March 29, 2012
TORONTO (Reuters) – Despite steady commodity prices, financing remains a challenge for junior miners, and a sluggish M&A environment means many projects face a long road to development, a financing panel told the Reuters Global Mining and Metals Summit.
While high-grade projects in stable jurisdictions are still a good bet to find money, lower-grade projects that would have been a slam-dunk just a few years ago are facing a grim market.
March 28, 2012
MEO Australia Limited (ASX: MEO; OTC: MEOAY) announced today that the Federal Government has updated the Timor Sea LNG Project environmental approval. Concurrent with this revision the Department confirmed that the approval will remain valid until at least 28th March 2017.
MEO’s CEO and MD Jürgen Hendrich commented on the announcement: “We are very pleased that the Government has revised the terms of the Tassie Shoal LNG project environmental approval and has given a clear, minimum five year extension. This initiative supports our efforts to commercialise this Project together with the Tassie Shoal Methanol Project and provides the clarity needed by prospective project partners to evaluate the projects.”
March 28, 2012
Gold Standard Ventures Corp. (TSX-V: GV; OTCQX: GDVXF) reported today that it has entered into additional leases (the “Leases”) with various land holders encompassing approximately 2,781 net mineral acres of land adjacent to the Company’s Railroad gold project in Elko County, Nevada. GSV now controls approximately 18,130 net mineral acres associated with its Railroad Project.
All of the Leases are substantially the same and provide for a primary term of 10 years, but will continue thereafter as long as commercial mining operations are being conducted on the lands. Each Lease is subject to a small upfront signing bonus and annual advance minimum royalty (“AMR”) payments of US$17.50 per acre in the first and second years, increasing to US$28.00 per acre in the seventh year and thereafter, of which approximately US$111,239.73 has been paid to date. The Leases are also subject to a production royalty of 5% of net smelter returns (payable in proportion to the interest held), against which the AMR payments shall be credited and recouped up to 80%.
March 28, 2012
Nortec Minerals Corp. (TSX-V: NVT; OTC: NMNZF) announced today the signing of drill contracts for bedrock and lithogeochemical sampling to locate higher grade gold mineralization, on the Seinajoki gold project. The drilling is expected to start in the beginning of April, 2012.
The Seinajoki Gold Project is located in southwestern Finland and is made up of over 5,500 hectares of contiguous claims covering three prospect areas, Marttalanniemi prospect (TKM Shear Zone); the Sikakangas-Tulisilma district and the Ylijoki prospect. The gold mineralization is also associated with the Paleo-protererozoic Hame Schist Belt
In 2010, Nortec drilled 9 holes, for 750 metres, on the Marttalanniemi prospect. The drill holes returned significant results (Nortec press release dated March 30, 2011) with the highlights shown below:
-87.4 metres @ 0.90 g/t Gold from 0.6 metres (Hole MTL10-007), including 4 metres @ 13.52 g/t Gold from 52 metres
-99.0 metres @ 0.50 g/t Gold from 12.0 metres (Hole MTL10-001)
-68.5 metres @ 0.58 g/t Gold from 1.5 metres (Hole MTL10-004)
March 27, 2012
Inter-Citic Minerals (OTCQX: ICMTF; TSX: ICI) continues to use trenching as its primary method for new discoveries at Dachang due to the thin soil cover and near surface mineralization. In 2011, the Company completed almost 21,000 metres of trenching resulting in the discovery of four new areas and the expansion of two areas. The most advanced new discovery is the 861/XP fault system, which has now been drill tested on its known western and eastern extents. The 861 Zone located on the fault’s west end is still open to the west and has now been consistently intersected in trenches and 40 metre spaced drill fences along a 1.4 kilometre strike length to depths of 125 to 150 metres.
March 26, 2012
African Gold Group (TSX-V: AGG; OTC: AGGFF) was covered recently in a new initiating research report authored by Toronto based securities firm: Pope & Company. We have included a brief excerpt from the report as well as a link to the full report below:
“We believe AGG is an attractive gold play with positive economics indicated by the PEA for a 100,000 oz Au gold producer, with poten-tial for higher production if oxide exploration upside is realized. At roughly $40/oz Au for the Inferred Resource, with potential for more, AGG has significant upside. Based on observations from our recent site visit, our modelling estimates the potential to define an additional 2.5 to 3.0 M oz of Au.”
March 26, 2012
Canarc Resource Corp. (TSX: CCM; OTCBB:CRCUF) provided an update today highlighting Canarc’s progress in 2011, and its plans for 2012.
Highlights for 2011 included:
- Completed an updated NI 43-101 Preliminary Economic Assessment Report for the New Polaris gold mine project – at US$1400 per oz gold and a $1.00 CA/$US exchange rate, the Discounted NPV (5%) = US$195 million, Internal Rate of Return (IRR) = 42.8%, Payback Period = 1.85 years, Capital Costs were estimated at US$75 million and Cash Operating Costs were a low US$481 per oz.
- Received several expressions of interest from mining companies interested in an option and joint venture to advance New Polaris through mine development and a feasibility study , and agreed on a non-binding letter of intent with one party, but they were unable to close the agreement.
- Amended the Tay LP property option agreement with Ross River Minerals Inc. to extend the option commitments by one year.