Dax © 20.655 +0,39%
Dow Jones 43.169 -0,20%
S&P 500 5.937 -0,21%
Dow Jones 43.169 -0,20%
S&P 500 5.937 -0,21%
Nasdaq 21.107 -0,67%
Nikkei 38.310 -1,05%
Hang Seng 19.523 +1,23%
Nikkei 38.310 -1,05%
Hang Seng 19.523 +1,23%
EUR/USD 1,02996 +0,04%
BTC/USD 100.173 -0,33%
ETH/USD 3.317 -3,86%
BTC/USD 100.173 -0,33%
ETH/USD 3.317 -3,86%
Rohstoffthread (Archiv)
- Ersteller Maack
- Erstellt am
- Tagged users Kein(e)
- Status
Hört sich gut an @ dukezero !! 
Denke wir sollten den Rohstoffmarkt mal schön aufmischen!
Ne im Ernst, wäre absolut klasse und wünschenswert wenn wir uns hier gegenseitig helfen, Tips geben und diskutieren....
Sehe die Chancen in diesem Bereich als exorbitant an wenn man selektiert und clever investiert.
Bin mal gespannt ob der Sektor im letzten Quartal wieder massiv anzieht.... Meinungen?
Gruß ollinho
Denke wir sollten den Rohstoffmarkt mal schön aufmischen!
Ne im Ernst, wäre absolut klasse und wünschenswert wenn wir uns hier gegenseitig helfen, Tips geben und diskutieren....
Sehe die Chancen in diesem Bereich als exorbitant an wenn man selektiert und clever investiert.
Bin mal gespannt ob der Sektor im letzten Quartal wieder massiv anzieht.... Meinungen?
Gruß ollinho
Fischi wird ab Mitte September jeden Abend hier online sein. Geht mal davon aus, dass wir uns hier absprechen!
PELANGIO MINES INC
Pelangio Advised of Drill Results From Detour Gold's Drilling Program at Detour Lake, Ontario
8/22/2007
(Detour Gold intersects 9.69 g/t over 24 metres in Gap Zone)
TORONTO, ONTARIO, Aug 22, 2007 (MARKET WIRE via COMTEX News Network) --
Pelangio Mines Inc. (TSX: PLG) ("Pelangio" or the "Company") has been advised by Detour Gold Corporation that it has released drill results from an additional 15 holes from the now completed Phase I drilling program at its Detour Lake property in northern Ontario. In Phase I, Detour Gold completed 134 holes totaling 49,321 metres and has now released the assay results for 57 holes (43%). Drilling resumed on July 9 with four (4) drill rigs for a Phase II drilling program consisting of an additional 50,000 metres. As of today, 56 holes totaling 16,569 metres have been completed in Phase II, for a combined total of 190 holes (65,890 metres) thus far in 2007.
Pelangio has a 50% equity interest in Detour Gold (20 million shares). Detour Gold issued a press release today, the verbatim text of which follows:
"Detour Gold Continues to Extend Gold Mineralization at its Detour Lake Property in Northern Ontario, Canada (DG-07-58 intersects 9.69 g/t over 24 m in Gap Zone)
Detour Gold Corporation ("Detour Gold" or the "Company") is pleased to report the drill results of an additional 15 holes from its completed Phase I drilling program at its Detour Lake property in northern Ontario. In Phase I, the Company completed 134 holes totaling 49,321 metres and has now released the assay results for 57 holes (43%). Drilling resumed on July 9 with four (4) drill rigs for a Phase II drilling program consisting of an additional 50,000 metres. As of today, 56 holes totaling 16,569 metres have been completed in Phase II, for a combined total of 190 holes (65,890 metres) thus far in 2007.
The assay results reported today further confirm the continuity of the gold mineralization along the known east-west 200 metre wide corridor extending from the West Pit to the Calcite Zone resource blocks (a distance of 2.5 kilometres). Results to date are expected to expand the current near-surface resource of 1.4 million ounces in the indicated category (20.0 million tonnes grading 2.14 g/t) and 2.0 million ounces of gold in the inferred category (35.4 million tonnes grading 1.80 g/t), based on a US$450 per ounce gold price and a cut-off grade of 0.85 g/t gold. The mineral resource is contained within two open pits (West Pit and Calcite Zone), located in the area of the former Detour Lake mine, which produced 1.8 million ounces from 1983 to 1999.
From the results announced today, nine holes (DG-07-32, 49, 53, 54, 58, 59, 60, 61, and 62) were drilled in the Gap Zone (between the two US$450 open pits), three holes (DG-07-43, 45, and 46) were drilled within the West Pit in areas with limited or no previous drilling, and three holes (DG-07-47, 50, and 52) were drilled in the Calcite Zone. The best mineralized (uncut) intervals encountered are shown below.
Gap Zone:
----------------------------------------------------------------------------
DG-07-32 DG-07-049 DG-07-53 DG-07-54
--------- ----------- ---------- ----------
5.37 g/t 1.03g/t 6.94 g/t 1.71 g/t
over 16.0 m over 40.0m over 5.0 m over 21.0 m
1.66 g/t 6.06 g/t 6.99 g/t
over 18.8 m over 5.5 m over 12.0 m
1.09 g/t
over 24.0 m
DG-07-58 DG-07-59 DG-07-61 DG-07-62
--------- ----------- ---------- ----------
5.77 g/t 4.42 g/t 31.18 g/t 1.67 g/t
over 16.0 m over 34.0 m over 6.0 m over 25.0 m
9.69 g/t 3.10 g/t 4.21 g/t
over 24.0 m over 9.0m over 10.3 m
----------------------------------------------------------------------------
West Pit:
----------------------------------------------------------------------------
DG-07-43 DG-07-46
--------- ----------
1.23 g/t 1.86 g/t
over 32.0 m over 39.0 m
1.13 g/t 3.29 g/t
over 40.0 m over 11.8 m
8.29 g/t 8.01 g/t
over 5.0 m over 12.0 m
Calcite Zone:
----------------------------------------------------------------------------
DG-07-47 DG-07-50 DG-07-52
--------- ----------- ----------
1.76 g/t 7.13 g/t 5.06 g/t
over 22.0 m over 7.0 m over 7.0 m
5.10 g/t
over 6.0 m
The mineralized corridor, tested over a strike length of 1.6 kilometres in Phase I, remains open west of the Calcite Zone and east of the West Pit along the Sunday Lake Deformation Zone (SLDZ). Gold mineralization within the corridor typically consists of multiple, subvertical, five to 25 metre wide zones grading between 1.0 to 3.0 g/t gold. High gold values are generally characterized by clusters of visible gold in quartz veins and pillow selvages within potassically altered mafic flows that contain a higher percentage of sulphide minerals.
The Phase I drilling program was designed primarily to expand beyond the current near-surface resource of 2006 with a 40 metre east-west and 80 metre north-south grid. The drilling focused between surface to 350 metres depth over a strike length of 1.6 kilometres, covering such areas as the Gap and Calcite Zones that had very limited drilling in the past. The Company plans to release a new resource estimate in the fall of 2007.
The Phase II drilling program will test 2.1 kilometres of the mineralized corridor with a 40 metre east-west and 40 metre north-south grid, to convert a significant portion of the known inferred resources into the measured and indicated categories.
The Company's current cash position is C$27.4 million, all in Banker's Acceptances (i.e. guaranteed by the bank) and cash, with no debt.
The Company has added a fifth diamond drill rig in August to initiate the technical work (metallurgical sampling and geotechnical drilling) for a feasibility study on the Detour Lake project. Details on the current mineral resource are available in the Detour Lake Project December 2006 Technical Report posted on the Company's website or on SEDAR (www.sedar.com).
Complete tables of results, surface and longitudinal plans and cross-sections for the Detour Lake deposit are posted on the Company's website www.detourgold.com /Projects/Detour Lake or http://www.hdgold.com/dgc/LatestDrillResults.asp or on the home page "Explore Detour Lake".
Detour Gold's exploration program is being managed by Project Manager, Mr. Roger Aubertin, P.Eng., a Qualified Person within the meaning of National Instrument 43-101. Mr. Aubertin has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. The Qualified Person for the resource estimate filed in December 2006 is Mr. Eric Kallio, P.Geo.
Samples are prepared and assayed at SGS Minerals Services in Don Mills, Ontario, Canada. Analysis for gold is done on sawn half core samples using fire assay (AA finish). Samples with higher grade gold ( greater than 5 g/t) are re-assayed using the pulp and metallics procedures. Standard reference materials, blank and field duplicate samples are inserted prior to shipment from site to monitor the quality control of the assay data. For additional information on Quality Assurance and Quality Control, refer to the press release dated April 11, 2007.
For further information, please contact:
Gerald Panneton, President and CEO Tel: (416) 304.0800
Laurie Gaborit, Director Investor Relations Tel: (416) 304.0581
Detour Gold Corporation, Royal Bank Plaza, North Tower, 200 Bay Street, Suite 2040, Toronto, Ontario M5J 2J1
Sehr gute Ergebnisse für Open Pit!!
Pelangio Advised of Drill Results From Detour Gold's Drilling Program at Detour Lake, Ontario
8/22/2007
(Detour Gold intersects 9.69 g/t over 24 metres in Gap Zone)
TORONTO, ONTARIO, Aug 22, 2007 (MARKET WIRE via COMTEX News Network) --
Pelangio Mines Inc. (TSX: PLG) ("Pelangio" or the "Company") has been advised by Detour Gold Corporation that it has released drill results from an additional 15 holes from the now completed Phase I drilling program at its Detour Lake property in northern Ontario. In Phase I, Detour Gold completed 134 holes totaling 49,321 metres and has now released the assay results for 57 holes (43%). Drilling resumed on July 9 with four (4) drill rigs for a Phase II drilling program consisting of an additional 50,000 metres. As of today, 56 holes totaling 16,569 metres have been completed in Phase II, for a combined total of 190 holes (65,890 metres) thus far in 2007.
Pelangio has a 50% equity interest in Detour Gold (20 million shares). Detour Gold issued a press release today, the verbatim text of which follows:
"Detour Gold Continues to Extend Gold Mineralization at its Detour Lake Property in Northern Ontario, Canada (DG-07-58 intersects 9.69 g/t over 24 m in Gap Zone)
Detour Gold Corporation ("Detour Gold" or the "Company") is pleased to report the drill results of an additional 15 holes from its completed Phase I drilling program at its Detour Lake property in northern Ontario. In Phase I, the Company completed 134 holes totaling 49,321 metres and has now released the assay results for 57 holes (43%). Drilling resumed on July 9 with four (4) drill rigs for a Phase II drilling program consisting of an additional 50,000 metres. As of today, 56 holes totaling 16,569 metres have been completed in Phase II, for a combined total of 190 holes (65,890 metres) thus far in 2007.
The assay results reported today further confirm the continuity of the gold mineralization along the known east-west 200 metre wide corridor extending from the West Pit to the Calcite Zone resource blocks (a distance of 2.5 kilometres). Results to date are expected to expand the current near-surface resource of 1.4 million ounces in the indicated category (20.0 million tonnes grading 2.14 g/t) and 2.0 million ounces of gold in the inferred category (35.4 million tonnes grading 1.80 g/t), based on a US$450 per ounce gold price and a cut-off grade of 0.85 g/t gold. The mineral resource is contained within two open pits (West Pit and Calcite Zone), located in the area of the former Detour Lake mine, which produced 1.8 million ounces from 1983 to 1999.
From the results announced today, nine holes (DG-07-32, 49, 53, 54, 58, 59, 60, 61, and 62) were drilled in the Gap Zone (between the two US$450 open pits), three holes (DG-07-43, 45, and 46) were drilled within the West Pit in areas with limited or no previous drilling, and three holes (DG-07-47, 50, and 52) were drilled in the Calcite Zone. The best mineralized (uncut) intervals encountered are shown below.
Gap Zone:
----------------------------------------------------------------------------
DG-07-32 DG-07-049 DG-07-53 DG-07-54
--------- ----------- ---------- ----------
5.37 g/t 1.03g/t 6.94 g/t 1.71 g/t
over 16.0 m over 40.0m over 5.0 m over 21.0 m
1.66 g/t 6.06 g/t 6.99 g/t
over 18.8 m over 5.5 m over 12.0 m
1.09 g/t
over 24.0 m
DG-07-58 DG-07-59 DG-07-61 DG-07-62
--------- ----------- ---------- ----------
5.77 g/t 4.42 g/t 31.18 g/t 1.67 g/t
over 16.0 m over 34.0 m over 6.0 m over 25.0 m
9.69 g/t 3.10 g/t 4.21 g/t
over 24.0 m over 9.0m over 10.3 m
----------------------------------------------------------------------------
West Pit:
----------------------------------------------------------------------------
DG-07-43 DG-07-46
--------- ----------
1.23 g/t 1.86 g/t
over 32.0 m over 39.0 m
1.13 g/t 3.29 g/t
over 40.0 m over 11.8 m
8.29 g/t 8.01 g/t
over 5.0 m over 12.0 m
Calcite Zone:
----------------------------------------------------------------------------
DG-07-47 DG-07-50 DG-07-52
--------- ----------- ----------
1.76 g/t 7.13 g/t 5.06 g/t
over 22.0 m over 7.0 m over 7.0 m
5.10 g/t
over 6.0 m
The mineralized corridor, tested over a strike length of 1.6 kilometres in Phase I, remains open west of the Calcite Zone and east of the West Pit along the Sunday Lake Deformation Zone (SLDZ). Gold mineralization within the corridor typically consists of multiple, subvertical, five to 25 metre wide zones grading between 1.0 to 3.0 g/t gold. High gold values are generally characterized by clusters of visible gold in quartz veins and pillow selvages within potassically altered mafic flows that contain a higher percentage of sulphide minerals.
The Phase I drilling program was designed primarily to expand beyond the current near-surface resource of 2006 with a 40 metre east-west and 80 metre north-south grid. The drilling focused between surface to 350 metres depth over a strike length of 1.6 kilometres, covering such areas as the Gap and Calcite Zones that had very limited drilling in the past. The Company plans to release a new resource estimate in the fall of 2007.
The Phase II drilling program will test 2.1 kilometres of the mineralized corridor with a 40 metre east-west and 40 metre north-south grid, to convert a significant portion of the known inferred resources into the measured and indicated categories.
The Company's current cash position is C$27.4 million, all in Banker's Acceptances (i.e. guaranteed by the bank) and cash, with no debt.
The Company has added a fifth diamond drill rig in August to initiate the technical work (metallurgical sampling and geotechnical drilling) for a feasibility study on the Detour Lake project. Details on the current mineral resource are available in the Detour Lake Project December 2006 Technical Report posted on the Company's website or on SEDAR (www.sedar.com).
Complete tables of results, surface and longitudinal plans and cross-sections for the Detour Lake deposit are posted on the Company's website www.detourgold.com /Projects/Detour Lake or http://www.hdgold.com/dgc/LatestDrillResults.asp or on the home page "Explore Detour Lake".
Detour Gold's exploration program is being managed by Project Manager, Mr. Roger Aubertin, P.Eng., a Qualified Person within the meaning of National Instrument 43-101. Mr. Aubertin has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. The Qualified Person for the resource estimate filed in December 2006 is Mr. Eric Kallio, P.Geo.
Samples are prepared and assayed at SGS Minerals Services in Don Mills, Ontario, Canada. Analysis for gold is done on sawn half core samples using fire assay (AA finish). Samples with higher grade gold ( greater than 5 g/t) are re-assayed using the pulp and metallics procedures. Standard reference materials, blank and field duplicate samples are inserted prior to shipment from site to monitor the quality control of the assay data. For additional information on Quality Assurance and Quality Control, refer to the press release dated April 11, 2007.
For further information, please contact:
Gerald Panneton, President and CEO Tel: (416) 304.0800
Laurie Gaborit, Director Investor Relations Tel: (416) 304.0581
Detour Gold Corporation, Royal Bank Plaza, North Tower, 200 Bay Street, Suite 2040, Toronto, Ontario M5J 2J1
Sehr gute Ergebnisse für Open Pit!!
2.ter Teil Pelangio : Posting 724
Forward-Looking Information
Certain statements herein may contain forward-looking information within the meaning of applicable securities laws. Forward-looking information appears in a number of places and can be identified by the use of words such as "intends" 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 information includes statements regarding the Company's exploration plans with respect to the Property and the estimation of mineral resources and are subject to such forward-looking risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such risks include gold price volatility, change in equity markets, the uncertainties involved in interpreting geological data, increase in costs and exchange rate fluctuations and other risks involved in the gold exploration and development industry as well as those risk factors discussed under "Risk Factors" in the Company's final prospectus dated January 22, 2007 available at www.sedar.com. There can be no assurance that forward-looking information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of Detour Gold. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified by this cautionary statement. The Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.
Information Concerning Estimates of Mineral Resources
This news release uses the terms 'indicated' and 'inferred' resources. Detour Gold advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, 'inferred resources' have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as defined under 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
Detour Lake Project - Highlights of Drill Results
----------------------------------------------------------------------------
Au Au Cut
Hole Section From To Length Uncut to 20 g/t Host Rock
No. No. (m) (m) (m) (g/t) (g/t) Unit
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DG-07-32 19,240E 91.0 107.0 16.0 5.37 3.10 Lower
pillow flow
----------------------------------------------------------
(Gap Zone) Inc. 103.0 104.0 1.0 51.40 20.00
----------------------------------------------------------
Inc. 106.0 107.0 1.0 25.00 20.00
----------------------------------------------------------
137.0 142.8 5.8 1.13 1.13
----------------------------------------------------------
162.5 168.7 6.2 2.45 1.81
----------------------------------------------------------
Inc. 168.2 168.7 0.5 27.99 20.00
----------------------------------------------------------
284.2 303.0 18.8 1.66 1.66 CMH
----------------------------------------------------------------------------
DG-07-43 19,340E 61.0 68.0 7.0 0.98 0.98
----------------------------------------------------------
(West Pit) 74.0 79.0 5.0 0.97 0.97
----------------------------------------------------------
126.0 158.0 32.0 1.23 1.23 Pillow flow
----------------------------------------------------------
182.0 222.0 40.0 1.13 1.13 Pillow flow
----------------------------------------------------------
329.0 339.5 10.5 1.04 1.04
----------------------------------------------------------
348.0 360.5 12.5 1.01 1.01
----------------------------------------------------------
374.0 379.0 5.0 1.53 1.53
----------------------------------------------------------
424.0 434.0 10.0 1.28 1.28
----------------------------------------------------------
466.0 471.0 5.0 8.29 4.15 Lower
massive flow
----------------------------------------------------------
Inc. 469.0 470.0 1.0 40.70 20.00
----------------------------------------------------------------------------
DG-07-45 19,540E 51.0 62.0 11.0 0.87 0.87
----------------------------------------------------------
(West Pit) 119.0 124.0 5.0 1.16 1.16
----------------------------------------------------------
146.0 151.0 5.0 1.27 1.27
----------------------------------------------------------
159.0 178.0 19.0 1.20 1.20
----------------------------------------------------------
194.0 199.0 5.0 1.14 1.14
----------------------------------------------------------
253.0 259.0 6.0 1.78 1.78
----------------------------------------------------------
288.0 293.0 5.0 4.36 4.36
----------------------------------------------------------------------------
DG-07-46 19,620E 32.0 71.0 39.0 1.86 1.83 Upper
pillow flow
----------------------------------------------------------
(West Pit) Inc. 51.9 52.4 0.5 22.04 20.00
----------------------------------------------------------
156.0 161.0 5.0 0.90 0.90
----------------------------------------------------------
170.0 186.0 16.0 1.37 1.37
----------------------------------------------------------
265.2 277.0 11.8 3.29 2.65 Massive
flow
----------------------------------------------------------
Inc. 265.2 265.7 0.5 35.03 20.00
----------------------------------------------------------
300.0 305.0 5.0 1.64 1.64
----------------------------------------------------------
320.0 332.0 12.0 8.01 4.01 Lower
massive flow
----------------------------------------------------------
Inc. 324.5 325.0 0.5 110.91 20.00
----------------------------------------------------------
Inc. 331.0 332.0 1.0 22.60 20.00
----------------------------------------------------------
345.2 363.0 17.8 1.01 1.01
----------------------------------------------------------
390.0 395.0 5.0 1.67 1.67
----------------------------------------------------------
406.0 413.2 7.2 3.56 2.83
----------------------------------------------------------
Inc. 406.0 406.7 0.7 27.57 20.00
----------------------------------------------------------
429.0 434.0 5.0 1.12 1.12
----------------------------------------------------------------------------
DG-07-47 18,220E 88.0 110.0 22.0 1.76 1.76 Pillow flow
----------------------------------------------------------
(Calcite Zone) 137.0 142.0 5.0 1.34 1.34
----------------------------------------------------------
238.0 244.0 6.0 5.10 2.88 Lower
massive flow
----------------------------------------------------------
Inc. 239.5 240.0 0.5 46.61 20.00
----------------------------------------------------------------------------
DG-07-49 19,120E 68.0 108.0 40.0 1.03 1.01 Upper
massive flow
----------------------------------------------------------
(Gap Zone) Inc. 104.0 105.0 1.0 20.80 20.00
----------------------------------------------------------
136.3 145.0 8.7 1.19 1.19
----------------------------------------------------------
164.0 169.0 5.0 2.79 2.79
----------------------------------------------------------
193.0 202.0 9.0 1.71 1.71
----------------------------------------------------------------------------
DG-07-50 18,260E 82.0 88.0 6.0 1.10 1.10
----------------------------------------------------------
(Calcite Zone) 202.0 209.0 7.0 7.13 6.33 Massive
flow
----------------------------------------------------------
Inc. 208.0 209.0 1.0 25.60 20.00
----------------------------------------------------------------------------
DG-07-52 18,340E 38.0 45.0 7.0 1.36 1.36
----------------------------------------------------------
(Calcite Zone) 74.0 80.0 6.0 1.02 1.02
----------------------------------------------------------
140.0 147.0 7.0 5.06 3.74 Massive
flow
----------------------------------------------------------
Inc. 142.0 143.0 1.0 29.20 20.00
----------------------------------------------------------------------------
DG-07-53 19,000E 36.0 41.0 5.0 1.98 1.98
----------------------------------------------------------
(Gap Zone) 156.0 165.0 9.0 1.04 1.04
----------------------------------------------------------
185.0 190.0 5.0 1.31 1.31
----------------------------------------------------------
203.0 212.0 9.0 1.03 1.03
----------------------------------------------------------
236.0 241.0 5.0 1.63 1.63
----------------------------------------------------------
275.0 280.0 5.0 6.94 2.05 Upper
massive flow
----------------------------------------------------------
Inc. 275.5 276.0 0.5 68.90 20.00
----------------------------------------------------------
299.5 305.0 5.5 6.06 4.08 Upper
massive flow
----------------------------------------------------------
Inc. 300.0 300.5 0.5 39.58 20.00
----------------------------------------------------------
Inc. 302.5 303.0 0.5 22.23 20.00
----------------------------------------------------------
362.0 369.0 7.0 1.02 1.02
----------------------------------------------------------
382.0 406.0 24.0 1.09 1.09 Lower
massive flow
----------------------------------------------------------
416.0 425.0 9.0 1.45 1.45
----------------------------------------------------------------------------
DG-07-54 19,080E 24.0 45.0 21.0 1.71 1.71 Lower
pillow flow
----------------------------------------------------------
(Gap Zone) 65.0 70.0 5.0 1.25 1.25
----------------------------------------------------------
139.0 144.0 5.0 1.65 1.65
----------------------------------------------------------
191.0 203.0 12.0 6.99 4.32 Lower
massive flow
----------------------------------------------------------
Inc. 198.0 199.0 1.0 52.00 20.00
----------------------------------------------------------------------------
DG-07-58 18,960E 119.0 124.0 5.0 4.66 3.31
----------------------------------------------------------
(Gap Zone) Inc. 119.0 119.5 0.5 33.55 20.00
----------------------------------------------------------
140.0 156.0 16.0 5.77 3.17 Pillow flow
----------------------------------------------------------
Inc. 152.0 152.5 0.5 103.38 20.00
----------------------------------------------------------
184.0 208.0 24.0 9.69 1.97 Contact
pillow-
massive
flows
----------------------------------------------------------
Inc. 202.0 203.0 1.0 205.24 20.00
----------------------------------------------------------
218.0 228.0 10.0 0.93 0.93
----------------------------------------------------------
256.0 261.0 5.0 1.23 1.23
----------------------------------------------------------
284.0 289.0 5.0 0.92 0.92
----------------------------------------------------------------------------
DG-07-59 19,000E 19.0 53.0 34.0 4.42 1.66 Pillow flow
----------------------------------------------------------
(Gap Zone) Inc. 19.0 20.0 1.0 54.40 20.00
----------------------------------------------------------
Inc. 39.0 40.0 1.0 79.60 20.00
----------------------------------------------------------
76.0 95.0 19.0 0.95 0.95
----------------------------------------------------------
202.0 213.0 11.0 2.51 2.51 Lower
massive flow
----------------------------------------------------------
241.0 248.0 7.0 0.91 0.91
----------------------------------------------------------------------------
DG-07-60 18,920E 82.0 87.0 5.0 1.50 1.50
----------------------------------------------------------
(Gap Zone) 176.0 193.0 17.0 0.87 0.87
----------------------------------------------------------------------------
DG-07-61 19,160E 67.0 75.0 8.0 2.27 2.27
----------------------------------------------------------
(Gap Zone) 102.0 112.0 10.0 0.88 0.88
----------------------------------------------------------
132.0 141.0 9.0 0.87 0.87
----------------------------------------------------------
192.0 198.0 6.0 31.18 5.02 Pillow flow
----------------------------------------------------------
Inc. 192.7 193.2 0.5 278.95 20.00
----------------------------------------------------------
Inc. 195.0 195.5 0.5 74.94 20.00
----------------------------------------------------------
222.0 229.0 7.0 1.33 1.33
----------------------------------------------------------
246.0 251.0 5.0 3.45 3.45
----------------------------------------------------------
295.0 309.0 14.0 1.52 1.52
----------------------------------------------------------
393.0 402.0 9.0 3.10 3.10 Lower
massive flow
----------------------------------------------------------
416.0 423.0 7.0 2.06 2.06
----------------------------------------------------------
439.0 444.3 5.30 1.89 1.89
----------------------------------------------------------------------------
DG-07-62 18,700E 29.0 52.0 23.0 1.31 1.31 Upper
pillow flow
----------------------------------------------------------
(Gap Zone) 115.0 140.0 25.0 1.67 1.67 Pillow flow
----------------------------------------------------------
176.0 186.0 10.0 1.88 1.88
----------------------------------------------------------
217.0 222.0 5.0 1.64 1.64
----------------------------------------------------------
244.7 255.0 10.3 1.37 1.37
----------------------------------------------------------
302.0 323.8 21.8 1.44 1.44 Lower
massive flow
----------------------------------------------------------
336.7 347.0 10.3 4.21 4.21 CMH
----------------------------------------------------------------------------
Note: All values above 20 g/t in the composite are reported in the table.
True width is estimated to be 65 to 75% of the drilled length."
About Pelangio
Pelangio is a gold exploration company active in the top-ranked mining jurisdictions in the world, Canada and Ghana. The Company's main focus is to advance its exploration programs on its premier land position in Ghana totaling 290 square kilometres, located on strike and adjacent to AngloGold Ashanti's Obuasi gold mine.
Pelangio also has a 50% equity interest in Detour Gold Corporation ("Detour Gold"), which controls the Detour Lake advanced exploration project. The near-term objective of Detour Gold is to advance the Detour Lake project to development and production.
For additional information, please visit our website at www.pelangio.com.
Contacts: Pelangio Mines Inc. Ingrid Hibbard President & CEO (905) 875-3828 (905) 875-3829 (FAX) Email: ihibbard@pelangio.com Pelangio Mines Inc. Laurie Gaborit Investor Relations (416) 350-2112 (905) 875-3829 (FAX) Email: lgaborit@pelangio.com Website: www.pelangio.com
SOURCE: Pelangio Mines Inc.
mailto:ihibbard@pelangio.com mailto:lgaborit@pelangio.com http://www.pelangio.com
Copyright 2007 Market Wire, All rights reserved.
Forward-Looking Information
Certain statements herein may contain forward-looking information within the meaning of applicable securities laws. Forward-looking information appears in a number of places and can be identified by the use of words such as "intends" 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 information includes statements regarding the Company's exploration plans with respect to the Property and the estimation of mineral resources and are subject to such forward-looking risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such risks include gold price volatility, change in equity markets, the uncertainties involved in interpreting geological data, increase in costs and exchange rate fluctuations and other risks involved in the gold exploration and development industry as well as those risk factors discussed under "Risk Factors" in the Company's final prospectus dated January 22, 2007 available at www.sedar.com. There can be no assurance that forward-looking information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of Detour Gold. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified by this cautionary statement. The Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.
Information Concerning Estimates of Mineral Resources
This news release uses the terms 'indicated' and 'inferred' resources. Detour Gold advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, 'inferred resources' have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as defined under 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
Detour Lake Project - Highlights of Drill Results
----------------------------------------------------------------------------
Au Au Cut
Hole Section From To Length Uncut to 20 g/t Host Rock
No. No. (m) (m) (m) (g/t) (g/t) Unit
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DG-07-32 19,240E 91.0 107.0 16.0 5.37 3.10 Lower
pillow flow
----------------------------------------------------------
(Gap Zone) Inc. 103.0 104.0 1.0 51.40 20.00
----------------------------------------------------------
Inc. 106.0 107.0 1.0 25.00 20.00
----------------------------------------------------------
137.0 142.8 5.8 1.13 1.13
----------------------------------------------------------
162.5 168.7 6.2 2.45 1.81
----------------------------------------------------------
Inc. 168.2 168.7 0.5 27.99 20.00
----------------------------------------------------------
284.2 303.0 18.8 1.66 1.66 CMH
----------------------------------------------------------------------------
DG-07-43 19,340E 61.0 68.0 7.0 0.98 0.98
----------------------------------------------------------
(West Pit) 74.0 79.0 5.0 0.97 0.97
----------------------------------------------------------
126.0 158.0 32.0 1.23 1.23 Pillow flow
----------------------------------------------------------
182.0 222.0 40.0 1.13 1.13 Pillow flow
----------------------------------------------------------
329.0 339.5 10.5 1.04 1.04
----------------------------------------------------------
348.0 360.5 12.5 1.01 1.01
----------------------------------------------------------
374.0 379.0 5.0 1.53 1.53
----------------------------------------------------------
424.0 434.0 10.0 1.28 1.28
----------------------------------------------------------
466.0 471.0 5.0 8.29 4.15 Lower
massive flow
----------------------------------------------------------
Inc. 469.0 470.0 1.0 40.70 20.00
----------------------------------------------------------------------------
DG-07-45 19,540E 51.0 62.0 11.0 0.87 0.87
----------------------------------------------------------
(West Pit) 119.0 124.0 5.0 1.16 1.16
----------------------------------------------------------
146.0 151.0 5.0 1.27 1.27
----------------------------------------------------------
159.0 178.0 19.0 1.20 1.20
----------------------------------------------------------
194.0 199.0 5.0 1.14 1.14
----------------------------------------------------------
253.0 259.0 6.0 1.78 1.78
----------------------------------------------------------
288.0 293.0 5.0 4.36 4.36
----------------------------------------------------------------------------
DG-07-46 19,620E 32.0 71.0 39.0 1.86 1.83 Upper
pillow flow
----------------------------------------------------------
(West Pit) Inc. 51.9 52.4 0.5 22.04 20.00
----------------------------------------------------------
156.0 161.0 5.0 0.90 0.90
----------------------------------------------------------
170.0 186.0 16.0 1.37 1.37
----------------------------------------------------------
265.2 277.0 11.8 3.29 2.65 Massive
flow
----------------------------------------------------------
Inc. 265.2 265.7 0.5 35.03 20.00
----------------------------------------------------------
300.0 305.0 5.0 1.64 1.64
----------------------------------------------------------
320.0 332.0 12.0 8.01 4.01 Lower
massive flow
----------------------------------------------------------
Inc. 324.5 325.0 0.5 110.91 20.00
----------------------------------------------------------
Inc. 331.0 332.0 1.0 22.60 20.00
----------------------------------------------------------
345.2 363.0 17.8 1.01 1.01
----------------------------------------------------------
390.0 395.0 5.0 1.67 1.67
----------------------------------------------------------
406.0 413.2 7.2 3.56 2.83
----------------------------------------------------------
Inc. 406.0 406.7 0.7 27.57 20.00
----------------------------------------------------------
429.0 434.0 5.0 1.12 1.12
----------------------------------------------------------------------------
DG-07-47 18,220E 88.0 110.0 22.0 1.76 1.76 Pillow flow
----------------------------------------------------------
(Calcite Zone) 137.0 142.0 5.0 1.34 1.34
----------------------------------------------------------
238.0 244.0 6.0 5.10 2.88 Lower
massive flow
----------------------------------------------------------
Inc. 239.5 240.0 0.5 46.61 20.00
----------------------------------------------------------------------------
DG-07-49 19,120E 68.0 108.0 40.0 1.03 1.01 Upper
massive flow
----------------------------------------------------------
(Gap Zone) Inc. 104.0 105.0 1.0 20.80 20.00
----------------------------------------------------------
136.3 145.0 8.7 1.19 1.19
----------------------------------------------------------
164.0 169.0 5.0 2.79 2.79
----------------------------------------------------------
193.0 202.0 9.0 1.71 1.71
----------------------------------------------------------------------------
DG-07-50 18,260E 82.0 88.0 6.0 1.10 1.10
----------------------------------------------------------
(Calcite Zone) 202.0 209.0 7.0 7.13 6.33 Massive
flow
----------------------------------------------------------
Inc. 208.0 209.0 1.0 25.60 20.00
----------------------------------------------------------------------------
DG-07-52 18,340E 38.0 45.0 7.0 1.36 1.36
----------------------------------------------------------
(Calcite Zone) 74.0 80.0 6.0 1.02 1.02
----------------------------------------------------------
140.0 147.0 7.0 5.06 3.74 Massive
flow
----------------------------------------------------------
Inc. 142.0 143.0 1.0 29.20 20.00
----------------------------------------------------------------------------
DG-07-53 19,000E 36.0 41.0 5.0 1.98 1.98
----------------------------------------------------------
(Gap Zone) 156.0 165.0 9.0 1.04 1.04
----------------------------------------------------------
185.0 190.0 5.0 1.31 1.31
----------------------------------------------------------
203.0 212.0 9.0 1.03 1.03
----------------------------------------------------------
236.0 241.0 5.0 1.63 1.63
----------------------------------------------------------
275.0 280.0 5.0 6.94 2.05 Upper
massive flow
----------------------------------------------------------
Inc. 275.5 276.0 0.5 68.90 20.00
----------------------------------------------------------
299.5 305.0 5.5 6.06 4.08 Upper
massive flow
----------------------------------------------------------
Inc. 300.0 300.5 0.5 39.58 20.00
----------------------------------------------------------
Inc. 302.5 303.0 0.5 22.23 20.00
----------------------------------------------------------
362.0 369.0 7.0 1.02 1.02
----------------------------------------------------------
382.0 406.0 24.0 1.09 1.09 Lower
massive flow
----------------------------------------------------------
416.0 425.0 9.0 1.45 1.45
----------------------------------------------------------------------------
DG-07-54 19,080E 24.0 45.0 21.0 1.71 1.71 Lower
pillow flow
----------------------------------------------------------
(Gap Zone) 65.0 70.0 5.0 1.25 1.25
----------------------------------------------------------
139.0 144.0 5.0 1.65 1.65
----------------------------------------------------------
191.0 203.0 12.0 6.99 4.32 Lower
massive flow
----------------------------------------------------------
Inc. 198.0 199.0 1.0 52.00 20.00
----------------------------------------------------------------------------
DG-07-58 18,960E 119.0 124.0 5.0 4.66 3.31
----------------------------------------------------------
(Gap Zone) Inc. 119.0 119.5 0.5 33.55 20.00
----------------------------------------------------------
140.0 156.0 16.0 5.77 3.17 Pillow flow
----------------------------------------------------------
Inc. 152.0 152.5 0.5 103.38 20.00
----------------------------------------------------------
184.0 208.0 24.0 9.69 1.97 Contact
pillow-
massive
flows
----------------------------------------------------------
Inc. 202.0 203.0 1.0 205.24 20.00
----------------------------------------------------------
218.0 228.0 10.0 0.93 0.93
----------------------------------------------------------
256.0 261.0 5.0 1.23 1.23
----------------------------------------------------------
284.0 289.0 5.0 0.92 0.92
----------------------------------------------------------------------------
DG-07-59 19,000E 19.0 53.0 34.0 4.42 1.66 Pillow flow
----------------------------------------------------------
(Gap Zone) Inc. 19.0 20.0 1.0 54.40 20.00
----------------------------------------------------------
Inc. 39.0 40.0 1.0 79.60 20.00
----------------------------------------------------------
76.0 95.0 19.0 0.95 0.95
----------------------------------------------------------
202.0 213.0 11.0 2.51 2.51 Lower
massive flow
----------------------------------------------------------
241.0 248.0 7.0 0.91 0.91
----------------------------------------------------------------------------
DG-07-60 18,920E 82.0 87.0 5.0 1.50 1.50
----------------------------------------------------------
(Gap Zone) 176.0 193.0 17.0 0.87 0.87
----------------------------------------------------------------------------
DG-07-61 19,160E 67.0 75.0 8.0 2.27 2.27
----------------------------------------------------------
(Gap Zone) 102.0 112.0 10.0 0.88 0.88
----------------------------------------------------------
132.0 141.0 9.0 0.87 0.87
----------------------------------------------------------
192.0 198.0 6.0 31.18 5.02 Pillow flow
----------------------------------------------------------
Inc. 192.7 193.2 0.5 278.95 20.00
----------------------------------------------------------
Inc. 195.0 195.5 0.5 74.94 20.00
----------------------------------------------------------
222.0 229.0 7.0 1.33 1.33
----------------------------------------------------------
246.0 251.0 5.0 3.45 3.45
----------------------------------------------------------
295.0 309.0 14.0 1.52 1.52
----------------------------------------------------------
393.0 402.0 9.0 3.10 3.10 Lower
massive flow
----------------------------------------------------------
416.0 423.0 7.0 2.06 2.06
----------------------------------------------------------
439.0 444.3 5.30 1.89 1.89
----------------------------------------------------------------------------
DG-07-62 18,700E 29.0 52.0 23.0 1.31 1.31 Upper
pillow flow
----------------------------------------------------------
(Gap Zone) 115.0 140.0 25.0 1.67 1.67 Pillow flow
----------------------------------------------------------
176.0 186.0 10.0 1.88 1.88
----------------------------------------------------------
217.0 222.0 5.0 1.64 1.64
----------------------------------------------------------
244.7 255.0 10.3 1.37 1.37
----------------------------------------------------------
302.0 323.8 21.8 1.44 1.44 Lower
massive flow
----------------------------------------------------------
336.7 347.0 10.3 4.21 4.21 CMH
----------------------------------------------------------------------------
Note: All values above 20 g/t in the composite are reported in the table.
True width is estimated to be 65 to 75% of the drilled length."
About Pelangio
Pelangio is a gold exploration company active in the top-ranked mining jurisdictions in the world, Canada and Ghana. The Company's main focus is to advance its exploration programs on its premier land position in Ghana totaling 290 square kilometres, located on strike and adjacent to AngloGold Ashanti's Obuasi gold mine.
Pelangio also has a 50% equity interest in Detour Gold Corporation ("Detour Gold"), which controls the Detour Lake advanced exploration project. The near-term objective of Detour Gold is to advance the Detour Lake project to development and production.
For additional information, please visit our website at www.pelangio.com.
Contacts: Pelangio Mines Inc. Ingrid Hibbard President & CEO (905) 875-3828 (905) 875-3829 (FAX) Email: ihibbard@pelangio.com Pelangio Mines Inc. Laurie Gaborit Investor Relations (416) 350-2112 (905) 875-3829 (FAX) Email: lgaborit@pelangio.com Website: www.pelangio.com
SOURCE: Pelangio Mines Inc.
mailto:ihibbard@pelangio.com mailto:lgaborit@pelangio.com http://www.pelangio.com
Copyright 2007 Market Wire, All rights reserved.
PELANGIO MINES INC
Pelangio Advised of Drill Results From Detour Gold's Drilling Program at Detour Lake, Ontario
Mit der 50% Detour Beteiligung ist Pelangio ein Multi Mio. Onces Baby mit Gold und Silber!
FETT!
The assay results reported today further confirm the continuity of the gold mineralization along the known east-west 200 metre wide corridor extending from the West Pit to the Calcite Zone resource blocks (a distance of 2.5 kilometres). Results to date are expected to expand the current near-surface resource of 1.4 million ounces in the indicated category (20.0 million tonnes grading 2.14 g/t) and 2.0 million ounces of gold in the inferred category (35.4 million tonnes grading 1.80 g/t), based on a US$450 per ounce gold price and a cut-off grade of 0.85 g/t gold.
Nicht mal die Hälfte erbohrt!
Pelangio Advised of Drill Results From Detour Gold's Drilling Program at Detour Lake, Ontario
Mit der 50% Detour Beteiligung ist Pelangio ein Multi Mio. Onces Baby mit Gold und Silber!
FETT!
The assay results reported today further confirm the continuity of the gold mineralization along the known east-west 200 metre wide corridor extending from the West Pit to the Calcite Zone resource blocks (a distance of 2.5 kilometres). Results to date are expected to expand the current near-surface resource of 1.4 million ounces in the indicated category (20.0 million tonnes grading 2.14 g/t) and 2.0 million ounces of gold in the inferred category (35.4 million tonnes grading 1.80 g/t), based on a US$450 per ounce gold price and a cut-off grade of 0.85 g/t gold.
Nicht mal die Hälfte erbohrt!
8) 8) fast wie abgesprochen:
Aug 22, 2007 08:30 ET
Trade Winds Drills 5.48 Grams/Tonne Gold Over 4.60 Metres on Previously Unexplored Area Near Surface at Block A, Detour Lake, Ontario
:D
TIMMINS, ON--(Marketwire - August 22, 2007) - Trade Winds Ventures (TSX VENTURE: TWD) (FRANKFURT: TVR) is pleased to announce additional results from its 13,000-metre 2007 winter diamond drill program on Block A at Detour Lake, Ontario. Block A is being explored as a 50/50 Joint Venture between Detour Gold Corporation (TSX: DGC) (50%) and Trade Winds (50%), the operator during the exploration phase.
The Company has received encouraging results from three holes, TWDDH-219, TWDDH-222, & TWDDH-224 on Section 15060E. The purpose of drilling these three holes was to determine the continuity of the M Zone structural corridor by stepping out 320 metres west from the successful 2007 winter drill program. The M Zone ultramafic and numerous other gold bearing structures were intersected in all three holes, with gold mineralization ranging from approximately -135 metres to -235 metres below surface and 185 metres above previous drilling on this section last drilled in 2004.
In March 2006, Trade Winds discovered new, near surface gold mineralization along the M Zone corridor (see news release May 16, 2006). Phase 1 of this winter's drilling program was to explore the mineralization of this new zone along a 480 metre strike length between sections 15380E and 15860E. The three drill holes announced today on Section 15060E represent a 320 metre step out near the western extension of this phase of drilling above - 300 metres.
Diamond drill hole TWDDH-219 returned 5.78 grams/tonne over 1.00 metre; 5.48 grams/tonne gold over 4.60 metres including 19.20 grams/tonne over 0.50 metres; 4.13 grams/tonne over 1.65 metres; 2.40 grams/tonne gold over 3.00 metres; and 11.55 grams/tonne over 1.02 metres.
Diamond drill hole TWDDH-222 returned 2.73 grams/tonne over 2.00 metres; and 8.96 grams/tonne over 2.00 metres including 15.75 grams/tonne over 1.00 metre; 3.53 grams/tonne over 0.63 metres; and 14.75 grams/tonne over 0.50 metres.
Diamond drill hole TWDDH-224 returned 4.66 grams/tonne over 1.00 metre and 1.08 grams/tonne over 7.88 metres.
Previous drilling by Placer Dome and Trade Winds on this section also returned encouraging results as follows:
Placer Dome diamond drill hole 464-091 returned 18.76 grams/tonne over 2.00 metres, including 36.27 grams/tonne over 1.00 metre; 4.73 grams/tonne over 6.00 metres including 16.90 grams/tonne over 1.00 metre; and 8.18 grams/tonne over 2.00 metres, including 10.10 grams/tonne over 1.00 metres.
Placer Dome diamond drill hole 464-091A returned 11.31 grams/tonne over 2.00 metres, including 14.40 grams/tonne over 1.00 metres.
Trade Winds' 2004 diamond drill hole TWDDH-029 returned 9.46 grams/tonne over 1.00 metre; 8.02 grams/tonne over 2.11 metres, including 12.65 grams/tonne over 1.00 metre; 16.94 grams/tonne over 1.70 metres, including 29.7 grams/tonne over 0.92 metres; 5.67 grams/tonne over 7.00 metres, including 9.75 grams/tonne over 1.00 metre and 17.90 grams/tonne over 1.00 metre.
Details of significant fire assay results received for recent holes completed on Section 15060E are as follows:
--------------------------------------------------------------------------
HOLE NAME FROM TO Depth LENGTH ASSAY COMPOSITE
(m.) (m.) Vertical(m.) (m.) (g/tonne gold) (g/tonne gold)
---------------------------------------------------------------------------
TWDDH-219 114 115 93 1.00 5.78
240.97 242 197 1.03 3.96
291 292 238 1.00 3.35
297.9 302.5 243 4.60 5.48
Including 297.9 298.4 0.5 19.2
Including 299.5 300 0.5 5.62
Including 300.85 301.35 0.5 8.71
312 313.65 255 1.65 4.13
336 339 275 3.00 2.40
358.98 360 293 1.02 11.55 11.55
TWDDH-222 198 200 162 2.00 2.73
245 247 201 2.00 8.96
Including 246 247 1.00 15.75
258.35 258.98 211 0.63 3.53
268.75 269.25 220 0.50 14.75
TWDDH-224 162 163 132 1.00 1.46
166 173.88 136 7.88 1.08
--------------------------------------------------------------------------
True Width is estimated to be between 65-75% of core length. A drawing for
Section 15060E is available on the Company's website
www.tradewindsventures.com
Diamond drill hole location and final depths for the M Zone diamond drill
program are as follows:
-------------------------------------------------------------------
Section Hole# Northing Easting Azimuth Dip Length
-------------------------------------------------------------------
15060 464-091 15049.09 20953.46 180 -81 1002
464-091A 15049.09 20953.46 180 -74.5 1033
TWDDH-029 15054.51 20925.32 175 -63 572
TWDDH-219 15061.90 20775.71 180 -55 381
TWDDH-222 15060.74 20736.50 180 -55 304
TWDDH-224 15059.78 20697.83 180 -55 261
-------------------------------------------------------------------
The objective of Phase 1 2007 winter drilling program was to explore the mineralization of this new zone discovered in 2006 along a 480 metre strike length between Sections 15380E and 15860E at 40 metres intervals, and one further step-out to 15060E, while Phase 2 focused on in-fill drilling of the near surface M Zone mineralization from Sections 15900E to 16740E. Drilled on a 40 meter by 40 meter spacing, both vertically and horizontally, these new holes are part of the drilling done to the west of the area encompassing the previously published NI 43-101 indicated resource. The 2007 drill program was designed to potentially add new gold ounces to the resource estimate, and upgrade the near surface inferred gold ounces, already included in the current resource estimate, to the indicated category.
In October 2006, Trade Winds reported an indicated resource of 14,158,000 tonnes grading 1.77 grams/tonne containing 804,321 ounces of gold and an inferred mineral resource of 24,796,000 tonnes grading 1.88 grams/tonne containing 1,499,552 ounces of gold, using a cut-off grade of 1.0 gram/tonne. The Technical Report prepared by Golder Associates Ltd. was filed on SEDAR on behalf of Trade Winds.
Management is looking to increase shareholder value by proceeding with the spin-off of its Tuole Gold/Copper and the Silu Zinc/Lead projects, located in the Peoples Republic of China, to a wholly owned subsidiary. Western China Mining ("WCH") proposes to list on a Canadian stock exchange following an Initial Public Offering (IPO) to raise up to a maximum of $7,500,000 to fund the development programs for these projects. It is expected that Trade Winds would own approximately 60% of WCH prior to the distribution to shareholders.
Trade Winds has indicated that it will look at similar spin-out strategies for other Canadian projects, which include a 60% option in the Birch Lake, Ontario gold project and its 100% interest in the Turner Lake, Nunavut project and its Treasure Mountain copper property and Dardanelles gold property in B.C. These spin-out strategies are being designed to improve the identification and valuation of each specific Trade Winds property and to enable Trade Winds to separately finance and develop its various assets, selectively reducing stock dilution.
Mr. Alex Burton, P. Eng., P. Geo., is the qualified person for Trade Winds' projects at Detour Lake and has reviewed the information contained herein. Trade Winds, as operator of the projects, has implemented a quality control program to ensure best practice in the sampling and analysis of the drill core. All fire assay results are being provided by ALS Chemex.
WARNING: The Company relies upon litigation protection for "forward-looking" statements.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE
Aug 22, 2007 08:30 ET
Trade Winds Drills 5.48 Grams/Tonne Gold Over 4.60 Metres on Previously Unexplored Area Near Surface at Block A, Detour Lake, Ontario
:D
TIMMINS, ON--(Marketwire - August 22, 2007) - Trade Winds Ventures (TSX VENTURE: TWD) (FRANKFURT: TVR) is pleased to announce additional results from its 13,000-metre 2007 winter diamond drill program on Block A at Detour Lake, Ontario. Block A is being explored as a 50/50 Joint Venture between Detour Gold Corporation (TSX: DGC) (50%) and Trade Winds (50%), the operator during the exploration phase.
The Company has received encouraging results from three holes, TWDDH-219, TWDDH-222, & TWDDH-224 on Section 15060E. The purpose of drilling these three holes was to determine the continuity of the M Zone structural corridor by stepping out 320 metres west from the successful 2007 winter drill program. The M Zone ultramafic and numerous other gold bearing structures were intersected in all three holes, with gold mineralization ranging from approximately -135 metres to -235 metres below surface and 185 metres above previous drilling on this section last drilled in 2004.
In March 2006, Trade Winds discovered new, near surface gold mineralization along the M Zone corridor (see news release May 16, 2006). Phase 1 of this winter's drilling program was to explore the mineralization of this new zone along a 480 metre strike length between sections 15380E and 15860E. The three drill holes announced today on Section 15060E represent a 320 metre step out near the western extension of this phase of drilling above - 300 metres.
Diamond drill hole TWDDH-219 returned 5.78 grams/tonne over 1.00 metre; 5.48 grams/tonne gold over 4.60 metres including 19.20 grams/tonne over 0.50 metres; 4.13 grams/tonne over 1.65 metres; 2.40 grams/tonne gold over 3.00 metres; and 11.55 grams/tonne over 1.02 metres.
Diamond drill hole TWDDH-222 returned 2.73 grams/tonne over 2.00 metres; and 8.96 grams/tonne over 2.00 metres including 15.75 grams/tonne over 1.00 metre; 3.53 grams/tonne over 0.63 metres; and 14.75 grams/tonne over 0.50 metres.
Diamond drill hole TWDDH-224 returned 4.66 grams/tonne over 1.00 metre and 1.08 grams/tonne over 7.88 metres.
Previous drilling by Placer Dome and Trade Winds on this section also returned encouraging results as follows:
Placer Dome diamond drill hole 464-091 returned 18.76 grams/tonne over 2.00 metres, including 36.27 grams/tonne over 1.00 metre; 4.73 grams/tonne over 6.00 metres including 16.90 grams/tonne over 1.00 metre; and 8.18 grams/tonne over 2.00 metres, including 10.10 grams/tonne over 1.00 metres.
Placer Dome diamond drill hole 464-091A returned 11.31 grams/tonne over 2.00 metres, including 14.40 grams/tonne over 1.00 metres.
Trade Winds' 2004 diamond drill hole TWDDH-029 returned 9.46 grams/tonne over 1.00 metre; 8.02 grams/tonne over 2.11 metres, including 12.65 grams/tonne over 1.00 metre; 16.94 grams/tonne over 1.70 metres, including 29.7 grams/tonne over 0.92 metres; 5.67 grams/tonne over 7.00 metres, including 9.75 grams/tonne over 1.00 metre and 17.90 grams/tonne over 1.00 metre.
Details of significant fire assay results received for recent holes completed on Section 15060E are as follows:
--------------------------------------------------------------------------
HOLE NAME FROM TO Depth LENGTH ASSAY COMPOSITE
(m.) (m.) Vertical(m.) (m.) (g/tonne gold) (g/tonne gold)
---------------------------------------------------------------------------
TWDDH-219 114 115 93 1.00 5.78
240.97 242 197 1.03 3.96
291 292 238 1.00 3.35
297.9 302.5 243 4.60 5.48
Including 297.9 298.4 0.5 19.2
Including 299.5 300 0.5 5.62
Including 300.85 301.35 0.5 8.71
312 313.65 255 1.65 4.13
336 339 275 3.00 2.40
358.98 360 293 1.02 11.55 11.55
TWDDH-222 198 200 162 2.00 2.73
245 247 201 2.00 8.96
Including 246 247 1.00 15.75
258.35 258.98 211 0.63 3.53
268.75 269.25 220 0.50 14.75
TWDDH-224 162 163 132 1.00 1.46
166 173.88 136 7.88 1.08
--------------------------------------------------------------------------
True Width is estimated to be between 65-75% of core length. A drawing for
Section 15060E is available on the Company's website
www.tradewindsventures.com
Diamond drill hole location and final depths for the M Zone diamond drill
program are as follows:
-------------------------------------------------------------------
Section Hole# Northing Easting Azimuth Dip Length
-------------------------------------------------------------------
15060 464-091 15049.09 20953.46 180 -81 1002
464-091A 15049.09 20953.46 180 -74.5 1033
TWDDH-029 15054.51 20925.32 175 -63 572
TWDDH-219 15061.90 20775.71 180 -55 381
TWDDH-222 15060.74 20736.50 180 -55 304
TWDDH-224 15059.78 20697.83 180 -55 261
-------------------------------------------------------------------
The objective of Phase 1 2007 winter drilling program was to explore the mineralization of this new zone discovered in 2006 along a 480 metre strike length between Sections 15380E and 15860E at 40 metres intervals, and one further step-out to 15060E, while Phase 2 focused on in-fill drilling of the near surface M Zone mineralization from Sections 15900E to 16740E. Drilled on a 40 meter by 40 meter spacing, both vertically and horizontally, these new holes are part of the drilling done to the west of the area encompassing the previously published NI 43-101 indicated resource. The 2007 drill program was designed to potentially add new gold ounces to the resource estimate, and upgrade the near surface inferred gold ounces, already included in the current resource estimate, to the indicated category.
In October 2006, Trade Winds reported an indicated resource of 14,158,000 tonnes grading 1.77 grams/tonne containing 804,321 ounces of gold and an inferred mineral resource of 24,796,000 tonnes grading 1.88 grams/tonne containing 1,499,552 ounces of gold, using a cut-off grade of 1.0 gram/tonne. The Technical Report prepared by Golder Associates Ltd. was filed on SEDAR on behalf of Trade Winds.
Management is looking to increase shareholder value by proceeding with the spin-off of its Tuole Gold/Copper and the Silu Zinc/Lead projects, located in the Peoples Republic of China, to a wholly owned subsidiary. Western China Mining ("WCH") proposes to list on a Canadian stock exchange following an Initial Public Offering (IPO) to raise up to a maximum of $7,500,000 to fund the development programs for these projects. It is expected that Trade Winds would own approximately 60% of WCH prior to the distribution to shareholders.
Trade Winds has indicated that it will look at similar spin-out strategies for other Canadian projects, which include a 60% option in the Birch Lake, Ontario gold project and its 100% interest in the Turner Lake, Nunavut project and its Treasure Mountain copper property and Dardanelles gold property in B.C. These spin-out strategies are being designed to improve the identification and valuation of each specific Trade Winds property and to enable Trade Winds to separately finance and develop its various assets, selectively reducing stock dilution.
Mr. Alex Burton, P. Eng., P. Geo., is the qualified person for Trade Winds' projects at Detour Lake and has reviewed the information contained herein. Trade Winds, as operator of the projects, has implemented a quality control program to ensure best practice in the sampling and analysis of the drill core. All fire assay results are being provided by ALS Chemex.
WARNING: The Company relies upon litigation protection for "forward-looking" statements.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE
SOUTHERN ARC MINERALS
Southern Arc Minerals Provides Information on Short-Term Investment
8/22/2007
VANCOUVER, BRITISH COLUMBIA, Aug 22, 2007 (CCNMatthews via COMTEX News Network) --
Southern Arc Minerals Inc. (the "Company" or "Southern Arc") (TSX VENTURE:SA) provides the following information on the impact of the recent events and uncertainty in global credit markets on its cash holdings. Company cash holdings are approximately $2.25 million of which approximately $1.4 million is invested in Canadian asset-backed commercial paper ("ABCP"). This ABCP is rated by Dominion Bond Rating Service ("DBRS") as R1-High, which is the highest possible rating for commercial paper, and consists of "Series A Notes" held with Coventree Capital Group Inc. ("Coventree") sponsored funds.
The notes were purchased on July 20, 2007 on recommendation of the Company's bank, HSBC Bank Canada, and matured on August 17, 2007. However, the notes were not paid out and remain outstanding. The Company will continue to monitor the situation with HSBC Bank Canada and Coventree.
Coventree has publicly stated that this situation has been caused by a disruption in the liquidity for Canadian ABCP rather than the creditworthiness of the underlying assets and the notes continue to be rated R1-High.
The Company believes that this liquidity issue with ABCP will not disrupt its business operations. Southern Arc has $850,000 of available cash and is continuing its exploration program on the porphyry occurrences within the Selodong Intrusive Complex in Indonesia as planned.
On behalf of the Board of Southern Arc Minerals Inc.
John Proust, President and CEO
SOURCE: Southern Arc Minerals Inc.
Southern Arc Minerals Inc. John Proust President and CEO (604) 676-5241 (604) 676-5246 (FAX) Website: www.southernarcminerals.com
Southern Arc Minerals Provides Information on Short-Term Investment
8/22/2007
VANCOUVER, BRITISH COLUMBIA, Aug 22, 2007 (CCNMatthews via COMTEX News Network) --
Southern Arc Minerals Inc. (the "Company" or "Southern Arc") (TSX VENTURE:SA) provides the following information on the impact of the recent events and uncertainty in global credit markets on its cash holdings. Company cash holdings are approximately $2.25 million of which approximately $1.4 million is invested in Canadian asset-backed commercial paper ("ABCP"). This ABCP is rated by Dominion Bond Rating Service ("DBRS") as R1-High, which is the highest possible rating for commercial paper, and consists of "Series A Notes" held with Coventree Capital Group Inc. ("Coventree") sponsored funds.
The notes were purchased on July 20, 2007 on recommendation of the Company's bank, HSBC Bank Canada, and matured on August 17, 2007. However, the notes were not paid out and remain outstanding. The Company will continue to monitor the situation with HSBC Bank Canada and Coventree.
Coventree has publicly stated that this situation has been caused by a disruption in the liquidity for Canadian ABCP rather than the creditworthiness of the underlying assets and the notes continue to be rated R1-High.
The Company believes that this liquidity issue with ABCP will not disrupt its business operations. Southern Arc has $850,000 of available cash and is continuing its exploration program on the porphyry occurrences within the Selodong Intrusive Complex in Indonesia as planned.
On behalf of the Board of Southern Arc Minerals Inc.
John Proust, President and CEO
SOURCE: Southern Arc Minerals Inc.
Southern Arc Minerals Inc. John Proust President and CEO (604) 676-5241 (604) 676-5246 (FAX) Website: www.southernarcminerals.com
In Bezug zu Southern ARC!
FOR IMMEDIATE RELEASE Toronto Stock Exchange Symbol: COF
Coventree Announces Continued ABCP Market Disruption
TORONTO, ONTARIO (August 16, 2007) – Coventree Inc. (TSX: COF) today announced that its
conduits did not place any liquidity-backed asset backed commercial paper ("ABCP") (liquidity-backed
ABCP is also known as A notes) and that extendible ABCP (also known as E notes) was placed in the
aggregate amount of $13 million. These E notes were purchased by investors that elected to renew or
roll-over their ABCP that matured today. In aggregate, approximately $268 million of A notes and $59
million of E notes issued by Coventree's conduits matured today. Coventree does not know the extent to
which this failure to place the remainder of its maturing ABCP was a result of the continuing ABCP
market disruption that began on August 13, 2007 or of continuing technical difficulties at the depositary
for its conduits' ABCP that prevented the processing of orders to purchase such ABCP. Again today,
certain investors in ABCP issued by Coventree-sponsored conduits that matured today advised Coventree
that attempts to roll-over maturing ABCP into new ABCP in Coventree's conduits were unsuccessful.
Accordingly, Coventree is unable to assess today's investor demand for its conduits' ABCP.
While Coventree sponsors and administers these ABCP conduits, the ABCP issued by them are not
obligations of Coventree or guaranteed by Coventree. The conduits are separate legal entities and the
ABCP issued by the conduits is non-recourse to Coventree.
Coventree also reported that DBRS announced today that it had placed its ratings of ABCP issuers
affected by the current market disruption, including Coventree's conduits, "Under Review with
Developing Implications" as a result of the events of this week. DBRS stated that in its view, if the
current situation were to continue beyond prescribed grace periods, "the underlying assets [held by the
ABCP conduits] would be liquidated and, depending on the individual issuer, it is likely that noteholders
would experience a loss". According to DBRS, these losses would arise because "some of the underlying
assets, although strong from a credit perspective, could fetch significantly less than par" due to the
extreme levels of volatility in the global credit markets.
At this time, the Company continues to be unable to predict the extent of the impact of this market
disruption on Coventree's financial results, operations, and financial condition including any impairment
of assets in future periods. The current market disruption will adversely affect and may materially
adversely affect the future revenues of the Company. Coventree is still unable to predict how long the
current market disruption will continue or the extent to which the market disruption will affect the
conduits' ability to raise funds to continue to finance their operations.
NewsBlast Sign-Up
StockHouse NewsBlast: Receive company sponsored news and information via email.
FOR IMMEDIATE RELEASE Toronto Stock Exchange Symbol: COF
Coventree Announces Continued ABCP Market Disruption
TORONTO, ONTARIO (August 16, 2007) – Coventree Inc. (TSX: COF) today announced that its
conduits did not place any liquidity-backed asset backed commercial paper ("ABCP") (liquidity-backed
ABCP is also known as A notes) and that extendible ABCP (also known as E notes) was placed in the
aggregate amount of $13 million. These E notes were purchased by investors that elected to renew or
roll-over their ABCP that matured today. In aggregate, approximately $268 million of A notes and $59
million of E notes issued by Coventree's conduits matured today. Coventree does not know the extent to
which this failure to place the remainder of its maturing ABCP was a result of the continuing ABCP
market disruption that began on August 13, 2007 or of continuing technical difficulties at the depositary
for its conduits' ABCP that prevented the processing of orders to purchase such ABCP. Again today,
certain investors in ABCP issued by Coventree-sponsored conduits that matured today advised Coventree
that attempts to roll-over maturing ABCP into new ABCP in Coventree's conduits were unsuccessful.
Accordingly, Coventree is unable to assess today's investor demand for its conduits' ABCP.
While Coventree sponsors and administers these ABCP conduits, the ABCP issued by them are not
obligations of Coventree or guaranteed by Coventree. The conduits are separate legal entities and the
ABCP issued by the conduits is non-recourse to Coventree.
Coventree also reported that DBRS announced today that it had placed its ratings of ABCP issuers
affected by the current market disruption, including Coventree's conduits, "Under Review with
Developing Implications" as a result of the events of this week. DBRS stated that in its view, if the
current situation were to continue beyond prescribed grace periods, "the underlying assets [held by the
ABCP conduits] would be liquidated and, depending on the individual issuer, it is likely that noteholders
would experience a loss". According to DBRS, these losses would arise because "some of the underlying
assets, although strong from a credit perspective, could fetch significantly less than par" due to the
extreme levels of volatility in the global credit markets.
At this time, the Company continues to be unable to predict the extent of the impact of this market
disruption on Coventree's financial results, operations, and financial condition including any impairment
of assets in future periods. The current market disruption will adversely affect and may materially
adversely affect the future revenues of the Company. Coventree is still unable to predict how long the
current market disruption will continue or the extent to which the market disruption will affect the
conduits' ability to raise funds to continue to finance their operations.
NewsBlast Sign-Up
StockHouse NewsBlast: Receive company sponsored news and information via email.
Here is the other side of the story.
Coventree can't find buyers
JOHN PARTRIDGE
Globe and Mail Update
August 16, 2007 at 8:52 AM EDT
There is more trouble at Coventree Inc. , the firm at the epicentre of the debt crunch in Canada – and another company that has bought debt repackaged and sold by the structured finance specialist is also sounding alarms.
Coventree said early Thursday that its “conduits” failed to find buyers yesterday for any of its asset-backed commercial paper (ABCP) but added that it is not sure whether this was because of continuing disruption in the market for the stuff or of technical difficulties at the depositary that prevented the processing of purchase orders.
As a result, the Toronto company said, it has extended the term of about $410-million in “extendible” ABCP or “E” notes that matured yesterday, and also issued notices on its conduits' behalf to banks with which it had backstopping agreements requesting funding for another $790-million in “liquidity-backed” ABCP or “A” notes that also matured Wednesday.
Conduits are special purpose trusts set up by Coventree to hold such long-term assets as mortgages, auto leases and credit card receivables that the firm buys from their originators, which it then repackages and sells to investors as short-term debt.
Coventree
Coventree's share performance over the last 52 weeks.
Related Articles
Recent
* Countrywide taps $11.5-billion credit line
* Central Bank in new bid to calm markets
* Credit crunch pummels dollar
* Foreign banks balk at emergency funding
* Banks, Bay Street try to calm fears
From the archives
* A credit crunch primer
The Globe and Mail
This brings the total amount of liquidity requested for Coventree ABCP since the crisis began Aug. 13 to about $1.6-billion, the firm said, which amounts to 10 per cent of the $16-billion in such funding its conduits have in the market.
However, the company indicated in its statement that 10 of the 14 banks and other lenders with which it had arrangements to provide financial backstops for the A notes in certain circumstances have so far refused to advance any funds. Six of them contend that events in the ABCP market “do not satisfy the definition of a market disruption under the applicable agreements,” Coventree said, while the others “have not yet formally responded to the draw requests.”
The announcement comes after Coventree's shares staged a partial recovery Wednesday, more than doubling to $5.50 on the Toronto Stock Exchange, although still less than half the $12.98 at which they closed Friday before its problems were disclosed.
The recovery came after the company said it had been able to roll over a large chunk of ABCP that had come due Tuesday.
There is speculation that the buyer may have been the Caissie de dépôt et placement du Quebec, the biggest player in the $40-billion segment of the Canadian debt market in which Coventree operates. The Globe and Mail reported today that the giant Quebec pension fund has been pushing Canadian and international banks to provide liquidity to bail out the seized-up ABCP market.
Meanwhile, Redcorp Ventures Ltd. , a Vancouver mineral exploration and development company, issued a statement Thursday morning disclosing that fully $102.2-million of its approximately $239.8-million in cash investments is tied up in A notes issued by five of the nine trusts Coventree manages.
The A notes in question all became due and payable on July 12 and 13, Redcorp said, but have not been paid.
“Redcorp is currently investigating the implications of these events, which appear to the a result of the current lack of liquidity for asset backed securities of the type held by Coventree rather than the creditworthiness of its underlying assets,” it said. “The company has been in discussions with Coventree and our trustees, and will continue to monitor the circumstances.”
Redcorp also noted that that it had invested in the trusts at the recommendation of its bank, HSBC Bank Canada.
The company also said, however, that its other $137.5-million in investments will provide it with “sufficient funds” to ensure that there will be no disruption to its activities while this matter is settled.
Coventree can't find buyers
JOHN PARTRIDGE
Globe and Mail Update
August 16, 2007 at 8:52 AM EDT
There is more trouble at Coventree Inc. , the firm at the epicentre of the debt crunch in Canada – and another company that has bought debt repackaged and sold by the structured finance specialist is also sounding alarms.
Coventree said early Thursday that its “conduits” failed to find buyers yesterday for any of its asset-backed commercial paper (ABCP) but added that it is not sure whether this was because of continuing disruption in the market for the stuff or of technical difficulties at the depositary that prevented the processing of purchase orders.
As a result, the Toronto company said, it has extended the term of about $410-million in “extendible” ABCP or “E” notes that matured yesterday, and also issued notices on its conduits' behalf to banks with which it had backstopping agreements requesting funding for another $790-million in “liquidity-backed” ABCP or “A” notes that also matured Wednesday.
Conduits are special purpose trusts set up by Coventree to hold such long-term assets as mortgages, auto leases and credit card receivables that the firm buys from their originators, which it then repackages and sells to investors as short-term debt.
Coventree
Coventree's share performance over the last 52 weeks.
Related Articles
Recent
* Countrywide taps $11.5-billion credit line
* Central Bank in new bid to calm markets
* Credit crunch pummels dollar
* Foreign banks balk at emergency funding
* Banks, Bay Street try to calm fears
From the archives
* A credit crunch primer
The Globe and Mail
This brings the total amount of liquidity requested for Coventree ABCP since the crisis began Aug. 13 to about $1.6-billion, the firm said, which amounts to 10 per cent of the $16-billion in such funding its conduits have in the market.
However, the company indicated in its statement that 10 of the 14 banks and other lenders with which it had arrangements to provide financial backstops for the A notes in certain circumstances have so far refused to advance any funds. Six of them contend that events in the ABCP market “do not satisfy the definition of a market disruption under the applicable agreements,” Coventree said, while the others “have not yet formally responded to the draw requests.”
The announcement comes after Coventree's shares staged a partial recovery Wednesday, more than doubling to $5.50 on the Toronto Stock Exchange, although still less than half the $12.98 at which they closed Friday before its problems were disclosed.
The recovery came after the company said it had been able to roll over a large chunk of ABCP that had come due Tuesday.
There is speculation that the buyer may have been the Caissie de dépôt et placement du Quebec, the biggest player in the $40-billion segment of the Canadian debt market in which Coventree operates. The Globe and Mail reported today that the giant Quebec pension fund has been pushing Canadian and international banks to provide liquidity to bail out the seized-up ABCP market.
Meanwhile, Redcorp Ventures Ltd. , a Vancouver mineral exploration and development company, issued a statement Thursday morning disclosing that fully $102.2-million of its approximately $239.8-million in cash investments is tied up in A notes issued by five of the nine trusts Coventree manages.
The A notes in question all became due and payable on July 12 and 13, Redcorp said, but have not been paid.
“Redcorp is currently investigating the implications of these events, which appear to the a result of the current lack of liquidity for asset backed securities of the type held by Coventree rather than the creditworthiness of its underlying assets,” it said. “The company has been in discussions with Coventree and our trustees, and will continue to monitor the circumstances.”
Redcorp also noted that that it had invested in the trusts at the recommendation of its bank, HSBC Bank Canada.
The company also said, however, that its other $137.5-million in investments will provide it with “sufficient funds” to ensure that there will be no disruption to its activities while this matter is settled.
Mustang hat sich seit meinem Aufstocken der Position von 0,30 auf 0,56€ erhöht!
Bericht in Finanz und Wirtschaft Schweiz.
This was an Email to me today from Bob, he said OK to post this.
"The Commercial Paper issue is about as close to meaningless as can be. They have cash on hand and if they need more, it’s available. There is a worldwide freeze-up in liquidity among all financial institutions. They will get their money in a few days or the system will simply stop and everyone everywhere will be affected. The issue is a non-starter for SA. The dogs bark but the caravan moves on."
Bob
Bob Moriarity hat einen sehr guten Ruf! Aus Stockhouse. Beobachte hier mal das Verhalten der Cans.
"The Commercial Paper issue is about as close to meaningless as can be. They have cash on hand and if they need more, it’s available. There is a worldwide freeze-up in liquidity among all financial institutions. They will get their money in a few days or the system will simply stop and everyone everywhere will be affected. The issue is a non-starter for SA. The dogs bark but the caravan moves on."
Bob
Bob Moriarity hat einen sehr guten Ruf! Aus Stockhouse. Beobachte hier mal das Verhalten der Cans.
Transat says almost half of its cash is in asset-backed securities
JOHN PARTRIDGE
Globe and Mail Update
August 22, 2007 at 12:46 PM EDT
Tour operator Transat A.T. Inc. says almost half its $340-million in cash holdings is tied up in a problem variety of debt investment at the heart of a credit squeeze in Canada, but insists that its customers' deposits are safe.
The Montreal company's revelation Wednesday morning came as three more financial institutions joined the ranks of those who have announced actions to protect their reputations by insulating clients from potential losses on the troublesome debt, known as “third-party” or non-bank asset-backed commercial paper.
As well, four more small British Columbia resource firms revealed their exposure to the tarnished debt instruments and became the latest in a growing list to identify Vancouver-based HSBC Bank Canada as their adviser on the third-party ABCP purchases.
However, HSBC appears to have found these investments unsuitable for some other sorts of clients.
Tour operator Transat A.T. Inc. says almost half its $340-million in cash holdings is tied up in a problem variety of debt investment at the heart of a credit squeeze in Canada, but insists that its customers deposits are safe.
Tour operator Transat A.T. Inc. says almost half its $340-million in cash holdings is tied up in a problem variety of debt investment at the heart of a credit squeeze in Canada, but insists that its customers deposits are safe. (The Globe and Mail)
Transat A.T.
The bank issued a statement this morning saying it has no third-party paper in its mutual or pooled funds, but that it will continue to support an ABCP program sold through an entity called Performance Trust, which HSBC itself sponsors.
HSBC officials could not be reached immediately for further comment.
Transat said that $154.5-million of its cash is invested in 10 different ABCP trusts, “certain of which” are managed by troubled Coventree Capital Group Inc., the largest third-party issuer of the stuff in Canada. Officials said during a conference call that Coventree funds hold “less than half” the $154.5-million.
The tour operator said that it has not received $15-million in repayments due on the first of the notes, which matured on Tuesday, Aug. 21. The last of the notes is scheduled to mature next Jan. 28, it said.
Montreal-based Transat also said that none of the $140-million it holds in trust as deposits from tour customers or its other $185-million in cash are invested in this short-term paper and thus have “no exposure whatsoever” to the market disruption.
“We would like to emphasize that we have enough cash to operate and that customer deposits are not at stake,” Transat chief financial officer François Laurin told analysts and reporters on the call.
“We will work very to recover the $154.5-million in capital as soon as it becomes available.”
Chief executive officer Jean Marc Eustache insisted Transat expects to get it all back.
“We intend to recover all of it, because everybody says it's not a question of the quality of the assets but the liquidity of the markets — and we'll monitor that very quickly.”
The Transat executives also said it is too soon to tell whether the company will incur any losses on the paper.
ABPC is debt in the form of such things as mortgages, car loans and credit card receivables that banks or other “third party” structured finance companies buy, repackage and sell to investors as a short-term instruments for parking their cash at a profit.
However, in the fall-out from the global credit crunch triggered by the U.S. sub-prime mortgage debacle, skittish investors have in recent days largely stopped buying the third-party variety, and major banks have used a legal loophole to avoid having to honour agreements under which they are supposed to provide back-stop financing for the paper.
This has left several third-party finance companies in dire straits, most visibly Coventree. Its shares have plunged more than 80 per cent since it announced it could not find new buyers for hundreds of millions of dollars in asset-backed loans that had come due.
Transat said it had bought the third-party paper on the advice of National Bank of Canada, its lead bank.
On Monday, National, the smallest of Canada's Big Six banks but the one with most exposure to this troubled sort of investment unveiled a plan to try to protect its reputation by buying back $1.85-billion of the stuff from its money market funds, individual investors and some corporations.
Asked whether Transat is among the corporations, Mr. Laurin would say only that the tour operator is “in discussions with [National] about a lot of things.”
Earlier Wednesday, Industrial Alliance Insurance & Financial Services Inc. of Quebec City said it will buy back all $70-million in third-party ABCP held in its money market mutual funds at 100 per cent of the purchase price plus accrued interest, the same terms National is offering.
The insurer said it has another $13-million of the paper in its general funds, as well as $114-million more of it in various funds other than money-market funds. However, it added that, at the most this last tranche represents only 2.7 per cent of any of the funds that contain it and insisted it does not expect to encounter any liquidity problems with it.
Industrial Alliance also disclosed that another insurer, in which it has a 45 per cent ownership stake, has an additional $31-million invested in the third-party paper.
Reached in Quebec, spokesman Michel Naud identified the other company as MD Life of Toronto, which sells policies to medical doctors through the Canadian Medical Association.
As well, both Industrial Alliance and Laurentian Bank of Canada said separately that they are supporting the so-called “Montreal agreement” reached last week by 10 financial institutions under which they will exchange similar commercial paper they sold to clients for longer term notes.
Meanwhile, four more HSBC corporate customers, all small Vancouver-based resource companies, cited the bank for their decisions to invest in third-party ABCP.
Silver Standard Resources Inc. has the most at stake.
It said that some $57-million of its $197-million in cash and silver bullion holdings is invested in the troubled paper. Of this, $43.8-million is in Coventree-sponsored funds, of which $14-million that came due today has not yet been repaid.
The company said it has another $13.2-million in ABCP funds sponsored by Newshore Capital Group.
Meanwhile, Superior Mining International Corp. said that on July 20, it invested about $1-million of its total cash holdings of $1.15-million in notes issued by a Coventree-sponsored fund on HSBC's advice. The notes matured Aug. 17, but have not been paid off, it said.
Southern Arc Minerals Inc. said it invested about $1.4-million of its $2.25 million in cash is in Coventree-sponsored funds last month, and that repayment of these notes also has been overdue since Aug. 17.
In a separate but nearly identical statement, Canada Energy Partners Inc. said it pumped $1.7-million of its $2-million in cash into Coventree funds, and these, too, have been overdue since last Friday.
Like other companies who have made similar announcements in the past 10 days, Silver Standard, Superior Mining, Southern Arc and Canada Energy all said they do not expect the problems to disrupt their operations.
At least three other small to mid-sized resource companies that have disclosed their exposure since the ABCP market seized up in earnest early last week have said it was HSBC that advised them to buy the stuff. They are Redcorp Ventures, Silver Standard Resources Inc. and First Quantum Minerals Ltd.
One mining analyst noted in an interview that many mining companies have raised a lot of cash from equity markets based on soaring metals prices in the past couple of years and said that, with small management teams, the smaller, less financially sophisticated among them have tended to farm out cash-management activities.
JOHN PARTRIDGE
Globe and Mail Update
August 22, 2007 at 12:46 PM EDT
Tour operator Transat A.T. Inc. says almost half its $340-million in cash holdings is tied up in a problem variety of debt investment at the heart of a credit squeeze in Canada, but insists that its customers' deposits are safe.
The Montreal company's revelation Wednesday morning came as three more financial institutions joined the ranks of those who have announced actions to protect their reputations by insulating clients from potential losses on the troublesome debt, known as “third-party” or non-bank asset-backed commercial paper.
As well, four more small British Columbia resource firms revealed their exposure to the tarnished debt instruments and became the latest in a growing list to identify Vancouver-based HSBC Bank Canada as their adviser on the third-party ABCP purchases.
However, HSBC appears to have found these investments unsuitable for some other sorts of clients.
Tour operator Transat A.T. Inc. says almost half its $340-million in cash holdings is tied up in a problem variety of debt investment at the heart of a credit squeeze in Canada, but insists that its customers deposits are safe.
Tour operator Transat A.T. Inc. says almost half its $340-million in cash holdings is tied up in a problem variety of debt investment at the heart of a credit squeeze in Canada, but insists that its customers deposits are safe. (The Globe and Mail)
Transat A.T.
The bank issued a statement this morning saying it has no third-party paper in its mutual or pooled funds, but that it will continue to support an ABCP program sold through an entity called Performance Trust, which HSBC itself sponsors.
HSBC officials could not be reached immediately for further comment.
Transat said that $154.5-million of its cash is invested in 10 different ABCP trusts, “certain of which” are managed by troubled Coventree Capital Group Inc., the largest third-party issuer of the stuff in Canada. Officials said during a conference call that Coventree funds hold “less than half” the $154.5-million.
The tour operator said that it has not received $15-million in repayments due on the first of the notes, which matured on Tuesday, Aug. 21. The last of the notes is scheduled to mature next Jan. 28, it said.
Montreal-based Transat also said that none of the $140-million it holds in trust as deposits from tour customers or its other $185-million in cash are invested in this short-term paper and thus have “no exposure whatsoever” to the market disruption.
“We would like to emphasize that we have enough cash to operate and that customer deposits are not at stake,” Transat chief financial officer François Laurin told analysts and reporters on the call.
“We will work very to recover the $154.5-million in capital as soon as it becomes available.”
Chief executive officer Jean Marc Eustache insisted Transat expects to get it all back.
“We intend to recover all of it, because everybody says it's not a question of the quality of the assets but the liquidity of the markets — and we'll monitor that very quickly.”
The Transat executives also said it is too soon to tell whether the company will incur any losses on the paper.
ABPC is debt in the form of such things as mortgages, car loans and credit card receivables that banks or other “third party” structured finance companies buy, repackage and sell to investors as a short-term instruments for parking their cash at a profit.
However, in the fall-out from the global credit crunch triggered by the U.S. sub-prime mortgage debacle, skittish investors have in recent days largely stopped buying the third-party variety, and major banks have used a legal loophole to avoid having to honour agreements under which they are supposed to provide back-stop financing for the paper.
This has left several third-party finance companies in dire straits, most visibly Coventree. Its shares have plunged more than 80 per cent since it announced it could not find new buyers for hundreds of millions of dollars in asset-backed loans that had come due.
Transat said it had bought the third-party paper on the advice of National Bank of Canada, its lead bank.
On Monday, National, the smallest of Canada's Big Six banks but the one with most exposure to this troubled sort of investment unveiled a plan to try to protect its reputation by buying back $1.85-billion of the stuff from its money market funds, individual investors and some corporations.
Asked whether Transat is among the corporations, Mr. Laurin would say only that the tour operator is “in discussions with [National] about a lot of things.”
Earlier Wednesday, Industrial Alliance Insurance & Financial Services Inc. of Quebec City said it will buy back all $70-million in third-party ABCP held in its money market mutual funds at 100 per cent of the purchase price plus accrued interest, the same terms National is offering.
The insurer said it has another $13-million of the paper in its general funds, as well as $114-million more of it in various funds other than money-market funds. However, it added that, at the most this last tranche represents only 2.7 per cent of any of the funds that contain it and insisted it does not expect to encounter any liquidity problems with it.
Industrial Alliance also disclosed that another insurer, in which it has a 45 per cent ownership stake, has an additional $31-million invested in the third-party paper.
Reached in Quebec, spokesman Michel Naud identified the other company as MD Life of Toronto, which sells policies to medical doctors through the Canadian Medical Association.
As well, both Industrial Alliance and Laurentian Bank of Canada said separately that they are supporting the so-called “Montreal agreement” reached last week by 10 financial institutions under which they will exchange similar commercial paper they sold to clients for longer term notes.
Meanwhile, four more HSBC corporate customers, all small Vancouver-based resource companies, cited the bank for their decisions to invest in third-party ABCP.
Silver Standard Resources Inc. has the most at stake.
It said that some $57-million of its $197-million in cash and silver bullion holdings is invested in the troubled paper. Of this, $43.8-million is in Coventree-sponsored funds, of which $14-million that came due today has not yet been repaid.
The company said it has another $13.2-million in ABCP funds sponsored by Newshore Capital Group.
Meanwhile, Superior Mining International Corp. said that on July 20, it invested about $1-million of its total cash holdings of $1.15-million in notes issued by a Coventree-sponsored fund on HSBC's advice. The notes matured Aug. 17, but have not been paid off, it said.
Southern Arc Minerals Inc. said it invested about $1.4-million of its $2.25 million in cash is in Coventree-sponsored funds last month, and that repayment of these notes also has been overdue since Aug. 17.
In a separate but nearly identical statement, Canada Energy Partners Inc. said it pumped $1.7-million of its $2-million in cash into Coventree funds, and these, too, have been overdue since last Friday.
Like other companies who have made similar announcements in the past 10 days, Silver Standard, Superior Mining, Southern Arc and Canada Energy all said they do not expect the problems to disrupt their operations.
At least three other small to mid-sized resource companies that have disclosed their exposure since the ABCP market seized up in earnest early last week have said it was HSBC that advised them to buy the stuff. They are Redcorp Ventures, Silver Standard Resources Inc. and First Quantum Minerals Ltd.
One mining analyst noted in an interview that many mining companies have raised a lot of cash from equity markets based on soaring metals prices in the past couple of years and said that, with small management teams, the smaller, less financially sophisticated among them have tended to farm out cash-management activities.
TTM RESOURCES INC
TTM Resources Inc. - High grade molybdenum in hole 07-19 - 0.127 % Mo over 380.8 meters including 0.209% Mo over 74.1 meters
8/22/2007
VANCOUVER, British Columbia, Aug 22, 2007 (BUSINESS WIRE) --
W. K. Crichy Clarke, President and CEO of TTM Resources Inc. ("TTM" or the "Company")(TSX-V:TTQ)(Frankfurt Stock Exchange:T2U) is extremely pleased to announce partial assay results for drill hole CHU 07-19 from the Phase 2 drill program at its 100% owned Chu Molybdenum Project 65 Km Southwest of Vanderhoof, British Columbia, Canada.
Original drilling on the property was designed to test the previously recognized north-west trending structure. It is now felt that at least two and possibly more north east trending structures intersect the deposit and may have a significant influence on mineralization. More recent drilling has been designed to investigate the influence of these structures.
CHU 07-19 was collared 50 meters north of previously reported CHU 06-06 which returned 254 meters grading 0.117% Mo including 0.309% Mo over 19.3 meters. CHU 07-19 was drilled at an azimuth of 270 degrees to test the north-south trending structures encountered in CHU 06-06. CHU 07-19 initially encountered lower grade Mo-mineralization in hanging wall rocks and then entered the main stockwork zone at 201 meters. It intersected the structure at 245 meters some 100 meters below the intersection in CHU 06-06 and continued in high grade Mo mineralization to 594.6 meters, the assayed length of the hole so far. Assays are pending for an additional 170 meters of core form this hole. Good results are expected as the hole was still well mineralized beyond 594.6 meters.
-----------------------------------------------------------------
SignificantDrill Assay Results CHU 07-19
From To Interval Grade Comment
Meters Meters Meters %Mo
1.5 213.9 212.4 0.043 Hanging wall rocks
213.9 594.6 380.7 0.127 Mo-Qtz Stockwork
including 425.5 542.9 117.4 0.175 Mo-Qtz Stockwork
including 425.5 499.6 74.1 0.209 Mo-Qtz Stockwork
Hole in strong Mo mineralization at 594.6m
-----------------------------------------------------------------
CHU 07-20 is complete and pending assays and 07-21 is in progress. Both of these holes tested the feeder structures further south of 07-19. A second drill rig is on the CHU property and when its crew arrives it will be used to test the feeder structures where they cross the main stockwork zone where CHU 06-13 encountered 384 meters grading 0.096% Mo some 750 meters to the southeast of the current drilling area.
The immediate object of the current Phase 2 program is to define sufficient tonnages of high grade near surface Mo mineralization in hot the 07-19 and 07-13 areas, which could be considered as open pit material.
Falcon Drilling has informed the Company a 2nd drill crew will be arriving at the property within two weeks. The Company is expanding its camp pending their arrival and the arrival of the IP Survey crew. The IP survey is expected to start in the middle of September.
The Company is also pleased to announce the addition of three new claim blocks totaling 500 hectares contiguous with its existing seven claims on the Chu Project. The Company plans to explore this additional ground this fall.
A Drill Plan map is provided on the Company's website at http://www.ttmresources.ca/img/chu/explore_map.pdf.
Terrace Update
The Company is in receipt of the initial interpretation of the Air Magnetics Survey from its 100% owned Terrace Project and is currently reviewing the information. Soil sampling and mapping is planned for September.
Analyses of samples from the current program are completed at Eco-Tech Laboratories in Kamloops, BC. Quoted intercepts are based on analytical analyses for molybdenum. Full assays for molybdenum were run on any molybdenum analyses that exceeded 500ppm. The Company has in place a comprehensive quality assurance/quality control program including standards, blanks and duplicate samples that form part of the sampling protocol. In addition the laboratory has its own quality assurance program. The field program is supervised by Richard Beck, BSc.Geology, and Anastasia Ledwon, BSc Geology, of Hungry Hill Geological Ltd. of Telkwa BC. The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. The technical information provided in this press release was reviewed by Charles Ikona (P.Eng.), a qualified person for the purposes of NI 43-101.
For further information visit the Company's web site at www.ttmresources.ca.
TTM RESOURCES INC.
"Crichy Clarke"
W.K. Crichy Clarke
President & CEO
Fett!!!!!!!!!!!!!!!!!
TTM Resources Inc. - High grade molybdenum in hole 07-19 - 0.127 % Mo over 380.8 meters including 0.209% Mo over 74.1 meters
8/22/2007
VANCOUVER, British Columbia, Aug 22, 2007 (BUSINESS WIRE) --
W. K. Crichy Clarke, President and CEO of TTM Resources Inc. ("TTM" or the "Company")(TSX-V:TTQ)(Frankfurt Stock Exchange:T2U) is extremely pleased to announce partial assay results for drill hole CHU 07-19 from the Phase 2 drill program at its 100% owned Chu Molybdenum Project 65 Km Southwest of Vanderhoof, British Columbia, Canada.
Original drilling on the property was designed to test the previously recognized north-west trending structure. It is now felt that at least two and possibly more north east trending structures intersect the deposit and may have a significant influence on mineralization. More recent drilling has been designed to investigate the influence of these structures.
CHU 07-19 was collared 50 meters north of previously reported CHU 06-06 which returned 254 meters grading 0.117% Mo including 0.309% Mo over 19.3 meters. CHU 07-19 was drilled at an azimuth of 270 degrees to test the north-south trending structures encountered in CHU 06-06. CHU 07-19 initially encountered lower grade Mo-mineralization in hanging wall rocks and then entered the main stockwork zone at 201 meters. It intersected the structure at 245 meters some 100 meters below the intersection in CHU 06-06 and continued in high grade Mo mineralization to 594.6 meters, the assayed length of the hole so far. Assays are pending for an additional 170 meters of core form this hole. Good results are expected as the hole was still well mineralized beyond 594.6 meters.
-----------------------------------------------------------------
SignificantDrill Assay Results CHU 07-19
From To Interval Grade Comment
Meters Meters Meters %Mo
1.5 213.9 212.4 0.043 Hanging wall rocks
213.9 594.6 380.7 0.127 Mo-Qtz Stockwork
including 425.5 542.9 117.4 0.175 Mo-Qtz Stockwork
including 425.5 499.6 74.1 0.209 Mo-Qtz Stockwork
Hole in strong Mo mineralization at 594.6m
-----------------------------------------------------------------
CHU 07-20 is complete and pending assays and 07-21 is in progress. Both of these holes tested the feeder structures further south of 07-19. A second drill rig is on the CHU property and when its crew arrives it will be used to test the feeder structures where they cross the main stockwork zone where CHU 06-13 encountered 384 meters grading 0.096% Mo some 750 meters to the southeast of the current drilling area.
The immediate object of the current Phase 2 program is to define sufficient tonnages of high grade near surface Mo mineralization in hot the 07-19 and 07-13 areas, which could be considered as open pit material.
Falcon Drilling has informed the Company a 2nd drill crew will be arriving at the property within two weeks. The Company is expanding its camp pending their arrival and the arrival of the IP Survey crew. The IP survey is expected to start in the middle of September.
The Company is also pleased to announce the addition of three new claim blocks totaling 500 hectares contiguous with its existing seven claims on the Chu Project. The Company plans to explore this additional ground this fall.
A Drill Plan map is provided on the Company's website at http://www.ttmresources.ca/img/chu/explore_map.pdf.
Terrace Update
The Company is in receipt of the initial interpretation of the Air Magnetics Survey from its 100% owned Terrace Project and is currently reviewing the information. Soil sampling and mapping is planned for September.
Analyses of samples from the current program are completed at Eco-Tech Laboratories in Kamloops, BC. Quoted intercepts are based on analytical analyses for molybdenum. Full assays for molybdenum were run on any molybdenum analyses that exceeded 500ppm. The Company has in place a comprehensive quality assurance/quality control program including standards, blanks and duplicate samples that form part of the sampling protocol. In addition the laboratory has its own quality assurance program. The field program is supervised by Richard Beck, BSc.Geology, and Anastasia Ledwon, BSc Geology, of Hungry Hill Geological Ltd. of Telkwa BC. The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. The technical information provided in this press release was reviewed by Charles Ikona (P.Eng.), a qualified person for the purposes of NI 43-101.
For further information visit the Company's web site at www.ttmresources.ca.
TTM RESOURCES INC.
"Crichy Clarke"
W.K. Crichy Clarke
President & CEO
Fett!!!!!!!!!!!!!!!!!
KOBEX RESOURCES LTD
Kobex Launches New Website and Provides Corporate Update
8/22/2007
VANCOUVER, BRITISH COLUMBIA, Aug 22, 2007 (MARKET WIRE via COMTEX News Network) --
Kobex Resources Ltd. (Kobex) (TSX VENTURE: KBX) wishes to provide the following update on its Lucky Jack molybdenum project (the Project) located in Gunnison County, Colorado.
A new corporate website at www.kobexresources.com has been launched. The previous Kobex website has been redesigned and rebranded to provide improved corporate and project communications with the public, shareholders and potential investors. The new website will allow access to the latest developments and up to date information about the Project.
Kobex has recently added to its staff and is pleased to announce the appointment of Mr. Michael McGinnis to the position of Chief Geologist with Kobex Colorado Corporation. Mr. McGinnis has over 25 years of experience in exploration and mining geology, holds a B.Sc. in Geology from Fort Lewis College, Durango, Colorado, is a Certified Professional Geologist in the United States and a qualified person under NI 43-101. Mr. McGinnis is a Colorado resident and has extensive geological experience including drill planning, management and QA/QC programs.
Thyssen Mining Construction of Canada Inc. (Thyssen) has commenced its work to safely rehabilitate the existing underground development workings at the Project. Thyssen's contract is expected to take nine to ten months to complete and Kobex is planning to commence a detailed exploration and in-fill delineation underground drilling program within this time frame.
Kobex would also like to inform investors that it has been judicious in its protection of the capital it has on hand. The company has invested only in term deposits with chartered banks. As such the company has no exposure to inferior debt instruments.
Mr. Leo King, president, commented, "Kobex continues to advance the development of the Project with the commencement of the underground rehabilitation program. The Company expects that its new corporate website will provide the public at large and the Company's shareholders easier access to current corporate and Project information."
On behalf of the Board of Directors
H. Leo King, President
This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements". These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations concerning Kobex and its proposed acquisition of an interest in the Lucky Jack Project, including, among other things, Kobex's plans to earn a 65% interest in the Project and the requirement to purchase 100% of the Project. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially. For these reasons shareholders should not place undue reliance on such forward-looking information.
United States residents are cautioned that some of the information that may be published by Kobex may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.
Contacts: Kobex Resources Ltd. Leo King President (604) 484-6228 Kobex Resources Ltd. Ivan Bebek Manager of Investor Relations (604) 484-6228 (604) 688-9336 (FAX) Email: investor@kobexresources.com Website: www.kobexresources.com
SOURCE: Kobex Resources Ltd.
mailto:investor@kobexresources.com http://www.kobexresources.com
Copyright 2007 Market Wire, All rights reserved.
Kobex Launches New Website and Provides Corporate Update
8/22/2007
VANCOUVER, BRITISH COLUMBIA, Aug 22, 2007 (MARKET WIRE via COMTEX News Network) --
Kobex Resources Ltd. (Kobex) (TSX VENTURE: KBX) wishes to provide the following update on its Lucky Jack molybdenum project (the Project) located in Gunnison County, Colorado.
A new corporate website at www.kobexresources.com has been launched. The previous Kobex website has been redesigned and rebranded to provide improved corporate and project communications with the public, shareholders and potential investors. The new website will allow access to the latest developments and up to date information about the Project.
Kobex has recently added to its staff and is pleased to announce the appointment of Mr. Michael McGinnis to the position of Chief Geologist with Kobex Colorado Corporation. Mr. McGinnis has over 25 years of experience in exploration and mining geology, holds a B.Sc. in Geology from Fort Lewis College, Durango, Colorado, is a Certified Professional Geologist in the United States and a qualified person under NI 43-101. Mr. McGinnis is a Colorado resident and has extensive geological experience including drill planning, management and QA/QC programs.
Thyssen Mining Construction of Canada Inc. (Thyssen) has commenced its work to safely rehabilitate the existing underground development workings at the Project. Thyssen's contract is expected to take nine to ten months to complete and Kobex is planning to commence a detailed exploration and in-fill delineation underground drilling program within this time frame.
Kobex would also like to inform investors that it has been judicious in its protection of the capital it has on hand. The company has invested only in term deposits with chartered banks. As such the company has no exposure to inferior debt instruments.
Mr. Leo King, president, commented, "Kobex continues to advance the development of the Project with the commencement of the underground rehabilitation program. The Company expects that its new corporate website will provide the public at large and the Company's shareholders easier access to current corporate and Project information."
On behalf of the Board of Directors
H. Leo King, President
This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements". These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations concerning Kobex and its proposed acquisition of an interest in the Lucky Jack Project, including, among other things, Kobex's plans to earn a 65% interest in the Project and the requirement to purchase 100% of the Project. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially. For these reasons shareholders should not place undue reliance on such forward-looking information.
United States residents are cautioned that some of the information that may be published by Kobex may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.
Contacts: Kobex Resources Ltd. Leo King President (604) 484-6228 Kobex Resources Ltd. Ivan Bebek Manager of Investor Relations (604) 484-6228 (604) 688-9336 (FAX) Email: investor@kobexresources.com Website: www.kobexresources.com
SOURCE: Kobex Resources Ltd.
mailto:investor@kobexresources.com http://www.kobexresources.com
Copyright 2007 Market Wire, All rights reserved.
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 08/22/07 -- Kobex Resources Ltd. (Kobex) (TSX VENTURE: KBX) wishes to provide the following update on its Lucky Jack molybdenum project (the Project) located in Gunnison County, Colorado.
A new corporate website at www.kobexresources.com has been launched. The previous Kobex website has been redesigned and rebranded to provide improved corporate and project communications with the public, shareholders and potential investors. The new website will allow access to the latest developments and up to date information about the Project.
Kobex has recently added to its staff and is pleased to announce the appointment of Mr. Michael McGinnis to the position of Chief Geologist with Kobex Colorado Corporation. Mr. McGinnis has over 25 years of experience in exploration and mining geology, holds a B.Sc. in Geology from Fort Lewis College, Durango, Colorado, is a Certified Professional Geologist in the United States and a qualified person under NI 43-101. Mr. McGinnis is a Colorado resident and has extensive geological experience including drill planning, management and QA/QC programs.
Thyssen Mining Construction of Canada Inc. (Thyssen) has commenced its work to safely rehabilitate the existing underground development workings at the Project. Thyssen's contract is expected to take nine to ten months to complete and Kobex is planning to commence a detailed exploration and in-fill delineation underground drilling program within this time frame.
Kobex would also like to inform investors that it has been judicious in its protection of the capital it has on hand. The company has invested only in term deposits with chartered banks. As such the company has no exposure to inferior debt instruments.
Mr. Leo King, president, commented, "Kobex continues to advance the development of the Project with the commencement of the underground rehabilitation program. The Company expects that its new corporate website will provide the public at large and the Company's shareholders easier access to current corporate and Project information."
On behalf of the Board of Directors
H. Leo King, President
This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements". These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations concerning Kobex and its proposed acquisition of an interest in the Lucky Jack Project, including, among other things, Kobex's plans to earn a 65% interest in the Project and the requirement to purchase 100% of the Project. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially. For these reasons shareholders should not place undue reliance on such forward-looking information.
United States residents are cautioned that some of the information that may be published by Kobex may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.
A new corporate website at www.kobexresources.com has been launched. The previous Kobex website has been redesigned and rebranded to provide improved corporate and project communications with the public, shareholders and potential investors. The new website will allow access to the latest developments and up to date information about the Project.
Kobex has recently added to its staff and is pleased to announce the appointment of Mr. Michael McGinnis to the position of Chief Geologist with Kobex Colorado Corporation. Mr. McGinnis has over 25 years of experience in exploration and mining geology, holds a B.Sc. in Geology from Fort Lewis College, Durango, Colorado, is a Certified Professional Geologist in the United States and a qualified person under NI 43-101. Mr. McGinnis is a Colorado resident and has extensive geological experience including drill planning, management and QA/QC programs.
Thyssen Mining Construction of Canada Inc. (Thyssen) has commenced its work to safely rehabilitate the existing underground development workings at the Project. Thyssen's contract is expected to take nine to ten months to complete and Kobex is planning to commence a detailed exploration and in-fill delineation underground drilling program within this time frame.
Kobex would also like to inform investors that it has been judicious in its protection of the capital it has on hand. The company has invested only in term deposits with chartered banks. As such the company has no exposure to inferior debt instruments.
Mr. Leo King, president, commented, "Kobex continues to advance the development of the Project with the commencement of the underground rehabilitation program. The Company expects that its new corporate website will provide the public at large and the Company's shareholders easier access to current corporate and Project information."
On behalf of the Board of Directors
H. Leo King, President
This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements". These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations concerning Kobex and its proposed acquisition of an interest in the Lucky Jack Project, including, among other things, Kobex's plans to earn a 65% interest in the Project and the requirement to purchase 100% of the Project. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially. For these reasons shareholders should not place undue reliance on such forward-looking information.
United States residents are cautioned that some of the information that may be published by Kobex may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.
8) 8) Morjen,
- TTQ - TTM Resources Inc. - High grade molybdenum in hole 07-19 - 0.127 % Mo over 380.8 meters including 0.209% Mo over 74.1 meters 8/22/2007
VANCOUVER, British Columbia, Aug 22, 2007 (BUSINESS WIRE) --
hat ihr ne Ahnung warum gestern fast der gesamte Tagesgewinn wider abgegeben wurde?
kann mir nur vorstellen, da ja knapp 3 Mio aktien gehandelt wurden, das es einigen größeren Investoren zu schnell ging und der Kurs ein bissl zurückgeholt wurde......
naja, hoffe dafür das es heute abgeht - immerhin haben wir kein Gap gerissen
- TWD - kommen so langsam Käufe rein.......
- DNT - Candente breuhigt die Investoren
Aug 22, 2007 19:35 ET
Candente Resource Corp. Has No Direct Exposure to Asset-Backed Commercial PaperVANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2007) - Candente Resource Corp. (TSX:DNT)(BVL:DNT)(WKN:GW4) clarifies that the Company has no direct exposure to Canadian or other asset-backed commercial paper (or sub prime mortgages). The Company completed a Cdn$17 Million financing on June 7th, 2007 and all Corporate funds held are in HSBC Banker's acceptances, not commercial paper.
The Company's personnel and its projects are safe and all operations continue as usual after the recent earthquake and aftershocks in Southern Peru. The epicentre was 150km South-South East of Lima, approximately 840 kilometres from the Canariaco project. The Company and their personnel are assisting in relief efforts by way of donations and directly in the field. In addition the Company is assessing other ways in which it can help in the rescue and reconstruction effort.
Candente is a diversified copper and gold exploration company focused on increasing value through discovery for both shareholders and local stakeholders. Candente has an advanced exploration stage copper project, Canariaco, where feasibility studies and further drilling is underway. The Company also has several other gold, copper and silver projects in Peru and Mexico. Candente subscribes to principles which ensure that its exploration and development activities are beneficial to the local communities.
NR 222
- TTQ - TTM Resources Inc. - High grade molybdenum in hole 07-19 - 0.127 % Mo over 380.8 meters including 0.209% Mo over 74.1 meters 8/22/2007
VANCOUVER, British Columbia, Aug 22, 2007 (BUSINESS WIRE) --
hat ihr ne Ahnung warum gestern fast der gesamte Tagesgewinn wider abgegeben wurde?
kann mir nur vorstellen, da ja knapp 3 Mio aktien gehandelt wurden, das es einigen größeren Investoren zu schnell ging und der Kurs ein bissl zurückgeholt wurde......
naja, hoffe dafür das es heute abgeht - immerhin haben wir kein Gap gerissen
- TWD - kommen so langsam Käufe rein.......
- DNT - Candente breuhigt die Investoren
Aug 22, 2007 19:35 ET
Candente Resource Corp. Has No Direct Exposure to Asset-Backed Commercial PaperVANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2007) - Candente Resource Corp. (TSX:DNT)(BVL:DNT)(WKN:GW4) clarifies that the Company has no direct exposure to Canadian or other asset-backed commercial paper (or sub prime mortgages). The Company completed a Cdn$17 Million financing on June 7th, 2007 and all Corporate funds held are in HSBC Banker's acceptances, not commercial paper.
The Company's personnel and its projects are safe and all operations continue as usual after the recent earthquake and aftershocks in Southern Peru. The epicentre was 150km South-South East of Lima, approximately 840 kilometres from the Canariaco project. The Company and their personnel are assisting in relief efforts by way of donations and directly in the field. In addition the Company is assessing other ways in which it can help in the rescue and reconstruction effort.
Candente is a diversified copper and gold exploration company focused on increasing value through discovery for both shareholders and local stakeholders. Candente has an advanced exploration stage copper project, Canariaco, where feasibility studies and further drilling is underway. The Company also has several other gold, copper and silver projects in Peru and Mexico. Candente subscribes to principles which ensure that its exploration and development activities are beneficial to the local communities.
NR 222
COVENTREE INC
Coventree Provides Update on ABCP Market Disruption
8/22/2007
TORONTO, Aug. 22, 2007 (Canada NewsWire via COMTEX News Network) --
Toronto Stock Exchange Symbol: COF
Coventree Inc. (TSX: COF) today provided an update on its view of the current disruption in the Canadian asset-backed commercial paper ("ABCP") market. Coventree announced that Coventree-sponsored conduits did not place any liquidity-backed ABCP (also known as A notes) or extendible ABCP (also known as E notes) today. In aggregate, approximately $94 million of A notes and $305 million of E notes issued by Coventree's conduits matured today. Since the beginning of the market disruption, approximately $3.3 billion of A notes issued by Coventree-sponsored conduits has matured, of which approximately $450 million of new A notes has been issued to the investors that held an equal amount of A notes that matured during the market disruption. These issuances are often referred to as ABCP holders "rolling" or "rolling-over" their ABCP. In addition, during that time, an aggregate of approximately $2.2 billion E notes has matured, of which approximately $163 million has been rolled-over into new E notes and the remaining E notes have been extended.
While Coventree sponsors and administers these ABCP conduits, the ABCP issued by them are not obligations of Coventree or guaranteed by Coventree. Notwithstanding that Coventree has consolidated these ABCP conduits and other special purpose entities ("SPEs") in its financial statements in order to comply with Canadian generally accepted accounting principles ("GAAP"), the assets in such Coventree-sponsored conduits and other SPEs are not owned by Coventree and therefore cannot be used by Coventree in its business nor are they available to meet the obligations of Coventree to its creditors. Similarly, the liabilities of such Coventree-sponsored conduits and SPEs are not obligations of Coventree - the recourse of the debtholders of a conduit or other SPE is generally limited to the assets of that conduit or SPE, as the case may be. For further information regarding Coventree's results and financial condition without giving effect to the consolidation of these conduits and SPEs, please see note 3, "Segmented Information" to Coventree's interim consolidated financial statements as at June 30, 2007.
Coventree's two primary sources of recurring revenues, credit arbitrage transactions and traditional securitization program fees, are both dependent on income generated from Coventree-sponsored conduits. Credit arbitrage transactions reflect the most significant proportion of Coventree's revenues. Collectively, revenues from credit arbitrage transactions and traditional securitization program fees represent over 90% of Coventree's revenues for the nine months ended June 30, 2007. In credit arbitrage transactions, Coventree earns fees that, in effect, are equal to the difference between the return on the credit arbitrage investments made by the Coventree-sponsored conduit and the conduit's cost of funds, which is the interest payable on Coventree-sponsored conduit's ABCP. In most cases, the return on the investments made by the conduit is in the form of a fixed spread above the Canadian deposit offering rate, or CDOR. The interest payable on the Coventree-sponsored conduit's ABCP is also priced based on a spread above CDOR, but that spread is variable. As a result of the market disruption, spreads on the A notes and E notes issued by Coventree-sponsored conduits have widened to approximately 50 and 110 basis points above CDOR, respectively, for ABCP that is rated R-1 (high). At these spread levels, Coventree's revenues from credit arbitrage transactions will in the short-term be reduced to zero.
Coventree also earns fees from securitization transactions for its traditional securitization clients. In traditional securitization transactions, a Coventree-sponsored conduit purchases assets such as residential mortgages, auto loans or leases and equipment leases. A conduit's revenues are comprised of the interest earned on the assets so purchased. Its expenses include the interest payable on the ABCP issued to finance the purchase as well as other costs such as trustee fees and expenses, commercial paper dealer commissions and program fees payable to Coventree. These fees and expenses are paid in accordance with a hierarchy or priority in which the interest payable on the outstanding ABCP and certain other expenses typically rank ahead of the program fees payable to Coventree. Accordingly, in circumstances where the interest earned on the underlying assets is less than the sum of the interest payable on the outstanding ABCP plus any other expenses that rank ahead of Coventree's program fee, there would be insufficient funds to pay that program fee to Coventree. If current spread levels continue, Coventree revenues from traditional securitization transactions may be materially adversely affected.
In addition, Coventree also earns fees for providing administrative services to ABCP conduits sponsored by third parties. These fees are not immediately affected by the current market disruption, though Coventree cannot provide assurances as to the long-term impact of the market disruption on this fee income.
The current market disruption has had a negative impact on Coventree's credit arbitrage and traditional securitization transactions, which has resulted in a material adverse effect on the current revenues of Coventree. If the market disruption were to continue, Coventree expects that it will have a material adverse effect on Coventree's business, operations, assets and future revenues.
At this time, Coventree continues to be unable to predict the extent of the impact of the current market disruption on its financial results, business, operations and financial condition, including any impairment of assets in future periods. Further, Coventree is unable to predict how long the current market disruption will continue. Coventree notes that, on August 16, 2007, a consortium (the "Consortium") representing banks, asset providers and major investors in Canadian ABCP announced a proposal (the "Montreal Proposal") in which they agreed in principle to take significant steps to establish normal operations in the Canadian third party ABCP market. Coventree remains supportive of the Consortium's efforts to stabilize the ABCP market reflected in the Montreal Proposal. Coventree is aware of the efforts of the Consortium to convert the Montreal Proposal into a detailed plan; however until such plan is finalized, Coventree is not able to assess the Montreal Proposal's impact on Coventree and the Coventree-sponsored conduits.
Coventree has previously announced it was aware that investors have been unable to roll-over Coventree-sponsored conduits' ABCP. Coventree understands that this difficulty arose where less than all of a note held by the depositary on behalf of beneficial owners is paid or rolled-over on its maturity date. Coventree, the depositary and the note issuing agent are working together to establish a protocol under which a note can be rolled-over in such circumstances to reflect the specific wishes of the beneficial owner. Coventree expects that roll-overs of existing ABCP issued by Coventree-sponsored conduits into new ABCP will be available for investors shortly.
In light of the highly uncertain ABCP market and other conditions facing Coventree, Coventree has decided to suspend any additional investments in new concepts or business opportunities. In particular, Coventree will not be pursuing the creation of a U.S. conduit or the launch of a retail bank at this time. In addition, Coventree is currently reviewing its expense levels in light of its prospects and the market outlook. However, Coventree believes it has sufficient working capital to meet its current operational requirements.
As noted above, Coventree has consolidated many of the ABCP conduits that it sponsors and other SPEs in its financial statements in accordance with GAAP. Under a new accounting standard issued by the Canadian Institute of Chartered Accountants that was adopted by Coventree on October 1, 2006, Coventree carries financial instruments, including those held by Coventree-sponsored conduits, at fair value with changes in their fair value recognized in income. The methodology used to determine fair value varies depending upon the nature of the financial instrument - the principal methods used are quoted market prices, third party valuations, internal valuation models and quotes from counterparties. As at June 30, 2007, the fair value of the assets of the ABCP conduits and other SPEs consolidated by Coventree, including the investments and other financial instruments held, was $16.4 billion, and the fair value of the liabilities of those same conduits and SPEs was $16.6 billion. Since June 30, 2007, the markets for the investments and other financial instruments held by the ABCP conduits and other SPEs have declined, such that the current fair value of those instruments is likely materially less than the fair value thereof as at June 30, 2007, even though those investments continue to be rated at their initial rating of AAA or AA, as the case may be. As a result, if the ABCP conduits and other SPEs were to sell those investments and other instruments at current market prices, it is likely that such conduits and SPEs would incur a loss and would not generate sufficient cash to repay in full their respective outstanding indebtedness. For further information, including the definition of "fair value", please see note 2(b), "Basis of Presentation - Change in Accounting Policy", note 14(b), "Financial Instruments - Fair Value Measurement" and note 14(c), "Financial Instruments - Valuation Methods and Assumptions" to Coventree's interim consolidated financial statements as at June 30, 2007.
Coventree believes that the spread widening referred to above for the ABCP issued by Coventree-sponsored conduits is a consequence of liquidity issues facing the Canadian ABCP market rather than concerns with the quality of the assets in Coventree-sponsored conduits. Coventree continues to believe in the high quality of those underlying assets. In aggregate, Coventree-sponsored conduits have limited exposure to U.S. subprime mortgages - as at July 31, 2007, approximately 4% of the ABCP and other debt issued by Coventree-sponsored conduits is backed by assets related to U.S. subprime mortgages; however, the asset mix varies from conduit to conduit and from series to series within each conduit such that the applicable asset mix may be materially different from the aggregate numbers reported in this press release. Those assets continue to be rated AAA by DBRS and, in certain cases, by U.S. rating agencies. As a result, the ABCP issued by Coventree-sponsored conduits continue to maintain their initial high ratings of R-1 (high) or R-1 (middle), as the case may be, by DBRS based on its analysis and ratings of these assets, although these ratings are under review. The review status arises as a result of the conduits' failure to roll A notes, and the resulting risk of enforcement actions on behalf of noteholders, not a deterioration of asset quality.
In response to requests received by Coventree from the investment community, set out below is an updated table that provides the approximate breakdown, in the aggregate, of the different underlying assets and asset classes that back the ABCP and other debt issued by Coventree-sponsored conduits. Except as indicated below, the breakdowns by asset class set out below do not include conduits previously managed by Nereus Financial Inc. ("Nereus"), represent the breakdowns as at the end of the fiscal year indicated and reflect the amount of the ABCP and other debt issued to acquire such underlying assets.
<<
2007(1)(2) 2007(1) 2006 2005 2004 2003
---------- ------- ---- ---- ---- ----
Asset-Backed Securities 6.2% 7.1% 6.7% 8.4% 8.3% 2.7%
Auto Leases & Loans 0.5% 0.6% 0.6% 3.2% 5.3% 4.6%
Auto, Other 0.2% 0.3% 0.3% 0.4% 0.6% 0.6%
Corporate Loans & Bonds 55.5% 42.7% 41.1% 31.7% 28.1% 29.7%
Credit Card Receivables 0.0% 0.0% 0.0% 1.8% 0.0% 0.0%
Equipment Leases & Loans 2.4% 3.1% 3.5% 8.0% 10.6% 11.9%
Mortgages - Commercial 11.3% 14.8% 15.6% 20.0% 27.8% 36.5%
Mortgages - Residential 15.9% 20.9% 22.2% 22.6% 14.8% 8.8%
Personal Lines of Credit 7.7% 10.2% 9.5% 3.1% 4.3% 5.2%
Trade Receivables 0.3% 0.3% 0.5% 0.7% 0.3% 0.0%
------ ------ ------ ------ ------ ------
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
Notes:
(1) Reflects breakdown as at July 31, 2007.
(2) Including the Nereus-sponsored conduits Structured Investment Trust
III and Structured Asset Trust. Prior to May 10, 2007, when
Coventree acquired the remaining 24.5% of Nereus that it did not
then own, Nereus-sponsored conduits were managed separately from
Coventree-sponsored conduits.
>>
Coventree Provides Update on ABCP Market Disruption
8/22/2007
TORONTO, Aug. 22, 2007 (Canada NewsWire via COMTEX News Network) --
Toronto Stock Exchange Symbol: COF
Coventree Inc. (TSX: COF) today provided an update on its view of the current disruption in the Canadian asset-backed commercial paper ("ABCP") market. Coventree announced that Coventree-sponsored conduits did not place any liquidity-backed ABCP (also known as A notes) or extendible ABCP (also known as E notes) today. In aggregate, approximately $94 million of A notes and $305 million of E notes issued by Coventree's conduits matured today. Since the beginning of the market disruption, approximately $3.3 billion of A notes issued by Coventree-sponsored conduits has matured, of which approximately $450 million of new A notes has been issued to the investors that held an equal amount of A notes that matured during the market disruption. These issuances are often referred to as ABCP holders "rolling" or "rolling-over" their ABCP. In addition, during that time, an aggregate of approximately $2.2 billion E notes has matured, of which approximately $163 million has been rolled-over into new E notes and the remaining E notes have been extended.
While Coventree sponsors and administers these ABCP conduits, the ABCP issued by them are not obligations of Coventree or guaranteed by Coventree. Notwithstanding that Coventree has consolidated these ABCP conduits and other special purpose entities ("SPEs") in its financial statements in order to comply with Canadian generally accepted accounting principles ("GAAP"), the assets in such Coventree-sponsored conduits and other SPEs are not owned by Coventree and therefore cannot be used by Coventree in its business nor are they available to meet the obligations of Coventree to its creditors. Similarly, the liabilities of such Coventree-sponsored conduits and SPEs are not obligations of Coventree - the recourse of the debtholders of a conduit or other SPE is generally limited to the assets of that conduit or SPE, as the case may be. For further information regarding Coventree's results and financial condition without giving effect to the consolidation of these conduits and SPEs, please see note 3, "Segmented Information" to Coventree's interim consolidated financial statements as at June 30, 2007.
Coventree's two primary sources of recurring revenues, credit arbitrage transactions and traditional securitization program fees, are both dependent on income generated from Coventree-sponsored conduits. Credit arbitrage transactions reflect the most significant proportion of Coventree's revenues. Collectively, revenues from credit arbitrage transactions and traditional securitization program fees represent over 90% of Coventree's revenues for the nine months ended June 30, 2007. In credit arbitrage transactions, Coventree earns fees that, in effect, are equal to the difference between the return on the credit arbitrage investments made by the Coventree-sponsored conduit and the conduit's cost of funds, which is the interest payable on Coventree-sponsored conduit's ABCP. In most cases, the return on the investments made by the conduit is in the form of a fixed spread above the Canadian deposit offering rate, or CDOR. The interest payable on the Coventree-sponsored conduit's ABCP is also priced based on a spread above CDOR, but that spread is variable. As a result of the market disruption, spreads on the A notes and E notes issued by Coventree-sponsored conduits have widened to approximately 50 and 110 basis points above CDOR, respectively, for ABCP that is rated R-1 (high). At these spread levels, Coventree's revenues from credit arbitrage transactions will in the short-term be reduced to zero.
Coventree also earns fees from securitization transactions for its traditional securitization clients. In traditional securitization transactions, a Coventree-sponsored conduit purchases assets such as residential mortgages, auto loans or leases and equipment leases. A conduit's revenues are comprised of the interest earned on the assets so purchased. Its expenses include the interest payable on the ABCP issued to finance the purchase as well as other costs such as trustee fees and expenses, commercial paper dealer commissions and program fees payable to Coventree. These fees and expenses are paid in accordance with a hierarchy or priority in which the interest payable on the outstanding ABCP and certain other expenses typically rank ahead of the program fees payable to Coventree. Accordingly, in circumstances where the interest earned on the underlying assets is less than the sum of the interest payable on the outstanding ABCP plus any other expenses that rank ahead of Coventree's program fee, there would be insufficient funds to pay that program fee to Coventree. If current spread levels continue, Coventree revenues from traditional securitization transactions may be materially adversely affected.
In addition, Coventree also earns fees for providing administrative services to ABCP conduits sponsored by third parties. These fees are not immediately affected by the current market disruption, though Coventree cannot provide assurances as to the long-term impact of the market disruption on this fee income.
The current market disruption has had a negative impact on Coventree's credit arbitrage and traditional securitization transactions, which has resulted in a material adverse effect on the current revenues of Coventree. If the market disruption were to continue, Coventree expects that it will have a material adverse effect on Coventree's business, operations, assets and future revenues.
At this time, Coventree continues to be unable to predict the extent of the impact of the current market disruption on its financial results, business, operations and financial condition, including any impairment of assets in future periods. Further, Coventree is unable to predict how long the current market disruption will continue. Coventree notes that, on August 16, 2007, a consortium (the "Consortium") representing banks, asset providers and major investors in Canadian ABCP announced a proposal (the "Montreal Proposal") in which they agreed in principle to take significant steps to establish normal operations in the Canadian third party ABCP market. Coventree remains supportive of the Consortium's efforts to stabilize the ABCP market reflected in the Montreal Proposal. Coventree is aware of the efforts of the Consortium to convert the Montreal Proposal into a detailed plan; however until such plan is finalized, Coventree is not able to assess the Montreal Proposal's impact on Coventree and the Coventree-sponsored conduits.
Coventree has previously announced it was aware that investors have been unable to roll-over Coventree-sponsored conduits' ABCP. Coventree understands that this difficulty arose where less than all of a note held by the depositary on behalf of beneficial owners is paid or rolled-over on its maturity date. Coventree, the depositary and the note issuing agent are working together to establish a protocol under which a note can be rolled-over in such circumstances to reflect the specific wishes of the beneficial owner. Coventree expects that roll-overs of existing ABCP issued by Coventree-sponsored conduits into new ABCP will be available for investors shortly.
In light of the highly uncertain ABCP market and other conditions facing Coventree, Coventree has decided to suspend any additional investments in new concepts or business opportunities. In particular, Coventree will not be pursuing the creation of a U.S. conduit or the launch of a retail bank at this time. In addition, Coventree is currently reviewing its expense levels in light of its prospects and the market outlook. However, Coventree believes it has sufficient working capital to meet its current operational requirements.
As noted above, Coventree has consolidated many of the ABCP conduits that it sponsors and other SPEs in its financial statements in accordance with GAAP. Under a new accounting standard issued by the Canadian Institute of Chartered Accountants that was adopted by Coventree on October 1, 2006, Coventree carries financial instruments, including those held by Coventree-sponsored conduits, at fair value with changes in their fair value recognized in income. The methodology used to determine fair value varies depending upon the nature of the financial instrument - the principal methods used are quoted market prices, third party valuations, internal valuation models and quotes from counterparties. As at June 30, 2007, the fair value of the assets of the ABCP conduits and other SPEs consolidated by Coventree, including the investments and other financial instruments held, was $16.4 billion, and the fair value of the liabilities of those same conduits and SPEs was $16.6 billion. Since June 30, 2007, the markets for the investments and other financial instruments held by the ABCP conduits and other SPEs have declined, such that the current fair value of those instruments is likely materially less than the fair value thereof as at June 30, 2007, even though those investments continue to be rated at their initial rating of AAA or AA, as the case may be. As a result, if the ABCP conduits and other SPEs were to sell those investments and other instruments at current market prices, it is likely that such conduits and SPEs would incur a loss and would not generate sufficient cash to repay in full their respective outstanding indebtedness. For further information, including the definition of "fair value", please see note 2(b), "Basis of Presentation - Change in Accounting Policy", note 14(b), "Financial Instruments - Fair Value Measurement" and note 14(c), "Financial Instruments - Valuation Methods and Assumptions" to Coventree's interim consolidated financial statements as at June 30, 2007.
Coventree believes that the spread widening referred to above for the ABCP issued by Coventree-sponsored conduits is a consequence of liquidity issues facing the Canadian ABCP market rather than concerns with the quality of the assets in Coventree-sponsored conduits. Coventree continues to believe in the high quality of those underlying assets. In aggregate, Coventree-sponsored conduits have limited exposure to U.S. subprime mortgages - as at July 31, 2007, approximately 4% of the ABCP and other debt issued by Coventree-sponsored conduits is backed by assets related to U.S. subprime mortgages; however, the asset mix varies from conduit to conduit and from series to series within each conduit such that the applicable asset mix may be materially different from the aggregate numbers reported in this press release. Those assets continue to be rated AAA by DBRS and, in certain cases, by U.S. rating agencies. As a result, the ABCP issued by Coventree-sponsored conduits continue to maintain their initial high ratings of R-1 (high) or R-1 (middle), as the case may be, by DBRS based on its analysis and ratings of these assets, although these ratings are under review. The review status arises as a result of the conduits' failure to roll A notes, and the resulting risk of enforcement actions on behalf of noteholders, not a deterioration of asset quality.
In response to requests received by Coventree from the investment community, set out below is an updated table that provides the approximate breakdown, in the aggregate, of the different underlying assets and asset classes that back the ABCP and other debt issued by Coventree-sponsored conduits. Except as indicated below, the breakdowns by asset class set out below do not include conduits previously managed by Nereus Financial Inc. ("Nereus"), represent the breakdowns as at the end of the fiscal year indicated and reflect the amount of the ABCP and other debt issued to acquire such underlying assets.
<<
2007(1)(2) 2007(1) 2006 2005 2004 2003
---------- ------- ---- ---- ---- ----
Asset-Backed Securities 6.2% 7.1% 6.7% 8.4% 8.3% 2.7%
Auto Leases & Loans 0.5% 0.6% 0.6% 3.2% 5.3% 4.6%
Auto, Other 0.2% 0.3% 0.3% 0.4% 0.6% 0.6%
Corporate Loans & Bonds 55.5% 42.7% 41.1% 31.7% 28.1% 29.7%
Credit Card Receivables 0.0% 0.0% 0.0% 1.8% 0.0% 0.0%
Equipment Leases & Loans 2.4% 3.1% 3.5% 8.0% 10.6% 11.9%
Mortgages - Commercial 11.3% 14.8% 15.6% 20.0% 27.8% 36.5%
Mortgages - Residential 15.9% 20.9% 22.2% 22.6% 14.8% 8.8%
Personal Lines of Credit 7.7% 10.2% 9.5% 3.1% 4.3% 5.2%
Trade Receivables 0.3% 0.3% 0.5% 0.7% 0.3% 0.0%
------ ------ ------ ------ ------ ------
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
Notes:
(1) Reflects breakdown as at July 31, 2007.
(2) Including the Nereus-sponsored conduits Structured Investment Trust
III and Structured Asset Trust. Prior to May 10, 2007, when
Coventree acquired the remaining 24.5% of Nereus that it did not
then own, Nereus-sponsored conduits were managed separately from
Coventree-sponsored conduits.
>>
- Status
