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Aura Silver Resources
-- July 29, 2008 -- Aura Silver Completes Airborne Survey On Greyhound Claims, Mounts Field Program |
Aurizon Mines Ltd.
-- August 8, 2008 -- Aurizon Reports Highlights Of Second Quarter 2008 Results |
Commerce Resources Corp.
-- August 11, 2008 -- Exploration Update for Blue River Tantalum & Niobium Project in British Columbia |
Eaglecrest Explorations Ltd.
-- August 18, 2008 -- Eaglecrest Completes Two Gold Concentrate Shipments From San Simon Project |
Eastmain Resources Inc.
-- July 31, 2008 -- Eau Claire Gold Deposit Drilling Underway;
Visible Gold in first 3 drill holes |
El Niño Ventures Inc.
-- July 21, 2008 -- El Nino Ventures makes new acquisition in the DRC |
Fortune Minerals Ltd.
-- August 7, 2008 -- Fortune Minerals Announces Updated Feasibility
Study For Mount Klappan Anthracite Coal Project |
International PBX Ventures Ltd.
-- August 07, 2008 -- PBX Makes Final Option Payment on Its Copaquire Copper Moly Property, Chile |
Ireland Inc.
-- August 08, 2008 -- Ireland Inc. Receives BLM Approval for Expanded Drill Program |
Itronics Inc.
-- August 21, 2008 -- "InsideMetals.com" Adds Four Junior Gold Stocks |
Minera Andes Inc.
-- August 15, 2008 -- Minera Andes Reports Net Income For Second Quarter Of $0.05 Per Share |
Playfair Mining Ltd.
-- July 17, 2008 -- Exploration Update: Grey River Tungsten Deposit |
Rocher Deboule Minerals Corp.
-- August 21, 2008 -- Saskatchewan Coal Lease Applications: Renegotiated Macklin Coal Field Aplications Retained |
Romios Gold Resources Inc.
-- August 14, 2008 -- Romios Announces Joint Venture With Roca Mines Inc on Galore Creek Property |
Rye Patch Gold Corp.
-- August 19, 2008 -- Rye Patch Gold Reports Lincoln Hill - Gold Ridge Drilling Complete |
San Gold Corp.
-- August 06, 2008 -- Multiple High Grade Gold Zones Drilled at Rice Lake 30 Level |
Teryl Resources Corp.
-- September 3, 2008 -- Teryl Resources Announces Drilling Has Commenced on the Gil Joint Venture Claims, Fairbanks Alaska |
Uranium Bay Resources Inc.
-- August 20, 2008 -- UBR Initial Drilling and Spectral Gamma Logging Results of Uskawanis Uranium Project Confirm That the Uranium Mineralization is Widespread and Could Contain Large Tonnage of Radiometric Material |
Ur-Energy Inc.
-- September 10, 2008 -- Lost Creek Production Expectation Changed to 2010
-- August 18, 2008 -- Ur-Energy Maintains Lost Creek Production
Schedule While Exploring for New Discoveries |
Vista Gold Corp.
-- August 08, 2008 -- Vista Gold Corp. Announces Second Quarter Financial Results |
Aura Silver Completes Airborne Survey
On Greyhound Claims, Mounts Field Program
OTTAWA, ON, July 29, 2008 - Aura Silver Resources Inc. (TSX-V: AUU) (the "Company" or "Aura Silver") is pleased to announce Fugro Airborne Surveys is currently flying a GEOTEM(r) survey over the recently staked Greyhound Claim Group located in Nunavut, just north of the Hamlet of Baker Lake. Newly recorded claims, staked in the spring of 2008 more than double Aura's Greyhound land package (now totaling 23,000 hectares). The claims cover a relatively unexplored Archean greenstone belt and are wholly-owned by Aura Silver. Agnico Eagle's road to the Meadowbank gold property transects the area of highest geological interest on the Company's' land holdings.
The claims lie within the Archean supracrustal rocks of the Woodburn Lake group ("WLGB"), which forms part of the Sissons-Tehek Greenstone Belt. The WLGB is known for having a high potential for economic gold deposits. However, due to the perceived remoteness of the area past exploration for base-metals has been minor, particularly if compared to other greenstone belts such as the Abitibi Region. Nevertheless, several base-metal showings have been located in the WLGB which until now, have largely been ignored.
The volcanic sequence is comprised of a basal subvolcanic intrusion, overlain by mafic flows, felsic domes and capped by exhalite. Most of the geophysical airborne anomalies are believed to be associated with a major band of sulfide, oxide and carbonate iron formation (exhalite) at the top of a volcanic sequence from the Thelon River to Whitehills Lake, a distance of over 25 kilometres. This extensive multi-facies exhalite contains base-metal and silver enriched subcrop with values up to 8.2% lead, 2.4% zinc, 4.4% copper, 99g/t silver and 4.1 g/t gold reported from both historic and Aura's recent sampling. . The Greyhound district has many geological characteristics that are similar to those in productive camps. The volcanic rocks show extensive areas of Mn-enrichment in discrete zones of carbonate alteration and K20-enrichment in the footwall sequence, as well as extensive sodium depletion of the felsic and mafic strata, all signs of a robust VMS-producing system. Aura Silver's field work will test our exploration rational that the claims contain a highly prospective but under explored belt of volcanic rocks and that the former "remoteness" of this portion of the Arctic region has guarded a treasure house of metal deposits. An on-the-ground field program will start in early August.
Robert Boaz, President and CEO of Aura Silver stated, We are very pleased that we have been able to secure an experienced field team given these tight markets, in order to carry out a prospecting and mapping program, The Greyhound project is a perfect complement to our Taviche project in Mexico which will be undergoing an extensive drilling program in August". It is envisaged that detailed prospecting of the airborne anomalies will aid in pinpointing potential drill targets for a concerted drill program in the 2009 field season.
Aura Silver is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in North America with a focus on silver. The Company has 35,267,727 common shares outstanding.
For further information on Aura Silver Resources Inc. contact Robert Boaz, President and CEO at (905) 403-8010 or by email at boaz@aurasilver.com. Visit the website at www.aurasilver.com.
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Aurizon Mines Ltd.
Aurizon Reports Highlights
Of Second Quarter 2008 Results
VANCOUVER, BC, August 8, 2008 - Aurizon reports financial results for the second quarter of 2008, which have been prepared on the basis of available information up to August 5, 2008. Management's Discussion and Analysis should be read in conjunction with the most recent annual financial statements of the Company.
The second quarter was highlighted by the following activities:
- Cash flow from operating activities increased to $19 million compared to $4.7 million in the second quarter of 2007.
- Net earnings of $5.6 million, or $0.04 per share, and adjusted net earnings of $1.1 million, or $0.01 per share.
- Gold production of 36,871 ounces compared to 42,144 ounces in the second quarter 2007.
- Mining costs of $105 per tonne, similar to the costs in the second quarter of 2007 of $106 per tonne, and lower than the costs in the first quarter of 2008 of $110 per tonne.
- Achieved operating performance benchmarks required by the project debt lenders.
- Pre-feasibility study commissioned at Joanna.
At June 30, 2008, Aurizon had cash balances of $55.6 million, of which $35.9 million is in restricted accounts that may be used to fund the Casa Berardi project and service the project debt facility. Due to the achievement of the performance benchmarks, the restricted cash balances, net of six months principal and interest payments, will be released to the Company following the next principal repayment date on September 30, 2008. Long-term debt at June 30, 2008 was $21.9 million, down 51% from $44.9 million at December 31, 2007.
"Aurizon has generated another quarter of strong financial results, despite lower than anticipated ore grades at Casa Berardi", said David Hall, President and CEO. "We anticipate that operating performance will improve in the second half, and expect to achieve our targeted gold production for 2008, albeit at slightly higher costs, reflective of the cost pressures and challenges currently prevailing in the mining industry".
Financial Results Second Quarter 2008
Net earnings of $5.6 million, or $0.04 per share, were achieved in the second quarter of 2008 compared to net earnings of $7.0 million, or $0.05 per share, in the same period of 2007. Operating results were impacted by a $3.2 million recovery of corporate takeover defense costs and non-cash derivative gains of $1.3 million, on an after tax basis. After adjusting for these items, net earnings for the quarter were $1.1 million, or $0.01 per share, compared to adjusted net earnings in the same quarter of 2007 of $0.3 million or $0.00 per share.
During the second quarter of 2007, Casa Berardi commenced commercial production on May 1st and, accordingly, the comparative results on the statement of earnings reflect two months of operating results from Casa Berardi.
Revenue from Casa Berardi operations totalled $36.3 million in the second quarter of 2008 from the sale of 41,217 ounces of gold, compared to revenues of $18.6 million from gold sales of 26,000 ounces in the same quarter of 2007. The average realized gold price was US$869 per ounce and the average Cdn/US exchange rate was 1.01. Included in the average realized gold price are 18,717 ounces of gold sold at an average price of US$839 per ounce from the exercise of call options. In the second quarter of 2007, the average realized gold price was US$666 per ounce and the average Cdn/US exchange rate was 1.08. Actual gold production in the quarter was 36,871 ounces, lower than the 42,144 ounces produced in the same period of 2007 due to mine sequencing of lower grade stopes.
Operating costs in the second quarter of 2008 totalled $18.1 million, while depletion, depreciation and accretion ("DD&A") totalled $8.7 million. On a unit cost basis, total cash costs per ounce of gold sold were US$436 and DD&A amortization was US$210, for a total production cost of US$646 per ounce.
At the end of the second quarter of 2008, slightly lower gold prices, a stronger Canadian dollar and the expiry of gold options have resulted in a non-cash gain of $1.7 million due to a decrease in the net unrealized derivative liabilities from $24.7 million at the end of March 2008 to $23.0 million at June 30, 2008. In the same quarter of 2007, the non-cash derivative gain was $8.7 million. The non-hedged derivative instruments comprise gold and foreign currency price protection contracts required for the $75 million loan facility used to finance the construction and start-up of the Casa Berardi Mine. There are no margin requirements with respect to these derivative positions.
Lower stock based compensation costs in the second quarter of 2008 have mitigated increases in other administrative and general costs resulting in total costs of $3.3 million, matching the same period of 2007. Stock based compensation charges totaled $1.5 million compared to $2.0 million in the same period of 2007.
Exploration expenditures of $2.9 million incurred at Joanna and Kipawa were charged to operations during the second quarter of 2008, compared to $1.1 million in the same period of 2007.
Other income totaling $4.6 million in the second quarter of 2008 includes a $4.0 million recovery of takeover defense costs incurred in 2006.
Income and resource taxes for the quarter were $3.3 million compared to $2.5 million in the same period of 2007. Current and future Quebec mining taxes of $1.7 million were charged to operations in the second quarter of 2008, together with a future federal income tax charge of $1.6 million. Provincial income taxes have not been applied as Aurizon has unrecognized provincial future income tax assets.
Cash flow from operating activities totalled $19.0 million in the second quarter, compared to $4.7 million in the same period of 2007. The increase in cash flow was primarily due to a full quarter of commercial production from Casa Berardi, higher realized gold prices and the recovery of corporate takeover defense costs.
Capital expenditures totalled $6.5 million in the second quarter, of which $6.2 million was on sustaining capital at Casa Berardi. As Casa Berardi was not in commercial production until May 1, 2007, one month's operating costs and three month's capital expenditures, totalling $9.1 million, and one month's gold sales totalling $8.0 million were capitalized in the same period of 2007.
In accordance with the terms of the project debt facility, restricted cash accounts are maintained to fund Casa Berardi's operations. These restricted cash balances increased by $15.2 million in the second quarter of 2008 due to cash flow from Casa Berardi operations, net of sustaining capital and interest charges.
Aggregate investing activities resulted in cash outflows of $21.6 million, compared to $5.5 million in the same period of 2007.
Financing activities during the second quarter of 2008 provided net cash inflows of $1.1 million, with the exercise of incentive stock options providing $1.4 million, reduced by a $0.3 million change in long term debt. In the same period of 2007, financing activities resulted in a net cash inflow of $0.1 million.
Net earnings for the six months ended June 30, 2008, were $1.9 million or $0.01 per share, compared to net earnings of $7.6 million or $0.05 cents per share in the same period of 2007. Operating results were impacted by non-cash derivative losses of $6.6 million, a $3.2 million recovery of corporate takeover costs and foreign exchange gains of $0.9 million, on an after tax basis. After adjusting for these items, net earnings for the first half were $4.4 million, or $0.03 per share, compared to adjusted net earnings in the same period of 2007 of $1.4 million or $0.01 per share.
Cash flow from operating activities in the first half of 2008 totalled $34.5 million, compared to cash flow of $2.3 million for the same period of 2007. The comparative results reflect two months of cash flow from Casa Berardi, following commercial production on May 1, 2007.
Investing activities in the first half of 2008 totalled $15.1 million, of which $10.4 million was incurred on capital expenditures, $4.1 million was allocated to restricted cash balances, and $0.5 million was paid as a reassessment of refundable tax credits. In same period of 2007, investing activities totalled $0.4 million as a result of cash inflows provided by the capitalization of four months of pre-commercial net minesite cash flows and the receipt of Quebec mining tax credits; decreased by cash outflows related to capital expenditures and the funding of restricted cash balances.
Financing activities during the first half of 2008 resulted in a net cash outflow of $24.5 million due to a principal debt repayment of $26.7 million on March 31, 2008 reduced by the exercise of incentive stock options totalling $2.3 million. In the same period of 2007, financing activities resulted in a net cash outflow of $1.1 million due to the capitalization of four months of interest costs associated with the project loan facility, reduced by the exercise of incentive stock options and an increase in the debt facility.
Cash Resources and Liquidity
As at June 30, 2008, cash and cash equivalents stood at $19.7 million, compared to $24.8 million at the beginning of the year. In addition, restricted cash balances in respect of the Casa Berardi debt facility totalled $35.9 million, compared to $31.8 million as at December 31, 2007.
Aurizon had working capital of $25.9 million as at June 30, 2008, compared to $31.9 million at the end of 2007. Included in current liabilities are two principal debt payments due in September 2008 and March 2009 totalling $21.4 million, compared to principal payments of $25.7 million included in current liabilities at the end of 2007.
In February 2008, an amendment to the debt facility allowed the modification of certain operating performance benchmarks at Casa Berardi, which extended the date of achieving these parameters from January 31, 2008 to September 30, 2008, and provided that an additional principal payment totalling $15.0 million be made on March 31, 2008. This additional principal repayment, together with the scheduled repayment, resulted in a total repayment of $26.7 million on March 31, 2008. As the additional prepayment was applied in reverse order of maturity, the final principal repayment date changes from September 30, 2010 to March 31, 2010.
The debt facility operating performance benchmarks were achieved during the second quarter of 2008, which will trigger the release of funds from the restricted cash accounts following the next principal repayment date on September 30, 2008. The Company will be required to maintain a restricted cash balance equivalent to the principal and interest payments due in the following six months.
Long term debt at June 30, 2008 totalled $21.9 million of which $20.6 million is project debt, $1.2 million is refundable government assistance and $0.1 million are equipment capital leases.
Casa Berardi produced 36,871 ounces of gold in the second quarter of 2008 and 41,217 ounces were sold at an average price US$869 per ounce. Since commissioning the mill in November 2006, Casa Berardi has produced 256,145 ounces of gold.
Ore throughput in the mill during the second quarter of 2008 increased to 160,054 tonnes from 134,569 tonnes in the same period of 2007 as a stable daily production rate of 1,800 tonnes per day was achieved. An average ore grade of 7.7 grams/tonne was achieved in the second quarter of 2008, lower than the 8.6 grams/tonne grade planned for 2008 due to the mine sequencing of lower grade stopes. Mill recoveries averaged 92.7%, in the second quarter of 2008. This compares to ore grades of 10.3 grams/tonne and mill recoveries of 93.8% in the second quarter of 2007.
Total cash costs, on the basis of gold sold, were US$436 per ounce in the second quarter of 2008, 10% higher than plan and higher than the US$298 per ounce costs in the second quarter of 2007 due primarily to lower ore grades. Unit mining costs in the second quarter of 2008 were $105 per tonne, similar to the $106 per tonne costs in the second quarter of 2007 and lower than the first quarter 2008 costs of $110 per tonne.
Operating profit margin per ounce increased 18% to US$433 per ounce from US$368 per ounce in the second quarter 2007 due to higher realized gold prices.
Based upon first half results and the mine plan for the balance of the year, Casa Berardi remains on target to produce approximately 160,000 - 165,000 ounces of gold at a total cash cost of approximately US$420 per ounce (approximately 5% higher than previous guidance), using a Cdn$/US$ exchange rate at parity. Cost containment continues to be a challenge as significant cost pressures impact the mining industry.
Sustaining capital costs at Casa Berardi are estimated to total $15.4 million in 2008, primarily for the development of the upper and lower portions of the 113 Zone and of the Lower Inter Zone. An additional $2.6 million is planned on infrastructure and equipment improvements and $0.4 million for tailings pond improvements. Underground development in 2008 should total 8,100 metres, including 4,000 metres of ramping; 3,100 metres of drifting; and 1,000 metres of raising.
Aurizon intends to invest over $20 million, from working capital, in exploration and development activities at its properties in 2008, of which approximately $10 million will be expensed. In total, over 115,000 metres of drilling is expected to be completed.
At Joanna, two rigs are currently active on the property, conducting infill drilling within the East block's existing mineral resource contour and along its lateral extension. Further results from the current infill drilling program are expected to be released during the third quarter, and will be integrated into an updated mineral resource estimate, which is expected to be completed before year end. Five holes have been completed recently along the dip extension of the East block to test high grade enrichment below the 500 metre level.
A pre-feasibility study will be initiated upon receipt of an updated mineral resource estimate at Joanna in the fourth quarter, 2008. Aurizon expects to complete the pre-feasibility study in the second quarter of 2009.
The Company's financial position at June 30, 2008, and the operating cash flows that are expected from Casa Berardi over the next twelve months should allow Aurizon to meet its financial obligations as they become due and also fund its planned exploration and capital programs.
Aurizon is a gold producer with a growth strategy focused on developing its existing projects in the Abitibi region of north-western Quebec, one of the world's most favourable mining jurisdictions and prolific gold and base metal regions, and by increasing its asset base through accretive transactions. Aurizon shares trade on the Toronto Stock Exchange under the symbol "ARZ" and on the American Stock Exchange under the symbol "AZK".
For more information on Aurizon Mines Ltd. and its properties contact David Hall, President and CEO at 604-687-6600 or Toll Free: 1-888-411-GOLD, Fax: 604-687-3932. E-mail: info@aurizon.com or visit the website at www.aurizon.com.
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Exploration Update for Blue River
Tantalum & Niobium Project in British Columbia
VANCOUVER, BC, August 11, 2008 - Commerce Resources Corp. (TSX.V: CCE) (FSE: D7H) ("the Company") is pleased to provide the following progress report from the Company's Blue River tantalum and niobium project in east-central British Columbia.
The initial target of the 2008 program is the Upper Fir deposit where 36 holes totaling 8,053 metres have been drilled to date this year. Beaupre Diamond Drilling Inc. of Princeton, British Columbia is currently operating two diamond drills achieving +95% recoveries, with the possibility of a third machine being added later this month.
In response to higher than anticipated progress in drilling, onsite crews have been augmented to avoid delays in sawing, and preparing the core for shipment. To further reduce lead times, on a regular basis samples are driven directly to Acme Analytical Laboratories Ltd. in Vancouver, BC, for sample preparation and analysis. All technical work is being conducted under the supervision of geologist John Gorham, P.Geol. of Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101.
The Company has in hand the necessary permit to collect a bulk sample of up to 10,000 tonnes of mineralized material. Based on its ongoing metallurgical test work, the Company has located up to eight potential sites for the extraction of representative samples. A contract has been signed with Process Research Associates Ltd. ("PRA") of Richmond, BC, to process these samples. This work will extend the characterization program previously completed as well as provide information which will support the development of a preliminary flow sheet for a pilot plant program to be conducted at PRA's facility in Osoyoos, BC.
The Company's regional exploration program has led to the discovery of a several new carbonatites, as well as the extension of two carbonatites previously discovered within the existing property boundaries. Thirteen new claims have been staked along the south-east margin of the existing claim block to ensure full coverage of the newly discovered Felix carbonatite. Sampling and mapping have been completed to allow further evaluation of all the carbonatite bodies.
Environmental and Regulatory
In addition, the Company is advancing environmental and regulatory programs designed to ensure the Blue River project is well positioned to enter the environmental assessment process once feasibility is established. The field programs, which include surface and ground water sampling, hydrology, wildlife and fisheries work, are all currently on time and within budget.
For further details on Commerce Resources Corp. contact Chris Grove, Corporate Communications at toll-free 866-484-2700, Fax: (604) 681-8240. E-mail: info@commerceresources.com or visit the website at www.commerceresources.com.
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Eaglecrest Explorations Ltd.
Eaglecrest Completes Two Gold
Concentrate Shipments From San Simon Project
VANCOUVER, BC, August 18, 2008 - Eaglecrest Explorations Ltd. (TSX.V: EEL; Frankfurt: EAT) today announced it has completed two gold concentrate shipments from its San Simon project in Bolivia, including bulk sample grades that averaged 4.7 to 6.3 grams per tonne gold in the L463 gold shoot.
The gold shipments, Eaglecrest's eighth and ninth respectively, were received by the Met-Mex Penoles S.A. de CV smelter in Torreon, Mexico and were produced at Eaglecrest's onsite bulk sampling mill at San Simon.
The eighth shipment was 1.51 tonnes of concentrate containing 227 ounces of gold at a grade of 150 ounces per tonne. This concentrate represents the milling of 1,709 tonnes of rock averaging 4.7 grams of gold per tonne, including 288 tonnes, extracted from trial mining stopes that averaged 6.3 grams per tonne. Based on the average mill feed grade, the overall recovery in this concentrate was 87.4%.
The ninth gold concentrate shipment was 1.65 tonnes containing approximately 214 ounces of gold at a grade of 144 ounces per tonne. In addition to some mill clean-up material, this concentrate represents the milling of 1,350 tonnes of rock averaging 4.8 grams of gold per tonne, including 780 tonnes from trial mining stopes that averaged 5.7 grams per tonne. Based on the mill feed grades of the individual bulk samples, the overall recovery in this concentrate was 93.5%.
"This gold concentrate shipment was produced from material extracted from the lower portions of our bulk sampling program in the L463 gold shoot-the majority of which was recovered from the final stages of our underground bulk-sampling program," said Hans Rasmussen, President and COO. "Most impressive are the bulk sample gold grades that were 5.7 to 6.3 grams per tonne produced during our trial stoping program, which appear to be in line with the average gold grade we are seeing in our geologic modeling of the lower L463 gold shoot." Mr. Rasmussen added, "We gained useful geological information from the underground bulk-sampling program and are pleased that recoveries using conventional flotation have averaged around 90%. We will use the revenue from the sale of these concentrates to offset some of our exploration costs going forward."
The agreement with Penoles provides for Eaglecrest to receive payment for approximately 95% of the gold value in the concentrate. The settlement gold value is based on the average London spot gold price per ounce for the month following the arrival of the shipment to the smelter. After shipping costs and royalty payments to the Bolivian government, the company's net receipts are approximately 84% of the gold value in the concentrate.
The technical information in this News Release has been reviewed and approved by Dr. Odin Christensen, a technical consultant and Eaglecrest board member, who is a Qualified Person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
The bulk sampling plant and the fire assay laboratory (which is independently operated by Analab) are under the overall supervision of Independent Mineral Processing Consultant Gary Hawthorn, P. Eng. (B.C.) who is a Qualified Person under NI 43-101.
About Eaglecrest Explorations Ltd.
Eaglecrest Explorations Ltd. is conducting an advanced exploration project on its San Simon gold property in Bolivia. Eaglecrest controls mineral rights that cover nearly 300 square kilometres on the San Simon Plateau, situated on the Precambrian shield in northeast Bolivia. Eaglecrest's mandate is to increase shareholder value by employing strong technical expertise, both at the Board level and on the ground, to systematically explore and develop San Simon. Additional information is available at www.sedar.com.
For further information on Eaglecrest Explorations Ltd. contact Paul Zdebiak, Direct & Corporate Development at Phone: 604-687-7272, Fax: 604-684-7162, Email: info@eaglecrestexplorations.com or visit the website at www.eaglecrestexplorations.com.
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Eastmain Resources Inc.
Eau Claire Gold Deposit Drilling Underway
Visible Gold in first 3 drill holes
TORONTO, ON, July 31, 2008 - Eastmain Resources Inc. (TSX: ER) announces that 2008 drilling is underway on its Eau Claire Gold Deposit located in James Bay, Northern Québec. The first three drill holes, ER08-113, ER08-114 and ER08115, have intersected quartz-tourmaline veins with visible gold at the west end of the 450 West Zone. Abundant visible gold, <1mm in size, was observed in four different veins from hole 115.
Over 10,000 metres of drilling, planned to expand measured resources at Eau Claire, will focus on delineating near-surface ounces, which might be extracted by open pit methods. The program includes approximately 100 large diameter HQ drill holes, which will focus on expanding the length and vertical extent of high-grade gold resources below and east of last year's definition drilling. See website for drill plan maps.
The 450 West Zone has been drilled for a length of 300 metres and to depths of up to 100 metres at 12.5- metre intervals. Current drilling will continue to test this area over a length of 600 metres to vertical depths of up to 300 metres. Definition drilling completed last year across the 450 West Zone at Eau Claire, confirms excellent continuity of multiple gold-bearing veins (D, G, H, I, P, JQ, R and S) defining a high-grade corridor, containing visible gold throughout the central part of the deposit. Gold-rich, quartztourmaline rock was intersected in 100 drill intervals, which contain an average of 28.03 g/t gold or 0.82 ounces per ton over 1.25 metres, and include 50 vein intervals with an average grade of 50.01 g/t or 1.46 ounces gold per ton across 1.25 metres (June 12, 2008 news release). Based on these significant drill grades, revised resource calculations are expected to be higher than previously reported.
Metallurgical test-work on six tonnes of vein material taken from the 450 West Zone in 2007 is currently being completed by SGS Canada Ltd. In consultation with its new Geometallurgical Group, Eastmain and SGS will generate a preliminary mine design and determine an optimal flow-sheet circuit for the processing of ores from Eau Claire.
About Eastmain Resources Inc.
Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits. The Corporation has in excess of $20 million in working capital and holds an interest in 12 projects within the district, including the Eleonore South property, where a new gold discovery has been found in a similar geologic setting to Goldcorp's Roberto deposit. Eastmain has a minimum budget of $4 million for gold exploration in Quebec.
For further information on Eastmain Resources Inc. contact Donald J. Robinson, President or Catherine Butella, Exploration Manager at (519) 940-4870, Fax: (519) 940-4871. E-mail: robinson@eastmain.com. Visit the website at www.eastmain.com
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El Niño Ventures Inc.
El Nino Ventures Inc. makes new Acquisition in the DRC
VANCOUVER, July 21, 2008 - El Nino Ventures Inc. ("ELN" and "the Company") (TSX.V: ELN; Frankfurt: E7Q) is pleased to announce that it has signed a Letter of Intent with Phoenix Mining Corporation (PMC), a Congolese mining company, to earn into a 70 percent interest on Research Permit (PR) 9316 in the DRC Copperbelt.
PMC was granted exclusive rights to explore this area under a contract, signed with the Centre de Recherches Geologiques et Minieres (CRGM), a Congolese government agency on July 4, 2008. Under the terms of the Letter of Intent ELN will be the Operator of the exploration programs to be developed for this Permit.
The Permit which occupies just over 25 square kilometers, is underlain by highly prospective geology which is what attracted ELN into this agreement.
To view Research Permit 9316, please visit http://www.elninoventures.com/i/maps/map_attachment_072108ELN_sm.jpg.
This permit is located just north of Lubumbashi and its southern boundary is located just south of the Likasi Road/Airport road junction. The terrain is generally flat, with a range of low hills in the NW corner (these hills are oriented N-S, divergent from the regional geological trend of NW-SE) and a lone, low hill in the central portion of the permit.
This permit is underlain (approximately 50%) by uppermost Roan (Mwashya Formation) sediments - these same rocks (on the same structure) host the Luiswishi Mine (less than 5 km to the NW of PR 9316), the Ruashi Mine owned by Metorex out of South Africa (approx 8 km SE) and the Etoile Mine (approx 14 km SE). All these world class deposits are currently in operation. The other 50% of the underlain geology is Kundelungu sediments (green on the attached map) and some Holocene cover. The contact between the Mwashya and the Kundulungu is mineralised at the three mines referred to above. At least two faults (interpreted from regional maps and filtered satellite imagery) cut the Mwashya (see maps) and these are favourable structures prospective for mineralisation.
The permit has excellent infrastructure including hard-surfaced roads, rail and electrical high tension power lines. Access is good and exploration can easily be undertaken year-round. Current artisanal workings on the Permit will be investigated by ELN and all historical exploration data will be collected to better define our exploration efforts of the next few months.
To view a geological map of the area with location of known existing mines, please visit http://www.elninoventures.com/i/maps/map_attachment_072108ELN_1sm.jpg
Under the terms of this agreement ELN can earn into a 70 percent interest by making a payment of $200,000 USD which payment will become payable upon the regulatory approval. ELN will be the program operator and will be responsible for all exploration and developments costs on this property. ELN will issue PMC or its principals 100,000 ELN shares on each anniversary date of this agreement for three years to a maximum total of 300,000 shares.
To view surrounding permits of 9316 and underlying Geology, please visit http://www.elninoventures.com/i/maps/map_attachment_072108ELN_2sm.jpg
Jean Luc Roy President & CEO of ELN states: This acquisition is consistent with the company's philosophy of acquiring highly prospective exploration ground. The location of this Permit is what attracted us to this Permit as it lies on the same mineralized trend of world class operating mines in the area. With year-round exploration on this highly accessible property, our shareholders will benefit from a constant news flow. We will have immediate access to this ground and our intentions is to fast-track exploration.
Our drilling program in the DRC is on-going and our new sample prep laboratory is now on site. We look forward to sharing the results from drill programs as they come in.
El Nino Ventures is a junior exploration company, whose corporate objective is to revisit former mining regions and apply the latest technologies to advanced stage exploration targets. El Nino has an option to acquire a 70% interest in over 350 square kilometers in the world renowned copper belt in the Democratic Republic of Congo ("DRC"). In addition to our copper and cobalt projects in the DRC, the Company has its project with Xstrata on the Bathurst Mining Camp and has started drilling on its Ireland properties.
For more information on El Niño Ventures Inc. contact Jean Luc Roy, President, or Fern Turner, Investor Relations, Toll-Free: 877-895-6466, Phone: 604-683-4886, Fax: 604-683-4887, Email: info@elninoventures.com. Visit the web site at www.elninoventures.com.
Fortune Minerals Announces Updated Feasibility
Study For Mount Klappan Anthracite Coal Project
Robust project economics confirmed
LONDON, ON, August 7, 2008 - Fortune Minerals Limited (TSX: FT) ("Fortune" or the "Company") is pleased to announce an updated *bankable (definitive) feasibility study for the Lost Fox deposit area at its 100% owned Mount Klappan anthracite coal project in northwest British Columbia. This study was conducted by Marston Canada Ltd. (Marston), a subsidiary of St. Louis-based Marston & Marston Inc., and provides an update to the 2005 Marston definitive feasibility study for the project (see Fortune Minerals news release, dated October 17, 2005). Fortune is pleased to report that the Lost Fox deposit continues to show attractive economics at current capital and operating costs, currency exchange rates, and at coal prices significantly lower than the current price for the metallurgical coal products that the Company would produce.
Lost Fox is one of four deposit areas within the Mount Klappan project and this feasibility study update assesses only the initial pit in the Lost Fox deposit. The study assesses the economics for an open pit coal mine and process plant to be constructed at the site to produce 3 million tonnes of clean coal per annum (Mtpa), consisting of a premium 10% ash ultra-low volatile pulverized coal injection (PCI) product used in the manufacture of steel. The PCI product would be transported by truck from the mine site to the port of Stewart for loading and delivery to overseas steel customers. Alternative transportation methods from the mine to the ports of Stewart and Prince Rupert were also investigated.
(*A bankable feasibility study is a comprehensive engineering and economic analysis of a project (typically prepared to +/- 15% precision) that is used by financial institutions to determine the credit worthiness of a proposed development and project financing.)
• In-situ reserves of 102 million tonnes for a minimum 20-year mine life at the planned production rate of 3 Mtpa.
• Capital costs of C$617.2 million to be incurred over the first 3 years
• Cash costs FOB loading vessel average C$ 107 / tonne of premium PCI.
• Base Case Pre-tax Internal Rate of Return (IRR) of 28.9%, and 8% discounted Net Present Value (NPV) of C$ 702.7 million at a price of US$ 175 / product tonne of premium PCI in years 1-5, dropping to US$ 150 / product tonne for the remainder of the mine life.
• Coal price sensitivities with Pre-tax IRR up to 86.6% and 8% discounted NPV of C$ 3.8 billion at a current approximate coal price of US$ 300 / product tonne of premium PCI.
• Significant opportunities for improvement of project economics.
• Significant engineering completed for mine infrastructure and transportation routes.
Fortune Minerals has retained CIBC World Markets Inc. to act as the Company's financial advisor in pursuing strategic alternatives for the advancement of Mount Klappan (see Fortune Minerals news release, dated July 2, 2008). CIBC World Markets will assist Fortune in identifying potential strategic partners and evaluating potential transactions for the project, while Fortune pursues of strategy of independent development of its 100% NICO Cobalt-Gold-Bismuth deposit in the Northwest Territories.
General Information: Fortune Minerals owns more than 15,000 hectares of contiguous coal licenses located 150 km northeast of the port of Stewart and 330 km northeast of the port of Prince Rupert in northwest British Columbia. The property straddles the BC Railway right-of-way and roadbed, which provides road access to the site from Highway 37. The Canadian National Railway Company (CN) has trains operating on the portion of the right-of-way between Prince George and Minaret, 150 km south of the proposed minesite.
Resources and Reserves: The Mount Klappan project contains very large resources of high quality anthracite, a hard coal with the highest rank, carbon and energy content and lowest moisture and volatile content of all coals. Unique properties make anthracite ideal for use in a broad range of metallurgical and thermal applications, including reductants used in metallurgical processing, blend coals for blast furnace coke replacement, and charge carbon, sinter and PCI coals used in the manufacture of steel. Only about 1% of world coal reserves are anthracite grade, making the Mount Klappan coal a relatively uncommon premium product. Notably, the two largest producers of anthracite products in the world, China and Vietnam, have curtailed exports in order to satisfy their domestic consumption, creating an attractive development opportunity for Mount Klappan.
The resources for the Mount Klappan project are identified in four distinct deposit areas referred to as Lost Fox, Hobbit-Broatch, Summit and Nass. Collectively, these contain Measured resources of 107.9 million tonnes, Indicated resources of 123 million tonnes, plus 2.572 billion tonnes in the Inferred and Speculative classes (see News Release, dated June 22, 2004). The in-situ and PCI product reserves were estimated for the initial open pit mine at the Lost Fox deposit as part of the 2005 Marston feasibility study and are presented on the company web site.
The Mount Klappan mineral resource and mineral reserve estimates were prepared in 2002 and 2005, respectively by Marston in compliance with National Instrument 43-101. Richard Marston, P.E. is the Qualified Person responsible for the estimates. Further information can be obtained regarding the Mount Klappan mineral resource and mineral reserve estimates is available in the Company's disclosures under the Company's profile on the SEDAR website at www. sedar.com.
Mining: The Proven and Probable mineral reserves in the Lost Fox deposit support clean coal production of 3 Mtpa from an open pit mine over a minimum mine life of 20 years. Conventional truck and shovel mining methods will be employed using diesel hydraulic shovels. The strip ratio averages 11.6 bank cubic metres (bcm) / product tonne over the life of the mine.
Processing Plant: The current study contemplates a wash plant and supporting infrastructure to be constructed at the Mount Klappan site. The plant would initially process run of mine coal to produce a 10% ash, ultra-low volatile PCI coal product for export to overseas steel manufacturers. The plant would use standard processing methods of heavy media separation, cyclones and froth floatation equipment to produce yields averaging 57% from 14 coal seams. The plant would also be configured to produce other premium anthracite products in the future. Quality data for the 10% Ash PCI product is shown below.
Clean Coal Quality: 10% Ash Product (air dried basis).
Infrastructure: 2008 Marston study was focussed on truck transportation of product from the mine to the port of Stewart. The site is currently accessible by truck from Highway 37 using the BC Railway right-of-way and roadbed. The feasibility study assumes a new 100-km short-cut limited access road would be built to reduce the truck haulage distance to Stewart to 250 km. Trucks with a capacity for 110 tonnes of coal would be used on the new limited access road with a transfer station at Highway 37 for re-load to 40-tonne highway compliant trucks for the remaining 150 km to the port. Additional infrastructure would be required for the port facility at Stewart, including two new 60,000 tonne storage silos, a stacker - reclaimer system, and a new 2,000 tonne / hour ship loader, all of which are assumed to be paid for by the project.
Power for the process plant and all other facilities will be supplied with diesel generation, although there is a possibility of future connection to the BC electrical grid. Electrical requirements for the initial Lost Fox development total 6.3 Megawatts.
Economic Analysis: The base case economic analysis assumes a price of US$ 175 / tonne for premium PCI coal for the first 5 years, and then US$ 150 / tonne for the remainder of the mine life. A summary of the base economics is shown in the table below. The current price for ultra-low volatile PCI product is between US$ 275 and US$ 300 / tonne. A sensitivity analysis to coal price in increments of US$ 25 / tonne is shown in the second table below. In all cases the Canadian : US dollar exchange rate is assumed to be C$ 1.03 = US$ 1.
Opportunities: A number of opportunities exist to further improve the economics of the Mount Klappan project and have been identified in the new Marston feasibility study. They include:
• Drilling to Increase the Resource - There is a significant opportunity to expand the economic resource base for Mount Klappan. Marston has recommended a four-phase drill program to increase and upgrade the resources for the Lost Fox, Hobbit-Broatch, Summit and Nass deposits from the Inferred and Speculative classes to Measured and Indicated.
• Slurry Pipeline - Preliminary feasibility level work has been done by Marston and Pipeline Services Inc. of Concord, California, which indicates potential cost efficiencies from using a 14-inch buried pipeline to transport coal from the mine to the port of Stewart or Prince Rupert (see Fortune Minerals news release, dated January 15, 2008). While such a pipeline would increase the initial capital for the project, it would significantly reduce the project's exposure to increasing fuel and labour costs.
• Extension and Upgrading of the Railway - Opportunities exist to extend the Dease Lake rail line from its current terminus at Minaret to the minesite for transportation of coal by unit train to the port of Prince Rupert. In order to accommodate fully-loaded unit trains, the existing railway facilities to Fort Saint James would need to be upgraded or, a 200 km shortcut constructed to the main CN Line at Hazelton. The expense of a rail line would be justified in a larger project with a production rate greater than the project currently envisioned by Fortune. Notably, the governments of Alaska and the Yukon Territory announced the results of a bi-lateral feasibility study initiative that recommends the extension of this railway (see Fortune Minerals news release, dated June 27, 2007).
• Access to Grid Power - The current study is predicated on diesel-generated power and the use of diesel hydraulic trucks and shovels. The B.C. government is considering extending the provincial electrical grid from Meziadin up the Highway 37 resource corridor. Access to grid power would eliminate the need for on-site power generation, allow for the use of more efficient electric cable shovels and electric assisted haul trucks, and alleviate uncertainties associated with fluctuations in the price of diesel.
• Lease--to-Purchase of Mobile Equipment Fleet - Opportunities exist to finance mobile equipment for both the mine site and coal haul through a "lease-to-purchase" program. This would lower the up-front capital for the mine and would result in a higher IRR for the project.
Current Activities: In addition to the engineering and feasibility work that has been conducted for the Mount Klappan project, Fortune is also working on environmental studies in support of the environmental assessment process. Rescan Environmental Services Ltd. and Rescan Tahltan Environmental Consultants have conducted most of this work. In addition, Allnorth Consultants Limited have conducted alignment studies and engineering for the proposed new limited access haul road to be constructed between the mine and Highway 37.
Fortune Minerals is a diversified natural resource company with several mineral deposits and a number of exploration projects, all located in Canada. They include the Mount Klappan anthracite coal deposits in British Columbia, and the NICO cobalt-gold-bismuth deposit, the Sue-Dianne copper-silver deposit and other base and precious metals exploration projects in the Northwest Territories. Fortune Minerals is focussed on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.
For more information on Fortune Minerals Ltd. contact Robin Goad, President and CEO, (519) 858-8188, Fax: (519) 858-8155 or Greg Taylor, Investor & Public Relations, (905) 337-7673, Fax: (905) 844-6532, E-mail: gtaylor@fortuneminerals.com or visit the web site at www.fortuneminerals.com.
International PBX Ventures Ltd.
PBX Makes Final Option Payment on
Its Copaquire Copper Moly Property, Chile
VANCOUVER, BC, August 07, 2008 - International PBX Ventures Ltd. (TSX.V: PBX) is pleased to announce that it has made a final payment of $750,000 on its option to purchase a 100% interest in the Copaquire property in northern Chile. The option agreement was signed on January 16, 2004 and the total amount paid was $2,100,000. The vendor retains a 2% NSR subject to a buy out by PBX for US$2,000,000 or alternatively for US$1,000,000 per percentage point.
To date the company has spent a total of $8,000,000,000 on exploration and has drilled a total of 29,600 meters.
On October of 2007 the company released an interim 43-101 compliant molybdenum resource estimate containing an Indicated Mineral Resource of 183.2 million tonnes grading 0.046% Mo and 0.107% Cu, containing 185.4 million pounds of molybdenum and 431.3 million pounds of copper, and an additional Inferred Mineral Resource of 212.8 million tonnes grading 0.041% Mo and 0.097% Cu, containing 191.9 million pounds of molybdenum and 454 million pounds of copper. A cutoff grade of 0.02% Mo was used and metallurgical testing has shown molybdenum recoveries to be in the range of 85-95%.
Molybdenum and copper prices has remained firm in the past year with molybdenum currently at $33/lb and copper at $3.50/lb.
PBX continued drilling the Copaquire until March of 2008 focusing on expanding the molybdenum resource as well as moving a large amount of resource material from the inferred to indicated category.
A resource estimate upgrade is expected to be released in early September 2008. PBX has also engaged the services of AMEC International (Chile) S.A. to deliver a Preliminary Economic Assessment (Scoping Study) to National Instrument 43-101 standards on the Copaquire molybdenum copper porphyry deposit. The PEA will provide important information as to the future development of the molybdenum deposit such as:
- Pit and waste dump design.
- Preliminary site layout for facilities and tailings dam.
- Production Schedule
- Order of Magnitude (OOM) capital and operating cost estimates.
- Financial analysis based on cost estimates and key project indicators.
With a final resource estimate and a PEA on the Molybdenum deposit scheduled for completion in September 2008 the company is now focusing on the development of a copper resource in the Sulfato and Marta copper zones which surround the molybdenum deposit.
PBX will not exercise its option to purchase the concessions Anisillo 1-10, Primavera 1-51, Conquista 1-20 and Aguada 1-2. These concessions were the only ones under option and account for only 5% of the total PBX Tabaco land package of which the company owns 100%. PBX continues exploration on the Tabaco property and is in the process of acquiring additional land in the immediate area.
This news release has been reviewed by G. Medford, a qualified person under NI43-101, and director of the company.
For more information on International PBX Ventures Ltd. contact George Sookochoff, President & CEO, Toll Free: 877-681-1154, Phone: 604-681-7748, Fax: 604-681-0568, E-mail: info@internationalpbx.com or visit the website at www.internationalpbx.com.
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Ireland Inc.
Ireland Inc. Receives BLM
Approval for Expanded Drill Program
Program Extends Previously
Approved Drill Program In Columbus Basin
HENDERSON, NV., August 08, 2008 - Ireland Inc. (OTC BB: IRLD) (the "Company"), a mining exploration and development company focused on the extraction of precious and base metals from mineral deposits in the Southwestern United States, today announced that it has received approval from the Bureau of Land Management ("BLM") to expand its previously authorized 28-hole drill program on the Company's Columbus Project by an additional 11 holes.
The total drill program will now consist of a series of 39 holes drilled to depths ranging from 150 feet to 400 feet below the surface. The objective of the program is to determine the three-dimensional extent and economic potential of the gold mineralization within the approximate 5,000-acre gold anomaly previously identified by the Company's surface sampling program.
"We are very pleased that the BLM has approved the extension of our drill program, which will evaluate mineralization across a larger expanse of the gold anomaly," stated Douglas Birnie, Chief Executive Officer of Ireland Inc. "This represents the progression of our technical program, which is focused on determining the potential gold mineralization and the economic feasibility of the Columbus Project. We expect to commence drilling the expanded program later this month."
"This next phase of our drilling program follows the completion of 23 holes of the previously approved 28-hole drill program," continued Birnie. "We expect to receive results from the initial sample analyses from independent engineers before the end of the current quarter. With the completion of this phase of our program, we will have significantly improved the definition of the potential mineralization throughout the area of interest that we have identified within the Columbus Basin."
Ireland Inc. (IRLD) ("Ireland") is a mining exploration and development company that is focused on the extraction of precious and base metals from mineral deposits in the Southwestern United States.
In 2007, Ireland acquired options to acquire up to 100% of two mining properties, both of which are prospective for gold and other minerals. The Company has completed the acquisition of the Columbus Project, has a right to acquire an additional 23,000-acres of mineral claims adjacent to the Columbus Project, and maintains an option to acquire up to 100% of the Red Mountain Project in San Bernardino County, California. Having raised $13 million in equity financing during 2007, Ireland is well-positioned to move forward with its development program on both projects.
For more information on Ireland Inc. contact Douglas Birnie, President and CEO at (702) 932-0353, Fax: (702) 932-0338. E-mail: dbirnie@irelandminerals.com or visit the website, www.irelandminerals.com.
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Itronics Inc.
"InsideMetals.com" Adds Four Junior Gold Stocks
RENO, NV, August 21, 2008 - InsideMetals.com, an Internet website that provides easy access to a detailed value-added World View of Gold Producer Stocks, Mineral Producer Stocks, and Junior Gold & Mineral Stocks, reported today that it has added four Gold exploration companies to its Junior Gold & Mineral Stocks Shopping Mall. The http://www.insidemetals.com website information resource now includes 129 listed Junior Gold & Mineral Stocks.
Two of the newly featured companies are classified as InsideMetals.com Gold Explorers and two are classified as Gold Prospectors.
Osisko Mining Corp.: is listed on the Toronto Stock Exchange. On August 11, 2008, Osisko announced positive drill results from its definition drilling program at South Barnat, a separate gold mineralized zone located approximately 1200 meters northeast of the center of its Canadian Malartic deposit in Quebec which contains an inferred resource of 8.4 million ounces of gold. The press release includes results from 8 new drill holes, including 2.03 g/t gold over 93.6 meters, and 1.87 g/t gold over 140.5 meters.
Virginia Mines Inc.: is listed on the Toronto Stock Exchange, and the Frankfurt Exchange. On July 14, 2008, Virginia announced that it has granted 46,000 stock options to its directors, officers, and 104,250 stock options to employees, and service providers. Each stock option entitles the holder to subscribe to one common share of the company's stock at a price of $5.41 per share. These stock options are valid for a period of 10 years.
Azimut Exploration Inc.: is listed on the TSX Venture Exchange and the Frankfurt Exchange. On July 30, 2008 Azimut reported the discovery of a 2.4 km-long mineralized zone on its North Rae uranium property in the eastern part of the Ungava Bay region of Nunavik, Quebec. This discovery confirms the district-scale uranium potential of the region. Azimut is an active Gold and Uranium Prospector with over 50 projects in Quebec.
Everton Resources Inc.: is listed on the TSX Venture Exchange. On July 3, 2008, Everton announced the start of a 6,000 meter diamond drilling program in the Dominican Republic. This 40 to 50 drill hole program will test multiple gold and polymetallic targets on the El Llano, La Yautia, Fresso and Ampliacion Pueblo Viejo properties.
The above companies are all actively exploring in Quebec, Canada. Three of these companies, Azimut, Everton, and Virginia all have projects in the James Bay area adjacent to Goldcorp Inc.'s Elenore gold deposit which hosts an estimated 3.7 million ounces of gold.
InsideMetals Junior Gold & Mineral Stocks Shopping Mall makes it easier to find and obtain access to Junior Gold & Mineral Stocks, which are development companies, often without revenues, classified according to the stage of development of their property. The three development stages are: Prospector, Explorer, and Developer, and are defined on the website at www.insidemetals.com.
InsideMetals.com is organized to provide convenient worldwide access to detailed value-added Gold and Mineral Stocks information for everyone, from the average investor to sophisticated stockbrokers and fund managers. Insidemetals.com is fast and easy to use and is designed to save time for busy investors, fund managers, stockbrokers, financial analysts, and government administrators who need organized up-to-date information about Gold and Mineral Stocks.
InsideMetals.com now provides U.S Dollar share prices for 35 Gold Producers Stocks, 16 Mineral Producers stocks and 133 Junior Gold and Mineral stocks. Easy access to share prices makes InsideMetals.com an even more valuable resource for busy gold and mineral stocks investors worldwide.
More information about InsideMetals.com can be obtained at http://www.insidemetals.com.
InsideMetals.com is an Internet website that offers detailed value-added financial, production, and ore reserve information for key U.S. stock exchange listed gold, silver, platinum, and palladium producing stocks, Mineral Producer stocks, and Junior Gold & Mineral stocks that are exploring for and developing new mines, but do not yet have sales. Access to the Gold Producer Stocks value-added WORLD VIEW details is available for a modestly priced monthly or annual subscription. The website includes a broad range of free value-added information resources.
InsideMetals.com is a division of Whitney & Whitney, Inc.; a mining development services firm based in Reno, Nevada, "the heart of U.S. gold country." Whitney & Whitney, Inc. is a wholly-owned subsidiary of Itronics Inc. (ITRO) (Frankfurt: ITG) (Berlin: ITG).
For more information on Itronics Inc. contact Paul Knopick, at Toll-Free: 888-795-6336 or (775) 689-7696, Fax: (775) 689-7691. E-mail: jwhitney@itronics.com or visit the web site at www.itronics.com..
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Minera Andes Inc.
Minera Andes Reports Net Income
For Second Quarter Of $0.05 Per Share
SPOKANE, WA, August 15, 2008 - Minera Andes Inc. (TSX: MAI and US OTC: MNEAF) is pleased to report net income of $8.9 million or $0.05 cents per share in its second quarter of 2008 financial statements. For the six months ended June 30, 2008, Minera Andes recorded net income of $7.2 million or $0.04 cents per share. Our financial statements are available at www.sedar.com.
Minera Andes' net income is derived from Minera Santa Cruz S.A.("MSC"), which is owned 49% by Minera Andes and 51% by Hochschild Mining plc. ("Hochschild") (HOCM.L: Reuters and HOC LN: Bloomberg - London Stock Exchange). MSC operates the San José silver/gold mine in southern Argentina, which had its first quarter of positive earning from silver and gold sales following the commencement of production at San José last year. Hochschild is the operator of the San José mine.
Allen Ambrose, President of Minera Andes said, "This is a milestone event for Minera Andes, to report a significant net income in its financial statements. Showing net income is the next step as we transition to a producing company with a growing silver and gold asset. With expansion underway to double its current rate of production by year-end, it is estimated that the San José mine will join the ranks of the top ten primary silver producing mines in the world."
Commissioned in June of 2007, the San José mine is operating in 2008 at full production or approximately 750 tonnes per day.
As previously reported, silver and gold sales in the second quarter, totaled $63.2 million. Over the past year, San José's total sales have been $74.4 million. The averaged weighted sales prices were $901/ounce of gold and $16.47/ounce of silver. San José's silver and gold sales are unhedged. Second quarter 2008 sales of silver and gold are higher than normal because some of the metals produced in the first quarter of 2008 were sold in the following quarter and we are presently mining ore that has a higher silver content.
San José's silver production rose in the second quarter compared to the first quarter. Silver production was 1,093,000 ounces, compared to 968,000 ounces in the first quarter. Annualized, second quarter silver production is running at approximately 33% above the average grade of the reserves in the original mine plan. During the life of the mine it is anticipated the gold and silver production will be in line with the mine plan. Gold production in the second quarter was 12,410 ounces, compared to 12,140 ounces in the first quarter.
Work continues at San José to double production rate to 1,500 tonnes of ore per day by the end of 2008. At this rate, the mine is estimated to have annualized metal production of approximately 120,000 ounces of gold and approximately 6 million ounces of silver. Underground infrastructure continues to be expanded, and construction is underway to increase capacity at the processing plant.
Allen V. Ambrose, Minera Andes' President, who is a "qualified person" as defined by National Instrument 43-101, is responsible the information used in this news release and has supervised the preparation of the information and reviewed all information used in this news release.
Minera Andes is a gold, silver and copper exploration company working in Argentina. The Company holds about 304,000 acres of mineral exploration land in Argentina including the 49% owned San José silver/gold mine. Minera Andes is also exploring the Los Azules copper project in San Juan province, where an exploration program is underway to define a resource and to prepare a scoping study. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 189,456,935 shares issued and outstanding.
For further information on Minera Andes Inc. contact Art Johnson, Investor Relations, at the Spokane office, (509) 921-7322. E-mail: info@minandes.com or Krister A Kottmeier, Investor Relations, Canada, (604) 689-7017 or 877-689-7018. E-mail: ircanada@minandes.com. Visit the website at www.minandes.com.
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Playfair Mining Ltd.
Exploration Update: Grey River Tungsten Deposit
VANCOUVER, BC, July 17, 2008 - Playfair Mining Ltd. (TSX.V: PLY) is pleased to provide an update on the progress of the summer 2008 Grey River Tungsten deposit drill program, which is now near conclusion. Exploration completed so far, has successfully defined a significant down plunge zone of tungsten mineralization extending the #10 Vein Deposit at depth and to the north.
From the outset, the primary focus of the current drill program has been to test the down dip and northern strike extensions of the #10 Vein Tungsten deposit, particularly below the adit level. Visual observations of wolframite and scheelite mineralization within new drill core samples have extended tungsten mineralization an estimated 250 metres in a down plunge direction below the previously defined deposit (or about 160 metres vertically below the adit level). Currently, this newly discovered deposit extension zone appears to have a 45 degree plunge and is open to the north and at depth.
Photographs of these new tungsten-enriched core samples are available on Playfair's website at: http://www.playfairmining.com/s/GreyRiverTungsten.asp.
To date, the 2008 drill program totals about 3,670 metres of core drilling, with nine of ten planned holes having been completed. The final hole will be completed soon, to an estimated final depth of 300 metres. Playfair has received only partial analytical results for two of the early holes, with the balance of core samples still pending.
Early visual core interpretations from the 2008 program are beginning to greatly enhance Playfair's understanding of the Tungsten deposit. Playfair has moved forward significantly in its goal to increase the deposit's overall Tungsten resource.
Donald Moore, Playfair's Chairman and CEO, states, "We are pleased that our strategy to increase the size of Grey River high grade tungsten is yielding positive results. Our predecessors theorized that tungsten mineralization within the #10 Vein might plunge to the north from surface, our work has shows that they were correct."
Physical preparation work has started on the adit for the collection of the underground bulk metallurgical sample.
For more information on Playfair Mining Ltd. contact Don Moore, Chairman, 1-888-244-6644, (604) 687-7178, Fax: (604) 687-7179. E-mail: info@playfairmining.com or visit the website at www.playfairmining.com.
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Rocher Deboule Minerals Corp.
Saskatchewan Coal Lease Applications:
Renegotiated Macklin Coal Field Aplications Retained
VANCOUVER, BC, August 21 2008 - Rocher Deboule Minerals Corp. (TSX.V: RD; Pink Sheets: RDBHF) ("Rocher" or the "Company") has renegotiated it's recent agreements with Rain Investments, Ltd. ("Rain"), a corporation that is arms length to the Company, pursuant to which the Company had acquired 12 coal permit applications in two separate areas called the "coal outcrop" and the "30/14" property (the "Applications") referenced in the news release of June 26, 2008.Sampling under the supervision of Norm Tribe, P.Eng, is underway and work will start immediately when samples reach Mountain States. Artillery Peak is reported to contain the USA's largest low grade manganese resource (US Bureau of Mines Report). This critical work will focus on simple hydrometallurgical processes which have shown promise in earlier campaigns.
The consideration of $400,000 and 2,500,000 common shares is no longer to be paid for the Applications. The Applications are to be sold by Rain and the Company is to retain a 10% carried interest. Upon sale the staking cost of $60,000 is to be recovered. Further, the 2nd group of coal lease permit applications and related agreements with Rain, announced in the July 16, 2008 press release and referred to as the North Central group and the Alberta Saskatchewan boundary group, have been renegotiated. The revision of Rocher's 1/3 portion of the purchase price is the sum of $14,166 (paid to the vendor).
The North Central group is no longer to be acquired. The sum of $48,186 in filing fees paid to the Saskatchewan Government is to be returned to the Company subject to refund adjustment. The issuance of 200,000 shares of Rocher Deboule Minerals Corp. common stock is no longer to be paid
In summary, at this time, Rocher holds a 1/3 interest in the property described as: The Alberta Saskatchewan boundary group comprising 34 coal permit applications covering 70,227 acres. The permit applications cover the Macklin Coal field reported in Assessment Report 72N-0001 by Luscar Ltd. dated March 1987. The Macklin Coal field is reported to contain 54 million tonnes of sub-bituminous "A" rank coal**.
This acquisition has been achieved without share consideration and with no outstanding cash obligation.
**Where historical estimates are referred to, the Company has no classification of the resource or reserve, and the Company has not obtained enough of the original data and has not done the work necessary to verify the classification of a resource or reserve. The Company is not treating the estimates as a NI 43-101 defined resource or reserve verified by a Qualified Person, and the historical estimate should not be relied upon.
For more information on Rocher Deboule Minerals Corp. contact Larry W. Reaugh, President and Chief Executive Officer at (604) 531-9639. Fax: (604) 531-9634. Email: info@rdminerals.ca or visit the website at www.rdminerals.ca.
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Romios Gold Resources Inc.
Romios Announces Joint Venture With
Roca Mines Inc on Galore Creek Property
TORONTO, ON, August 14, 2008 Romios Gold Resources Inc ("Romios" or the "Company") (TSX.V: RG) (OTCBB: RMIOF) (Frankfurt: D4R), is pleased to announce it has earned a 50% interest in Roca Mines Inc's ("Roca") Galore Creek area claims and has formed a 50:50 joint venture with Roca for the further exploration and development of the property. The property consists of 8 claims or 160 units, covering 4,000 hectares adjoining Romios' Newmont Lake property. Romios earned its 50% interest by incurring expenditures of $1,516,050 on exploration of the property, paying $200,000 in cash option payments and issuing 600,000 common shares to Roca and paying a $30,000 advance royalty payment.
Romios carried out an exploration program on the property in 2007 which included airborne DIGHEM EM/Magnetic geophysical surveys, ground Induced Polarization (IP) geophysical surveys, soil and rock geochemical surveys, prospecting and geological mapping. The Roca claims are adjacent to the North West Zone, which is contained within the Newmont Lake property, one of nine properties held by Romios in the Galore Creek area. Based on earlier drilling, the North West Zone was calculated to contain an inferred resource of 1,406,000 tonnes at a grade of 4.43 gpt Au, 0.22% Cu and 6.4 gpt Ag or a gold equivalent grade (AuEq) of 5.16 gpt that was announced in a press release dated March 26, 2007. This equates to in-situ contained metal of 200,000 ounces of gold, 6,790,000 pounds of copper and 291,000 ounces of silver. These resources are reported at a base case gold equivalent cut-off grade of 2 gpt. Mineral Resources are not Mineral Reserves as Mineral Resources have not demonstrated economic viability. A comprehensive $5 million exploration program is currently underway at Romios' Galore Creek properties. The program at the North West Zone includes diamond drilling, metallurgical sampling, ground magnetic, electrical geophysical surveys, and a down-the-hole EM survey.
Tom Drivas, President stated, "We are pleased to enter into his Joint Venture with Roca Mines Inc on the highly prospective Roca claims and look forward to conducting further exploration on the property. We view this property as a strategic land position that expands our current holdings in the immediate area of the North West Zone."
The technical information contained in this press release has been reviewed and approved by Mr. Thomas Skimming, P. Eng., Geologist, V.P. of Exploration, Director of Romios Gold Resources Inc. and a qualified person as defined by National Instrument 43-101.
About Romios Gold Resources Inc.
Romios Gold Resources Inc., a progressive Canadian mineral exploration company established in 1995, is headquartered in Toronto and is actively engaged in precious and base metal exploration across North America with a primary focus on gold, silver and copper. Romios has significant property interests in British Columbia, Ontario and Nevada. The Corporation plans to undertake extensive exploration work on its Galore Creek properties in British Columbia, which are centrally located between NovaGold's large gold-copper-silver deposit and Barrick's high grade gold mine at Eskay Creek.
For more information on Romios Gold Resources Inc. contact Tom Drivas, President, Phone: 416-221-4124, Fax: 416-218-9772, Email: romios@romios.com or visit the web site at www.romios.com.
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Rye Patch Gold Corp.
Rye Patch Gold Reports Lincoln
Hill - Gold Ridge Drilling Complete
VANCOUVER, BC, August 19, 2008 - Rye Patch Gold Corp. (TSX.V: RPM and RPM.WT) ("Rye Patch" or the "Company") is pleased to announce the phase-1 drilling campaign at the Company's 100% owned Lincoln Hill - Gold Ridge project is complete. Eklund drilling completed a total of 8,375 feet (2,553 metres) in 18 reverse circulation drillholes. An additional 1,875 feet (570 metres) was added to the originally planned 6,500 feet (2,000 metres) drill program. All drill samples have been collected from the site and assay results are pending.
"The Company is very pleased with the observed results of the completed phase-1 drilling program on the Lincoln Hill-Gold Ridge project. Originally, the Company budgeted a total of 6,500 feet of drilling; however, given the thicker than expected oxide and alteration zones observed in the drilling, it was warranted to add the additional 1,875 feet of drilling to this phase. Although assay results are pending, I believe the program achieved its geologic and technical objectives", boomed Rye Patch's CEO and President, William C. (Bill) Howald.
The Lincoln Hill drilling equipment has now been mobilized to the Company's 100% owned Jessup project to complete the budgeted 10,000 feet (3,000 metres) program. In addition, drilling continues on the Company's Wilco project with an Eklund drill rig completing step-out drilling on the Section Line discovery and new drilling in the newly identified Pay Dirt and the Old Willard mine target areas.
At the Keystone South project, located on the Cortez trend, the Company completed detailed gravity and magnetic geophysical surveys as well as detailed surface mapping and surface geochemistry. The data is being compiled and initial drill targets will be generated later this fall.
As released on the Company's Wilco project on May 12, 2008, and on the Jessup project in December 11, 2007, Rye Patch Gold now holds 779,517 ounces of gold and gold equivalent in the measured and indicated category plus 1,151,776 ounces of gold and gold equivalent in the inferred category. A summary of the resources for Rye Patch Gold's advance projects are available on the Company's website, www.ryepatchgold.com.
Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold's CEO and President, is the Qualified Person as defined under National Instrument 43-101. He has verified the information and has reviewed and approved the contents of this news release.
Rye Patch Gold maintains a strict quality control program at all of its projects. ALS Chemex collects the Wilco, Lincoln Hill-Gold Ridge, and Jessup drill samples onsite and transports the samples directly to the ALS Chemex's preparation and analysis facility located in Reno, Nevada. Analyses are conducted on 1-assay ton prepped samples with gold determined using industry standard fire assay methods, with an atomic absorption finish.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Nevada-focused and discovery-driven company building a sizeable inventory of gold resource assets in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in acquisition, exploration and development of quality resource-based gold projects. Rye Patch Gold is developing its primary assets - the advanced-stage Wilco project located within the Humboldt Gold Trend in west-central Nevada and the Jessup project in Churchill County, Nevada. The Company is seeking gold opportunities that continue to create shareholder value and leverage the gold price. The Company's goal is to have 5-million ounces of gold inventory within the next 3 years.
For more information on Rye Patch Gold Corporation contact Karen Robb, Investor Relations, Phone: 604-638-1588, Fax: 604-638-1589, Email: info@ryepatchgold.com or visit the web site at www.ryepatchgold.com.
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San Gold Corp.
Multiple High Grade Gold
Zones Drilled at Rice Lake 30 Level
BISSETT, MB, August 06, 2008 - Dale Ginn, CEO of San Gold Corporation (CA: SGR), is pleased to report the results of exploration drilling from the 30th level (4500 feet depth) of the Rice Lake Gold Mine. This program was designed to extend known mineralization eastward and to test the unexplored footwall of the host gabbro mine unit. New high grade zones discovered by this program are highlighted by drill hole #07-12 which intersected 6.4 meters of 28 g/tonne in the footwall area and by drill hole #08-18, intersecting 7.2 meters of 21 g/tonne in a new eastern zone. 27 intersections were encountered giving an average length of 3.6 meters (12 ft) with an average grade of 19.3 g/tonne (0.56 oz/ton).
Complete results from the new holes are posted on the company's website www.sangoldcorp.com.
The bulk of the holes were designed to extend known mineralization from previous development on the 30th and 31st levels including the "101" vein, where drift sampling gave an average of 63.4 g/tonne over an average width of 2.0 meters (see press release dated May 22, 2007). Many of the holes listed contain multiple intersections as well as frequent additional mineralized zones requiring follow-up exploration and/or drilling. All of the above intersections are near to and accessible via current mine workings and are not a part of the current resource report (ACA Howe, 2006) and will be incorporated into an upcoming technical and resource report. The above results are a part of an important expansion program targeting potential high grade mineralization within undeveloped and open areas of the Rice Lake Mine.
Other current drill exploration programs within the mine include:
• 26 level or upper D-shaft, an undeveloped target area potentially containing veins similar to the high grade "98" vein.
• Open and undeveloped areas between the main Rice Lake orebodies and the Deep East zones.
• Phase 2 drilling on the downward extensions of the main Rice Lake orebodies.
A general section showing the location of the current drilling, development and mining areas within the Rice Lake Mine is available at the company's website www.sangoldcorp.com.
The above program was carried out under the supervision of James Harvey, Chief Mine Geologist and D. Ginn, P.Geo., the Qualified Persons for San Gold under National Instrument 43-101. Underground drill core samples are assayed on site in the company's assay lab using the fire assay method with an AA and gravimetric finish. San Gold's quality control and assurance program includes the insertion of blanks and standards, the retention of pulps and rejects, and spot checks utilizing independent labs including TSL Laboratories in Saskatoon, SK and Accurassay Laboratories of Thunder Bay, ON. The core lengths are actual lengths as drilled and have not been adjusted for the true width of the mineralized zones.
For more information on San Gold Corporation contact Dale Ginn, CEO, Toll Free: 1-800-321-8564, or (204) 794-5818. Fax: (403) 243-9517. E-mail: info@sangoldcorp.com or visit the web site at www.sangoldcorp.com
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Teryl Resources Corp.
Teryl Resources Announces Drilling Has Commenced
on the Gil Joint Venture Claims, Fairbanks Alaska
VANCOUVER, BC, September 3, 2008 - Teryl Resources Corp. (TSX Venture Exchange: TRC.V, OTCBB: TRYLF) is pleased to announce the exploration program on the Gil joint venture claims has commenced by our joint venture partner Fairbanks Gold Mining, Inc. (FGMI) a subsidiary of Kinross Gold Corporation.
The exploration program consists of auger drilling to better define future drill targets on the Gil East, and a 4000’ reverse circulation drilling on eight gold holes on the Gil claims to extend the strike length of the Gil mineralization to the east.
Qualified Person: Mr. Curt Freeman, MS, PGeo, Certified Professional Geologist (#6901), member of the American Institute of Professional Geologists, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of this news release.
About Teryl Resources Corp.
With interests in four gold properties, Teryl Resources Corp. is one of the main landowners in the Fairbanks Mining District, Alaska. The Gil project is a joint venture with Kinross Gold Corporation (TSX: K; NYSE: KGC) (80% Kinross/20% Teryl). The Company’s other Alaska holdings also include the Fish Creek Claims, 50% optioned from Linux Gold Corp. (OTC BB: LNXGF); the Stepovich Claims, where Teryl has a 10% net profit interest from Kinross; and a 100%-interest in the West Ridge property. Teryl also has one joint venture silver prospect located in Northern BC, Canada. Teryl Resources Corp. has revenue from oil and gas projects in Texas and Kentucky. For further information visit the Company’s website at http://www.terylresources.com.
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