|From: james flannigan||7/18/2012 10:24:25 AM|
|From: james flannigan ||7/18/2012 8:43:25 AM|
| || of 73487|
|I spoke to Richard Whittall of Newstrike Capital.He told me mining majors from all over the world are very interested in NES. This is a very special deposit and likely one of the richest in the world.I think this company is in play as Lukas Lundin was buying large blocks of stock @$3.11 and now owns 40% of the company.A buy out will happen not too far from now:|
Updated July 17, 2012, 8:50 p.m. ET
In Mexico, Gold Mines Beckon Once More
By NICHOLAS CASEY
MESCALA, Mexico—Here in Mexico, a new gold rush is under way.
High gold prices are compelling companies to start mining more aggressively in the difficult terrain in Mexico's mountainous areas. Video and reporting by WSJ's Nicholas Casey.
The metal's long cycle of high prices, surpassing $1,500 an ounce, has allowed big outfits like Canada's Goldcorp Inc. to set up operations in areas where, in the past, gold wasn't concentrated enough in the soil for mines to make a profit after sifting it out. This year, Goldcorp's Peñasquito site, a massive, low-concentration mine in the deserts of Zacatecas state, is set to produce 500,000 ounces of gold, making it Mexico's biggest gold mine and Goldcorp's most prolific.
Elsewhere in Mexico, discoveries of more highly concentrated deposits have led a host of exploration companies to increase investments and land purchases. These high-grade discoveries include the find late last year of an underground deposit the size of a high-rise building in the mountains of Guerrero—a strike nearly a thousand feet deep and 500 feet wide that mining companies believe to be one of the most highly concentrated discoveries in Mexico in the last 50 years.
"People had said everything had been discovered in Mexico. Now you're seeing a renaissance," said Richard Whittall, chief executive of Canada's Newstrike Capital Inc., which discovered the Guerrero site, still under exploration.
Silver has long been the cash cow of Mexico's mining industry. But last year the country joined the top 10 gold producers, mining more than 86 metric tons of the yellow metal, three times what it produced 10 years ago and more than other heavyweights in the region like Chile and Argentina.
Mining companies attribute this growth in part to the commodity's surge after a 20-year cycle of low prices of around $400 per ounce. As financial crises struck the U.S. and Europe, gold prices rose as many people pulled money from more risky investments and bought gold instead. In Mexico, this allowed miners to reap big profits in regions where gold wasn't as concentrated.
Goldcorp's operation here at the Los Filos mine in Guerrero offers a glimpse of where high prices are taking gold-producing countries like Mexico. People had mined in these mountains since colonial times on a small scale, leaving behind networks of underground shafts and even a few ghost towns.
Los Filos, by contrast, is a vast, open-pit mine the size of its neighboring village in Mescala. Some 2,000 employees work here. More than 70,000 metric tons of earth daily are removed with explosives and bulldozers, then trucked to a nearby site where cyanide pools are used to extract the mineral. The chemicals are recycled by pipes and the process begins again.
After a $500 million investment, the mine went into commercial operation in 2008. Last year miners extracted 330,000 ounces of gold—a record for the mine, which is expected to remain operational for another dozen years.
Success at Los Filos led the company to make an even bigger investment in Mexico when it bought and began developing the Peñasquito site in Zacatecas in 2010 at a cost of $1.7 billion, Goldcorp's largest foreign investment anywhere. In addition to an average 500,000 ounces of gold a year, the site will also expected to produce an annual average of 28 million ounces of silver, along with high quantities of lead and zinc.
"The open-pit volume has exploded there," said Salvador García, head of Goldcorp's Latin America operation.
Companies say they are drawn to Mexico by its mining laws, which allow foreign firms to reap much of the profits from their investments. Under federal law, companies must apply for a mineral-rights concession through the Mexican government and operate there through a Mexican company. But the local company may be fully owned by foreigners.
The arrangement allows foreign investors full ownership over their operation and the Mexican government the ability to tax them under local law. Taxes include a 34% income tax on profits along with mining duties, which vary by the mine.
This creates a sizable windfall for the government—in 2011, Goldcorp paid $218.5 million in taxes just for its Peñasquito mine, the company said.
Peter Schulhof, whose company Westridge Resources Inc. operates a new gold mine in Mexico's Sinaloa state, said Westridge had been sorting through plans for mines in 60 other countries but eventually opted for Mexico because of its political and legal stability.
While many firms want to explore countries like Venezuela, where mineral quality may be higher, the risks of nationalization are high, too, he says. "The colors of the Rubik's cube lined up in Mexico," he says.
Mexico presents real dangers for investors, however. Authorities have accused crime groups of stealing municipal electricity lines to melt down and sell as copper prices have risen; Mexico's state-run oil monopoly Petróleos Mexicanos says the Zetas gang has made off with large quantities its of oil annually—a commodity seemingly more difficult to steal than gold bars.
Goldcorp says it hasn't had any problems with drug gangs, but is still taking precautions, such as building an airstrip in Los Filos which will allow gold bars to be flown out of the site to refineries rather than pass through Mexican highways.
Another risk relates to the price of gold itself: While buoyed now as an investment safe haven, prices could fall during the life spans of the new Mexican mines. Companies argue that most major Mexican projects were planned before gold prices hit their peak and therefore protected from a dip in price. But they still warn about the need to keep production costs low in the event of a price change.
"If you are a miner that wants to stay, you need to plan to be not just a part of this cycle, but others cycles too," said Armando Ortega, who heads the Latin America division of Canadian firm Newgold Inc.
Write to Nicholas Casey at firstname.lastname@example.org
A version of this article appeared July 18, 2012, on page B1 in the U.S. edition of The Wall Street Journal, with the headline: In Mexico, Gold Mines Beckon
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|From: Rob J23||7/19/2012 10:35:06 AM|
|Pan American Fertilizer (CNSX: PAF)|
Announces plans to move forwarded with NI 43-101 Compliant Resource Reserve calculations
VANCOUVER, BRITISH COLUMBIA, July 19th, 2012 - Pan American Fertilizer Corp, (CNSX: PAF) ("Pan American" or the "Company") announces that the Company is moving forward with plans for drilling and sampling on its Estela Ceclilia property in Santiago Del Estero, Argentina with a view to establish NI 43-101 compliant resource calculations.
"Pan American's Management understands the importance of defining the size and scope of the mineralized material found on our property. As we've previously announced, we are already extracting and selling our product, so the natural next step is to formally confirm the resource calculation compliant with NI 43-101 methodology, " commented Randy Wright, President and CEO of Pan American.
About Pan American Fertilizer Corp.
Pan American is a Canadian company dedicated to providing fertilizer to a growing global market. The company is focused on the extraction of a specific type of fertilizer called calcium sulphate (also referred to as "Agricultural Gypsum"). To ensure long term development and increase shareholder value, Pan American currently plans to significantly expand its current operational objectives while expanding its asset base by acquiring additional calcium sulphate and other fertilizer related assets.
When used as a fertilizer and as a soil remediator, calcium sulphate is a soft sulfate mineral composed of calcium sulfate dihydrate which is extremely rich in sulphur and calcium. When dissolved in water, the mineral becomes calcium and sulphate sulphur ions, both of which are required nutrients for plants. Calcium sulphate plays a vital role in establishing and maintaining good chemical balance in soil, water and plants, specifically with healthy root development. Ultimately, calcium sulphate increases overall crop quality and yields.
On behalf of the board of directors of Pan American Fertilizer Corp.
President and CEO
FOR MORE INFORMATION, PLEASE CONTACT:
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|From: Rob J23||7/23/2012 10:12:39 AM|
|Stornoway to Commence Bulk Sampling of Renard 65 Kimberlite|
MONTREAL, QUEBEC--(Marketwire - July 23, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that it will shortly commence a 5,000 tonne bulk sample program of the Renard 65 Kimberlite pipe, located at Stornoway's 100% owned Renard Diamond Project in north-central Quebec.
The objective of the bulk sample program is to collect a large enough parcel of diamonds to allow the conversion of material that is currently classified as an Inferred Mineral Resource to an Indicated Mineral Resource and then, if warranted, to a Mineral Reserve. Five thousand tonnes will be acquired from a previously opened trench where the R65 kimberlite is exposed at surface at its northern extent, and will be processed initially at Stornoway's 10 tonne per hour dense media separation plant located at the project site. Final diamond recovery will be conducted at Stornoway's North Vancouver lab facilities. The program is budgeted at C$2.5million, and is scheduled to be completed by the end of the year. Given previously measured grades at the sampling site, it is expected that approximately 1,000 carats of diamonds will be recovered, which will be sent to Antwerp, Belgium for valuation.
Matt Manson, President and CEO, commented: "The Renard 65 bulk sample program announced today offers the opportunity to add a large tonnage of open pit reserves to the Renard mine plan. Renard 65 is the largest of the project's kimberlites, and although its grade is lower than Renard 2 and 3, its diamond characteristics are similar and it is easily accessible from surface. The cost of developing an open pit at Renard 65 is already included in the Renard Feasibility Study, as a borrow pit for backfill waste required in the underground mine, and as a sump for water management. However, as an Inferred Mineral Resource, ore extracted from this pit is excluded from the Feasibility Study's production schedule. The upgrading of Renard 65's resource classification this year is expected to add value to the project by allowing an immediate expansion of planned processing capacity from 6,000 to 7,000 tonnes per day, and by extending the reserve mine life beyond the current 11 years. Renard has a considerable resource upside potential, and this sampling program will allow us to pursue the project's continued growth as we work towards final project financing."
In November 2011, Stornoway released the first National Instrument ("NI") 43-101 compliant Mineral Reserve estimate for Renard of 18.0 Mcarats (representing 23.0 million tonnes at an average grade of 78 carats per hundred tonnes, or "cpht") at a weighted average diamond valuation of US$180/carat. The project's Inferred Mineral Resources comprise an additional 17.5 Mcarats (31.1 Mtonnes at an average grade of 56 cpht), and targets for further exploration outside of the Mineral Resource statement have been estimated at between 23.5 and 48.5 Mcarats (55.1 to 75.5 Mtonnes at grades ranging from 23 to 188 cpht). Within this resource inventory, Renard 65 contains an Inferred Mineral Resource of 3.7 Mcarats (representing 12.9 mtonnes at an average grade of 29 cpht) to a depth of 290m, with an exploration potential estimated at between 6.8 and 13.7 Mcarats (29.5 to 41.6 Mtonnes at between 23 and 33 cpht) from 290m to 775m in depth.
The reader is cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. In addition, the potential quantity and grade of any exploration target is conceptual in nature, and it is uncertain if further exploration will result in it being delineated as a mineral resource.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of the communities of Chibougamau and Chapais in the James Bay region of North-Central Québec. In November 2011, Stornoway released the results of a Feasibility Study for Renard that highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. NI 43-101 compliant Probable Mineral Reserves stand at 18.0 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at C$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Production start-up is scheduled for 2015. In March 2012 Stornoway entered into the Mecheshoo Agreement with the Cree Nation of Mistissini and the Grand Council of the Crees (Eeyou Itschee) in respect to the Renard Diamond Project, and joined Chibougamau and Chapais in a Declaration of Partnership in July 2012. Readers are referred to the technical report dated December 29, 2011 for further details and assumptions relating to the project.
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|From: Rob J23||7/24/2012 7:53:41 AM|
|Red Eagle Mining (RD.V) Intercepts 11.4 Metres at 16.04 Grams Gold Per Tonne at Santa Rosa |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 24, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce additional assay results received from the 24 hole, 5,400m phase two core drill program at the San Ramon gold system located within the Santa Rosa gold project in Colombia. The additional results show strong gold mineralisation over significant intervals, with the most significant intercept being in hole SR-060 of 11.4 metres at 16.04 grams gold per tonne, including 2.0 metres at 30.73 grams gold per tonne and 3.5 metres at 29.29 grams gold per tonne. Hole SR-060 was collared 180 metres to the west of hole SR-053 which intercepted 7.0 metres at 41.53 grams gold per tonne (news release dated July 9, 2012: redeaglemining.com and 480 metres to the west of hole SR-042 which intercepted 6.0 metres at 31.85 grams gold per tonne (news release dated June 13, 2012: ). However, encouragingly, hole SR-060 intercepted high grade mineralisation at a slightly shallower depth (approximately 130-140 metres) which will significantly enhance open pit evaluations.
Table 1 summarizes the latest significant (+0.20 g/t) uncut gold intercepts from phase two core drill holes SR-056 to SR-061 (see Figure 1 - Drill Hole Plan: redeaglemining.com and Figure 2 - Long Section: redeaglemining.com. True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Internal dilution within intercepts is limited to the inclusion of runs of no more than 6m below cut-off. For pictures of the drill core see Red Eagle's photostream on flickr (http://www.flickr.com/photos/redeaglemining/sets/). Assays have now been received for 20 holes with assays pending on 4 holes (SR-062 to SR-065) from phase two and 14 holes (SR-066 to SR-079) from phase 3.
|Table 1 - San Ramon Drill Intercepts|
|Hole ID ||From |
|SR-056 ||65.5 ||66.0 ||0.5 ||1.01|
| ||128.5 ||147.1 ||18.6 ||1.52|
| ||incl. ||145.1 ||147.1 ||2.0 ||7.61|
|SR-057 ||64.2 ||75.8 ||11.6 ||2.87|
| ||89.4 ||91.4 ||2.0 ||1.77|
|SR-058 ||106.7 ||107.7 ||1.0 ||5.91|
| ||125.1 ||133.0 ||7.9 ||2.21|
| ||incl. ||131.1 ||131.6 ||0.5 ||17.80|
|SR-059 ||274.9 ||284.6 ||9.7 ||0.79|
|SR-060 ||143.3 ||154.7 ||11.4 ||16.04|
| ||incl. ||143.3 ||145.3 ||2.0 ||30.73|
| ||incl. ||151.2 ||154.7 ||3.5 ||29.29|
| ||197.3 ||205.5 ||8.2 ||2.29|
| ||incl. ||204.5 ||205.5 ||1.0 ||15.10|
| ||217.5 ||218.5 ||1.0 ||3.43|
|SR-061 ||93.0 ||96.0 ||3.0 ||0.88|
| ||180.0 ||187.5 ||7.5 ||1.75|
| ||incl. ||185.1 ||185.6 ||0.5 ||20.70|
| ||195.5 ||196.2 ||0.7 ||3.70|
"Our phase two drilling at San Ramon continues to deliver outstanding results. The significant increase in grade is encouraging as we move forward to resource and mining (open pit and underground) evaluations," comments Ian Slater, Chief Executive Officer. "Drilling and metallurgical results will be released when received on a regular basis. We are also looking forward to commencing environmental base line studies shortly and completing an initial NI 43-101 resource report 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 (14 holes totaling 1,035m completed to date out of a 5,000m programme), preparation of a NI 43-101 resource and a preliminary metallurgical test work programme.
Quality Control and Assurance (QC/QA)
|Table 2 - Drill Hole Specifications|
|Hole ||Easting ||Northing ||Elevation |
|Azimuth ||Dip ||EOH|
|SR-056 ||856804 ||1223264 ||2475 ||180 ||-75 ||216|
|SR-057 ||856583 ||1223279 ||2465 ||180 ||-45 ||111|
|SR-058 ||856583 ||1223279 ||2465 ||180 ||-75 ||194|
|SR-059 ||857232 ||1223325 ||2486 ||180 ||-75 ||321|
|SR-060 ||857313 ||1223269 ||2510 ||180 ||-90 ||235|
|SR-061 ||856965 ||1223269 ||2538 ||175 ||-75 ||214|
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 millionounce 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: PaperPerson||7/25/2012 8:50:56 AM|
|Anybody know anything about this deposit? Will there be permitting problems???|
Spanish Mountain Updates Main Zone Resource Estimate
Tuesday, July 24, 2012 2:33 PM
Spanish mountain Gold Ltd. (TSX:SPA) updated its gold and silver resource estimates in the Main Zone at its wholly owned Spanish Mountain Gold Project, located in central British Columbia. Measured and indicated gold ounces now stand at 2.54 million ounces of gold and 2.95 million ounces of silver while inferred gold ounces now total 2.32 million ounces gold and 3.18 million ounces silver, the company says. “The company will now focus completely on the timely completion of a pre-feasibility study for this zone," says Brian Groves, president and chief executive officer of Spanish Mountain. The updated resource was based on all drill data, including data from 24,000 meters of in-fill drilling program completed by the company within the Main Zone during the first half of 2012, the company says. Spanish Mountain is a Canadian-based exploration company focused on its flagship Spanish Mountain project.
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|From: PaperPerson||7/26/2012 1:26:26 AM|
|Comstock Metals' Yukon Gold Discovery 3.74 grams per tonne gold over 75 metres|
July 25, 2012
3.74 grams/tonne gold (g/t Au) over the entire 75 m length of QVTR12-06
0.85 g/t Au over 45 m in QVTR12-03 205 m along strike of QVTR12-06
mineralization consists of quartz veins, stockwork, silicification and weak brecciation, accompanied by minor pyrite
a minimum 265 m strike extent for the gold-bearing structure–Northeasterly (070°-075°) gold trend is consistent with other deposit(s) in the district
in comparison, initial trench results of Kinross Gold Corporation’s White Gold deposit, 15 km to the south of the QV, returned 1.3 g/t Au over 37.5 m from the Golden Saddle zone; initial trench results from the Coffee Project of Kaminak Gold Corporation included 2.3 g/t Au over 21.0 m and 11.45 g/t Au over 5.0 m
July 25, 2012, Vancouver, BC – Comstock Metals Ltd. (TSX-V:CSL) (the "Company") is pleased to announce initial results from its trenching programme on the QV Project located in the heart of the White Gold district, Yukon Territory. Results for three out of six trenches on the QV Grid have been received; the balance are pending. The six trenches were excavated by Talus Exploration Inc. of Dawson City, using a Candig mini-excavator.
The discovery trench, QVTR12-06, assays 3.74 g/t Au over 75 m (entire length of the trench), with a maximum grade of 7.31 g/t Au over 5 m and a minimum grade of 1.41 g/t Au over 5 m. The gold mineralization is open on all sides of QVTR12-06.
For more details on the 2012 Trenching program, please refer to the following link:
Sampling was completed by GroundTruth Exploration Inc., also of Dawson City, under the direction of Jean Pautler, P.Geo.
About Comstock Metals Ltd.
Comstock has optioned 494 claims covering 10,374 hectares (25,634 acres) within the prolific White Gold District in the Yukon Territory about 70 kilometres south of Dawson City. The claims were optioned from Shawn Ryan, a Yukon-based prospector responsible for the discovery of two of the prominent gold discoveries in the White Gold district: Kinross Gold’s 1.5 million ounce Golden Saddle deposit and Kaminak Gold’s Coffee projects. The Company has completed two soil-sampling programs on the QV property with encouraging results.
The Company is also earning a 75% interest on the Corona project by an option agreement from Golden Goliath Resources (GNG). Comstock’s Corona Gold-Silver project is located in the prolific Sierra Madre Occidentale in Chihuahua, Mexico, and the Company completed a drill program in the spring of 2012. The drill program discovered two new zones of gold and silver mineralization. Please visit the Company’s website at comstock-metals.com for the details. Previous reverse circulation drilling identified both bulk tonnage and high-grade vein type gold/silver targets, some of which the Company plans to diamond-drill.
For the Corona Gold Silver Project location please visit the following link: comstock-metals.com
To learn more please visit the Company’s website at: www.comstock-metals.com
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|From: PaperPerson||7/26/2012 8:19:27 AM|
|Gold steadies above $1,600 per ounce as euro, stocks softenThu Jul 26, 2012 3:38pm IST|
By Jan Harvey
LONDON (Reuters) - Gold prices steadied above $1,600 an ounce on Thursday, taking a breather after posting their biggest one-day rise since late June the previous day, as a dip in the euro versus the dollar and a weaker tone to stocks took the heat out of its rally.
The metal benefited on Wednesday from gains in the euro on speculation the euro zone's bailout fund could be given access to central bank money, and as weak U.S. data prompted fresh talk that more monetary easing could emerge later this year.
It rallied 1.5 percent, its strongest one-day performance in nearly four weeks, but failed to maintain those gains on Thursday as downbeat corporate earnings weighed on European shares, and the euro eased on persistent worries about the possibility of Spain applying for a full bailout. .EU
"Yesterday's move above $1,600 an ounce was driven by more positive sentiment towards gold on the back of growing anticipation for QE," BNP Paribas analyst Anne-Laure Tremblay said.
"Short term, the gold price remains however vulnerable to a retracement, particularly in a context of high uncertainty in the euro zone."
Spot gold was at $1,603.34 an ounce at 0946 GMT against $1,603.88 late on Wednesday, while U.S. gold futures for August delivery were down $5.80 an ounce at $1,602.30.
Gold priced in euros outperformed, rising 0.2 percent to 1,321.74 euros an ounce, close to a five-month high.
Gold options expiry takes place on Comex later in the day, with the bulk of call options -- which give the holder the right, but not the obligation, to buy -- at $1,600.
Speculation the Federal Reserve will unleash another round of monetary easing this year has been the chief support to gold prices in recent months, after a spate of lackluster U.S. data.
Such a move would maintain pressure on long-term interest rates, keeping the opportunity cost of holding gold at rock bottom, and would likely weigh on the dollar, stoking demand for the metal as an alternative store of value.
HSBC analyst Jim Steel said that gold may take its next cue from second-quarter U.S. GDP data on Friday, with the bank flagging up expectations for a growth rate of 1.1 percent.
"If the growth rate... is nearer to 1.0 percent... the FOMC may move closer to a decision to provide even more monetary stimulus in the weeks and months ahead," he said in a note.
"Gold has shown itself sensitive to monetary policy announcements this year and any indication of further easing would buoy gold prices."
SELLING IN ASIA
A rally in gold prices prompted some selling in Asia's physical gold market, but market participants feared the price rise would lose momentum as policy uncertainty keeps sentiment brittle.
The world's largest gold-backed exchange-traded fund, which issues securities backed by physical precious metal, reported a 2.1 metric ton outflow on Wednesday. The fund saw its biggest weekly outflow of physical metal this year last week.
Among other precious metals, silver was down 0.1 percent at $27.30 an ounce, while spot platinum was up 0.4 percent at $1,396.99 an ounce and spot palladium was up 0.1 percent at $562.49 an ounce.
Platinum miner Lonmin ( LMI.L) said on Thursday it had slashed spending plans up to 2014 in order to preserve cash, as it warned poor demand and weak prices battering the sector could persist for longer than expected.
South African platinum miners have been hit this year by a combination of rising costs, labor unrest and weak metals prices. However, analysts say it will be tough for them to cut production in a country where unemployment is rife and mining unions hold great sway.
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|From: Rob J23||7/26/2012 2:39:00 PM|
|Laurentian Goldfields Signs $1,500,000 Strategic Exploration Alliance Agreement With Antofagasta Minerals|
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 26, 2012) -Laurentian Goldfields Ltd. (TSX VENTURE:LGF) ("Laurentian") is pleased to announce it has signed a US$1,500,000, two year strategic exploration alliance (the "Alliance") with Antofagasta Minerals S.A., a wholly owned subsidiary of Antofagasta plc ("Antofagasta") for generative copper exploration in southern Quebec, Canada. The Alliance will utilize Laurentian's extensive technical and exploration expertise as a project generator to identify copper properties for acquisition in specific target areas of Quebec. Exploration work will be guided through the establishment of a joint Technical Committee with Laurentian acting as Operator.
"We are very excited to partner with Antofagasta and begin exploration work in Quebec," states Darin Labrenz, P.Geo., President and CEO of Laurentian. "Antofagasta is one of the world's largest copper producers, with a proven track record of exploration and development of copper deposits around the world. The Alliance is a solid endorsement of Laurentian's exploration team and technical expertise, and will expose Laurentian shareholders to numerous discovery and development opportunities in Quebec."
Copper exploration and/or development opportunities acquired by the Alliance will become Designated Properties, and will have a deemed interest of 51% and 49% for Antofagasta and Laurentian respectively. Antofagasta can increase its interest in any Designated Property to 65% by completing US$5,000,000 in exploration over four years and thereafter electing to form a Joint Venture with a one-time cash payment of US$1,000,000 to Laurentian.
In the event that Antofagasta declines to exercise its option to earn 65% in a Designated Property, the interest will remain at 51% and 49% for Antofagasta and Laurentian respectively, with Laurentian maintaining control and management of the project.
The strategic exploration alliance is focused primarily on copper. If a property is declined as a Designated Property, Laurentian is free to advance that property on its own terms outside of the Alliance, with no further obligation to Antofagasta.
About Laurentian Goldfields Ltd.
Laurentian is a team of highly skilled exploration professionals focused on the acquisition, exploration and development of high quality gold properties in Canada. The Company advances its prospective projects through the use of its internal technical team, extensive network of exploration industry specialists and by engaging the financial support of major mining companies through exploration alliances and joint venture agreements. Laurentian is committed to increasing shareholder value through the identification and acquisition of new exploration opportunities and the advancement and growth of its current portfolio of projects
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