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Rohstoffthread (Archiv)
- Ersteller Maack
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-SVZ- Sparton Resources
Da schlummern noch so einige Perlen......
Da schlummern noch so einige Perlen......
In Bezug zu Western Prospector!
This from Mineweb:
Mongolia copper, gold and uranium project uncertainties
Haywood Securities says the delay in approval of Rio and Ivanhoe’s Oyu Tolgoi project is raising concerns about the country’s mining and investment future.
Author: Tessa Kruger
Posted: Tuesday , 04 Dec 2007
JOHANNESBURG -
The stakes are high in Mongolia for mining industry, mining investment and the country as concerns about political and legislative developments mount in "one of the last frontiers for mineral exploration".
Haywood Securities said in a new research report that change in the country's leadership, the introduction of a windfall tax on copper and gold and a uranium working group have raised concerns about mineral exploration, development and investment in Mongolia.
Two of the major causes of concern were the delay in approval of development of the Oyu Tolgoi copper deposit in the Gobi desert and the appointment of a new Mongolian prime minister.
The approval of the Rio Tinto (LSE:RIO) and Ivanhoe Mines (TSX:IVN) project has been delayed and this was proving "exceptionally costly" for explorers, developers and investors, said the Haywood report.
The Mongolian government completed a review of the project in June and presented it to parliament for approval in July this year, but it has yet to be passed by a two-thirds majority of the 76-member Mongolian parliament.
Concerns over whether the companies will receive approval for their investment agreement for the copper-gold mine has raised doubt about the future of Mongolia as a "prospective and transparent regulatory venue" for exploration and mining.
Politics have added to uncertainty over Mongolia as a new prime minister, Sanjgaagiin Bayar, has been appointed and a general election will follow in June 2008. The approval of Oyu Tolgoi is now unlikely to take place over the next three months and could be postponed until after the general election.
Other common concerns about Mongolia include security of ownership and taxation issues.
The country's 2006 minerals law gives the government the right to take up to a 50% stake in "strategic" deposits discovered through publicly funded exploration and a 34% stake in deposits found by privately funded exploration.
"It is unclear how Mongolia will pay for this ownership, especially when it comes to co-financing the construction of mines," said the report.
Taxation that has caused most of the uproar is the introduction of a windfall tax for gold and copper miners. The tax implies that miners have to pay taxes of 68% on their shipments of gold and copper when the gold price reaches $500/ounce and the copper price $2,600/t - prices significantly below current market levels.
Adding to concerns is a report from Khan Resources (TSX: KRI), a uranium developer in Mongolia, that a Uranium Working Group has been formed in the country to assess this industry.
But the government has made no formal announcement about the group.
Haywood Securities said that whatever the outcome was in Mongolia, there was much involved and at risk for all participants, including the country.
The entire mining industry was waiting to see what happened with Oyu Tolgoi. If a company such as Rio Tinto was not able to negotiate an equitable agreement, not many other companies would succeed either.
This from Mineweb:
Mongolia copper, gold and uranium project uncertainties
Haywood Securities says the delay in approval of Rio and Ivanhoe’s Oyu Tolgoi project is raising concerns about the country’s mining and investment future.
Author: Tessa Kruger
Posted: Tuesday , 04 Dec 2007
JOHANNESBURG -
The stakes are high in Mongolia for mining industry, mining investment and the country as concerns about political and legislative developments mount in "one of the last frontiers for mineral exploration".
Haywood Securities said in a new research report that change in the country's leadership, the introduction of a windfall tax on copper and gold and a uranium working group have raised concerns about mineral exploration, development and investment in Mongolia.
Two of the major causes of concern were the delay in approval of development of the Oyu Tolgoi copper deposit in the Gobi desert and the appointment of a new Mongolian prime minister.
The approval of the Rio Tinto (LSE:RIO) and Ivanhoe Mines (TSX:IVN) project has been delayed and this was proving "exceptionally costly" for explorers, developers and investors, said the Haywood report.
The Mongolian government completed a review of the project in June and presented it to parliament for approval in July this year, but it has yet to be passed by a two-thirds majority of the 76-member Mongolian parliament.
Concerns over whether the companies will receive approval for their investment agreement for the copper-gold mine has raised doubt about the future of Mongolia as a "prospective and transparent regulatory venue" for exploration and mining.
Politics have added to uncertainty over Mongolia as a new prime minister, Sanjgaagiin Bayar, has been appointed and a general election will follow in June 2008. The approval of Oyu Tolgoi is now unlikely to take place over the next three months and could be postponed until after the general election.
Other common concerns about Mongolia include security of ownership and taxation issues.
The country's 2006 minerals law gives the government the right to take up to a 50% stake in "strategic" deposits discovered through publicly funded exploration and a 34% stake in deposits found by privately funded exploration.
"It is unclear how Mongolia will pay for this ownership, especially when it comes to co-financing the construction of mines," said the report.
Taxation that has caused most of the uproar is the introduction of a windfall tax for gold and copper miners. The tax implies that miners have to pay taxes of 68% on their shipments of gold and copper when the gold price reaches $500/ounce and the copper price $2,600/t - prices significantly below current market levels.
Adding to concerns is a report from Khan Resources (TSX: KRI), a uranium developer in Mongolia, that a Uranium Working Group has been formed in the country to assess this industry.
But the government has made no formal announcement about the group.
Haywood Securities said that whatever the outcome was in Mongolia, there was much involved and at risk for all participants, including the country.
The entire mining industry was waiting to see what happened with Oyu Tolgoi. If a company such as Rio Tinto was not able to negotiate an equitable agreement, not many other companies would succeed either.
Zu Largo und Hard creek Nickel (Platin ebenfalls)
Platinpreis auf Rekordkurs
Von Dieter Claassen
Handelsblatt, London (11.12.07) - Platin ist in diesen Tagen „Gold wert“: Das Edelmetall steuert mit großen Schritten auf einen neuen Rekordpreis zu und profitiert dabei von Produktionsausfällen durch Streiks sowie verbesserten US-Konjunkturdaten. Der Schlüssel zum Erfolg besteht dabei darin, Probleme in Rauch aufzulösen.
Der Preis für das Edelmetall Platin liegt nur knapp unter seinem Rekordhoch von fast 1 490 Dollar je Unze (31,1 Gramm). Unterstützt wurde die feste Tendenz durch einen eintägigen Streik in Südafrika. Schätzungen zufolge könnten dadurch rund 590 Kilogramm Platin weniger produziert worden sein. Das Edelmetall profitiert zudem von Hoffnungen auf eine nicht allzu starke Abschwächung der Wirtschaft in den USA und damit verbunden von einer Erholung des Autoabsatzes. Platin wird für Autokatalysatoren benötigt.
Das Londoner Edelmetallhaus Johnson Matthey hat den Bau von gleich zwei großen Werken für die Herstellung von weiteren fünf Millionen Autokatalysatoren im Jahr angekündigt. Schon jetzt deckt der Konzern ein Drittel des weltweiten Bedarfs an Abgasreinigern. Mit den neuen Werken wollen die Londoner vor allem den verschärften Abgasbestimmungen für Dieselmotoren im Nutzfahrzeugsektor Rechnung tragen.
Ein Katalysator für einen schweren Diesellaster müsste unter den verschärften, zumeist nach 2010 weithin in Kraft tretenden Abgasbestimmungen mit bis zu 100 Gramm an Platin bestückt werden, erklärte Andreas Wiartalla von der FEV Motorentechnik GmbH auf dem Edelmetallforum der Heraeus Gruppe in Hanau. Pkw-Abgasreiniger benötigten dagegen nur einen Bruchteil dessen an dem Edelmetall. Bei Dieselaggregaten tue sich überdies das wesentlich billigere Schwestermetall Palladium (347 Dollar je Unze) aus technischen Gründen noch schwer, Platin, wie bei PKWs, den Rang abzulaufen. Der Sektor, sagte Wiartalla, werde daher wohl auf Dauer kaum auf Platin als Abgasreiniger verzichten können.
Für Robin Bhar von UBS in London, ist der Ausblick für das Edelmetall Platin daher weiterhin „vielversprechend.“ Über 60 Prozent des diesjährigen Gesamtabsatzes von 6,925 Mill. Unzen 2007 des Metalls entfallen nach dem „Interim Review“, von Johnson Matthey derzeit auf die Autoindustrie, weitere 1,9 Mill. Unzen auf andere industrielle Anwender und 1,595 Mill. Unzen auf die Schmuckbranche.
Platinschmuck wird gern von Chinesen gekauft. Sie lassen sich von dem hohen Preis nicht abschrecken. Chinas Verarbeiter dürften in diesem Jahr knapp 800 000 Unzen des Metalls zu Schmuck verarbeiten. Zu dem rasanten Preisanstieg haben auch Investoren beigetragen. Beflügelt durch den schwachen Dollar und den steigenden Goldpreis kauften sie 75 000 Unzen. Gut 60 000 Unzen werden zur Unterlegung der ersten, im April und Mai begebenen börsennotierten Exchange Traded Funds (ETF) gehalten.
Mittel- bis langfristig glaubt Wolfgang Wrzesniok-Rossbach von der Heraeus Gruppe noch aus einem anderen Grunde vorläufig „keine Entwarnung“ für den Platinpreis geben zu können. Es stocke neuerdings auf der Angebotsseite. So hätten die Minengesellschaften Südafrikas 2007 wegen Streiks, Unfällen und eines Mangels an Fachkräften deutliche Produktionsverluste erlitten. Die Welt sei immerhin zu nahezu 80 Prozent ihrer Platinversorgung auf die Kaprepublik angewiesen. Anglo Platinum, Südafrikas Nummer eins, kürzte dieser Tage ihre Produktionsschätzung für 2007 um weitere 150 000 Unzen auf 2,5 Mill. Unzen. Aber auch die „Juniorenminen“ in der Republik geben laut Wrzesniok-Rossbach wenig Anlass zur Hoffnung. Einige der in der Vergangenheit vorgestellten Projekte würden „gar nicht oder mit großer Verspätung Wirklichkeit werden“. Anders als bei Palladium spielen die Russen mit ihrem 2007 auf gut 800 000 Unzen geschrumpften Angebot nur eine verhältnismäßig geringfügige Rolle am Welt-Platinmarkt.
Die Experten von Johnson Matthey veranschlagen das weltweite Produktionsdefizit für 2007 auf 265 000 Unzen; im Jahr 2006 gab es noch einen Überschuss von 65 000 Unzen . Tobias Merath von der Credit Suisse hat daher auch keinerlei Bedenken, seinen Anleger zu raten, vorübergehende Schwächephasen als Kaufgelegenheit zu nutzen. Merath unterstellt dabei einen weiter sinkenden Dollar, niedrigere Zinsen und steigende Inflationserwartungen. Er rechnet für 2008 mit noch stärkeren Preisschwankungen bei den Edelmetallen.
Michael Lewis von der Deutschen Bank geht für den Fall eines weiteren Dollarkursverfalls von einem Goldpreis von über 900 Dollar und einem Platinpreis von 1 650 Dollar je Unze aus. Sollte sich aber der Trend beim Dollar umkehren – und solche Gegenbewegungen sind in der Regel heftig – würden auch die Edelmetalle in Mitleidenschaft gezogen. Im kommenden Jahr gehe der Greenback schließlich bereits in das siebte Jahre seiner Wertberichtigung – und sieben Jahre seien seit 1972 die durchschnittliche Dauer eines Korrekturzyklus der Währung gewesen. Spekulanten am Platinmarkt können derartige Überlegungen freilich noch nicht schrecken. An den US-Terminmärkten setzen gegenwärtig, am „open interest“ gemessen, mehr von ihnen auf weitere Preissteigerungen bei Platin als bei irgendeinem anderen Rohstoff.
(Quelle: http://www.handelsblatt.com/News/Boerse/Rohstoffe-Devisen/_pv/_p/203855/_t/ft/_b/1364757/default.aspx/platinpreis-auf-rekordkurs.html)
Platinpreis auf Rekordkurs
Von Dieter Claassen
Handelsblatt, London (11.12.07) - Platin ist in diesen Tagen „Gold wert“: Das Edelmetall steuert mit großen Schritten auf einen neuen Rekordpreis zu und profitiert dabei von Produktionsausfällen durch Streiks sowie verbesserten US-Konjunkturdaten. Der Schlüssel zum Erfolg besteht dabei darin, Probleme in Rauch aufzulösen.
Der Preis für das Edelmetall Platin liegt nur knapp unter seinem Rekordhoch von fast 1 490 Dollar je Unze (31,1 Gramm). Unterstützt wurde die feste Tendenz durch einen eintägigen Streik in Südafrika. Schätzungen zufolge könnten dadurch rund 590 Kilogramm Platin weniger produziert worden sein. Das Edelmetall profitiert zudem von Hoffnungen auf eine nicht allzu starke Abschwächung der Wirtschaft in den USA und damit verbunden von einer Erholung des Autoabsatzes. Platin wird für Autokatalysatoren benötigt.
Das Londoner Edelmetallhaus Johnson Matthey hat den Bau von gleich zwei großen Werken für die Herstellung von weiteren fünf Millionen Autokatalysatoren im Jahr angekündigt. Schon jetzt deckt der Konzern ein Drittel des weltweiten Bedarfs an Abgasreinigern. Mit den neuen Werken wollen die Londoner vor allem den verschärften Abgasbestimmungen für Dieselmotoren im Nutzfahrzeugsektor Rechnung tragen.
Ein Katalysator für einen schweren Diesellaster müsste unter den verschärften, zumeist nach 2010 weithin in Kraft tretenden Abgasbestimmungen mit bis zu 100 Gramm an Platin bestückt werden, erklärte Andreas Wiartalla von der FEV Motorentechnik GmbH auf dem Edelmetallforum der Heraeus Gruppe in Hanau. Pkw-Abgasreiniger benötigten dagegen nur einen Bruchteil dessen an dem Edelmetall. Bei Dieselaggregaten tue sich überdies das wesentlich billigere Schwestermetall Palladium (347 Dollar je Unze) aus technischen Gründen noch schwer, Platin, wie bei PKWs, den Rang abzulaufen. Der Sektor, sagte Wiartalla, werde daher wohl auf Dauer kaum auf Platin als Abgasreiniger verzichten können.
Für Robin Bhar von UBS in London, ist der Ausblick für das Edelmetall Platin daher weiterhin „vielversprechend.“ Über 60 Prozent des diesjährigen Gesamtabsatzes von 6,925 Mill. Unzen 2007 des Metalls entfallen nach dem „Interim Review“, von Johnson Matthey derzeit auf die Autoindustrie, weitere 1,9 Mill. Unzen auf andere industrielle Anwender und 1,595 Mill. Unzen auf die Schmuckbranche.
Platinschmuck wird gern von Chinesen gekauft. Sie lassen sich von dem hohen Preis nicht abschrecken. Chinas Verarbeiter dürften in diesem Jahr knapp 800 000 Unzen des Metalls zu Schmuck verarbeiten. Zu dem rasanten Preisanstieg haben auch Investoren beigetragen. Beflügelt durch den schwachen Dollar und den steigenden Goldpreis kauften sie 75 000 Unzen. Gut 60 000 Unzen werden zur Unterlegung der ersten, im April und Mai begebenen börsennotierten Exchange Traded Funds (ETF) gehalten.
Mittel- bis langfristig glaubt Wolfgang Wrzesniok-Rossbach von der Heraeus Gruppe noch aus einem anderen Grunde vorläufig „keine Entwarnung“ für den Platinpreis geben zu können. Es stocke neuerdings auf der Angebotsseite. So hätten die Minengesellschaften Südafrikas 2007 wegen Streiks, Unfällen und eines Mangels an Fachkräften deutliche Produktionsverluste erlitten. Die Welt sei immerhin zu nahezu 80 Prozent ihrer Platinversorgung auf die Kaprepublik angewiesen. Anglo Platinum, Südafrikas Nummer eins, kürzte dieser Tage ihre Produktionsschätzung für 2007 um weitere 150 000 Unzen auf 2,5 Mill. Unzen. Aber auch die „Juniorenminen“ in der Republik geben laut Wrzesniok-Rossbach wenig Anlass zur Hoffnung. Einige der in der Vergangenheit vorgestellten Projekte würden „gar nicht oder mit großer Verspätung Wirklichkeit werden“. Anders als bei Palladium spielen die Russen mit ihrem 2007 auf gut 800 000 Unzen geschrumpften Angebot nur eine verhältnismäßig geringfügige Rolle am Welt-Platinmarkt.
Die Experten von Johnson Matthey veranschlagen das weltweite Produktionsdefizit für 2007 auf 265 000 Unzen; im Jahr 2006 gab es noch einen Überschuss von 65 000 Unzen . Tobias Merath von der Credit Suisse hat daher auch keinerlei Bedenken, seinen Anleger zu raten, vorübergehende Schwächephasen als Kaufgelegenheit zu nutzen. Merath unterstellt dabei einen weiter sinkenden Dollar, niedrigere Zinsen und steigende Inflationserwartungen. Er rechnet für 2008 mit noch stärkeren Preisschwankungen bei den Edelmetallen.
Michael Lewis von der Deutschen Bank geht für den Fall eines weiteren Dollarkursverfalls von einem Goldpreis von über 900 Dollar und einem Platinpreis von 1 650 Dollar je Unze aus. Sollte sich aber der Trend beim Dollar umkehren – und solche Gegenbewegungen sind in der Regel heftig – würden auch die Edelmetalle in Mitleidenschaft gezogen. Im kommenden Jahr gehe der Greenback schließlich bereits in das siebte Jahre seiner Wertberichtigung – und sieben Jahre seien seit 1972 die durchschnittliche Dauer eines Korrekturzyklus der Währung gewesen. Spekulanten am Platinmarkt können derartige Überlegungen freilich noch nicht schrecken. An den US-Terminmärkten setzen gegenwärtig, am „open interest“ gemessen, mehr von ihnen auf weitere Preissteigerungen bei Platin als bei irgendeinem anderen Rohstoff.
(Quelle: http://www.handelsblatt.com/News/Boerse/Rohstoffe-Devisen/_pv/_p/203855/_t/ft/_b/1364757/default.aspx/platinpreis-auf-rekordkurs.html)
Hard Creek Nickel drills 8.0 m of 0.70% Ni at Turnagain
2007-11-28 15:18 ET - News Release
Mr. Mark Jarvis reports
HARD CREEK DRILLS 0.70% NICKEL WITH 0.48 G/T PT+PD OVER 8.0 METRES
Hard Creek Nickel Corp. is providing analytical results for an additional eight diamond drill holes (DDH) totalling 2,020 metres (6,627 feet) from the recently completed 75-hole drilling program at its 100-per-cent-owned Turnagain project, located 70 kilometres east of Dease Lake in British Columbia. Results for 27 of the drill holes have now been received, with the analytical results for the remaining 48 holes to be reported when they are received.
Results are provided from five complete and one partial hole in the Northwest zone, and from two holes in the Duffy zone area.
"Although the holes in the vicinity of the Duffy zone were not encouraging, the holes in the Northwest zone returned some very pleasant surprises," said Mark Jarvis, president of Hard Creek Nickel. "The platinum-palladium values were well above what was anticipated within sections of drill core above 0.50 per cent total nickel. This is significant because this is the first time we have encountered this relationship within drill core on the property.
Es stehen so über den Daumen 49 Bohrungen aus, die im Februar fortgesetzt werden.
muß nochmal Minco Gold ansprechen (MI5)....... 
F/D 46,9 Mio Shares MK im Moment F/D 37 Mio Can$
im Moment ist Sprott mit 9,9 %dabei (hatten mal 17,3)
Teck Cominco mit 6,7%
so sah es im Mai 2007 aus:
Größte Shareholders von Minco Gold:
Sprott (Asset Mgmt. & Funds) 17,8%
Pacific Canada Resources 12,6%
Teck Cominco 6,3%
haben ganz schön abgebaut, sicherlich auch z.T. aus Liquiditätsbedarf........
hier die letzte Unternehmenspräsentation:
http://www.mincogold.com/i/pdf/presentation-Nov07.pdf
alleine die 45% an MincoSilver haben einen Wert von im Moment:
42 MIo Can$
sieht doch eigentlich nach Longinvest aus.............
F/D 46,9 Mio Shares MK im Moment F/D 37 Mio Can$
im Moment ist Sprott mit 9,9 %dabei (hatten mal 17,3)
Teck Cominco mit 6,7%
so sah es im Mai 2007 aus:
Größte Shareholders von Minco Gold:
Sprott (Asset Mgmt. & Funds) 17,8%
Pacific Canada Resources 12,6%
Teck Cominco 6,3%
haben ganz schön abgebaut, sicherlich auch z.T. aus Liquiditätsbedarf........
hier die letzte Unternehmenspräsentation:
http://www.mincogold.com/i/pdf/presentation-Nov07.pdf
alleine die 45% an MincoSilver haben einen Wert von im Moment:
42 MIo Can$
sieht doch eigentlich nach Longinvest aus.............
muß nochmal Minco Gold ansprechen (MI5).......
F/D 46,9 Mio Shares MK im Moment F/D 37 Mio Can$
im Moment ist Sprott mit 9,9 %dabei (hatten mal 17,3)
Teck Cominco mit 6,7%
so sah es im Mai 2007 aus:
Größte Shareholders von Minco Gold:
Sprott (Asset Mgmt. & Funds) 17,8%
Pacific Canada Resources 12,6%
Teck Cominco 6,3%
haben ganz schön abgebaut, sicherlich auch z.T. aus Liquiditätsbedarf........
hier die letzte Unternehmenspräsentation:
http://www.mincogold.com/i/pdf/presentation-Nov07.pdf
alleine die 45% an MincoSilver haben einen Wert von im Moment:
42 MIo Can$
sieht doch eigentlich nach Longinvest aus.............
Das klingt in der Tat interessant. Ähnliches Bild haben wird doch auch bei Vangold, nicht wahr? Da werden ja durch den Aktienbesitz der "spin offs" auch gewaltige Werte gehoben, bei welchen dann fraglich bleibt, ob diese sich auch im SP von VAN widerspiegeln werden (bisher zu u.a. meinem Leidwesen nicht der Fall).
muß nochmal Minco Gold ansprechen (MI5).......
F/D 46,9 Mio Shares MK im Moment F/D 37 Mio Can$
im Moment ist Sprott mit 9,9 %dabei (hatten mal 17,3)
Teck Cominco mit 6,7%
Nicht nur immer denken, die Fonds brauchen Liquidität. Die haben auch im Sommer wo wir hier zum
Einstieg in Rohstoffe gelasen haben Gewinne gemacht. Wenn ich noch an meine Recherche
bei ABCP hier über 3 Tage denke.
das würde den Kursverfall auch erklären.........
gestern hat dann Minco Silver ein Ressourcenupdate gebracht - jetzt sind 71,5 Mio UNzen Silver da....
sollten die noch tiefer gehen sicherlich eine nette Investiton
bezüglich Hardcreek - jetzt ne Posi oder lieber Richtung Jan/Feb. warten?
gestern hat dann Minco Silver ein Ressourcenupdate gebracht - jetzt sind 71,5 Mio UNzen Silver da....
sollten die noch tiefer gehen sicherlich eine nette Investiton
bezüglich Hardcreek - jetzt ne Posi oder lieber Richtung Jan/Feb. warten?
muß nochmal Minco Gold ansprechen (MI5).......
F/D 46,9 Mio Shares MK im Moment F/D 37 Mio Can$
im Moment ist Sprott mit 9,9 %dabei (hatten mal 17,3)
Teck Cominco mit 6,7%
Nicht nur immer denken, die Fonds brauchen Liquidität. Die haben auch im Sommer wo wir hier zum
Einstieg in Rohstoffe gelasen haben Gewinne gemacht. Wenn ich noch an meine Recherche
bei ABCP hier über 3 Tage denke.
Ich habe Hard Creek hier als Abstauber über Frankfurt gekauft. So um die 0,65-0,70€ ist man nicht schlecht bedient! Longie.
das würde den Kursverfall auch erklären.........
gestern hat dann Minco Silver ein Ressourcenupdate gebracht - jetzt sind 71,5 Mio UNzen Silver da....
sollten die noch tiefer gehen sicherlich eine nette Investiton
bezüglich Hardcreek - jetzt ne Posi oder lieber Richtung Jan/Feb. warten?
muß nochmal Minco Gold ansprechen (MI5).......
F/D 46,9 Mio Shares MK im Moment F/D 37 Mio Can$
im Moment ist Sprott mit 9,9 %dabei (hatten mal 17,3)
Teck Cominco mit 6,7%
Nicht nur immer denken, die Fonds brauchen Liquidität. Die haben auch im Sommer wo wir hier zum
Einstieg in Rohstoffe gelasen haben Gewinne gemacht. Wenn ich noch an meine Recherche
bei ABCP hier über 3 Tage denke.
MEXIVADA MINING CORP
Mexivada receives $1.66 million from exercise of warrants
12/12/2007
VANCOUVER, Dec. 12, 2007 (Canada NewsWire via COMTEX News Network) --
TSX-V: MNV
OTC: MXVDF
Frankfurt: M2Q
VANCOUVER, Dec. 12 /CNW/ - Mexivada Mining Corp. is pleased to announce that it has received $1,479,797 from the exercise of 1,973,062 warrants at $0.75 prior to their expiry on November 28, 2007. A further $182,387 was received from the exercise of 364,775 warrants at $0.50, resulting in total proceeds received by the Company of $1,662,184.
With the addition of these additional funds from the warrant exercise, Mexivada currently has cash and short-term investments on hand of $2.65 Million, which ensures that it is well capitalized for its current exploration activities planned and underway in Mexico, Nevada and the Republic of Congo, Africa. With respect to short-term investments, Mexivada has no exposure to any asset-backed commercial paper ("ABCP") investments; all short-term investments are comprised solely of highly liquid Guaranteed Investment Certificates issued by a major Canadian bank.
About Mexivada Mining Corp.
---------------------------
Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, and joint venturing high-grade Gold-Silver, Molybdenum, Diamond, and Rare Metal exploration projects in Mexico, Nevada, and the ROC Republic of Congo. Managed by experienced and successful board members and advisors, Mexivada is well financed with no debt. For further information, including area maps, sections, and photos, please visit our web site at www.mexivada.com or contact us by e-mail at info@mexivada.com.
Auch ein guter Longie!!
Mexivada receives $1.66 million from exercise of warrants
12/12/2007
VANCOUVER, Dec. 12, 2007 (Canada NewsWire via COMTEX News Network) --
TSX-V: MNV
OTC: MXVDF
Frankfurt: M2Q
VANCOUVER, Dec. 12 /CNW/ - Mexivada Mining Corp. is pleased to announce that it has received $1,479,797 from the exercise of 1,973,062 warrants at $0.75 prior to their expiry on November 28, 2007. A further $182,387 was received from the exercise of 364,775 warrants at $0.50, resulting in total proceeds received by the Company of $1,662,184.
With the addition of these additional funds from the warrant exercise, Mexivada currently has cash and short-term investments on hand of $2.65 Million, which ensures that it is well capitalized for its current exploration activities planned and underway in Mexico, Nevada and the Republic of Congo, Africa. With respect to short-term investments, Mexivada has no exposure to any asset-backed commercial paper ("ABCP") investments; all short-term investments are comprised solely of highly liquid Guaranteed Investment Certificates issued by a major Canadian bank.
About Mexivada Mining Corp.
---------------------------
Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, and joint venturing high-grade Gold-Silver, Molybdenum, Diamond, and Rare Metal exploration projects in Mexico, Nevada, and the ROC Republic of Congo. Managed by experienced and successful board members and advisors, Mexivada is well financed with no debt. For further information, including area maps, sections, and photos, please visit our web site at www.mexivada.com or contact us by e-mail at info@mexivada.com.
Auch ein guter Longie!!
GLOBAL COPPER CORP
Global Copper Reports Interim Sulphide Mineral Resource Estimate for Relincho Copper-Molybdenum Deposit-Significant Increase over Previous Estimate
12/12/2007
A conference call to discuss the resource estimate will be held on December 12 at 10am (Pacific Time)
VANCOUVER, BRITISH COLUMBIA, Dec 12, 2007 (MARKET WIRE via COMTEX News Network) --
Global Copper Corp. (the "Company") (TSX: GLQ) is pleased to announce that it has received an interim, independent sulphide mineral resource estimate that has significantly increased the size of the Relincho copper/molybdenum deposit located in Region III, Chile. The interim estimate includes the results of 17 holes drilled in the newly discovered higher grade copper-molybdenum zone at Las Guias which remains open to the northeast, the south and at depth. The final mineral resource estimate will be known when the drill exploration program is complete.
David Strang, President and CEO said, "I am very pleased with the results of the interim resource estimate and am even more excited about the results we are receiving from the new higher grade copper and molybdenum zone at Las Guias. We are aggressively exploring the zone with four drill rigs and hope to continue to increase the size and grade of the deposit."
The interim sulphide NI 43-101 compliant mineral resource estimate is as follows:
Sulphide Indicated Mineral Resources
--------------------------------------------------------------------------
Size Grade Contained Metal
CuEq(1) --------------------------------------------------------------
Cut-Off Tonnes CuEq(1) Cu Mo Cu Mo
(%) (Million) (%) (%) (%) (Billion lb) (Million lb)
--------------------------------------------------------------------------
0.2 871 0.48 0.37 0.017 7.12 332
--------------------------------------------------------------------------
0.4 498 0.61 0.47 0.023 5.14 250
--------------------------------------------------------------------------
0.6 200 0.79 0.60 0.032 2.63 139
--------------------------------------------------------------------------
Sulphide Inferred Mineral Resources
--------------------------------------------------------------------------
Size Grade Contained Metal
CuEq(1) --------------------------------------------------------------
Cut-Off Tonnes CuEq(1) Cu Mo Cu Mo
(%) (Million) (%) (%) (%) (Billion lb) (Million lb)
--------------------------------------------------------------------------
0.2 1,140 0.38 0.30 0.014 7.54 347
--------------------------------------------------------------------------
0.4 378 0.56 0.43 0.023 3.58 191
--------------------------------------------------------------------------
0.6 104 0.80 0.58 0.038 1.32 87
--------------------------------------------------------------------------
Mineral resources do not have demonstrated economic viability. The "base
case" cut-off limit for the sulphide resources is 0.4%CuEq.
(1) Copper equivalent is calculated for sulphide intervals using
US$1.00/lb Cu and US$6.00/lb Mo and is not adjusted for metallurgical
recoveries as these remain uncertain. The formula used is as follows:
CuEQ equals Cu% + Mo% x 6.
The NI 43-101 compliant oxide mineral resource estimate has also been updated as a result of the sulphide drill program and is shown in the table below:
Oxide Indicated Mineral Resources
--------------------------------------------------------------------------
Size Grade Contained Metal
Cu T --------------------------------------------------------------
Cut-Off Tonnes CuT Mo Cu Mo
(%) (Million) (%) (%) (Million lb) (Million lb)
--------------------------------------------------------------------------
0.1 161 0.27 0.008 970 28
--------------------------------------------------------------------------
0.2 114 0.32 0.009 814 22
--------------------------------------------------------------------------
0.3 56 0.41 0.010 501 13
--------------------------------------------------------------------------
Oxide Inferred Mineral Resources
--------------------------------------------------------------------------
Size Grade Contained Metal
Cu T --------------------------------------------------------------
Cut-Off Tonnes CuT Mo Cu Mo
(%) (Million) (%) (%) (Million lb) (Million lb)
--------------------------------------------------------------------------
0.1 46 0.17 0.006 171 6
--------------------------------------------------------------------------
0.2 11 0.27 0.008 63 2
--------------------------------------------------------------------------
0.3 3 0.36 0.008 21 0
--------------------------------------------------------------------------
Mineral resources do not have demonstrated economic viability. The "base
case" cut-off limit for the oxide resources is 0.2%Cu
These new mineral resource estimates were calculated using ordinary kriging and are based upon a total of 92,445 meters in 378 holes and include the previous drilling completed in the 1990's by Outokumpu comprising 43,968 meters in 161 holes. An updated NI 43-101 technical report detailing the sulphide and oxide mineral resource estimates will be completed and filed within 45 days.
In 2003, AMEC completed a NI 43-101 compliant mineral resource estimate at Relincho defining Measured and Indicated Sulphide Resources of 174 million tonnes grading 0.59% copper and 0.024% molybdenum and Inferred Sulphide Resources of 100 million tonnes grading 0.51% copper and 0.017% molybdenum at a cutoff grade of 0.4% copper. The current Indicated Sulphide Mineral Resources at Relincho totals 498 million tonnes grading 0.47% copper and 0.023% molybdenum (0.61% Copper Equivalent(1)) and Inferred Sulphide Mineral Resources of 378 million tonnes grading 0.43% copper and 0.023% molybdenum (0.56% Copper Equivalent(1)); both using a 0.4% Copper Equivalent(1) cut-off grade.
The Company will begin work on a Preliminary Economic Assessment in early 2008 which should be completed by mid year.
Robert Sim, P.Geo., from Norwest Corporation and a Qualified Person as defined by NI 43-101, is responsible for the mineral resource estimate. Mr. Leo Hathaway, P.Geo., the Qualified Person as defined by NI 43-101 for the Relincho project, has reviewed and approved the content of this press release.
Conference Call
Call in details for the conference call to be held on December 12 at 10am (Pacific Time) are:
North American toll-free: 1-866-322-2356
International: 1-416-640-3405
A replay of the conference call will be available on the Company's website at www.globalcoppercorp.com after the conference call.
GLOBAL COPPER CORP.
David Strang, President & CEO
Global Copper Reports Interim Sulphide Mineral Resource Estimate for Relincho Copper-Molybdenum Deposit-Significant Increase over Previous Estimate
12/12/2007
A conference call to discuss the resource estimate will be held on December 12 at 10am (Pacific Time)
VANCOUVER, BRITISH COLUMBIA, Dec 12, 2007 (MARKET WIRE via COMTEX News Network) --
Global Copper Corp. (the "Company") (TSX: GLQ) is pleased to announce that it has received an interim, independent sulphide mineral resource estimate that has significantly increased the size of the Relincho copper/molybdenum deposit located in Region III, Chile. The interim estimate includes the results of 17 holes drilled in the newly discovered higher grade copper-molybdenum zone at Las Guias which remains open to the northeast, the south and at depth. The final mineral resource estimate will be known when the drill exploration program is complete.
David Strang, President and CEO said, "I am very pleased with the results of the interim resource estimate and am even more excited about the results we are receiving from the new higher grade copper and molybdenum zone at Las Guias. We are aggressively exploring the zone with four drill rigs and hope to continue to increase the size and grade of the deposit."
The interim sulphide NI 43-101 compliant mineral resource estimate is as follows:
Sulphide Indicated Mineral Resources
--------------------------------------------------------------------------
Size Grade Contained Metal
CuEq(1) --------------------------------------------------------------
Cut-Off Tonnes CuEq(1) Cu Mo Cu Mo
(%) (Million) (%) (%) (%) (Billion lb) (Million lb)
--------------------------------------------------------------------------
0.2 871 0.48 0.37 0.017 7.12 332
--------------------------------------------------------------------------
0.4 498 0.61 0.47 0.023 5.14 250
--------------------------------------------------------------------------
0.6 200 0.79 0.60 0.032 2.63 139
--------------------------------------------------------------------------
Sulphide Inferred Mineral Resources
--------------------------------------------------------------------------
Size Grade Contained Metal
CuEq(1) --------------------------------------------------------------
Cut-Off Tonnes CuEq(1) Cu Mo Cu Mo
(%) (Million) (%) (%) (%) (Billion lb) (Million lb)
--------------------------------------------------------------------------
0.2 1,140 0.38 0.30 0.014 7.54 347
--------------------------------------------------------------------------
0.4 378 0.56 0.43 0.023 3.58 191
--------------------------------------------------------------------------
0.6 104 0.80 0.58 0.038 1.32 87
--------------------------------------------------------------------------
Mineral resources do not have demonstrated economic viability. The "base
case" cut-off limit for the sulphide resources is 0.4%CuEq.
(1) Copper equivalent is calculated for sulphide intervals using
US$1.00/lb Cu and US$6.00/lb Mo and is not adjusted for metallurgical
recoveries as these remain uncertain. The formula used is as follows:
CuEQ equals Cu% + Mo% x 6.
The NI 43-101 compliant oxide mineral resource estimate has also been updated as a result of the sulphide drill program and is shown in the table below:
Oxide Indicated Mineral Resources
--------------------------------------------------------------------------
Size Grade Contained Metal
Cu T --------------------------------------------------------------
Cut-Off Tonnes CuT Mo Cu Mo
(%) (Million) (%) (%) (Million lb) (Million lb)
--------------------------------------------------------------------------
0.1 161 0.27 0.008 970 28
--------------------------------------------------------------------------
0.2 114 0.32 0.009 814 22
--------------------------------------------------------------------------
0.3 56 0.41 0.010 501 13
--------------------------------------------------------------------------
Oxide Inferred Mineral Resources
--------------------------------------------------------------------------
Size Grade Contained Metal
Cu T --------------------------------------------------------------
Cut-Off Tonnes CuT Mo Cu Mo
(%) (Million) (%) (%) (Million lb) (Million lb)
--------------------------------------------------------------------------
0.1 46 0.17 0.006 171 6
--------------------------------------------------------------------------
0.2 11 0.27 0.008 63 2
--------------------------------------------------------------------------
0.3 3 0.36 0.008 21 0
--------------------------------------------------------------------------
Mineral resources do not have demonstrated economic viability. The "base
case" cut-off limit for the oxide resources is 0.2%Cu
These new mineral resource estimates were calculated using ordinary kriging and are based upon a total of 92,445 meters in 378 holes and include the previous drilling completed in the 1990's by Outokumpu comprising 43,968 meters in 161 holes. An updated NI 43-101 technical report detailing the sulphide and oxide mineral resource estimates will be completed and filed within 45 days.
In 2003, AMEC completed a NI 43-101 compliant mineral resource estimate at Relincho defining Measured and Indicated Sulphide Resources of 174 million tonnes grading 0.59% copper and 0.024% molybdenum and Inferred Sulphide Resources of 100 million tonnes grading 0.51% copper and 0.017% molybdenum at a cutoff grade of 0.4% copper. The current Indicated Sulphide Mineral Resources at Relincho totals 498 million tonnes grading 0.47% copper and 0.023% molybdenum (0.61% Copper Equivalent(1)) and Inferred Sulphide Mineral Resources of 378 million tonnes grading 0.43% copper and 0.023% molybdenum (0.56% Copper Equivalent(1)); both using a 0.4% Copper Equivalent(1) cut-off grade.
The Company will begin work on a Preliminary Economic Assessment in early 2008 which should be completed by mid year.
Robert Sim, P.Geo., from Norwest Corporation and a Qualified Person as defined by NI 43-101, is responsible for the mineral resource estimate. Mr. Leo Hathaway, P.Geo., the Qualified Person as defined by NI 43-101 for the Relincho project, has reviewed and approved the content of this press release.
Conference Call
Call in details for the conference call to be held on December 12 at 10am (Pacific Time) are:
North American toll-free: 1-866-322-2356
International: 1-416-640-3405
A replay of the conference call will be available on the Company's website at www.globalcoppercorp.com after the conference call.
GLOBAL COPPER CORP.
David Strang, President & CEO
... 8)
LARGO RESOURCES LTD
Largo Commences Feasibility Study for Maracas Vanadium-PGM Project (Brazil)
12/12/2007
- Strong team assembled, led by Aker Kvaerner of Toronto, Ontario
TORONTO, ONTARIO, Dec 12, 2007 (MARKET WIRE via COMTEX News Network) --
Largo Resources Ltd. (TSX VENTURE: LGO) is pleased to announce that a Feasibility Study has been formally initiated on the Company's Maracas Vanadium-PGM property in Bahia, Brazil. The Feasibility Study will be managed and led by Aker Kvaerner of Toronto, Ontario.
Testwork for the Feasibility Study has been in progress for some time, with the majority of the metallurgical testwork being undertaken by SGS Lakefield. Largo has assembled a very competent team to complete the Feasibility Study, the members of which are summarized below.
-----------------------------------------------------------------------
-----
Area of Responsibility Consultant
----------------------------------------------------------------------------
Compilation of Feasibility Study and Aker Kvaerner
National Instrument 43-101 Report
compliant summary report
----------------------------------------------------------------------------
Mineral resource Micon International of Toronto
----------------------------------------------------------------------------
Mining NCL Brasil of Belo Horizonte, Brazil
----------------------------------------------------------------------------
Process - beneficiation ECM S. A. of Belo Horizonte, Brazil
----------------------------------------------------------------------------
Process - hydrometallurgical Aker Kvaerner
----------------------------------------------------------------------------
Process - ferrovanadium Mintec of the Republic of South
Africa
----------------------------------------------------------------------------
Infrastructure Aker Kvaerner and ECM S. A. of Belo
Horizonte, Brazil
----------------------------------------------------------------------------
Geotechnical, earthworks and tailings VOGBR Recursos Hidricos & Geotechnia
dam of Belo Horizonte, Brazil
----------------------------------------------------------------------------
Environmental Brandt Meio Ambiente of Belo
Horizonte, Brazil
----------------------------------------------------------------------------
Process and infrastructure capital Aker Kvaerner
costs, operating costs and economic
analysis
----------------------------------------------------------------------------
The Feasibility Study is estimated for completion by early 3rd quarter 2008. Environmental permitting for the project has been initiated with the submission of the requisite environmental preliminary documentation .
Largo has commenced the process of identifying long-lead items for construction including the procurement of the primary ball mills. Largo's current schedule calls for delivery of the mills to be secured in January 2008, when detailed engineering for the mills will commence. This schedule will allow construction to commence in late 2008 continuing into 2009 to allow full production in the first quarter of 2010.
About Largo
Largo Resources is a Canadian natural resource development and exploration company with two advanced stage projects: the Maracas Vanadium-PGM deposit in Brazil and the Northern Dancer Tungsten-Molybdenum deposit in the Yukon. Largo also has a large (60,000 hectare) land position and prospective gold exploration properties in Ecuador. The company is listed on the TSX Venture Exchange under the symbol LGO.
For more information please refer to Largo's website: www.largoresources.com.
Das schaue ich mir im Frühjahr an!
Largo Commences Feasibility Study for Maracas Vanadium-PGM Project (Brazil)
12/12/2007
- Strong team assembled, led by Aker Kvaerner of Toronto, Ontario
TORONTO, ONTARIO, Dec 12, 2007 (MARKET WIRE via COMTEX News Network) --
Largo Resources Ltd. (TSX VENTURE: LGO) is pleased to announce that a Feasibility Study has been formally initiated on the Company's Maracas Vanadium-PGM property in Bahia, Brazil. The Feasibility Study will be managed and led by Aker Kvaerner of Toronto, Ontario.
Testwork for the Feasibility Study has been in progress for some time, with the majority of the metallurgical testwork being undertaken by SGS Lakefield. Largo has assembled a very competent team to complete the Feasibility Study, the members of which are summarized below.
-----------------------------------------------------------------------
-----
Area of Responsibility Consultant
----------------------------------------------------------------------------
Compilation of Feasibility Study and Aker Kvaerner
National Instrument 43-101 Report
compliant summary report
----------------------------------------------------------------------------
Mineral resource Micon International of Toronto
----------------------------------------------------------------------------
Mining NCL Brasil of Belo Horizonte, Brazil
----------------------------------------------------------------------------
Process - beneficiation ECM S. A. of Belo Horizonte, Brazil
----------------------------------------------------------------------------
Process - hydrometallurgical Aker Kvaerner
----------------------------------------------------------------------------
Process - ferrovanadium Mintec of the Republic of South
Africa
----------------------------------------------------------------------------
Infrastructure Aker Kvaerner and ECM S. A. of Belo
Horizonte, Brazil
----------------------------------------------------------------------------
Geotechnical, earthworks and tailings VOGBR Recursos Hidricos & Geotechnia
dam of Belo Horizonte, Brazil
----------------------------------------------------------------------------
Environmental Brandt Meio Ambiente of Belo
Horizonte, Brazil
----------------------------------------------------------------------------
Process and infrastructure capital Aker Kvaerner
costs, operating costs and economic
analysis
----------------------------------------------------------------------------
The Feasibility Study is estimated for completion by early 3rd quarter 2008. Environmental permitting for the project has been initiated with the submission of the requisite environmental preliminary documentation .
Largo has commenced the process of identifying long-lead items for construction including the procurement of the primary ball mills. Largo's current schedule calls for delivery of the mills to be secured in January 2008, when detailed engineering for the mills will commence. This schedule will allow construction to commence in late 2008 continuing into 2009 to allow full production in the first quarter of 2010.
About Largo
Largo Resources is a Canadian natural resource development and exploration company with two advanced stage projects: the Maracas Vanadium-PGM deposit in Brazil and the Northern Dancer Tungsten-Molybdenum deposit in the Yukon. Largo also has a large (60,000 hectare) land position and prospective gold exploration properties in Ecuador. The company is listed on the TSX Venture Exchange under the symbol LGO.
For more information please refer to Largo's website: www.largoresources.com.
Das schaue ich mir im Frühjahr an!
Sehr schön.... heute ja noch erwähnt 
Auch bei Largo gibt es die ersten Zuckungen
Wenn das spekulative Kapital wieder in den Sektor fließt wirds interessant.
Auch bei Largo gibt es die ersten Zuckungen
Wenn das spekulative Kapital wieder in den Sektor fließt wirds interessant.
Bei Sparton ist auch was los im positiven Sinne!!
NORONT RESOURCES LTD
Noront Provides Project Update
12/13/2007
DOUBLE EAGLE (Cu,Ni,PGE) PROJECT, JAMES BAY LOWLANDS, ONTARIO
TORONTO, ONTARIO, Dec 13, 2007 (Marketwire via COMTEX News Network) --
Noront Resources Ltd. ("Noront")(TSX VENTURE:NOT) is pleased to announce further progress of the diamond drilling and geophysical program, as well as recently received assay results on its' 100% owned Eagle One occurrence within Noront's Double Eagle Project in the McFaulds Lake Area of northeastern Ontario. "To date 27 holes have been completed totaling in excess of 5 kilometers of drilling. Extremely high grade intersections of Nickel, Copper, Platinum and Palladium over impressive widths continue to highly encourage management at Noront. Preliminary analytical work on selected samples for the other Platinum Group Elements (PGE's) suggest that Rhodium is also present in the Eagle One occurrence, this could add significant value to the zone's resource potential" states Richard Nemis, President and CEO of Noront.
HIGHLIGHTS
- NOT-07-14 between 52.8 meters to 56.4 meters, 3.6 meters of massive sulphides were intersected that averaged 3.43% copper, 7.45% nickel, 5.0 g/t platinum, 9.1 g/t palladium and 0.12 g/t gold, within part of a much larger intersection between 45.9 to 80 meters (34.1 meters) that averaged 1.22% copper, 2.28% nickel, 1.6 g/t platinum, 4.13 g/t palladium and 0.14 g/t gold. In addition a lower grade zone exists from 80 to 110 meters averaging 0.28% Cu, 0.59% Ni, 0.37 g/t Pt, 1.18 g/t Pd and 0.1 g/t Au.
- NOT-07-16 encountered a net-textured peridotite section combined with the massive sulphide section over 12.7 meters between 121.1 and 133.8 averaging 1.55% Cu, 2.4% Ni, 2.63 g/t Pt, 5.1 g/t Pd, 0.12 g/t Au and 4.5 g/t Ag. A lower grade section between 92.9 and 121.1 meters (28.2 meters wide) averaged 0.50% Cu, 0.57% Ni, 0.47 g/t Pt, 1.5 g/t Pt, 0.17 g/t Au and 1.5 g/t Ag.
- NOT-07-17 to NOT-07-27 (excluding hole 26 that was abandoned) were all completed to delineate the Eagle One Zone, and are reported upon individually from below visual observations and are awaiting completion of assay results.
- 20 selected samples (from holes 1, 2 and 5) tested for entire suite of PGE's, preliminary results show presence of Rhodium, (highest value greater than 1.0 g/t Rh), and all samples now need to be re-tested for Rhodium and other PGE's.
- Airborne AeroTEM-2 survey is well underway by Aeroquest International Limited, to November 26 they have flown 6,254 kilometers completing Phase I of the survey, Phase II commenced on November 27, since then 3,752 kilometers have been completed in Phase II. Staking by Noront still continues around the "Ring of Fire".
- Geological Consultant Jim Mungall, Ph.D. Associate Professor from University of Toronto, who is now consulting exclusively for Noront, under an agreement and pursuant to which, has been granted a 50,000 share stock option exercisable at $4.86, visited project area in November, states: "If the less than peridotite greater than intrusion is accepted to be a conduit less than from a large intrusion greater than then it must be continuous over considerable distances likely measurable in kilometers. Since diamond drilling has shown that it is surrounded on all sides by older felsic intrusive rocks at surface, logic dictates that it must continue at depth."
Noront has completed 5,046.6 meters of diamond drilling in 27 diamond drill holes (not including two current holes that are underway) on the Eagle One Ni-Cu-PGE occurrence since starting the drill program in late August. The following table summarizes drill hole locations (based upon local and UTM grid coordinates) and provides details of the drilling completed thus far.
The Universal Transverse Mercator (UTM) coordinate system is a grid based method of specifying locations on the surface of the Earth. It is universally recognized but differs from the traditional method of latitude and longitude in several respects (taken from Google).
Table 1 Local Grid and UTM Co-ordinates For New Holes
---------------------------------------------------------------------------
North- East- Eleva- Len-
Drill hole ing (m) ing (m) Northing Easting azimuth dip tion gth
---------------------------------------------------------------------------
at
collar
Local Local (deg- (deg-
grid grid UTM UTM rees) rees) (mASL) (m)
---------------------------------------------------------------------------
NOT-07-20 1050 5083 5843528 547275 270 -61 0 144
---------------------------------------------------------------------------
NOT-07-21 1050 5083 5843528 547275 270 -73 0 183
---------------------------------------------------------------------------
NOT-07-22 1010 5121 5843525 547340 270 -62 0 61
---------------------------------------------------------------------------
NOT-07-23 1080 5108 5843562 547290 269 -78 0 293
---------------------------------------------------------------------------
NOT-07-24 1069 5174 5843600 547363 270 -42 0 233
---------------------------------------------------------------------------
NOT-07-25 1222 4945 5843563 547070 102 -46 0 307
---------------------------------------------------------------------------
NOT-07-26 1069 5174 5843600 547363 270 -52 0 75
---------------------------------------------------------------------------
NOT-07-27 5843637 547167 90 -45 0 183
---------------------------------------------------------------------------
Please note that the local grid collar locations are measured from the NW - SE oriented un-surveyed picket lines, whereas the UTM (Universal Transverse Mercator) co-ordinates are the GPS surveyed collar locations. The latter should be used when plotting drill holes as this co-ordinate system provides ease in relating the drilling to the geophysical and other surveys. An up to date drill collar location plan of the area has been added to the Noront website www.norontresources.com, showing locations of all drill hole collar locations as well as highlights from each hole drilled. This drill plan will continue to be updated as new information is received.
New drill hole data (assays received)
---------------------------------------------------------------------------
Hole From To Int. Cu Ni Pt Pd Au Ag
(m) (m) (m) (%) (%) (g/t) (g/t) (g/t) (g/t)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NOT-07-
14 45.9 110 64.1 0.78 1.49 1.02 2.75 0.12 NA
---------------------------------------------------------------------------
including 45.9 80 34.1 1.22 2.28 1.6 4.13 0.14 NA
---------------------------------------------------------------------------
from 45.9 52.8 6.9 0.15 0.41 0.23 0.94 0.06 NA
---------------------------------------------------------------------------
followed
by 52.8 56.4 3.6 3.43 7.45 5 9.1 0.12 NA
---------------------------------------------------------------------------
followed
by 56.4 80 23.6 1.19 2.04 1.48 4.3 0.17 NA
---------------------------------------------------------------------------
followed
by 80 110 30 0.28 0.59 0.37 1.18 0.1 NA
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NOT-07-
15 8.6 24 15.4 0.13 0.52 0.25 0.79 0.02 1.9
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NOT-07-
16 92.9 133.8 40.9 0.67 1.03 1.04 2.5 0.15 2.0
---------------------------------------------------------------------------
from 92.9 121.1 28.2 0.5 0.57 0.47 1.5 0.17 1.5
---------------------------------------------------------------------------
followed
by 121.1 133.8 12.7 1.55 2.4 2.63 5.1 0.12 4.5
---------------------------------------------------------------------------
Please note that the drill intercepts mentioned herein are not true widths, any reference to true width at this time in the exploration of the Eagle One MMS occurrence would be misleading. The mineralized body is irregular in shape, based upon the drilling to date and is best described below under description of mineralized body.
New Hole Summaries (assays received)
NOT-07-13, was drilled with an azimuth of 104 degrees at -68 degrees initial dip, from the same collar location as NOT-07-12. This hole was designed to undercut the mineralized zone at depth below hole 12. The hole was drilled to a depth of 254m and encountered granodiorite through it's entire length, and had steepened to -72 degrees at the end, which did not enable this hole to reach the targeted zone.
NOT-07-14 was positioned 20m east of hole NOT-07-12 and 13 with an initial easterly azimuth of 104 degrees with an initial dip set at -45 degrees to overcut hole #12. After 45.9 meters of granodiorite, NOT-07-14 intercepted peridotite with sulphide mineralization from 45.9 to 110 meters. The total width of 64.1 meters averaged 0.78% Cu, 1.49% Ni, 1.02 g/t Pt, 2.75 g/t Pd and 0.12 g/t Au. Weakly mineralized peridotite was then intersected until 188m. The hole ended in granodiorite at 197m.
NOT-07-15 with a collar location of 50+15E, 11+20N in local grid co-ordinates and an initial dip of -60 degrees with a 102 degrees azimuth has been completed. This hole remained in weakly mineralized to barren peridotite for its entire length of 132 meters (except for the first 8 meters of overburden and limestone). Assays from this hole over the first part of the peridotite intersection where sulphides were observed, between 8.6 and 24 meters (15.4 meters) averaged 0.13% Cu, 0.52% Ni, 0.25 g/t Pt, 0.79 g/t Pd, 0.02 g/t Au and 1.9 g/t Ag. This hole overshot the main part of the zone as it was collared too far east due to the presence of a small lake.
NOT-07-16 was positioned with local grid coordinates of 51+08E, 10+80N and drilled west at 269 degrees azimuth to explore the wide extent of the peridotite above hole NOT-07-14 closer to surface and at depth to intersect the zone below hole 12. NOT-07-16 was drilled at -45 degrees. This hole encountered altered peridotite from 4.5 until 93 meters with minor sulphide mineralization. From 92.9 to 121.1 meters, peridotite with disseminated sulphides was encountered. From 121.1 to 133.0 meters, net-textured peridotite with strong sulphide mineralization was intersected. From 133 to 133.8 meters, massive sulphides were encountered. After this point, a mafic dyke mixed with granodiorite was encountered to the end at 155 meters. Assays received for the total mineralized 40.9 meter section between 92.9 and 133.8 averaged 0.67% Cu, 1.03% Ni, 1.04 g/t Pt, 2.5 g/t Pd, 0.15 g/t Au and 2 g/t Ag.
Drill hole summaries (assays pending)
NOT-07-17 is positioned at the same collar location as hole NOT-07-16 with an initial dip of -60 degrees to undercut the mineralization encountered in the upper holes. This hole intersected well mineralized peridotite at 98 meters and at 138 meters encountered net textured sulphides which continued to 171 meters. Between 171 and 177.5 massive sulphide mineralization was encountered, followed by altered peridotite to a depth of 178. The hole then entered granodiorite and was stopped at 191 meters total depth.
NOT-07-18 is also positioned at the same collar location as hole NOT-07-17 and NOT-07-16 undercutting the mineralization encountered in the two latter holes. The initial dip of this hole was set at -69 degrees. Between 105.2 meters and 132.5 meters the hole entered well mineralized peridotite, then it entered into a long section of net textured peridotite between 132.5 to 191.7 meters. From 191.7 to 230 meters semi-massive to massive sulphides were intersected before the hole encountered granodiorite.
Holes numbered NOT-07-19 to NOT-07-22 were completed along an E-W section representing a 37.5 meter step-out section to the south.
Hole NOT-07-19 was drilled at local grid collar location 50+83E at 10+50N with an initial azimuth of 270 degrees and an initial dip of -45 degrees. Peridotite was intersected at 20.1 meters downhole, variably mineralized between 46.5 and 64.5 meters. This hole then entered weakly mineralized peridotite, between 64.5 meters and 74.2 meters downhole, then from 94.5 to 103.3 the mineralization increased getting more pervasive until around 109 meters downhole, intersecting a few mafic and felsic dikes. Between 109 and 109.2 massive sulphide was intersected, followed by altered peridotite until 110.8 when granodiorite and another mafic dike was encountered to the end of the hole at 132 meters.
Hole NOT-07-20 was drilled at local grid collar location 50+83E at 10+50N with an initial azimuth of 270 degrees and an initial dip of -61 degrees to undercut hole NOT-07-19. After a few meters of overburden and limestone the hole entered granodiorite at 12 meters, then went into peridotite at 17.2 meters and then in and out of peridotite and olivine gabbro dikes until 48.6 meters. At 48.6 to 103.8 meters the hole entered weakly mineralized peridotite, followed by another mafic dike between 103.8 and 113.9 meters. Then, well mineralized peridotite was encountered between 113.9 to 125.1 meters. Another mafic dike was encountered to 128.2 followed by granodiorite to the end of the hole at 144 meters.
Hole NOT-07-21 was drilled at local grid collar location 50+83E at 10+50N with an initial azimuth of 270 degrees and an initial dip of -73 degrees to undercut hole NOT-07-20. Similarly to hole 20, this hole encountered the same set of olivine gabbro dikes and peridotite between 11.7 and 35.0 meters downhole, then a weakly mineralized to barren peridotite was encountered to 144 meters. Well mineralized peridotite was encountered between 144 and 162 meters with a short felsic dike between 150 and 151 meters. Then semi-massive sulphides were encountered between 162 and 173.8 meters followed by weakly mineralized peridotite to 174.8. A mafic dike was then intersected between 173.8 and 184 meters, followed by granodiorite to end of this hole at 183 meters.
Hole NOT-07-22 was drilled at local grid collar location 51+21E at 10+10N with an initial azimuth of 270 degrees and an initial dip of -62 degrees. The hole entered granodiorite at 13.5 meters to 154.7 meters. At 154.7 the hole entered a strongly deformed and brecciated unmineralized peridotite and remained in this rock unit until 209 meters when it entered olivine gabbro. At 215.8 a barren peridotite was encountered to 222.4 then a short massive sulphide section was encountered to 223.5 meters (only 1.1 meters thick). Peridotite with minor sulphides were encountered until 244.5 then granodiorite was encountered to end of hole at 258 meters. This hole is interpreted as having just caught the bottom of the southerly plunging zone at a vertical depth of 200 meters.
Hole NOT-07-23 was drilled on local grid collar location 51+08E at 10+80N with an initial azimuth of 269 degrees and an initial dip of -78 degrees. After passing through 5.5 meters of overburden and limestone, this hole immediately entered peridotite (with a felsic dike) until 228.2 meters, when the hole entered granodiorite until 241.1 meters. The hole then went back into a mineralized peridotite until 224.4 then into semi-massive sulphides between 242.4 and 243.2 meters after which the hole entered granodiorite until it was terminated at 293 meters. This hole along an E-W section 37.5 meters north of hole NOT-07-22, also has been interpreted as encountering the bottom of the southerly plunging zone at a vertical depth of 235 meters.
Hole NOT-07-24 was drilled on local grid collar location 51+74E at 10+65N with an initial azimuth of 270 degrees and an initial dip of -42 degrees, designed to undercut discovery holes NOT-07-01 and 02. After passing through overburden, limestone to a depth of 16 meters the hole entered granodiorite and stayed in this rock unit until 65.4 meters when the hole encountered a mafic dike until 76.3 meters. The hole then reentered granodiorite until 83.1 meters. An olivine rich gabbro was then encountered between 83.1 and 100.4 meters. Barren peridotite was encountered between 100.4 until 119 meters downhole. Then mineralized peridotite to 140 meters, then net textured mineralized peridotite was encountered between 140 meters and 187.8 meters followed by a 2.7 meter wide massive sulphide section until 190.7 meters downhole for a total mineralized zone width of 71.7 meters. The hole then entered a contact zone with the granodiorite and peridotite, in and out of granodiorite, ending in granodiorite between 220 and 233 meters.
Hole NOT-07-25 was drilled at local grid collar location 49+55E at 12+22N with an initial azimuth of 102 degrees and an initial dip of -46 degrees. This hole entered granodiorite at 18 meters then went into a mafic dike between 43 meters and 52.3 meters then back into granodiorite with numerous mafic dikes and felsic dikes until 252.7 meters. Highly altered peridotite (to serpentinite) was encountered between 252.7 meters and 277.8 meters. The hole went in and out of peridotite and mafic dikes until 301.5 meters. At 301.5 granodiorite was encountered and the hole was stopped at 307 meters. This hole is believed to have deviated severely southwards not encountering the peridotite intrusive until 252.7 meters as opposed to the expected down hole depth of 180.0 meters. With the exception of minor copper mineralization in the hanging wall granodiorite the hole encountered no visible sulphide mineralization to the end of the hole at 307 meters. Downhole surveying must be awaited before the actual location of this hole can be determined.
Hole NOT-07-26 was drilled at local grid collar location 51+74E at 10+69N with an initial azimuth of 270 degrees and an initial dip of -52 degrees. This hole encountered drilling problems due to faulty equipment downhole and was lost at 75 meters, well short of the intended target. Hole NOT-07-26 was restarted as Hole NOT-07-28 from the same collar location at -51 degrees, and is still underway.
Hole NOT-07-27 was drilled at local grid collar location 50+60E at 12+15N with an initial azimuth of 90 degrees and an initial dip of -45 degrees. After passing through 16.8 meters of overburden and limestone this hole entered granodiorite and remained in granodiorite until 112.5 meters, when it entered mineralized peridotite until 117 meters downhole. Massive sulphides were then encountered between 117 and 152 meters followed by semi-massive sulphides until 155 meters. Mineralized peridotite was then encountered for the next 10 meters until 162 meters, followed by 6 meters (until 168 meters) of weakly mineralized to barren peridotite. The hole then entered granodiorite and was terminated at 183 meters. This hole was drilled along the same E-W section as holes NOT-07-05, 06, 07, and 08 to delineate the mineralized zone in more detail.
Rhodium Present
A series of samples from hole 1, 2 and 5 were selected based upon the presence of significant grades of platinum and palladium in the first pass analysis. Twenty samples were re-submitted for the total suite of Platinum Group Elements (PGE's) to ALS Chemex, using their process code PGM-MS26 for Pt, Pd, Ir, Os, Rh, Ru and Au, an additional assay using ALS Chemex processing code Rh-MS25 was also requested. The latter sample procedure is done in Canada while the former procedure requires the samples be sent to ALS Chemex lab in Australia. The same set of 20 Samples have also been submitted to ACTLABS in Ancaster, Ontario as part of a lab-lab comparison. Results from the Rhodium specific analysis have been received, the results range from 0.002 g/t to greater than 1 g/t. The results, while not being conclusive, suggest that Rh is present in the Eagle One occurrence, consequently all samples must now be analyzed for Rh as well as the other PGE's. Noront will provide details of this study at a later date.
The spot price of rhodium has risen from a spot price of $452/oz on January 2004 to $6,725/oz. on December 12, 2007. A basic introduction to rhodium can be found on www.kitco.com:
"Rhodium is a silver-white metallic element, is highly resistant to corrosion, and is extremely reflective. It is used as a finish for jewelry, mirrors, and search lights. It is also used in electric connections and is alloyed with platinum for aircraft turbine engines. Another use is manufacturing of nitric acid and used in hydrogenation of organic compounds. Rhodium usage is dominated by autocatalyst applications where it is used together with platinum and palladium to control exhaust emissions."
Site Visit by James Mungall (Ph.D.)
During early November, the core from the Eagle One occurrence (up to hole 22) was reviewed by Dr. James Mungall, P.Geo., an Associate Professor in the Geology Department at the University of Toronto, specializing in Magmatic Massive Sulphides. Dr. Mungall completed a site visit report dated November 19, 2007 that includes the following summary and conclusion (taken verbatim from his report):
"The large amounts of sulfide and of ultramafic cumulate make it absolutely clear that the Eagle One deposit has formed in a magmatic conduit. No magma could have carried the observed amount of sulfide in solution, therefore the sulfides have been left behind by a through-going volume of magma much greater than what presently remains in the intrusion."
Dr. Mungall goes on to state "If the intrusion is accepted to be a conduit then it must be continuous over considerable distances likely measurable in kilometers. Since diamond drilling has shown that it is surrounded on all sides by older felsic intrusive rocks at surface, logic dictates that it must continue at depth. The prospects for continued extension of the mineralized body to depth are excellent, as long as it is not lost in a fault zone&. Although the rapid deepening of the conduit is somewhat discouraging, the presence of a weak magnetic feature south of the Eagle One deposit, that connects to the much more prominent magnetic feature to the south, may indicate that the plunge shallows at depth."
In conclusion and with reference to scope of the project he continues with "The origins of the sulfides are slightly problematic. It is generally accepted that in order to form a mass of immiscible sulfide liquid on the scale observed at Eagle One, a mafic or ultramafic magma must become contaminated by sulfide-rich crustal rock. At its present level of exposure the mineralized intrusion is entirely surrounded by sulfur-poor felsic intrusive rocks, leaving the origin of the required sulfide in doubt. I suggest that the presence of abundant magnetite-rich xenoliths in the intrusion records a previous episode of assimilation of iron formation, which has added sufficient sulfide to the magma to induce sulfide liquid saturation. The conduit has carried the slurry of sulfide droplets and small xenoliths to their current location, requiring transport over considerable distances. This in turn suggests that the Eagle One deposit resides within a large magmatic system with lateral extents at least as great as the distance to the nearest iron formation, which may be represented by the very prominent magnetic lineament to the south of the deposit."
Expanded program
Two drills have been working through the freeze up period on the Eagle One occurrence. The last fixed wing flight serviced the camp on November 2, the first fixed wing flight returned to the camp on November 30 to start the winter servicing of the base camp. The camp was serviced by two helicopters during the freeze up period, the second helicopter was released.
The new drill camp construction was completed by mid November, and is within walking distance to the Eagle One MMS occurrence and main drill area. The crews for the two drill-rigs moved to the new campsite by the second week of November. This move minimized the downtime due to weather and the helicopter not being able to service the drill for shift changes, however additional unacceptable problems with drill equipment were encountered during this recent period, which greatly affected the amount of drilling completed. To alleviate this problem in the future, two new drills have been contracted from a new drill service provider (Forage Orbit Garant) from Val D'Or Quebec, that are scheduled to arrive in mid January 2008.
Preliminary ground geophysical surveys are starting to be compiled and are currently being reviewed, focused on the Eagle One occurrence and its immediate surrounds. Linecutting and ground geophysics continues to the south and west of the Eagle One occurrence. The airborne survey contract awarded to Aeroquest International Limited using their helicopter mounted AeroTEM-2 system is well underway. Phase I was completed on November 26, for a total of 6,254 kilometers of flying. Participants in the collective airborne survey have been notified of the completion of Phase I, and those participants will be invited to review their information as soon as can be arranged. Phase II of the airborne survey started on November 27 focusing towards the north of the Phase I area, this phase starts just north of the McFaulds VMS occurrences and continues northward around the "Ring of Fire". It is anticipated that this phase will be completed prior to Christmas shutdown, then Phase III will begin in early January 2008.
On Site Quality Assurance / Quality Control Measures
The aforementioned assay and sample information, as well as geological descriptions are taken from drill logs as prepared by two site geologists for the drill program, Dr. Howard Lahti, P.Geo., of Fredericton, New Brunswick and Mike Kilbourne, geologist from Newmarket, Ontario. Billiken Management Services Inc. is providing all services on site for the Noront Double Eagle Project, from their base camp at McFaulds Lake. Billiken is a holder of Certificate of Authorization issued by the Association of Professional Geoscientists of Ontario.
All assay work and sampling procedures have been included in earlier news releases. Chain of Custody includes delivery to ALS Chemex Laboratory in Vancouver BC, where all samples undergo analysis using ALS Chemex assay procedure AA46 for nickel, copper and silver, and ICP24 for Au, Pt, and Pd. When samples received over-limit values they underwent further analysis using ALS Chemex assay procedure ICP27 (for gold, platinum and palladium), as well as GRA21 for gold. The reader is referred to: www.alschemex.com for details of these analytical procedures.
Independent Quality Assurance and Quality Control Protocol
Gold, platinum and palladium are assayed using fire assay on a 50 gram nominal sample weight with an ICP-AES finish. Nickel and copper are assayed using aqua regia (3-acid) digestion with either ICP-AES or AAS finish. A comprehensive QA/QC program has been implemented to monitor all assays on the Double Eagle Project. Samples are assembled in numbered batches of 77 samples, which equates to the number of client samples per furnace batch at ALS Chemex. Included in each batch of 77 samples are 4 certified reference material samples, 3 blank samples comprised of sterile drill core, and 4 field duplicate samples. This QC program was set up for Noront by Tracy Armstrong P.Geo, of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario. Ms. Armstrong is a qualified geologist in the Provinces of Ontario and Quebec. Assay results are being monitored on an on-going, real time basis for accuracy, contamination and precision by P&E. The current sample set will be reviewed by Ms. Armstrong once some additional batches are completed, and will be reported upon in a timely manner.
This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements".
This press release has been prepared by management of Noront Resources Ltd., and has been approved for dissemination by Neil Novak P.Geo., a director and recently appointed Vice President Exploration of Noront, being a Qualified Person under Canadian Securities guidelines.
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 118,354,582 shares issued to date.
Investors are invited to visit the Noront Resources IR Hub at www.agoracom.com/IR/Noront where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to NOT@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
ON BEHALF OF THE BOARD OF DIRECTORS
R. Nemis, President and Chief Executive Officer
SOURCE: Noront Resources Ltd.
Noront Resources Ltd. Richard Nemis (416) 864-1456 (416) 367-5444 (FAX) Email: info@norontresources.com Website: www.norontresources.com
Noront Provides Project Update
12/13/2007
DOUBLE EAGLE (Cu,Ni,PGE) PROJECT, JAMES BAY LOWLANDS, ONTARIO
TORONTO, ONTARIO, Dec 13, 2007 (Marketwire via COMTEX News Network) --
Noront Resources Ltd. ("Noront")(TSX VENTURE:NOT) is pleased to announce further progress of the diamond drilling and geophysical program, as well as recently received assay results on its' 100% owned Eagle One occurrence within Noront's Double Eagle Project in the McFaulds Lake Area of northeastern Ontario. "To date 27 holes have been completed totaling in excess of 5 kilometers of drilling. Extremely high grade intersections of Nickel, Copper, Platinum and Palladium over impressive widths continue to highly encourage management at Noront. Preliminary analytical work on selected samples for the other Platinum Group Elements (PGE's) suggest that Rhodium is also present in the Eagle One occurrence, this could add significant value to the zone's resource potential" states Richard Nemis, President and CEO of Noront.
HIGHLIGHTS
- NOT-07-14 between 52.8 meters to 56.4 meters, 3.6 meters of massive sulphides were intersected that averaged 3.43% copper, 7.45% nickel, 5.0 g/t platinum, 9.1 g/t palladium and 0.12 g/t gold, within part of a much larger intersection between 45.9 to 80 meters (34.1 meters) that averaged 1.22% copper, 2.28% nickel, 1.6 g/t platinum, 4.13 g/t palladium and 0.14 g/t gold. In addition a lower grade zone exists from 80 to 110 meters averaging 0.28% Cu, 0.59% Ni, 0.37 g/t Pt, 1.18 g/t Pd and 0.1 g/t Au.
- NOT-07-16 encountered a net-textured peridotite section combined with the massive sulphide section over 12.7 meters between 121.1 and 133.8 averaging 1.55% Cu, 2.4% Ni, 2.63 g/t Pt, 5.1 g/t Pd, 0.12 g/t Au and 4.5 g/t Ag. A lower grade section between 92.9 and 121.1 meters (28.2 meters wide) averaged 0.50% Cu, 0.57% Ni, 0.47 g/t Pt, 1.5 g/t Pt, 0.17 g/t Au and 1.5 g/t Ag.
- NOT-07-17 to NOT-07-27 (excluding hole 26 that was abandoned) were all completed to delineate the Eagle One Zone, and are reported upon individually from below visual observations and are awaiting completion of assay results.
- 20 selected samples (from holes 1, 2 and 5) tested for entire suite of PGE's, preliminary results show presence of Rhodium, (highest value greater than 1.0 g/t Rh), and all samples now need to be re-tested for Rhodium and other PGE's.
- Airborne AeroTEM-2 survey is well underway by Aeroquest International Limited, to November 26 they have flown 6,254 kilometers completing Phase I of the survey, Phase II commenced on November 27, since then 3,752 kilometers have been completed in Phase II. Staking by Noront still continues around the "Ring of Fire".
- Geological Consultant Jim Mungall, Ph.D. Associate Professor from University of Toronto, who is now consulting exclusively for Noront, under an agreement and pursuant to which, has been granted a 50,000 share stock option exercisable at $4.86, visited project area in November, states: "If the less than peridotite greater than intrusion is accepted to be a conduit less than from a large intrusion greater than then it must be continuous over considerable distances likely measurable in kilometers. Since diamond drilling has shown that it is surrounded on all sides by older felsic intrusive rocks at surface, logic dictates that it must continue at depth."
Noront has completed 5,046.6 meters of diamond drilling in 27 diamond drill holes (not including two current holes that are underway) on the Eagle One Ni-Cu-PGE occurrence since starting the drill program in late August. The following table summarizes drill hole locations (based upon local and UTM grid coordinates) and provides details of the drilling completed thus far.
The Universal Transverse Mercator (UTM) coordinate system is a grid based method of specifying locations on the surface of the Earth. It is universally recognized but differs from the traditional method of latitude and longitude in several respects (taken from Google).
Table 1 Local Grid and UTM Co-ordinates For New Holes
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North- East- Eleva- Len-
Drill hole ing (m) ing (m) Northing Easting azimuth dip tion gth
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at
collar
Local Local (deg- (deg-
grid grid UTM UTM rees) rees) (mASL) (m)
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NOT-07-20 1050 5083 5843528 547275 270 -61 0 144
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NOT-07-21 1050 5083 5843528 547275 270 -73 0 183
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NOT-07-22 1010 5121 5843525 547340 270 -62 0 61
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NOT-07-23 1080 5108 5843562 547290 269 -78 0 293
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NOT-07-24 1069 5174 5843600 547363 270 -42 0 233
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NOT-07-25 1222 4945 5843563 547070 102 -46 0 307
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NOT-07-26 1069 5174 5843600 547363 270 -52 0 75
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NOT-07-27 5843637 547167 90 -45 0 183
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Please note that the local grid collar locations are measured from the NW - SE oriented un-surveyed picket lines, whereas the UTM (Universal Transverse Mercator) co-ordinates are the GPS surveyed collar locations. The latter should be used when plotting drill holes as this co-ordinate system provides ease in relating the drilling to the geophysical and other surveys. An up to date drill collar location plan of the area has been added to the Noront website www.norontresources.com, showing locations of all drill hole collar locations as well as highlights from each hole drilled. This drill plan will continue to be updated as new information is received.
New drill hole data (assays received)
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Hole From To Int. Cu Ni Pt Pd Au Ag
(m) (m) (m) (%) (%) (g/t) (g/t) (g/t) (g/t)
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NOT-07-
14 45.9 110 64.1 0.78 1.49 1.02 2.75 0.12 NA
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including 45.9 80 34.1 1.22 2.28 1.6 4.13 0.14 NA
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from 45.9 52.8 6.9 0.15 0.41 0.23 0.94 0.06 NA
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followed
by 52.8 56.4 3.6 3.43 7.45 5 9.1 0.12 NA
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followed
by 56.4 80 23.6 1.19 2.04 1.48 4.3 0.17 NA
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followed
by 80 110 30 0.28 0.59 0.37 1.18 0.1 NA
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NOT-07-
15 8.6 24 15.4 0.13 0.52 0.25 0.79 0.02 1.9
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NOT-07-
16 92.9 133.8 40.9 0.67 1.03 1.04 2.5 0.15 2.0
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from 92.9 121.1 28.2 0.5 0.57 0.47 1.5 0.17 1.5
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followed
by 121.1 133.8 12.7 1.55 2.4 2.63 5.1 0.12 4.5
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Please note that the drill intercepts mentioned herein are not true widths, any reference to true width at this time in the exploration of the Eagle One MMS occurrence would be misleading. The mineralized body is irregular in shape, based upon the drilling to date and is best described below under description of mineralized body.
New Hole Summaries (assays received)
NOT-07-13, was drilled with an azimuth of 104 degrees at -68 degrees initial dip, from the same collar location as NOT-07-12. This hole was designed to undercut the mineralized zone at depth below hole 12. The hole was drilled to a depth of 254m and encountered granodiorite through it's entire length, and had steepened to -72 degrees at the end, which did not enable this hole to reach the targeted zone.
NOT-07-14 was positioned 20m east of hole NOT-07-12 and 13 with an initial easterly azimuth of 104 degrees with an initial dip set at -45 degrees to overcut hole #12. After 45.9 meters of granodiorite, NOT-07-14 intercepted peridotite with sulphide mineralization from 45.9 to 110 meters. The total width of 64.1 meters averaged 0.78% Cu, 1.49% Ni, 1.02 g/t Pt, 2.75 g/t Pd and 0.12 g/t Au. Weakly mineralized peridotite was then intersected until 188m. The hole ended in granodiorite at 197m.
NOT-07-15 with a collar location of 50+15E, 11+20N in local grid co-ordinates and an initial dip of -60 degrees with a 102 degrees azimuth has been completed. This hole remained in weakly mineralized to barren peridotite for its entire length of 132 meters (except for the first 8 meters of overburden and limestone). Assays from this hole over the first part of the peridotite intersection where sulphides were observed, between 8.6 and 24 meters (15.4 meters) averaged 0.13% Cu, 0.52% Ni, 0.25 g/t Pt, 0.79 g/t Pd, 0.02 g/t Au and 1.9 g/t Ag. This hole overshot the main part of the zone as it was collared too far east due to the presence of a small lake.
NOT-07-16 was positioned with local grid coordinates of 51+08E, 10+80N and drilled west at 269 degrees azimuth to explore the wide extent of the peridotite above hole NOT-07-14 closer to surface and at depth to intersect the zone below hole 12. NOT-07-16 was drilled at -45 degrees. This hole encountered altered peridotite from 4.5 until 93 meters with minor sulphide mineralization. From 92.9 to 121.1 meters, peridotite with disseminated sulphides was encountered. From 121.1 to 133.0 meters, net-textured peridotite with strong sulphide mineralization was intersected. From 133 to 133.8 meters, massive sulphides were encountered. After this point, a mafic dyke mixed with granodiorite was encountered to the end at 155 meters. Assays received for the total mineralized 40.9 meter section between 92.9 and 133.8 averaged 0.67% Cu, 1.03% Ni, 1.04 g/t Pt, 2.5 g/t Pd, 0.15 g/t Au and 2 g/t Ag.
Drill hole summaries (assays pending)
NOT-07-17 is positioned at the same collar location as hole NOT-07-16 with an initial dip of -60 degrees to undercut the mineralization encountered in the upper holes. This hole intersected well mineralized peridotite at 98 meters and at 138 meters encountered net textured sulphides which continued to 171 meters. Between 171 and 177.5 massive sulphide mineralization was encountered, followed by altered peridotite to a depth of 178. The hole then entered granodiorite and was stopped at 191 meters total depth.
NOT-07-18 is also positioned at the same collar location as hole NOT-07-17 and NOT-07-16 undercutting the mineralization encountered in the two latter holes. The initial dip of this hole was set at -69 degrees. Between 105.2 meters and 132.5 meters the hole entered well mineralized peridotite, then it entered into a long section of net textured peridotite between 132.5 to 191.7 meters. From 191.7 to 230 meters semi-massive to massive sulphides were intersected before the hole encountered granodiorite.
Holes numbered NOT-07-19 to NOT-07-22 were completed along an E-W section representing a 37.5 meter step-out section to the south.
Hole NOT-07-19 was drilled at local grid collar location 50+83E at 10+50N with an initial azimuth of 270 degrees and an initial dip of -45 degrees. Peridotite was intersected at 20.1 meters downhole, variably mineralized between 46.5 and 64.5 meters. This hole then entered weakly mineralized peridotite, between 64.5 meters and 74.2 meters downhole, then from 94.5 to 103.3 the mineralization increased getting more pervasive until around 109 meters downhole, intersecting a few mafic and felsic dikes. Between 109 and 109.2 massive sulphide was intersected, followed by altered peridotite until 110.8 when granodiorite and another mafic dike was encountered to the end of the hole at 132 meters.
Hole NOT-07-20 was drilled at local grid collar location 50+83E at 10+50N with an initial azimuth of 270 degrees and an initial dip of -61 degrees to undercut hole NOT-07-19. After a few meters of overburden and limestone the hole entered granodiorite at 12 meters, then went into peridotite at 17.2 meters and then in and out of peridotite and olivine gabbro dikes until 48.6 meters. At 48.6 to 103.8 meters the hole entered weakly mineralized peridotite, followed by another mafic dike between 103.8 and 113.9 meters. Then, well mineralized peridotite was encountered between 113.9 to 125.1 meters. Another mafic dike was encountered to 128.2 followed by granodiorite to the end of the hole at 144 meters.
Hole NOT-07-21 was drilled at local grid collar location 50+83E at 10+50N with an initial azimuth of 270 degrees and an initial dip of -73 degrees to undercut hole NOT-07-20. Similarly to hole 20, this hole encountered the same set of olivine gabbro dikes and peridotite between 11.7 and 35.0 meters downhole, then a weakly mineralized to barren peridotite was encountered to 144 meters. Well mineralized peridotite was encountered between 144 and 162 meters with a short felsic dike between 150 and 151 meters. Then semi-massive sulphides were encountered between 162 and 173.8 meters followed by weakly mineralized peridotite to 174.8. A mafic dike was then intersected between 173.8 and 184 meters, followed by granodiorite to end of this hole at 183 meters.
Hole NOT-07-22 was drilled at local grid collar location 51+21E at 10+10N with an initial azimuth of 270 degrees and an initial dip of -62 degrees. The hole entered granodiorite at 13.5 meters to 154.7 meters. At 154.7 the hole entered a strongly deformed and brecciated unmineralized peridotite and remained in this rock unit until 209 meters when it entered olivine gabbro. At 215.8 a barren peridotite was encountered to 222.4 then a short massive sulphide section was encountered to 223.5 meters (only 1.1 meters thick). Peridotite with minor sulphides were encountered until 244.5 then granodiorite was encountered to end of hole at 258 meters. This hole is interpreted as having just caught the bottom of the southerly plunging zone at a vertical depth of 200 meters.
Hole NOT-07-23 was drilled on local grid collar location 51+08E at 10+80N with an initial azimuth of 269 degrees and an initial dip of -78 degrees. After passing through 5.5 meters of overburden and limestone, this hole immediately entered peridotite (with a felsic dike) until 228.2 meters, when the hole entered granodiorite until 241.1 meters. The hole then went back into a mineralized peridotite until 224.4 then into semi-massive sulphides between 242.4 and 243.2 meters after which the hole entered granodiorite until it was terminated at 293 meters. This hole along an E-W section 37.5 meters north of hole NOT-07-22, also has been interpreted as encountering the bottom of the southerly plunging zone at a vertical depth of 235 meters.
Hole NOT-07-24 was drilled on local grid collar location 51+74E at 10+65N with an initial azimuth of 270 degrees and an initial dip of -42 degrees, designed to undercut discovery holes NOT-07-01 and 02. After passing through overburden, limestone to a depth of 16 meters the hole entered granodiorite and stayed in this rock unit until 65.4 meters when the hole encountered a mafic dike until 76.3 meters. The hole then reentered granodiorite until 83.1 meters. An olivine rich gabbro was then encountered between 83.1 and 100.4 meters. Barren peridotite was encountered between 100.4 until 119 meters downhole. Then mineralized peridotite to 140 meters, then net textured mineralized peridotite was encountered between 140 meters and 187.8 meters followed by a 2.7 meter wide massive sulphide section until 190.7 meters downhole for a total mineralized zone width of 71.7 meters. The hole then entered a contact zone with the granodiorite and peridotite, in and out of granodiorite, ending in granodiorite between 220 and 233 meters.
Hole NOT-07-25 was drilled at local grid collar location 49+55E at 12+22N with an initial azimuth of 102 degrees and an initial dip of -46 degrees. This hole entered granodiorite at 18 meters then went into a mafic dike between 43 meters and 52.3 meters then back into granodiorite with numerous mafic dikes and felsic dikes until 252.7 meters. Highly altered peridotite (to serpentinite) was encountered between 252.7 meters and 277.8 meters. The hole went in and out of peridotite and mafic dikes until 301.5 meters. At 301.5 granodiorite was encountered and the hole was stopped at 307 meters. This hole is believed to have deviated severely southwards not encountering the peridotite intrusive until 252.7 meters as opposed to the expected down hole depth of 180.0 meters. With the exception of minor copper mineralization in the hanging wall granodiorite the hole encountered no visible sulphide mineralization to the end of the hole at 307 meters. Downhole surveying must be awaited before the actual location of this hole can be determined.
Hole NOT-07-26 was drilled at local grid collar location 51+74E at 10+69N with an initial azimuth of 270 degrees and an initial dip of -52 degrees. This hole encountered drilling problems due to faulty equipment downhole and was lost at 75 meters, well short of the intended target. Hole NOT-07-26 was restarted as Hole NOT-07-28 from the same collar location at -51 degrees, and is still underway.
Hole NOT-07-27 was drilled at local grid collar location 50+60E at 12+15N with an initial azimuth of 90 degrees and an initial dip of -45 degrees. After passing through 16.8 meters of overburden and limestone this hole entered granodiorite and remained in granodiorite until 112.5 meters, when it entered mineralized peridotite until 117 meters downhole. Massive sulphides were then encountered between 117 and 152 meters followed by semi-massive sulphides until 155 meters. Mineralized peridotite was then encountered for the next 10 meters until 162 meters, followed by 6 meters (until 168 meters) of weakly mineralized to barren peridotite. The hole then entered granodiorite and was terminated at 183 meters. This hole was drilled along the same E-W section as holes NOT-07-05, 06, 07, and 08 to delineate the mineralized zone in more detail.
Rhodium Present
A series of samples from hole 1, 2 and 5 were selected based upon the presence of significant grades of platinum and palladium in the first pass analysis. Twenty samples were re-submitted for the total suite of Platinum Group Elements (PGE's) to ALS Chemex, using their process code PGM-MS26 for Pt, Pd, Ir, Os, Rh, Ru and Au, an additional assay using ALS Chemex processing code Rh-MS25 was also requested. The latter sample procedure is done in Canada while the former procedure requires the samples be sent to ALS Chemex lab in Australia. The same set of 20 Samples have also been submitted to ACTLABS in Ancaster, Ontario as part of a lab-lab comparison. Results from the Rhodium specific analysis have been received, the results range from 0.002 g/t to greater than 1 g/t. The results, while not being conclusive, suggest that Rh is present in the Eagle One occurrence, consequently all samples must now be analyzed for Rh as well as the other PGE's. Noront will provide details of this study at a later date.
The spot price of rhodium has risen from a spot price of $452/oz on January 2004 to $6,725/oz. on December 12, 2007. A basic introduction to rhodium can be found on www.kitco.com:
"Rhodium is a silver-white metallic element, is highly resistant to corrosion, and is extremely reflective. It is used as a finish for jewelry, mirrors, and search lights. It is also used in electric connections and is alloyed with platinum for aircraft turbine engines. Another use is manufacturing of nitric acid and used in hydrogenation of organic compounds. Rhodium usage is dominated by autocatalyst applications where it is used together with platinum and palladium to control exhaust emissions."
Site Visit by James Mungall (Ph.D.)
During early November, the core from the Eagle One occurrence (up to hole 22) was reviewed by Dr. James Mungall, P.Geo., an Associate Professor in the Geology Department at the University of Toronto, specializing in Magmatic Massive Sulphides. Dr. Mungall completed a site visit report dated November 19, 2007 that includes the following summary and conclusion (taken verbatim from his report):
"The large amounts of sulfide and of ultramafic cumulate make it absolutely clear that the Eagle One deposit has formed in a magmatic conduit. No magma could have carried the observed amount of sulfide in solution, therefore the sulfides have been left behind by a through-going volume of magma much greater than what presently remains in the intrusion."
Dr. Mungall goes on to state "If the intrusion is accepted to be a conduit then it must be continuous over considerable distances likely measurable in kilometers. Since diamond drilling has shown that it is surrounded on all sides by older felsic intrusive rocks at surface, logic dictates that it must continue at depth. The prospects for continued extension of the mineralized body to depth are excellent, as long as it is not lost in a fault zone&. Although the rapid deepening of the conduit is somewhat discouraging, the presence of a weak magnetic feature south of the Eagle One deposit, that connects to the much more prominent magnetic feature to the south, may indicate that the plunge shallows at depth."
In conclusion and with reference to scope of the project he continues with "The origins of the sulfides are slightly problematic. It is generally accepted that in order to form a mass of immiscible sulfide liquid on the scale observed at Eagle One, a mafic or ultramafic magma must become contaminated by sulfide-rich crustal rock. At its present level of exposure the mineralized intrusion is entirely surrounded by sulfur-poor felsic intrusive rocks, leaving the origin of the required sulfide in doubt. I suggest that the presence of abundant magnetite-rich xenoliths in the intrusion records a previous episode of assimilation of iron formation, which has added sufficient sulfide to the magma to induce sulfide liquid saturation. The conduit has carried the slurry of sulfide droplets and small xenoliths to their current location, requiring transport over considerable distances. This in turn suggests that the Eagle One deposit resides within a large magmatic system with lateral extents at least as great as the distance to the nearest iron formation, which may be represented by the very prominent magnetic lineament to the south of the deposit."
Expanded program
Two drills have been working through the freeze up period on the Eagle One occurrence. The last fixed wing flight serviced the camp on November 2, the first fixed wing flight returned to the camp on November 30 to start the winter servicing of the base camp. The camp was serviced by two helicopters during the freeze up period, the second helicopter was released.
The new drill camp construction was completed by mid November, and is within walking distance to the Eagle One MMS occurrence and main drill area. The crews for the two drill-rigs moved to the new campsite by the second week of November. This move minimized the downtime due to weather and the helicopter not being able to service the drill for shift changes, however additional unacceptable problems with drill equipment were encountered during this recent period, which greatly affected the amount of drilling completed. To alleviate this problem in the future, two new drills have been contracted from a new drill service provider (Forage Orbit Garant) from Val D'Or Quebec, that are scheduled to arrive in mid January 2008.
Preliminary ground geophysical surveys are starting to be compiled and are currently being reviewed, focused on the Eagle One occurrence and its immediate surrounds. Linecutting and ground geophysics continues to the south and west of the Eagle One occurrence. The airborne survey contract awarded to Aeroquest International Limited using their helicopter mounted AeroTEM-2 system is well underway. Phase I was completed on November 26, for a total of 6,254 kilometers of flying. Participants in the collective airborne survey have been notified of the completion of Phase I, and those participants will be invited to review their information as soon as can be arranged. Phase II of the airborne survey started on November 27 focusing towards the north of the Phase I area, this phase starts just north of the McFaulds VMS occurrences and continues northward around the "Ring of Fire". It is anticipated that this phase will be completed prior to Christmas shutdown, then Phase III will begin in early January 2008.
On Site Quality Assurance / Quality Control Measures
The aforementioned assay and sample information, as well as geological descriptions are taken from drill logs as prepared by two site geologists for the drill program, Dr. Howard Lahti, P.Geo., of Fredericton, New Brunswick and Mike Kilbourne, geologist from Newmarket, Ontario. Billiken Management Services Inc. is providing all services on site for the Noront Double Eagle Project, from their base camp at McFaulds Lake. Billiken is a holder of Certificate of Authorization issued by the Association of Professional Geoscientists of Ontario.
All assay work and sampling procedures have been included in earlier news releases. Chain of Custody includes delivery to ALS Chemex Laboratory in Vancouver BC, where all samples undergo analysis using ALS Chemex assay procedure AA46 for nickel, copper and silver, and ICP24 for Au, Pt, and Pd. When samples received over-limit values they underwent further analysis using ALS Chemex assay procedure ICP27 (for gold, platinum and palladium), as well as GRA21 for gold. The reader is referred to: www.alschemex.com for details of these analytical procedures.
Independent Quality Assurance and Quality Control Protocol
Gold, platinum and palladium are assayed using fire assay on a 50 gram nominal sample weight with an ICP-AES finish. Nickel and copper are assayed using aqua regia (3-acid) digestion with either ICP-AES or AAS finish. A comprehensive QA/QC program has been implemented to monitor all assays on the Double Eagle Project. Samples are assembled in numbered batches of 77 samples, which equates to the number of client samples per furnace batch at ALS Chemex. Included in each batch of 77 samples are 4 certified reference material samples, 3 blank samples comprised of sterile drill core, and 4 field duplicate samples. This QC program was set up for Noront by Tracy Armstrong P.Geo, of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario. Ms. Armstrong is a qualified geologist in the Provinces of Ontario and Quebec. Assay results are being monitored on an on-going, real time basis for accuracy, contamination and precision by P&E. The current sample set will be reviewed by Ms. Armstrong once some additional batches are completed, and will be reported upon in a timely manner.
This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements".
This press release has been prepared by management of Noront Resources Ltd., and has been approved for dissemination by Neil Novak P.Geo., a director and recently appointed Vice President Exploration of Noront, being a Qualified Person under Canadian Securities guidelines.
Noront is a tier 2 junior resource company on the TSX Venture Exchange, trading symbol NOT, with 118,354,582 shares issued to date.
Investors are invited to visit the Noront Resources IR Hub at www.agoracom.com/IR/Noront where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to NOT@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
ON BEHALF OF THE BOARD OF DIRECTORS
R. Nemis, President and Chief Executive Officer
SOURCE: Noront Resources Ltd.
Noront Resources Ltd. Richard Nemis (416) 864-1456 (416) 367-5444 (FAX) Email: info@norontresources.com Website: www.norontresources.com
tja - wer ist hier nun der wahre Gewinner?
Dec 13, 2007 09:00 ET
Journey Enters Into Letter of Intent With Grenville Gold to Acquire Interest and Form Joint Venture on Silveria Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2007) - Journey Resources Corp. ("Journey") (TSX VENTURE:JNY)(FRANKFURT:JL4)(OTCBB:JNYRF) and Grenville Gold Corporation (TSX VENTURE:GVG)(PINK SHEETS:GVLGF)(FRANKFURT:F9I)(FRANKFURT WKN:A0KELU) ("Grenville") are pleased to announce that, subject to regulatory approval, they have entered into a letter of intent, whereby Journey may acquire from Grenville, through its 90% owned subsidiary, up to a 75% interest in and to certain mining claims comprising the Silveria property, located in the Huarochiri Province of Peru (the "Silveria Property"), by funding up to a total of $12 million in exploration and development expenditures towards advancing the project into production.
Grenville has recently received reports from its Peruvian subsidiary that the mineral titles in the Silveria region now total 3959 hectares. This includes 2487.23 hectares in mineral titles that have been granted by the Peruvian government, 141 hectares of mineral titles won by auction and 1330.76 hectares of mineral titles purchased. The Silveria claims encompass the past producing Pacococha, Millotingo, Silveria and Germania mines located in the San Mateo Mining District, Province of Huarochiri, Department of Lima, Peru.
Grenville has advanced the Silveria Property as rapidly as possible towards production since acquiring the claims in January 2007. To date, Grenville has completed a NI 43-101 Technical Report on the project, purchased 3393 hectares of land, digitized previous mine plans, completed a topographical map, completed a 3D model of the Pacococha Mine, obtained a blasting permit, continued rehabilitation of several mine portals, and started stockpiling mineralized rock for transportation to one of the local mills in the area for processing.
The Silveria Property NI 43-101 Technical Report is available for viewing at: http://www.grenvillegoldcorp.com/Properties/Silveria/tabid/63/Default.aspx.
As previously reported in a news release dated June 4, 2007, the Silveria Property was in production up until 1991, but has not received serious attention until now. Published documentation on historical production, reserves, reserve ore grades and estimated mine life at December 1990 on the Millotingo and Pacococha Mine are available through "The Peru Report's Guide to Mines and Miners in Peru - Las Minas Del Peru", 1992, page 197-199, 223- 225", researched and edited by Jonathon Cavanagh, (Published by Peru Reporting Servicios Editoriales S.R.L.) Based upon this published information, mine plans, production records and reserve calculations obtained from operators of the two mines, the minimum historic production from two of the four mines indicates 39 million ounces of silver, 88 million lbs of copper, and 96.8 million lbs of zinc were produced. (This data is historical production, which has not been sufficiently verified by a qualified person to be classified as current production calculations. Neither Grenville nor Journey are treating this historical production as current production and therefore, this historical production should not be relied upon).
The terms of the letter of intent between Grenville, its Peruvian subsidiary and Journey include certain payment and expenditure requirements by Journey. The payment requirement consists of a non-refundable deposit in the amount of CDN$200,000 upon signing of the letter of intent. Journey must also fund an amount of CDN$2,800,000 in development and exploration expenditures on the Silveria Property on or before March 15, 2008, at which time Journey will have been deemed to have earned a 25% interest in and to the Property, and a joint venture between Journey and Grenville will have been formed.
If Journey funds a further CDN$3,000,000 in development and exploration expenditures on the Silveria Property, on or before November 30, 2008, Journey will have earned a 50% interest in and to the Property under the joint venture. At this time, Journey will maintain an option to earn an additional 25% interest in and to the Property for a total 75% interest, by funding a further CDN$6,000,000 in development and exploration expenditures on the Property on or before January 31, 2011.
Mr. Paul Gill, President of Grenville, commented: "We are very pleased to have entered into agreements with Journey and look forward to jointly developing the Property with the continued intention of placing the Property into production as soon as possible".
Mr. Jack Bal, President of Journey, commented: "We are very excited about entering into agreements with Grenville Gold on the Silveria Property and look forward to working together with the objective of advancing the Property into production".
Journey Resources Corp. is a mineral-exploration resource company trading on the TSX Venture Exchange (Symbol:JNY) and the Frankfurt Stock Exchange (Symbol:JL4). The Company is currently exploring three advanced exploration-stage projects; the Vianey Mine Silver Project, the Musgrove Gold Project and the Empire Mine Project. The Vianey Mine Project consists of concessions totaling 5,022 hectares in Guerrero State west of Mexico City, Mexico. The Musgrove Project is a prospect for a disseminated gold bulk-tonnage surface project similar to the Beartrack Mine, a nearby former gold producer. The Empire Mine Project is a poly-metallic skarn deposit containing copper, zinc, gold and silver ores. In addition, the Company recently entered into agreements whereby its has agreed to purchase a 100% right, title and interest in and to certain mining claims comprising the Silver Mountain Property in Lima, Peru. The Silver Mountain Property is an advanced stage exploration property covering approximately 1,684 hectares, located approximately 75 kilometers east of Lima City and 50 kilometers south of Peru Copper's Toromocho property and Pan American Silver's Morococha Mine.
Grenville Gold Corporation is a junior resource company seeking prospective properties in Peru and Ecuador. The Company has three operating subsidiaries: a 90%-owned subsidiary in Peru which owns the Silveria Property, Espanola Property and the Chorobal Property; Minera MineGreville S.A. in Ecuador which has an option to acquire the La Tigrera Project; and Parkman Diamond Corp. in Ontario, Canada which owns the Parkman Diamond Prospect. Grenville Gold plans to leverage the experience of its board and management in exploration and mining to develop its growth strategy in North and South America.
ON BEHALF OF JOURNEY RESOURCES CORP. AND GRENVILLE GOLD CORPORATION
JATINDER (JACK) BAL A. PAUL GILLPresident & CEO President & CEOJOURNEY RESOURCES CORP. GRENVILLE GOLD CORPORATION
Dec 13, 2007 09:00 ET
Journey Enters Into Letter of Intent With Grenville Gold to Acquire Interest and Form Joint Venture on Silveria Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2007) - Journey Resources Corp. ("Journey") (TSX VENTURE:JNY)(FRANKFURT:JL4)(OTCBB:JNYRF) and Grenville Gold Corporation (TSX VENTURE:GVG)(PINK SHEETS:GVLGF)(FRANKFURT:F9I)(FRANKFURT WKN:A0KELU) ("Grenville") are pleased to announce that, subject to regulatory approval, they have entered into a letter of intent, whereby Journey may acquire from Grenville, through its 90% owned subsidiary, up to a 75% interest in and to certain mining claims comprising the Silveria property, located in the Huarochiri Province of Peru (the "Silveria Property"), by funding up to a total of $12 million in exploration and development expenditures towards advancing the project into production.
Grenville has recently received reports from its Peruvian subsidiary that the mineral titles in the Silveria region now total 3959 hectares. This includes 2487.23 hectares in mineral titles that have been granted by the Peruvian government, 141 hectares of mineral titles won by auction and 1330.76 hectares of mineral titles purchased. The Silveria claims encompass the past producing Pacococha, Millotingo, Silveria and Germania mines located in the San Mateo Mining District, Province of Huarochiri, Department of Lima, Peru.
Grenville has advanced the Silveria Property as rapidly as possible towards production since acquiring the claims in January 2007. To date, Grenville has completed a NI 43-101 Technical Report on the project, purchased 3393 hectares of land, digitized previous mine plans, completed a topographical map, completed a 3D model of the Pacococha Mine, obtained a blasting permit, continued rehabilitation of several mine portals, and started stockpiling mineralized rock for transportation to one of the local mills in the area for processing.
The Silveria Property NI 43-101 Technical Report is available for viewing at: http://www.grenvillegoldcorp.com/Properties/Silveria/tabid/63/Default.aspx.
As previously reported in a news release dated June 4, 2007, the Silveria Property was in production up until 1991, but has not received serious attention until now. Published documentation on historical production, reserves, reserve ore grades and estimated mine life at December 1990 on the Millotingo and Pacococha Mine are available through "The Peru Report's Guide to Mines and Miners in Peru - Las Minas Del Peru", 1992, page 197-199, 223- 225", researched and edited by Jonathon Cavanagh, (Published by Peru Reporting Servicios Editoriales S.R.L.) Based upon this published information, mine plans, production records and reserve calculations obtained from operators of the two mines, the minimum historic production from two of the four mines indicates 39 million ounces of silver, 88 million lbs of copper, and 96.8 million lbs of zinc were produced. (This data is historical production, which has not been sufficiently verified by a qualified person to be classified as current production calculations. Neither Grenville nor Journey are treating this historical production as current production and therefore, this historical production should not be relied upon).
The terms of the letter of intent between Grenville, its Peruvian subsidiary and Journey include certain payment and expenditure requirements by Journey. The payment requirement consists of a non-refundable deposit in the amount of CDN$200,000 upon signing of the letter of intent. Journey must also fund an amount of CDN$2,800,000 in development and exploration expenditures on the Silveria Property on or before March 15, 2008, at which time Journey will have been deemed to have earned a 25% interest in and to the Property, and a joint venture between Journey and Grenville will have been formed.
If Journey funds a further CDN$3,000,000 in development and exploration expenditures on the Silveria Property, on or before November 30, 2008, Journey will have earned a 50% interest in and to the Property under the joint venture. At this time, Journey will maintain an option to earn an additional 25% interest in and to the Property for a total 75% interest, by funding a further CDN$6,000,000 in development and exploration expenditures on the Property on or before January 31, 2011.
Mr. Paul Gill, President of Grenville, commented: "We are very pleased to have entered into agreements with Journey and look forward to jointly developing the Property with the continued intention of placing the Property into production as soon as possible".
Mr. Jack Bal, President of Journey, commented: "We are very excited about entering into agreements with Grenville Gold on the Silveria Property and look forward to working together with the objective of advancing the Property into production".
Journey Resources Corp. is a mineral-exploration resource company trading on the TSX Venture Exchange (Symbol:JNY) and the Frankfurt Stock Exchange (Symbol:JL4). The Company is currently exploring three advanced exploration-stage projects; the Vianey Mine Silver Project, the Musgrove Gold Project and the Empire Mine Project. The Vianey Mine Project consists of concessions totaling 5,022 hectares in Guerrero State west of Mexico City, Mexico. The Musgrove Project is a prospect for a disseminated gold bulk-tonnage surface project similar to the Beartrack Mine, a nearby former gold producer. The Empire Mine Project is a poly-metallic skarn deposit containing copper, zinc, gold and silver ores. In addition, the Company recently entered into agreements whereby its has agreed to purchase a 100% right, title and interest in and to certain mining claims comprising the Silver Mountain Property in Lima, Peru. The Silver Mountain Property is an advanced stage exploration property covering approximately 1,684 hectares, located approximately 75 kilometers east of Lima City and 50 kilometers south of Peru Copper's Toromocho property and Pan American Silver's Morococha Mine.
Grenville Gold Corporation is a junior resource company seeking prospective properties in Peru and Ecuador. The Company has three operating subsidiaries: a 90%-owned subsidiary in Peru which owns the Silveria Property, Espanola Property and the Chorobal Property; Minera MineGreville S.A. in Ecuador which has an option to acquire the La Tigrera Project; and Parkman Diamond Corp. in Ontario, Canada which owns the Parkman Diamond Prospect. Grenville Gold plans to leverage the experience of its board and management in exploration and mining to develop its growth strategy in North and South America.
ON BEHALF OF JOURNEY RESOURCES CORP. AND GRENVILLE GOLD CORPORATION
JATINDER (JACK) BAL A. PAUL GILLPresident & CEO President & CEOJOURNEY RESOURCES CORP. GRENVILLE GOLD CORPORATION
Viel Geld in der Tasche von Grenville und PP´s werden wenn gebraucht weit nach hinten geschoben. Der Anlaufprozess der Minen wird beschleunigt!!
der Markt scheint beide als Verlierer zu sehen.........
dafür verlieren sie nach und nach Ihren einfluß...........
http://www.marketwire.com/mw/release.do?id=802887
Dec 13, 2007 13:50 ET
International PBX Ventures Ltd.: Positive Initial Metallurgical Test Results on Copaquire Molybdenum-Copper Project, Chile
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2007) - International PBX Ventures Ltd. (TSX VENTURE:PBX) -
The company is pleased to announce that it has received positive initial metallurgical test results on its 100% owned Copaquire Molybdenum - Copper Project, located in northern Chile. A preliminary test program is being conducted at Process Research Associates Ltd., of Richmond, BC, under the direction of Frank Wright, P.Eng., of F. Wright Consulting Inc. Flotation studies are being performed on several drill core composites from the Cerro Moly Zone. The results are as follows:
--------------------------------------- Head Grade Bulk Recovery--------------------------------------------------------------Drill Hole depth(m) %Mo %Cu %Mo %Cu--------------------------------------------------------------CQ-61 72-90 0.059 0.060 85-90% 65-80%--------------------------------------------------------------CQ-62 88-108 0.094 0.160 approx. 95% approx. 92%--------------------------------------------------------------CQ-65 186-206 0.009 0.180 approx. 65% approx. 92%--------------------------------------------------------------
"This is our first look at the level of recoveries for this project and management is very pleased with the results," said Gary Medford, President of International PBX. "These numbers will go a long way in contributing to the economics of the Copaquire moly-copper deposit."
Except for samples from drill CQ-65 all moly recoveries are above 85%. The sample from CQ-65 had a low recovery of approximately 65% due to the fact that the head grade sample had a very low value of 0.009% Mo which is well below the cutoff grade of 0.02% Mo.
Flotation cleaning studies for upgrading and separation of the molybdenum and copper concentrates will commence in early 2008. Additional metallurgical testing is also planned for the adjacent Sulfato Copper Zone. The work to date shows that the mineralized samples tested from Copaquire responded readily to conventional bulk sulfide flotation. These results will be used as part of the Preliminary Economic Assessment, which the company is planning to have undertaken in 2008.
On October 1, 2007, PBX announced a mineral resource estimate for the Copaquire Moly-Copper deposit using a 0.02% molybdenum (Mo) cut-off grade of 183.2 million tonnes of indicated resources at 0.046% Mo and 0.107% Cu and an additional 212.8 million tones of inferred resources at 0.041% Mo and 0.097% Cu.
Results from an additional 28 drill holes completed since the announced mineral resource will be included in an updated resource estimate and used for the Preliminary Economic Assessment.
The deposit remains open at depth, to the south west and north east. Other boundaries are not clearly identified at this time.
To date more than 22,400 meters (73,490 feet) of diamond drilling in 71 holes has been completed.
Results are pending for 21 drill holes which are either being prepared for analysis or are currently in the process of being assayed.
Sulfato Copper Zone Update
A 5,500 meter drill program has started on the adjacent Sulfato Copper Zone.
The Sulfato zone is part of the same system as the Cerro Moly but farther north and about 200 metres higher topographically. This is the more copper rich level of the system which has been converted from primary copper to secondary (leachable) copper by groundwater action. Drilling suggests that the Sulfato and Cerro Moly zones are in fact parts of the same much larger system similar in size to the Rosario system at the neighbouring Collahuasi Mine with published resources of 3.1 billion tones grading 0.8% Cu and 0.015% Mo.
With the results of the new program along with those from a previous 5,900 meter drill program completed in 2005-06 the company plans to bring the Sulfato Copper Zone to mineral resource category.
Tierra de Oro Gold, Copper, Cobalt Property Update
Drilling is well underway on the Tierra de Oro (TDO) gold property with 10 holes of a 65 drill hole program (5,000 meters) completed thus far. The Tierra de Oro property is located 48 km south of the Candelaria Mine (400 million tonnes 1 per cent copper, 0.25 grams per tonne gold) discovered by drill-testing induced polarization (IP) anomalies. The Chanchero zone, one of twenty of the large targets on the TDO property, presents a similar opportunity as it hosts an intense IP anomaly which is currently being upgraded with leading edge 3-D IP to test at greater depths and higher definition.
Tabaco Copper Property Update
A 43-101 mineral resource estimate completed in 2007, based on 6,637 metres of drilling in 2006 demonstrated to the Company that a readily leachable copper oxide deposit exists within and beyond the area of the historic Carmen zone which is underlain by high grade copper sulphides which may be accessible by open pit mining. A recently completed 3D IP survey will provide management with information as to the extension of the deposit both laterally and at further depth. The survey results will be used for the selection of further drill targets in 2008.
The Prelimiary Economic Assessment of the Tabaco deposit continues and mining engineer Mr. Jorge Alvarez is expected to return to Canada over the Christmas holidays and deliver to management a progress report.
Sierra Pintada Gold, Copper Property Update
Management is very pleased with the high quality results received from the recently completed 3D IP survey. The survey was a quick and cost efficient way of bringing the property to a drill ready stage. The survey produced several large quality targets and management is currently evaluating and prioritizing these targets for a 2008 drill program.
The Board and Management of International PBX Ventures Ltd. would like to wish everyone a very merry Christmas and we are looking forward to a successful and prosperous new year for all.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.
George Sookochoff, Director
Dec 13, 2007 13:50 ET
International PBX Ventures Ltd.: Positive Initial Metallurgical Test Results on Copaquire Molybdenum-Copper Project, Chile
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2007) - International PBX Ventures Ltd. (TSX VENTURE:PBX) -
The company is pleased to announce that it has received positive initial metallurgical test results on its 100% owned Copaquire Molybdenum - Copper Project, located in northern Chile. A preliminary test program is being conducted at Process Research Associates Ltd., of Richmond, BC, under the direction of Frank Wright, P.Eng., of F. Wright Consulting Inc. Flotation studies are being performed on several drill core composites from the Cerro Moly Zone. The results are as follows:
--------------------------------------- Head Grade Bulk Recovery--------------------------------------------------------------Drill Hole depth(m) %Mo %Cu %Mo %Cu--------------------------------------------------------------CQ-61 72-90 0.059 0.060 85-90% 65-80%--------------------------------------------------------------CQ-62 88-108 0.094 0.160 approx. 95% approx. 92%--------------------------------------------------------------CQ-65 186-206 0.009 0.180 approx. 65% approx. 92%--------------------------------------------------------------
"This is our first look at the level of recoveries for this project and management is very pleased with the results," said Gary Medford, President of International PBX. "These numbers will go a long way in contributing to the economics of the Copaquire moly-copper deposit."
Except for samples from drill CQ-65 all moly recoveries are above 85%. The sample from CQ-65 had a low recovery of approximately 65% due to the fact that the head grade sample had a very low value of 0.009% Mo which is well below the cutoff grade of 0.02% Mo.
Flotation cleaning studies for upgrading and separation of the molybdenum and copper concentrates will commence in early 2008. Additional metallurgical testing is also planned for the adjacent Sulfato Copper Zone. The work to date shows that the mineralized samples tested from Copaquire responded readily to conventional bulk sulfide flotation. These results will be used as part of the Preliminary Economic Assessment, which the company is planning to have undertaken in 2008.
On October 1, 2007, PBX announced a mineral resource estimate for the Copaquire Moly-Copper deposit using a 0.02% molybdenum (Mo) cut-off grade of 183.2 million tonnes of indicated resources at 0.046% Mo and 0.107% Cu and an additional 212.8 million tones of inferred resources at 0.041% Mo and 0.097% Cu.
Results from an additional 28 drill holes completed since the announced mineral resource will be included in an updated resource estimate and used for the Preliminary Economic Assessment.
The deposit remains open at depth, to the south west and north east. Other boundaries are not clearly identified at this time.
To date more than 22,400 meters (73,490 feet) of diamond drilling in 71 holes has been completed.
Results are pending for 21 drill holes which are either being prepared for analysis or are currently in the process of being assayed.
Sulfato Copper Zone Update
A 5,500 meter drill program has started on the adjacent Sulfato Copper Zone.
The Sulfato zone is part of the same system as the Cerro Moly but farther north and about 200 metres higher topographically. This is the more copper rich level of the system which has been converted from primary copper to secondary (leachable) copper by groundwater action. Drilling suggests that the Sulfato and Cerro Moly zones are in fact parts of the same much larger system similar in size to the Rosario system at the neighbouring Collahuasi Mine with published resources of 3.1 billion tones grading 0.8% Cu and 0.015% Mo.
With the results of the new program along with those from a previous 5,900 meter drill program completed in 2005-06 the company plans to bring the Sulfato Copper Zone to mineral resource category.
Tierra de Oro Gold, Copper, Cobalt Property Update
Drilling is well underway on the Tierra de Oro (TDO) gold property with 10 holes of a 65 drill hole program (5,000 meters) completed thus far. The Tierra de Oro property is located 48 km south of the Candelaria Mine (400 million tonnes 1 per cent copper, 0.25 grams per tonne gold) discovered by drill-testing induced polarization (IP) anomalies. The Chanchero zone, one of twenty of the large targets on the TDO property, presents a similar opportunity as it hosts an intense IP anomaly which is currently being upgraded with leading edge 3-D IP to test at greater depths and higher definition.
Tabaco Copper Property Update
A 43-101 mineral resource estimate completed in 2007, based on 6,637 metres of drilling in 2006 demonstrated to the Company that a readily leachable copper oxide deposit exists within and beyond the area of the historic Carmen zone which is underlain by high grade copper sulphides which may be accessible by open pit mining. A recently completed 3D IP survey will provide management with information as to the extension of the deposit both laterally and at further depth. The survey results will be used for the selection of further drill targets in 2008.
The Prelimiary Economic Assessment of the Tabaco deposit continues and mining engineer Mr. Jorge Alvarez is expected to return to Canada over the Christmas holidays and deliver to management a progress report.
Sierra Pintada Gold, Copper Property Update
Management is very pleased with the high quality results received from the recently completed 3D IP survey. The survey was a quick and cost efficient way of bringing the property to a drill ready stage. The survey produced several large quality targets and management is currently evaluating and prioritizing these targets for a 2008 drill program.
The Board and Management of International PBX Ventures Ltd. would like to wish everyone a very merry Christmas and we are looking forward to a successful and prosperous new year for all.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.
George Sookochoff, Director
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