
President and CEO
(416) 861-5903
smoore@dachametals.com
www.dachametals.com

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To: LoneClone who wrote (8149)4/4/2012 8:51:14 PM
From: LoneClone
   of 10699
 
England Challenges China by Reviving Strategic Tungsten Mine
By Thomas Biesheuvel - Apr 4, 2012 9:19 AM PT

bloomberg.com

An English mine last used to make armaments to defeat Hitler’s forces will be revived to challenge China’s grip on tungsten, among strategic metals at the heart of a deepening trade dispute with Europe and the U.S.

Wolf Minerals Ltd. (WLF) is developing a tungsten mine in Devon, southwest England, 70 years after it was last extracted there. The Hemerdon site is the world’s fourth-largest deposit and can produce about 3.5 percent of global demand for the metal, used to harden steel in ballistic missiles and in drill bits. China provides about 85 percent of worldwide supplies.

Tungsten was one of the metals cited when U.S. President Barack Obama filed a complaint to the World Trade Organization on March 13 against Chinese supply curbs. Tungsten is a “critical” raw material, according to the European Union, and the British Geological Survey places it at the top of its supply-risk list of materials needed to maintain the U.K.’s economy and lifestyle.

“A big element of what we are doing is providing a strategic supply to companies outside of China,” Wolf Managing Director Humphrey Hale said in an interview in London. “We’re answering a requirement from the market, which is strategic supply, and prices are at a position where we can make money from that.”

Wolf is backed by Resource Capital Funds, which holds a 17 percent stake, and Traxys SA, with 9.6 percent, data compiled by Bloomberg show. Resource Capital is the largest shareholder in Molycorp Inc. (MCP), owner of the biggest U.S. rare-earth deposit. Traxys, the Luxembourg-based metals trader, also owns a stake in Molycorp.

Tungsten Prices China has imposed export restraints on raw materials including rare earths, tungsten and molybdenum, causing worldwide supplies to plummet, sending prices higher and threatening strategic stockpiles. China is the largest supplier of 28 of the 52 elements on the Geological Survey’s risk list.

Rare earths became a political and legislative flashpoint in July 2010 when China moved to limit domestic output and slash export quotas by 40 percent, souring ties with the U.S. and Japan, where buyers cut usage after prices soared in the first half of 2011. China said on Dec. 28 it was leaving overseas sales caps for 2012 virtually unchanged.

Tungsten prices will probably stay at more than $40,000 a metric ton this year because of China’s curbs, Malaga Inc. (MLG), a producer of the metal in Peru, said in January. The price of ammonium paratungstate, the traded form of the metal, increased 32 percent in 2011 to end the year at more than $440 a metric ton unit, according to European price data from Metal Bulletin (MBWOEUFM). The material traded at less than $65 in 2003.

Key Commodity “Investors should really look at Tungsten,” John Meyer, an analyst at Fairfax IS Plc, said in an interview with Maryam Nemazee on Bloomberg Television’s “The Pulse” on March 28. “Demand is so far ahead of supply, I think it’s the key commodity, a strategic commodity.”

Wolf gained 7.2 percent in London today to 22.25 pence, the biggest advance in a month, with more than triple the three- month average daily volume of shares traded. The benchmark FTSE 350 Mining Index (F3MNG) slumped 3.2 percent. Its Sydney-traded stock also rose the most since March 5, climbing 4.9 percent to 32 Australian cents.

Wolf’s mine will produce 3,500 tons of tungsten and 450 tons of tin a year, starting in 2015. It will cost about 120 million pounds ($190 million) to build. Wolf has raised some 55 million pounds and is in talks for an additional 15 million to 20 million pounds in a sales agreement. The balance will be sought through selling shares, Hale said.

North American Tungsten The Devon mine, which provided material used in both World Wars, was closed in 1944 as access to overseas supplies resumed. Wolf isn’t the first company to attempt to revive it.

Amax Inc. started efforts to develop the mine in the 1970s and was granted approval for the project from Devon’s local government in 1986. Amax withdrew from the project in 1993 after falling commodity prices made progressing uneconomic.

North American Tungsten Corp. (NTC) bought Hemerdon in 1997, before disposing of the asset in 2003, discouraged by persistently low prices.

Cornwall and West Devon have been mined for more than 3,500 years, supplying the Roman Empire and materials for the U.K.’s industrial revolution, according to Unesco. By the early 19th century, the region provided two-thirds of the world’s copper and was home to about 2,000 tin mines.

Francis Drake Competition from Chile and Australia in the 1860s closed many of the copper mines, while the tin sites struggled to survive as increased production in Malaysia and Australia drove down prices. The region’s last tin mine, South Crofty, closed in 1998.

Wolf’s mine is about 10 miles from the maritime city of Plymouth. Sir Francis Drake masterminded the defeat of the Spanish Armada in 1588 from the city and in 1620 the Pilgrims set sail for the New World from Plymouth aboard the Mayflower.

Against the backdrop of 2012 market constraints and higher prices, the mine is now an example of how Britain can provide its own security of supply, Hale said.

“The U.K. does have stuff that’s been overlooked for years,” he said. “The perception round the world is that the planning permissions will be hard, the opportunities will be small and you’ll be up against an army of green protesters. The reality is the other way round.

‘‘It’s a big resource, it’s not bijou, hobby, clotted cream and jam,” he said. “This is world class.

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From: LoneClone4/5/2012 12:35:26 PM
   of 10699
 
Emerging Trends in Critical Metals: Richard Karn

ibtimes.com

April 4, 2012 1:28 AM GMT

Source: Brian Sylvester of The Critical Metals Report (4/3/12)

theaureport.com

While markets do not always reward every deserving company, quality deposits carry an intrinsic value. That's why Richard Karn, managing editor of The Emerging Trends Report,advises investors to "buy the resource" over the stock. In this exclusive Critical Metals Report interview, Karn shares some companies with deposits worth their salt.

The Critical Metals Report:A recent report from Ernst & Young cited in The Emerging Trends Reportcalls nationalization risk "the biggest single threat facing the industry in the years ahead." Can you elaborate on that?

Richard Karn: Nationalization risk has crept higher over the last 4-5 years. It led the risk list last year and probably will again this year and going forward. We see this theme as part of what we call the global "pandemic of corruption." Nationalization is simply corruption run amok. You have the recent military coup in Mali. Zimbabwe and Namibia are but two of a number of countries in the southern part of Africa that have changed their royalty and taxation regime in ways that disadvantage miners. Indonesia is getting interesting, too.

We made the decision to stop investing anywhere except North America and Australia five or six years ago; mining projects are easy targets for corrupt politicians intent on enriching themselves and their cronies by cloaking their greed behind nationalist rhetoric about how mining projects "exploit the people's resources." We just decided we do not need the aggravation.

TCMR: But Australia just passed a "super profits" tax, which taxes any profit made by mining companies that exceeds 6% of its capital investment at 40%.

RK: I think you are describing the Resources Super Profits Tax (RSPT). That was Labor Prime Minister Kevin Rudd's brainchild that promptly got him booted from office. The more recent tax is the Minerals Resource Rent Tax (MMRT). It applies to oil and gas, coal and iron, not specialty or precious metals.

The MMRT is unlikely to survive the next election. Even without a change in government, the MMRT will be subject to a constitutional challenge in the courts because the federal government does not have the power to tax resources; that power resides solely with the states.

Many people in Australia see the MRRT as another example of over-reach and intrusive government on the part of the left-leaning Labor Party. And it is interesting to note that the Labor Party just suffered a massive, historic defeat in Queensland because of policies like this. But in any case, even if the MMRT were to stand, it still applies only to oil, gas, coal and iron, not precious or specialty metals.

TCMR: Could it be expanded to cover those metals?

RK: I suppose that is always possible, but I would submit that the extent of the defeat of the Labor Party in Queensland, which is a mining and agriculture state by the way, reflects, amongst other things, a general antipathy toward the MMRT. The Liberals will do their utmost to get rid of it because they, as well as a growing segment of the population, understand that mining is the cash cow that is driving the Australian economy.

TCMR: But at the same time, in your interview for The Gold Report, you said mining companies are having a hard time getting financing.

RK: Difficulty arranging financing is not a new development. It has been an issue for small companies since at least 2006 or 2007 and was exacerbated by the global financial crisis and its aftermath. What complicates the financing picture considerably for specialty metals companies is that many specialty metals are not traded on an exchange. That means that these metals cannot be hedged by selling production forward. From a commercial point of view, if you cannot hedge your production to protect the bank, your terms-if you can get them-will be very onerous.

TCMR: Would you invest in a hedge producer anyway?

RK: Yes, if that were the only way a specialty metal company could get into production. I'd prefer a company to hedge about 15-20% of its production to guarantee its mine goes into production, especially if the alternative is massive equity dilution, which has frequently been the case in Australia.

In the specialty metals sector, we expect prepaid offtake agreements to accelerate as a financing trend. In this situation, an end-user of graphite or tungsten or antimony, for example, will agree to finance a project through production as a partner in exchange for a first call on the first 15-20% of production.

These prepaid offtake agreements also serve to protect the secrecy of specialty metal prices. Many specialty metal prices we see quoted are really just a "best guess." This is because the price and terms of purchase agreements between the specialty metal producer and the end-user may well amount to a competitive advantage for the end-user and is a tightly held secret. Prepaid offtake agreements are the cost of financing. And, the price will be discounted to whatever the parties agree to in order to make the deal work. However, the miner will sell the un-hedged remainder at the best price they can get.

TCMR: We have seen prepaid off-take agreements in the rare earth element (REE) space.

RK: That is true. I'd say it's critical because these plants run to hundreds of millions of dollars and their products must be tailored to their customers' specifications.

Speaking of REEs, I would advise your readers to take a long, hard look at Alkane Resources Ltd. (ALK:ASX). It is a dark horse in the REE sector because its primary focus is not rare earths. Alkane is extracting three different mineral groups economically and will have at least five different product streams: zirconium compounds/hafnium, niobium/tantalum and REEs. The company has sold its first five years' production of both its zirconium compounds and its niobium and tantalum products. I expect an announcement regarding its REE offtake soon. Alkane is putting an 820 thousand ounce (Koz) gold project into production, too.

Alkane may well be the single best company you can buy as an index of Australian specialty metal projects because it gives you exposure to 22 of the 49 specialty metals we follow-in addition to gold.

TCMR: Last fall, The Emerging Trends Report examined how what you called the "finanicialization of commodities" is changing the way commodities are traded and how their equities are priced. Can you tell us more about that?

RK: The invention of index funds and exchange-traded funds (ETFs) have changed the investment landscape-but we see it as a specious development we do not subscribe to or indulge in. Look at indexing. On the surface, an index of gold miners might comprise 50 stocks, obviously reducing your exposure to any one company, which may indeed be a good thing. By the same token, when you also hold a gold or oil ETF, for example, you eliminate mining risk entirely. So the financialization of the gold or ETFs give people the opportunity to buy a paper vehicle with no mining or drilling risk because it is based on the price of the commodity itself.

So far, so good. But we believe things have been increasingly running amok because these vehicles also enable rapid, erratic movements in entire commodity sectors and industry segments, which undermines the price discovery mechanism as well as the fundamental roles of the equity and commodity markets. Worse, it has enabled high-frequency trading, which we cannot escape viewing as government-sanctioned front-running, to infiltrate and undermine the role of the commodity markets.

The commodity market evolved as a way for producers and consumers to stabilize their financial relationship and to help the market maintain price visibility over the long term. Even the idea of holding contracts for milliseconds utterly distorts the price discovery mechanism. We anticipate a move toward the equivalent of pre-paid offtake agreements, for example in the agricultural commodities, especially in the aftermath of the MF Global debacle.

TCMR: What makes Australia an appealing mining jurisdiction for specialty metals?

RK: As I mentioned earlier, we see what sovereign risk the Labor Party has generated over the last few years dissipating going forward. Then there is Australia's unique geology, which is a consequence of it being so tectonically stable for so long-literally billions of years. This has allowed nature to do a significant amount of concentrating of Australia's ores through prolonged natural weathering. Of the 49 precious and specialty metals we follow, 40 will be produced in Australia, which makes it kind of the motherlode in that regard.

And the sweet spot is Western Australia (WA), which is where we will be spending the majority of the next 18 months. WA is probably the best place in the world for massive-scale open pit operations, and Australians are arguably the best in the world at it. The WA government is very mining friendly. In fact, it has been leading the charge against the MRRT.

TCMR: At the Gold Symposium in Sydney last November, you said that specialty metal stocks were one way to grow wealth in a negative real-interest-rate environment. Can you run through some of the specialty metals you are bullish on?

RK: As mentioned, we follow 49 metals, at least 40 of which are or will be produced in Australia. To qualify for our list, a specialty metal or metal group has to experience two or more of five significant threats to supply: sovereign risk, scarcity, no substitute in a primary application, byproduct sourcing, and dissipative use, meaning that a metal is not recycled or recycling protocols are either non-existent or not in effect.

We call the transition group between base and high-tech specialty metals "industrial specialty metals," which includes tungsten, manganese, magnesium, molybdenum and vanadium, among others. These metals are highly leveraged to a base metal, so where iron ore prices have gone up nearly 200% over the last decade, the prices of these specialty metals have risen 400-500% or more.

Then there are what we call the "specialty alloy metals," used almost exclusively in high technology, such as the REEs, tellurium, graphite, gallium, germanium and indium, as well as specialty metals with a broader range of applications, such as the platinum group metals (PGMs): silver, tin, gold, antimony, etc. Their gains have been simply stunning over the last decade, with many of them up well over 1,000%.

It is important to remember that demand for these metals is not correlated to gross domestic product ( GDP). It is driven by discovery. When you look at specialty metals, remember that it is technology itself that is powering demand.

Metallurgists and material scientists can do more research in a shorter period of time today than ever before in history. And this trend is not slowing down-it is exploding. Take mobile phones, for example. There are 35 to 60 specialty metals in your mobile phone. Despite the global financial crisis in 2008 and 2009, sales of mobile phones increased worldwide and demand for those specialty metals went up as a result. That is an example of resource demand being driven by discovery, not correlated to GDP.

TCMR: What are some of the investment themes in these metals that investors should know about?

RK: In 2010 and early 2011, people were making more money in specialty metals than you could shake a stick at. REE companies were the poster children, but the appreciation was sector wide. Then in April 2011, the Australian specialty metal stocks started getting sold down-they were just too frothy. We believe they have been sold down about as far as they can go, and a large number of companies have become takeover candidates.

A trend we see is for larger companies to use their company scrip, the corporate equivalent of fiat currency, to buy good specialty metal deposits at depressed prices. What investors should do is buy the resource, not necessarily the company because regardless of management, global demand is such that good deposits will get developed.

It should also be noted that though the U.S., European and Brazil, Russia, India and China, economies are slowing; another group coming up behind the BRICs has been experiencing torrid growth for some time. These are the so-called 'N-11': Indonesia, Egypt, Mexico, Turkey, Pakistan, Bangladesh, Vietnam, South Korea, Philippians, Nigeria and Iran. These countries have large populations and a large and growing demand for infrastructure to support their burgeoning industries. These countries also have emerging middle classes that desire consumer goods and home electronics and the like-all of which will drive demand for specialty metals.

TCMR: Let's talk about specific names. Tell us about your graphite recommendation, Strategic Energy Resources Ltd. (SER:ASX).

RK: Interestingly enough, when China made its announcement to curtail the export of REEs in the summer of 2010, which hadn't mattered for the three previous years but then suddenly did, we had been expecting a market-moving announcement regarding either graphite, antimony or tungsten-three other metals the Chinese control. So in the course of focusing on projects that would produce these specialty metals, we visited Strategic Energy's historic Uley project at the very tip the Eyre Peninsula in South Australia that September, and I was amazed someone hadn't picked up the project.

The Uley project consists of seven identified ore bodies covering an area of more than 75 square kilometers, with a historical deposit quoted at 387 million tons (Mt). The current focus of the project is the Main Road large-flake graphite deposit, which has a JORC-compliant Indicated and Inferred resource of 6.6 Mt grading 8.7% carbon.

This is not a greenfield project years from production but a historic producer with a processing plant on care and maintenance as well as the requisite infrastructure, more than 80,000 tons (t) of stockpiled large-flake ore. With the work undertaken recently, it could be put back into production within as little as two months.

Frankly, I was so amazed by the project that I left convinced I must have missed something. So I went back in mid-November and spent three more days tramping around the property, and there was simply outcropping graphite and bowling ball-sized clumps of graphite everywhere. We recommended Strategic Energy in December of 2010; they promptly ran up about 400%, and over the last eight months of so have drifted down with the rest of the market to where we find them to be a compelling buy again.

Interestingly, Strategic Energy Resources, which has a number of oil and gas interests as well, has recently spun off the Uley graphite project into another entity called Tacoola. Shareholders on the Strategic Energy Resources register as of April 17, 2012 will receive an entitlement of Tacoola shares on a 1:1 basis. Obviously, time is an issue here, but it is also important that potential investors who are not Australian or New Zealand residents confirm that their brokerage is acting through an Australian nominee company.

TCMR: What attracted you to Platina Resources Ltd. (PGM:ASX)?

RK: We were initially interested in Platina out of concern over the political situation in South Africa, which controls 80% of the platinum industry and a very big hunk of the entire platinum group metals complex.

Platina is dedicated to developing platinum resources outside of South Africa. They've been looking for and finding platinum and other metals in Greenland and Australia.

As far as Australia is concerned, because its project here is much closer to fruition than Greenland is, at the turn of the 20th century, 20-30 Koz alluvial platinum was found in the vicinity of its Owendale project site in New South Wales.

They've developed a 270 Koz platinum resource that is largely in particulate form, and what they are hunting for is the source of all that platinum.

In addition, intermixed within the deposit is the highest-grade scandium in Australia: a JORC-compliant resource of 4.6 Mt grading 344 grams per ton (g/t) scandium. The results of a second drilling program are due soon.

By comparison, the Jervois Mining Ltd. (JVR:ASX)- EMC Metals Corp. (EMC:TSX) joint venture has roughly 12 Mt grading 261 g/t scandium, and Metallica Minerals Ltd. (MLM:ASX) has roughly 15 Mt grading 133 g/t scandium.

Platina's scandium is a significant development that supports our contention that you have to buy the resource as much as the company controlling it; the company may fail, but the resource will still be in the ground-and in the case of scandium, we are utterly convinced these resources will be developed.

Globally, scandium occurs at about 20-25 g/t. Conventional wisdom says that to be economically viable, scandium must be found with other economic minerals, such as uranium or REEs, or exceed concentrations of 100 g/t. The interesting thing about Australia and scandium is that with these three nickel-laterite deposits, natural weathering has essentially stripped away all the other elements, leaving the scandium without the attendant REEs, yttrium and other minerals it is normally found with.

In theory, this should render scandium easier to process, and the race is on to see who will be first to market. We don't know who will win the race, but we know someone will, so we bought all three companies.

TCMR: What is scandium used for, apart from high-end bicycle parts?

RK: Scandium is the most potent grain-refining element for aluminum alloys known to man. When you add roughly 0.5% scandium to aluminum, the aluminum can be welded without heat cracking.

Scandium coming to market in large amounts would reshape a number of industries, including the aerospace industry. Studies show savings of 10% or more in both weight and operational costs when aluminum-scandium alloys are used in place of traditional aluminum and standard construction methods. For instance, the 'skin' of an aircraft could be thinner and welded together, making it more 'slippery' through the air and eliminating the need for rivets entirely, which in the case of an Airbus A380, for example, would mean not using literally millions of rivets.

It could also play a role in solid oxide fuel cells, such as those made by Bloom Energy (private). Right now, yttrium and zirconium comprise the electrolyte in these devices. Bloom Energy has filed a number of patents substituting scandium for yttrium. This would, as I understand it, lower the fuel cell's operating temperature, which in turn extends the life of the fuel cell, thereby improving the economics.

We estimate that Australia currently has the potential to produce 300 tons per annum (tpa) of scandium over a visible horizon of at least 20 years-and we are confident there is much more scandium to be found. The current scandium supply mostly comes from ex-Soviet stockpiles or as a byproduct of REE processing, mostly from China. These sources combined usually amount to a mere 2-8 tpa; you can get an idea of the potential.

We would also like to remind readers that specialty metal markets are small and prices are high for a very good reason; there is not much available. Consider, for example, that in 2010 global indium production was 525 t, germanium production was 140 t, or that the tellurium market was less than 130 t.

We are talking about a market that is virtually non-existent today growing to 300 tpa within a relatively short timeframe and having a considerable economic impact on a range of industries.

TCMR: Richard, thank you for your time.

RK: My pleasure.

Richard Karn, managing editor of The Emerging Trends Report, has a broad, multi-disciplinary background, industry contacts, and a working knowledge of these metals as well as considerable research, analytical and writing experience pertaining to them. His firm has published nineEmerging Trends Reports, which were updated in the aftermath of the global financial crisis and published in the form of an eBook,Credit & Credibility. For more than two years,The Emerging Trends Report has been conducting a boots-on-the-ground survey of Australian precious and specialty metal projects. If you would be interested in participating in the exciting venture, please contact Mr. Karn at rkarn@emergingtrendsreport.com.

Want to read more exclusive Critical Metals Report articles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators and learn more about critical metals companies, visit our Critical Metals Report page.

DISCLOSURE:
1) Brian Sylvester of The Critical Metals Reportconducted this interview. He personally and/or his family own shares of the following companies mentioned in this interview: None.
2) The following companies mentioned in the interview are sponsors of The Critical Metals Report:Strategic Energy Resources Ltd. Streetwise Reports does not accept stock in exchange for services.
3) Richard Karn: I personally and/or my family own shares of the following companies mentioned in this interview: Alkane Resources Ltd., EMC Metals Corp., Metallica Minerals Ltd., and Platina Resources Ltd. I personally and/or my family am paid by the following companies mentioned in this interview: None. I was not paid by Streetwise Reports to do this interview.

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To: LoneClone who wrote (8151)4/5/2012 12:36:28 PM
From: LoneClone
   of 10699
 
Thor Mining shares rally as metallurgy report enhances tungsten recovery at Molyhil

Wed 8:36 am by Proactive Investors

proactiveinvestors.co.uk

Improved tungsten recovery grades at the Molyhil project have the project looking increasingly robust, chairman Mick Billing told Proactive Investors today, as the company works towards the completion of a Definitive Feasibility Study.

Thor Mining (LON:THR, ASX:THR) shares advanced over 11 per cent in early deals after it significantly enhanced the economics of the Molyhil tungsten and molybdenum project in Australia’s Northern Territory.

The findings of metallurgical testwork have lifted tungsten recovery to 85%, up 27% on the figure estimated in the project’s Feasibility Study.

Executive chairman Mick Billing told Proactive Investors today that the increase in recovery grades was likely to improve the economic outcome of Molyhil.

The strong open in London follows a 19 per cent rise in Australian trading.

“With previous estimates showing A$900,000 in additional revenue per each 1% of tungsten recovery, the 100%-owned Molyhil project looks increasingly robust,” Billing said.

“It should make a difference to the early economics and early payback of capital, it could also mean that the mine life will hopefully be a little longer than we would earlier have assumed, because blocks of ore that previously weren’t economic now should be.”

The increase has been achieved through adding a flotation step to the tungsten recovery process, after gravity separation.

This process was identified by test work undertaken by metallurgical testing and mineral beneficiation consultants Nagrom & Co.

Results from this test work will be incorporated into the economic ore reserve and mining plan calculations for the Molyhil Definitive Feasibility Study.

Following the completion of the Feasibility Study, Thor will need to secure offtake agreements and finance for Molyhil before the company will move to tender for design, construct and EPCM work.

Billing says Thor is on track for production from Molyhil in late 2013.

“If we can commence development early in the second half of this year, and at this stage we’re relatively optimistic that we can, then there’s a construction period of roughly 12 months,” he explained.

“By September 2013 we could well be putting out our first truck load of concentrate.”

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To: LoneClone who wrote (8152)4/5/2012 12:37:46 PM
From: LoneClone
   of 10699
 
Is Tungsten the next hot rock?

April 3, 2012: 5:00 AM ET


With demand for the metal on the rise, are investors like Berkshire Hathaway starting a "tungsten rush?"

By Alex Konrad, reporter



A chunk of ore with tungsten

features.blogs.fortune.cnn.com

FORTUNE -- Tungsten, one of the hardest metals in the world and used for everything from drill bits to light bulbs to touch screens, is suddenly hot. Much of the increased demand is coming from China, which just happens to hold the world's biggest reserves. The country is hoarding mineral resources by reducing exports, according to mining strategist Christopher Ecclestone of Hallgarten & Company, as it produces more of its own precision tools using the metal. "China wants to keep more of the good stuff for itself," he says.

With the Chinese tightening their grip and a general uptick in demand, prices have soared to about $20 a pound, double from a few years ago. That has the relatively small number of tungsten miners, such as Malaga and Woulfe Mining, ramping up activity. Malaga is currently sending one container, which is about 28,000 pounds, of tungsten per week from its Pasto Bueno mine in Peru, according to CEO Pierre Monet. To meet the pressure for more material, he says the mine would have to up its production to five containers per day.

Other mining companies such as Woulfe are capitalizing upon mines that shut down in past years when prices were a lot lower. In 2009, Woulfe acquired a one-time leading tungsten producer, South Korea's Sangdong mine, years after it had closed in 1992. Now the company is in a race to bring Sangdong back online while prices stay high. Woulfe hopes to have the mine in production by the first quarter of next year, says CEO Brian Wesson. But the company, like the rest of its sector, has been in a fight to get the capital it needs to fund the project.

Though tungsten use is spread across a wide range of industries, the quantities involved are still relatively small. There's been little historical interest in the U.S., and few mining analysts cover the material. (Malaga and Woulfe are both based in Canada.) According to Ecclestone at Hallgarten, the long lag time with mines from investment to production has kept investment interest in them relatively muted and their valuations low.

But that could change if executives are right in predicting that tungsten prices stay at high levels for the long haul. The U.S. is paying more attention to strategic metals and recently sued the Chinese government for its export restrictions of "rare earth" minerals, And now Warren Buffett is getting in on the act.

IMC Group, a subsidiary of Buffett's Berkshire Hathaway ( BRKA) that holds a diverse portfolio of metalworking companies, recently invested $70 million in Woulfe's South Korean tungsten operations. Half that money goes to the mine itself, with the rest helping to finance a nearby plant for processing the raw material, Woulfe CEO Wesson says. The processed tungsten will then be used by units within IMC.

Mining for a partner

The historical model has been for a mining company to have one project in a given rare metal, with diversification coming from other mines of different minerals. Woulfe, for example, also owns a gold mine, the Maguk project, in South Korea. But Ecclestone says he would not be surprised to see consolidation among tungsten producers. "There are 15 players in the space each with one project, and there should be seven with two projects each." Malaga CEO Monet also notes that there is a limited pool of experienced mining experts capable of starting a new mine from scratch.

Any merger and acquisition activity, however, returns to the question of capital, and the industry can only hope that Berkshire Hathaway proves ahead of the curve in opening up funding. The success of the venture, however, will ultimately depend on the price of tungsten in the months after Sangdong goes operational. Ecclestone says his analysis shows little reason to believe prices will "go bad" anytime soon. But China poses potential headaches for Woulfe and IMC if it tries to manipulate the price.

"As a competitor to China, you're in the cage with the 800-pound gorilla," Ecclestone warns. But it's a cage match that Berkshire Hathaway has bet it can win. Tungsten futures, anyone?

A shorter version of this story appeared in the April 9, 2012 issue ofFortune.

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To: LoneClone who wrote (8153)4/5/2012 12:52:27 PM
From: LoneClone
   of 10699
 
GreenLight to Define Drill Targets on Gold and Tungsten Occurrences Near Mt. Pleasant Mine

3 hours ago

ca.finance.yahoo.com

(OTCBB: PRZCF)(FRANKFURT: PHO) (TSXV : GR.V)

VANCOUVER, British Columbia - April 5, 2012 - GREENLIGHT RESOURCES INC. (TSXV.GR) is pleased to announce that it has commenced an exploration program over its 6,560 acre Otter Lake property in northern Charlotte County, New Brunswick.

Exploration Highlights;

-Objective of current program is to define drill targets for 2012 drilling season

-Up to 4.4% Tungsten mineralization is primarily Wolfanite hosted in bedrock

-Several gold targets with a wide range of values up to 30 grams per ton throughout the property

Chris Anderson, President of Greenlight states "This belt is highly mineralized and is in close proximity to the Mt. Pleasant Mine, ( ADE - TSX.V ) which is in the planning stages of coming back on stream. Primarily we are addressing the Tungsten and Gold targets however there is interesting showings in Zinc (up to 4.5 %), Lead (up to 6.3%) and Silver (up to 596 g/t). This type of exploration play is a good example of why GreenLight's A-Team of explorers have been focused on exploring Atlantic Canada. We are glad to see that our vision has been recently endorsed by the Fraser institute, as they have recently named New Brunswick as the #1 mining region in the world."

The program to be conducted on the claim blocks will consist of a gravity survey as well as IP surveys over selected targets. Geophysical interpretation of existing aeromagnetic data in combination with the gravity/IP data will be compiled along with historical exploration data. Trenching over several historic showings will be conducted.The gravity work is proposed in order to get a picture of the subsurface contact relationships between the granite and the intruded metasediments. The gravity, in concert with depth modelling derived from the aeromagnetic data will outline areas of cupola development. These cupolas, which serve as focal points for mineralized stockwork development, would then become targets for drilling.The exploration program will be focussed on exploration of five main target areas.

Porphyry Zone

This target is located near the western edge of the Otter Lake block. Previous exploration identified numerous boulders of highly altered quart-feldspar-porphyry containing disseminated galena and sphalerite grading up to 6.9%Pb, 5.3%Zn and 8.19 oz/ton Ag. This material has not been seen in bedrock but it appears to be locally derived. The overburden here as in all the target areas, is approximately 1meter in depth and it is likely that the mineralized float is close to source. Trenching will be carried out here in order to get the orientation and attitude of the mineralized dike which would then lead to spotting drill hole locations targeting the dike

Otter Lake

This area contains several bedrock showings of arsenopyrite bearing quartz veins commonly carrying approximately 1000 - 3000 ppb Au and up to 4.4 % W, 0.05% Bi and 44g/ton Te. Associated with the gold values are strata bound skarn beds with up to 6.3%Pb, 4.5%Zn and 596 g/ton Ag. These veins are oriented NE and are cut by a later vein set trending to the NW which creates a gold bearing quartz stockwork. This zone will be stripped, washed and detail sampled to establish drill hole locations. The sampling will identify which vein set is preferentially auriferous and which will dictate the orientation of the drilling.

Jimmy Hill:

The Jimmy Hill showing is a 1meter wide vein that has been traced for over 140 meters. There has been no surface trenching done to discover if this is part of a wider vein system. The vein runs NNE and is noted to be enriched where it is cross cut by NW trending quartz veins. Grab samples of the vein run up to 20.1g/ton Au, 0.98%W, and 0.1%Bi.A base metal/silver discovery was made subsequent to the gold discovery about 300 meters to the west of the gold showing. Numerous mineralized floats and sub crop found during trenching at this location assayed up to 367 g/t Ag, 1.4% Cu, 6.95% Pb, 4.33% Zn.Drill hole locations will be established after a program of trenching, washing and sampling.

Line 10-11W

This gold target was opened up with three small trenches in the early 1990's. The veining here commonly contains 1-5% Arsenopyrite which runs up to 6 g/ton Au. Samples containing up to 1% W occur in association with the gold bearing veins.The old trenches, which are now infilled, exposed the mineralized quartz stockworks over a width of about 50 meters. A trenching and stripping program willexpose this zone for mapping and sampling and to identify drill targets.

Shear Mine:

The Shear Mine is a gold showing dating back to the 1860's, contains a 30-50cm northwest trending quartz vein with up to 17.14 g/t Au and 60 g/t Ag. Trenching to the north of the old shaft uncovered several north trending veins but the Au analysis were disappointing. It appears however, that the trenches were not on the trend of the main vein and the trenches did not go far enough to the west in order to intersect the main vein.Trenching will be conducted to cover the NW extension of the Shear vein.If this structure can be identified, then three short holes totalling 300m would be drilled into the trace of the vein.

Assays cited above have been taken from previous assessments reports filed between 1989 and 1995. Readers are warned that "historical records" referred to in this release have been examined but not verified by a "Qualified Person". Further work is required to verify that the historical assays referred to in this release are accurate.

Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.

About GreenLight Resources Inc.:

GreenLight Resources Inc. is a Canadian exploration company focused on the discovery and development of mineral deposits in Atlantic Canada which is a sovereign risk free domain.The Company has a diversified property portfolio and is aggressively advancing several projects including graphite, manganese, REE's, rare metals and precious metals. The Company also has created two joint venture partnerships on its Keymet gold, silver and base metal property and on its Porcupine rare earth element and base metal property. These partnerships have facilitated rapid exploration of the Company's expanding property portfolio.

On Behalf of the board of directors

"Chris Anderson"

Christopher R Anderson,

CEO - President 604 488-3900

Read about GreenLight Resources Inc.: greenlightresources.com

Read Disclaimer: greenlightresources.com

Facebook: facebook.com | Twitter: @GreenLightRes | Myspace: myspace.com

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