|From: PaperPerson||7/1/2012 4:30:36 PM|
|U. S. Silver pending merger. When does this go thru???|
Pro forma has combined stock 60 mm shs at 3.16 per share. I see it eventually being worth much more. But this summer, it could be a two buck chuck.
TORONTO , June 7, 2012 /CNW/ - U.S. Silver Corporation (USA.TO) (USSIF) ("U.S. Silver") and RX Gold & Silver Inc. (RXE.V) (RXEXF) ("RX Gold") are pleased to announce the signing of a definitive agreement to combine the two companies (the "Transaction") by way of a plan of arrangement. The resulting company, to be called U.S. Silver & Gold Inc. ("U.S. Silver & Gold"), will be a well-funded, growth-oriented precious metals producer with U.S. Silver's producing Galena mine in Idaho, RX Gold's producing Drumlummon mine in Montana and U.S. Silver's Coeur re-development projects in Idaho.
Highlights of the Transaction
U.S. Silver shareholders to receive 0.670 U.S. Silver & Gold shares per U.S. Silver share, resulting in their effective ownership of approximately 70% of the combined company.
RX Gold shareholders to receive 0.109 U.S. Silver & Gold shares per RX Gold share, resulting in their effective ownership of approximately 30% of the combined company.
Two - 100% owned U.S. based precious metal operations that deliver immediate cash and one silver re-development asset:
Combined production base of 2.7 million1 ounces of silver and 26,5001 ounces of gold
Opportunities for significant resource growth, brownfield development and operational and head office synergies
Meaningful organic exploration potential at Drumlummon and Silver Valley areas
Geographic concentration of assets that allows for near term focus on improving mine planning and execution of cost reduction strategies.
Proven board of directors and management team with significant executive experience in senior precious metals companies and the capability to deliver results in tough market conditions.
Improved liquidity and capital markets profile, US$25 million in cash and capital markets relationships that position the larger, combined company for further growth through opportunistic and accretive acquisitions.
Unanimous recommendations from the boards of both companies that shareholders vote for the Transaction. The board and senior management of each company have agreed to vote in favour of the Transaction. In addition, Sprott Asset Management LP ("Sprott") has signed a lock-up agreement supporting the Transaction. Sprott is the largest shareholder of both companies and currently holds approximately 14% of U.S. Silver shares and 8% of RX Gold shares.
A key objective of the combined company will be to exceed 5.0 million ounces of silver production at significantly lower cash costs by 2014.
Upon completion of the Transaction, the combined company will have approximately 60 million basic common shares issued and outstanding, and there will be options and warrants outstanding to acquire an additional 6.3 million shares. The warrants of both companies will become exercisable for common shares of U.S. Silver & Gold based on the applicable exchange ratio and the options of both companies will be exchanged for options of U.S. Silver & Gold based on the applicable exchange ratio.
Upon completion of the Transaction, the board of directors of U.S. Silver & Gold will be comprised of four current U.S. Silver board members and four current RX Gold board members (see appendix for full U.S. Silver & Gold board of directors) and the management team will be comprised of the combined best talent from U.S. Silver and RX Gold.
Gordon Pridham , Executive Chairman and Interim CEO of U.S. Silver will serve as Chairman of the board of the combined company. Mr. Pridham has over 30 years of experience as a global finance executive and serves on a number of public boards of directors and has been a director of U.S. Silver since November 2008 .
Darren Blasutti, currently President and CEO of RX Gold, will assume the same role for the combined company. A chartered accountant, Mr. Blasutti was previously Senior Vice President, Corporate Development at Barrick Gold, where he reported to the CEO, led strategic development, and executed more than 25 M&A transactions over his 13 year tenure.
Robert Taylor , RX Gold's current Chief Operating Officer will assume the role of COO of the combined company and with Steve Long , Senior Vice President of Operations, will lead an impressive group of operating professionals in Idaho and Montana. Mr. Taylor has close to 40 years of mining experience and was previously with Kinross Gold, where he served as Vice President of North American Operations until 2009.
Gord Pridham, U.S. Silver Interim CEO and Executive Chairman, commented, "The combination of U.S. Silver and RX Gold will create a strong North American-focused precious metals producer with a solid portfolio of production and development assets. The proposed management team and board have proven capability to optimize existing operations, drive significant cost savings through synergies and pursue aggressive growth thereby, creating meaningful value for shareholders."
Darren Blasutti, President & CEO RX Gold, stated, "The Galena mine and Coeur re-development project will enhance RX Gold shareholders' exposure to precious metals production and cash flow. With a rapid production ramp-up and aggressive consolidation strategy, underpinned by a much larger and well-funded company, the RX Gold board and management—all of whom are significant shareholders—believe the strategic and financial rationale of this transaction will benefit all shareholders, employees and other stakeholders. I am confident we will have the financial, human and capital markets wherewithal to achieve our goal of exceeding 5 million ounces of silver production by 2014."
Benefits to Shareholders of U.S. Silver
U.S. Silver shareholders will own approximately 70% of a combined growth-oriented, larger, producing precious metals company.
In addition to key U.S. Silver board and management, the combined company gains solid and proven expertise among RX Gold's management, particularly as it pertains to acquiring, exploring, developing and operating mining projects, as well as significant capital markets expertise.
Participation in the 100% owned high grade gold and silver Drumlummon mine, which has historically produced more than 1 million ounces of gold and 12 million ounces of silver:
The mine produced 6,625 ounces of gold and 117,635 ounces of silver in Q1 2012
Excellent exploration potential for future resource expansion at Drumlummon and the recently acquired Belmont mine.
As a result of the effective ownership split, U.S. Silver shareholders will receive an implied premium of approximately 45% based on the closing price of C$1.46 on June 6, 2012 .
Participation in the potential re-rating of U.S. Silver & Gold resulting from the increased size, synergies, liquidity, research analyst coverage and market visibility of the combined company.
Benefits to Shareholders of RX Gold
Participation in the Galena mine, which provides high grade, narrow vein copper-silver and lead-silver with over 200 million ounces of silver produced historically and no historic environmental liabilities:
The mine produced 559,027 ounces of silver in Q1 2012
NI-43-101 compliant silver reserves of 23.2 million2 ounces and M& I silver resources of 35.1 million3 ounces (inclusive of reserves).
Participation in the Coeur mine, which is fully funded and under re-development with expected production by year-end:
Historical production of 39 million ounces of silver and targeted production rate of 500,000 ounces of silver per year by end of 2013
NI-43-101 compliant M& I resources of 3.3 million ounces of silver (included in Galena resources noted above).
Increased cash flow and excellent exploration potential with a dominant land position in the Silver Valley.
Strong balance sheet with roughly US$25 million in cash.
Further Transaction Details
Sprott, the largest shareholder of both RX Gold and U.S. Silver, has entered into a lock-up agreement in support of the Transaction in respect of its approximate 14% ownership of U.S. Silver and its approximate 8% ownership of RX Gold. This represents approximately 12% of the issued and outstanding common shares of the combined company.
Eric Sprott , CEO & CIO of Sprott, "As a major shareholder of both U.S. Silver and RX Gold, we are very supportive of this transaction. We believe it will unlock significant value for shareholders as the newly formed company will have the production base, management team, balance sheet and capital markets profile to pursue its growth strategy."
The board of directors of each of U.S. Silver and RX Gold has received a fairness opinion with respect to the Transaction consideration. Both boards have unanimously approved the Transaction and are recommending approval by their respective shareholders. All management and board members have agreed to vote their respective shares in favour of the Transaction.
U.S. Silver and RX Gold have agreed to not solicit alternative transactions to the proposed Transaction, subject to the right to respond to superior proposals. In the event that a party enters into an agreement to effect a superior proposal, then such party is obligated to pay to the other party a termination payment that is outlined in the definitive agreement.
The Transaction is conditional upon the receipt of all necessary regulatory approvals, the absence of material adverse changes, and holders of at least 66 2/3% of the total votes cast by shareholders of each of U.S. Silver and RX Gold, as applicable, approving the Transaction at a meeting of each of U.S. Silver and RX Gold shareholders.
Full details of the Transaction will be included in the information circulars of U.S. Silver and RX Gold, which are expected to be filed with securities regulatory authorities and mailed to U.S. Silver and RX Gold shareholders in early July. It is anticipated that the shareholders meeting of both U.S. Silver and RX Gold to approve the Transaction will occur by early August. Closing of the Transaction is anticipated shortly after the shareholders meetings.
Advisors and Counsel
U.S. Silver's financial advisor is Cormark Securities Inc. and its legal counsel is Stikeman Elliott LLP. Cormark has provided an opinion to the board of directors of U.S. Silver that, as of the date thereof, the consideration to be paid under the Transaction is fair, from a financial point of view, to the shareholders of U.S. Silver.
RX Gold has engaged Davies Ward Phillips & Vineberg LLP as its legal counsel. Macquarie Capital Markets Canada Ltd. has provided an opinion to the board of directors of RX Gold that, as of the date thereof, the consideration to be paid under the Transaction is fair, from a financial point of view, to the shareholders of RX Gold.
Conference Call Information
A conference call for the investment community will take place to discuss the Transaction on Friday, June 8, 2012 , at 11am Eastern time ( 8am Pacific time ). Investors, analysts, media and other interested parties are invited to attend.
Live Dial-In Information:
Toronto and International: 647-427-7450
North America (Toll Free): 1-888-231-8191
Participant Audio Webcast: newswire.ca
The presentation referenced on the conference call will be made available for download on the U.S. Silver website at www.us-silver.com and the RX Gold website at www.rxgold.com. A replay of the call will be available by dialing 1-855-859-2056 and entering reference number 89952475 or by accessing the link to the recording that will be posted to the U.S. Silver and RX Gold websites shortly after the conference call.
About U.S. Silver
U.S. Silver, through its wholly owned subsidiaries, owns and/or operates the Galena, Coeur, Caladay and Dayrock silver-lead-copper mines in Shoshone County, Idaho, with the Galena mine being the second most prolific silver mine in U.S. history. Total silver production from U.S. Silver's mining complex has exceeded 217 million ounces of silver production since 1953. U.S. Silver controls a land package now totalling approximately 14,000 acres in the heart of the Coeur d'Alene Mining District. U.S. Silver is focused on expanding the production from existing operations as well as exploring and developing its extensive Silver Valley holdings in the Coeur d'Alene Mining District. www.us-silver.com
About RX Gold
RX Gold is a gold and silver mining company focused on growth in North America . Currently RX Gold is concentrating on continuing test mining and expanding development at its 100% owned Drumlummon Mine. The Drumlummon Mine is a bonanza style low sulphidation epithermal gold and silver deposit with historic production of approximately one million ounces of gold equivalent. The mine has never been fully exploited or explored and material that was once considered waste is now potentially economic. In addition, RX Gold has discovered a series of entirely new high-grade gold and silver veins that remain open for expansion in three directions. www.rxgold.com
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks, assumptions and uncertainties that are difficult to predict and the risk that regulatory approvals may not be obtained or that conditions of closing will not be satisfied or waved within the timeframe contemplated. Additional potential risks include: that U.S. Silver & Gold may not achieve anticipated synergies; loss of key personnel; reduction in the anticipated cash levels; and, not achieving production goals stated. Actual results might differ materially from results suggested in any forward-looking statements. U.S. Silver and RX Gold assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the U.S. Silver and RX Gold. Additional information identifying risks and uncertainties is contained in filings by the U.S. Silver and RX Gold with the Canadian securities regulators, which filings are available at www.sedar.com.
Appendix: Proposed U.S. Silver & Gold Board of Directors
Chairman • Over 30 years of experience as a global finance executive
• Extensive special committee and public board experience with a track record of creating value for shareholders
• Serves on the public company boards of Newalta Corporation, NorRock Realty Finance Corporation and Titanium Corporation, where he is Chairman of the Board
President and CEO, Director • Former SVP Corporate Development and Investor Relations for Barrick Gold, reported to President and CEO
• Led Barrick's strategic development for over 13 years executing over 25 gold mining transactions - Sutton Resources, Homestake Mining, Placer Dome, consolidation of the Cortez property from Rio Tinto and responsible for creation of Barrick Energy to hedge exposure to energy prices
Director • Former EVP Strategic Development at Kinross Gold, where he oversaw corporate development and exploration until his retirement in 2009
• Held senior positions with Placer Dome Canada and Deustche Bank
Director • Geologist with over 40 years experience as an executive for 20 public, junior exploration companies
• Participated in 12 major mineral deposit discoveries in north and western Canada , Nevada, Mexico , and Ecuador
• Currently CEO of Pacific Ridge Exploration and an advisor to the Manex Resources Group
Director • Retired in 2009 as EVP Exploration and Corporate Development at Barrick Gold
• 2005 AO Dufresue Award to recognize exceptional achievement and distinguished contribution to mining exploration in Canada
• In 2003 was named Prospector of the Year by PDAC for discovery of Alto Chicama in Peru
Director • Former Senior Vice President Underground Operations at Barrick Gold
• Currently a director of Detour Gold Corporation and Aurizon Mining Ltd.
Director • Board of directors for AuRico Gold Inc., Entrée Gold Inc., Copper One Inc., Oracle Mining Corp. and AQM Copper Inc., where he is Chairman of the Board
• Senior management positions with Frontera Copper, Apex Silver Mines, Kinross, Cyprus Amax and Phelps Dodge
Director • Board of directors for Newalta Corporation, Tribute Resources and Benefuel Inc., where he is Chairman of the Board
• Former Executive Vice President of Suncor Energy, where he worked for 25 years in a variety of roles
Director • Former Senior Partner at Goodmans LLP, and EVP of Finance and Administration of Co-Steel Inc.
• Accredited with Institute of Corporate Directors and sits on Boards of Tembec and Chemtrade Logistics Inc.
1 Q1, 2012 production results, annualized.
2 1.47 million tonnes at 490.3 g/t Ag from the Technical Report Shoshone County, Idaho prepared for U.S. Silver (dated March 19, 2012 ) (the "U.S. Silver Report")
3 2.26 million tonnes at 571.6 g/t Ag from the U.S. Silver Report
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|From: PaperPerson||7/1/2012 9:36:48 PM|
|METALS OUTLOOK: Looking For Gold To Retain Gains Next Week |
29 June 2012, 2:15 p.m.
By Debbie Carlson
Of Kitco News
(Kitco News) - Gold’s stout rally Friday on the back of news that European Union banks will get some help could spillover to next week, with many market observers watching to see how the metal behaves now that it is back over the $1,600 an ounce level.
Prices were higher on the day and the week. The most-active August gold contract on the Comex division of the New York Mercantile Exchange rose Friday, settling at $1,604.20 an ounce, up 2.38% on the week. September silver rose Friday, settling at $27.612 an ounce, up 3.32% on the week.
In the Kitco gold survey, 24 responded this week. Of those 24 participants, 14 see prices up, while four see prices down, and six are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
Gold and other markets rose sharply on Friday, buoyed by news out the EU Summit that allowed some help for troubled banks. Because of the news, the U.S. dollar fell as traders took a “risk-on” stance. Market observers said the most important piece of information out of the deal is that the European Financial Stability Facility and European Stability Mechanism will be used to support sovereign debt. That will help recapitalize struggling banks.
Edward Meir, commodities consultant with INTL FCStone said this news is supportive for gold and other precious metals because German Chancellor Angela Merkel capitulated and allowed some of the stimulus measures. It might be a sign that markets could expect further expansion of easier monetary policy down the road, he said.
“I see this (EU news) supporting markets for a while. The market rally may eventually fizzle out, but I see this lasting a bit long, at least until August when the markets will demand a bit more action…. It wasn’t everything they wanted, but net-net I see metals higher next week,” he said.
Yet Meir said he doesn’t expect gold to move out of its recent range of support at $1,520 area and resistance around $1,640.
Technical chart analysts are keeping a close eye on moving averages for gold, as the rally back to the $1,600 area pushed the metal in contact with short-term moving averages. The 10-day average is at $1,589.20, the 20-day average is at $1,600.70 and the 50-day average is at $1,604.10. August gold’s close above all of those levels is a good omen for bulls, said Charles Nedoss, senior market strategist at Kingsview Financial.
The news about more financial help for troubled eurozone countries was a surprise and secured strong gains for markets, but some market watchers are not sure how long Friday’s strength can last.
Because much work is left to be done, other market participants said the gains in riskier assets such as equities may be short-lived. Further, the U.S. dollar may rebound and that may put pressure on commodities, including gold.
“Given the euro zone weak economic fundamentals and the potential for a rate cut at next week’s ECB (European Central Bank) meeting, we expect the euro to remain under pressure,” said Brown Brothers Harriman analysts.
Looking ahead to next week, market participants said they are expected lighter volumes because of public holidays. Canada will be closed on Monday for Canada Day, while the U.S. is closed on Wednesday for Independence Day. Sometimes shortened work weeks cause slow trade in tight ranges, but sometimes the lack of market participants can cause trade to be more volatile.
In addition to the ECB meeting, the Bank of England also meets with odds high that there will be sort of easier monetary policy. In the U.S., the June unemployment data will be released.
Meir said he is not looking for any surprises out the of the U.S. jobs data. A survey of economists by MarketWatch estimates the unemployment rate will hold at 8.2% and 100,000 jobs will be created.
If the data comes out as expected, gold could be stable as the market might hope a less-than-stellar report would encourage ideas of potential stimulus from the Federal Reserve, he said.
“Anything that shows a slowdown of the economy would hint at easing,” Meir said.
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|From: PaperPerson||7/3/2012 10:15:16 PM|
|RD.V up on relatively stiff volume. Thin float, low market cap w good bank account. |
Strong drill holes in progress on a 100 percent owned property in Colombia.
Initial gold resource number by year's end.
Good chart action lately.
200 day moving average at 65 cents.
Looks good to break out above that quickly.
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|From: Rob J23||7/5/2012 8:04:07 AM|
|Launches Fast-Fold Poker on Facebook |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2012) -Las Vegas From Home.com Entertainment Inc. (the "Company" or "LVFH") (TSX VENTURE:LVH)(PINKSHEETS:LVFHF)(BERLIN:LVH)(FRANKFURT:LVH) - The Company is pleased to announce the launch of its unique Fast-Fold Poker product on Facebook under the Real Vegas Casino brand. Real Vegas Casino can be found at facebook.com.
Fast-Fold Poker is an all new way of playing poker on Facebook and is designed to provide users with the ultimate high-speed poker game experience by reducing the wait time between hands. With Fast-Fold Poker, users can choose to fold the hand at any point during the game, and then be taken to a new table to start a new hand immediately.
Fast-Fold Poker is part of the Company's ongoing effort to offer a complete suite of unique wagering games on all major social networks and mobile platforms via the Real Vegas Casino brand. Real Vegas Casino features stunning 1080p High Definition graphics, multilingual interface, an emphasis on social multiplayer game play and a full slate of interactive casino and sports wagering games.
President and CEO Jake Kalpakian states: "The format of Fast-Fold Poker has already been proven to be very popular among real money poker players and we are proud to bring this game to our customers on Facebook. Our early mover advantage in this specific space should allow us to further grow player database and outcompete other social casino applications."
On behalf of the Board of Las Vegas From Home.com Entertainment Inc.
Jake H. Kalpakian, President
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|To: Rob J23 who wrote (4626)||7/5/2012 4:52:42 PM|
|this poker stock does have more than 200 million shs fully diluted.|
also, the facebook announcement that they put out here, july 5, is an exapnsion of an announcement made june 11.
that one should have made the stock move if it were going to.
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|To: PaperPerson who wrote (4625)||7/9/2012 6:52:31 PM|
|RD.V working out nicely. Trading as RDEMF on the pinks. |
RED EAGLE MINING INTERCEPTS 7.0 METRES AT 41.53 GRAMS GOLD PER TONNE AT SANTA ROSA
Vancouver, BC, July 9, 2012–RED EAGLE Mining Corporation (TSX-V: RD, OTCQX: RDEMF), is pleased to announce additional assay results received from the recently completed 24 hole, 5,400m phase two core drill program at the San Ramon gold system located within the Santa Rosa gold project in Colombia. Assays have now been received for 14 holes with assays pending on 10 holes (SR-056 to SR-065). The additional results show strong gold mineralisation over significant intervals, with the most significant intercept being in hole SR-053 of 7.0 metres at 41.53 grams gold per tonne. Hole SR-053 was collaRED 300 metres to the west of hole SR-042 which intercepted 6.0 metres at 31.85 grams gold per tonne at a similar depth, reported in the news release dated June 13, 2012.
Table 1 summarizes the latest significant (+0.20 g/t) uncut gold intercepts from phase two core drill holes SR-052 to SR-055 (see Figure 1 – Drill Hole Plan and Figure 2 – Long Section). True widths are estimated to be 70% of the intercepts and vertical depths are estimated to be 90% of the drilled depths reported below. Internal dilution within intercepts is limited to the inclusion of runs of no more than 2m below cut-off. Hole SR-054 did not return economically significant results. For pictures of the drill core see RED Eagle’s photostream on flickr.
Table 1 – San Ramon Drill Intercepts
Hole ID From (m) To (m) Interval (m) Au (g/t)
SR-052 161.6 172.7 11.1 1.34
incl. 164.6 165.6 1.0 8.09
SR-053 52.5 54.5 2.0 2.37
97.7 98.2 0.5 3.76
137.6 141.6 4.0 0.67
162.8 166.7 3.9 1.00
179.2 183.2 4.0 0.63
188.2 190.2 2.0 0.39
198.3 216.0 17.7 17.14
incl. 204.0 211.0 7.0 41.53
SR-055 212.7 213.2 0.5 8.31
259.0 260.0 1.0 1.42
370.5 374.5 4.0 1.22
“Our phase two drilling at San Ramon continues to deliver outstanding results, significantly increasing the grade and potential scale of the system”, comments Ian Slater, Chief Executive Officer. “Assays are pending on another ten holes from phase two, while concurrently phase three oxide drilling is continuing through the summer, culminating in an initial NI 43-101 resource report targeted to be compiled and released by the end of 2012.”
The San Ramon structure trends east-west, dips 60°-70°to the north, extends over 1,800m, is up to 60m in width and is exposed at surface. Wide-spaced discovery drilling intercepts from phase one averaged approximately 1.2 g/t Au to a vertical depth of over 250m. The mineralisation extends to surface where channel sampling has also averaged approximately 1 g/t Au. The 2012 work program for San Ramon includes the phase two core drill program (24 holes totaling 5,400m), a phase three core drill program in the near surface oxides over the entire known gold mineralisation which commenced in June (36 holes totaling an estimated 5,000m), preparation of a NI 43-101 resource and a preliminary metallurgical test work programme.
Table 2 – Drill Hole Specifications
Hole Easting Northing Elevation (m) Azimuth Dip EOH (m)
SR-052 856516 1223311 2471 180 -75 209
SR-053 857493 1223275 2473 180 -75 250
SR-054 856804 1223264 2475 180 -45 133
SR-055 857402 1223391 2511 180 -70 404
Quality Control and Assurance (QC/QA)
All drill samples were collected with diamond core drill rigs using approximately one metre sample intervals and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 30g charge with an AA finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. QC/QA included the insertion and continual monitoring of standards and blanks into 10% of the sample stream batches, along with check assays conducted at alternate accredited laboratories.
The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson P.Geo., who is a “Qualified Person” as defined under National Instrument 43-101.
About RED EAGLE Mining
RED EAGLE Mining Corporation is a well-financed gold exploration and development company with an experienced exploration and management team. RED EAGLE Mining is currently exploring two gold properties in Colombia, Santa Rosa and Pavo Real. Santa Rosa is an intrusive hosted structurally-controlled quartz stockwork system within the prolific Cretaceous Antioquia Batholith. Gold mining within the Santa Rosa project pre-dates the 16th century when an estimated 30 million tonnes were mined. Santa Rosa is located 70km north of Medellin near the town of Santa Rosa de Osos in a region characterized by gently rolling hills and excellent infrastructure. Santa Rosa is also located 50km west of AngloGold Ashanti’s Gramalote gold deposit (2.5 million ounce M&I resource grading 0.8 g/t Au) and 60km east of Continental Gold’s Buritica gold deposit (630,000 ounce M&I resource grading 17.8 g/t Au). Pavo Real is an extensive project within the Mid-Cauca gold belt containing both a sedimentary hosted gold system and a 15km long copper/gold/silver skarn formation hosting significant high grade brownfield mines. For further information on RED EAGLE Mining please refer to our website www.redeaglemining.com
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|From: Rob J23||7/11/2012 11:51:55 AM|
Evolving Gold (TSX:EVG) (OTCQX:EVOGF) Reports Multiple High Grade Intervals at Its Carlin Project, Nevada Including: 9.1 Meters at 22.0 gpt Gold 2.7 Meters at 33.11 gpt Gold, 3.8 Meters at 29.53 gpt Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2012) -Evolving Gold Corp. (TSX:EVG) (OTCQX:EVOGF) (FRANKFURT:EV7) (the "Company") is pleased to report that diamond drill hole CAR-016.1 intersected several high grade gold zones at its Carlin Project in Nevada, including 9.1 meters at 22.0 gpt (grams per tonne) gold (30.0 feet at 0.64 ounces per ton, opt gold) starting at 908.3 meters down hole. This intersection includes 1.2 meters at 44.0 gpt gold (4.0 feet at 1.28 opt gold). In addition CAR-016.1 intersected 1.2 meters at 15.5 gpt gold (4.0 feet at 0.45 opt gold) starting at 897.9 meters down hole. The entire interval from 897.9 to 917.4 (19.5 meters or 64.0 feet) averages 11.76 gpt gold (0.34 opt gold), including a lower grade interval at 899.2-908.3 meters.
Carlin Drill Map: http://www.evolvinggold.com/properties/carlin/map.html
Other significant intersections are detailed in the table below and include 2.7 meters at 33.11 gpt gold (9.0 feet at 0.97 opt gold), 3.5 meters at 9.73 gpt gold (11.5 feet at 0.28 opt gold), 3.8 meters at 29.53 gpt gold (12.5 feet at 0.86 opt gold), and 0.61 meters at 38.0 gpt gold (2.0 feet at 1.11 opt gold). Drill hole CAR-016.1 was completed to a depth of 1,004.9 meters (3,297 feet).
"We are obviously excited by the high grade results from our drill hole CAR-016.1," stated R. Bruce Duncan, CEO of Evolving Gold. "The multiple high grade gold zones in this drill hole and the thickness of the main high grade intersection are extremely encouraging. These results simply demonstrate what we have believed for a long time. The system we have identified in the south end of the prolific Carlin Gold Trend is a large and powerful Carlin style gold system, capable of producing thick intervals of high grade gold mineralization. In this drill hole we have encountered repeated zones of high grade gold mineralization over a down hole interval of 89 meters, or 292 feet. The full potential of this system is being constantly enhanced with each successive drill hole that is completed."
Drill hole CAR-016.1 is a wedge hole drilled from CAR-016 after that hole was terminated due to ground conditions short of its target depth. CAR-016.1 is a vertical hole, approximately 70 meters southeast of the pad from which two previous holes were drilled, CAR-007 (18.3 meters at 11.70 grams per tonne gold announced February 25, 2010) and CAR-010 (10.1 meters at 11.09 grams per tonne gold announced April 14, 2011), as shown on the attached map. Due to down hole deviation, the high grade intercept in CAR-016.1 is approximately 30 meters east of the intercept reported in CAR-010.
Assays from two additional vertical diamond core holes, CAR-017 and CAR-018, drilled 50 meters southwest and 50 meters northwest from hole CAR-007, respectively, are also reported in this release. Notwithstanding the high grade intersected in CAR-016.1, the Company is pleased with the short intervals of significant gold mineralization encountered in CAR-017 and CAR-018.
Results from holes CAR-007, CAR-010, CAR-016.1, CAR-017 and CAR-018 indicate that the high grade gold system is open to the northeast, east and southeast. The envelope of mineralization appears to be gently dipping, expanding in size, and developing multiple high grade gold horizons to the east, onto a portion of Evolving Gold's large land holding which is as yet undrilled.
CAR-019, approximately 60 meters north of CAR-016.1, is in progress and should be completed within the next 2 weeks. Due to the down hole deviation, this hole is expected to test the target zone approximately 130 meters northeast of the high grade gold intercept in CAR-016.1. Due to the success of CAR-016.1, the Company will consider drilling wedge holes from CAR-016 and CAR-019 to further test this area of high grade gold mineralization.
Gold (grams per tonne
Gold (oz per ton
All drill hole averages are weighted averages, weighting each assay interval according to the core length for that assay interval. All assay intervals are included in the average, with no bottom cut-off. True widths of mineralization in these drill holes, at this stage of exploration, are not precisely known. Gold assays were completed by SGS Canada Inc. in Toronto, using a 30 gram charge, fire assay, with an ICP finish. Overlimit assays were completed with gravimetric finish.
In compliance with National Instrument 43-101, Dr. Quinton Hennigh, Ph.D., P.Geo., is the Qualified Person responsible for the accuracy of this news release.
The Company presently has one core rig drilling on its Carlin property and one mud rotary rig testing a target on its adjacent 100% owned Humboldt project. The Carlin Project is subject to an agreement with various subsidiaries of Newmont Mining Corporation.
About Evolving Gold Corp.
Evolving Gold is focused on exploring its gold properties in and adjacent to the productive Carlin district of northern Nevada, and its gold discovery at Rattlesnake Hills, Wyoming.
For more information about Evolving Gold please visit: www.evolvinggold.com.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
R. Bruce Duncan, President, CEO and Director
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