Archive for January, 2009

Serengeti Extends Exercise Term of Warrants

Serengeti Resources advises that, subject to regulatory approval, it has agreed to extend the exercise term of a total of 1,559,000 share purchase warrants which were issued in its private placement of Flow Through Shares and Non-Flow Through Units which closed February 16, 2007.

In accordance with new TSX-V Policies allowing for the extension of the exercise terms for previously issued share purchase warrants, the Company intends to extend the exercise term of the above warrants for an additional one year, from an expiry date of February 13, 2009 to an expiry date of 4:30pm PST on February 13, 2010 (the “Extended Expiry Date”). The exercise price of these warrants will remain at $1.00 per share.

If, at any time prior to the Extended Expiry Date of the 1,559,000 warrants, the weighted average closing price of the Company’s shares is $1.25 or greater for a period of 10 consecutive trading days (“Premium Trading Days”), the Company will impose a provision that the warrant holders will be given 30 days after the tenth Premium Trading Day to exercise their warrants, otherwise the warrants will expire on the 31st day.

No Comments

Serengeti Selects Promising 2009 Exploration Targets

 Serengeti reports on drilling plans for its highly attractive Mil gold property and as well as on several of its other properties located in the Quesnel Trough of north-central British Columbia.

Serengeti’s Board of Directors has approved a $2.7 million exploration program for 2009 which will fund diamond drilling on the Mil project and rotary drilling on at least four new targets at Kwanika, at the Osilinka project and on two QUEST JV properties. Surface exploration work will also be conducted on other properties in the Company’s extensive portfolio.

Specifics of the new targets to be tested are as follows:

  • Mil:
    Serengeti has assumed management of the 50-50% joint venture with Fjordland Exploration Inc., which includes the Mil property, located 15 km west of Mt Milligan. A three hole, 900 meter drill program to test a high priority induced polarization (IP), geophysical and gold-in-glacial till anomaly is planned. The drilling permit has been received and drilling is scheduled for early March 2009.
  • Kwanika:
    Regional exploration has identified a very strong Mobile Metal Ion (MMI) copper-molybdenum soil anomaly associated with an IP and magnetic anomaly 10 km south of the Kwanika Central zone and a second copper-gold-silver anomaly 15 kilometers further south. In addition, weaker but distinct MMI copper soil anomalies were also identified coincident with the Central and South zones at Kwanika as well as over a potential extension of the South zone. Rotary drilling of these targets is planned for the summer of 2009. A calculation of the Kwanika deposit resource is underway, with results expected to be available within one month.
  • Osilinka:
    The property is located in a covered area 35 km north of Kwanika. Geochemical surveying in 2008 identified a strong copper-molybdenum-silver anomaly directly coincident with a four square kilometer IP polarization and magnetic geophysical anomaly in a geological setting very similar to Kwanika. Rotary drilling is planned for the summer of 2009.
  • QUEST Properties:
    High quality multi parameter targets have been identified on several QUEST JV properties, in addition to Mil. One target has a very strong MMI copper soil geochemical anomaly coincident with a prominent IP chargeability and magnetic anomaly. Rotary drilling and/or trenching is planned for summer 2009.

,

No Comments

Alpha Gold Provides Corporate Update

Alpha Gold reported that Richard Whatley has been named Interim CEO, following the passing of George A. Whatley, on December 16 of British Columbia, Richard earned degrees in both chemical engineering and biomedical engineering. He has worked as a professional consulting engineer and is experienced in the environmental aspects of mining.

Interim CFO is Natalie Whatley, who has managed the accounting for the Company for many years now. The Company’s near term objectives are to finalize the third quarter interim reports, pursue the completion of the NI 43-101 technical report on the Canyon Creek Skarn, and prepare for exploration after the spring thaw at Lustdust.

Alpha Gold’s corporate office will be maintained at 410 Donald Street, Coquitlam, British Columbia, V3K 3Z8.

Mr Whatley commented “With almost $3.5 million in working capital, Alpha Gold is well positioned to carry out additional exploration work in 2009. We look forward to announcing the current year’s program once the Board has had a chance to receive and review the technical report and recommendations from our geological advisor. The Board is also reviewing options to add strength to Alpha’s management and technical teams in due course.”

, , ,

No Comments

Serengeti Reports Results from Croy Bloom; Followup Drilling Planned

Serengeti Resources  reports the results of a drilling program completed by Newcrest Mining BC Limited on the Serengeti’s Croy Bloom property located in the Quesnel Trough of north-central British Columbia.

Four holes totaling 2,473 meters were drilled testing several large coincident geochemical and geophysical anomalies in September/October 2008. Newcrest completed this first phase program as a part of a multi-year option agreement under which Newcrest may spend $10.0 million to earn a 51% joint venture interest in Serengeti’s Croy Bloom/Davie Creek property. Highlights of the drill program are as follows and summary results are provided in the table below.

  • Two holes, (CBB001 and CBB002), drilled on the Bloom Cirque target intersected locally strongly altered andesite, diorite, monzodiorite and breccias hosting widespread moderate copper and weaker gold mineralization from surface to over 680m in depth. The broadest mineralized interval, 136 meters grading 0.10% Cu was encountered in hole CBB001. Hole CBB002 drilled elsewhere in the same target intersected several narrower intervals including; 26 meter grading 0.12% copper and a 5 meter interval near the bottom of the hole grading 0.22% copper, trace gold.
  • One hole, (CBR001), testing the Raven target intersected locally pyritic andesite and diorite with alteration intensity increasing down-hole. The highest values encountered include 1.02% copper over a meter at 327 meters and 2.9 g/t gold over 2 meters at 380 meters.
  • A hole (CBD001), on the Davie Creek property encountered several narrow intercepts of molybdenite mineralization including 0.188% Mo over 0.3 meters and 0.056% Mo over 2 meters indicating that the hole was drilled peripheral to the Davie Creek molybdenum zone.

In providing the results, Newcrest has indicated that they intend to conduct a follow up drill program in the summer of 2009.

Croy Bloom/Davie Creek Significant Analytical Results

Hole

From (m)

To (m)

Interval (m)

Copper %

Gold g/t

Silver g/t

Mo %

Orientation dip/az

CBB001

192.0

202.0

10.0

0.05

0.17

0.4

-60º/50 º

235.0

243.0

8.0

0.08

0.10

0.6

302.0

438.0

136.0

0.10

0.03

0.3

Incl. 428.0

438.0

10.0

0.18

0.09

0.3

507.0

508.0

1.0

0.90

0.62

3.0

CBB002

26.0

30.0

4.0

0.12

0.01

0.6

0.001

-60º/230º

67.0

68.0

1.0

0.16

0.01

0.7

0.001

117.0

143.0

26.0

0.12

0.01

0.2

0.001

198.0

226.0

28.0

0.10

0.02

0.3

342.0

356.0

14.0

0.10

0.01

0.1

380.0

383.0

3.0

0.17

0.01

0.2

0.002

670.0

672.0

2.0

0.08

0.63

0.4

681.0

686.0

5.0

0.22

0.05

CBR001

118.0

124.8

6.8

0.02

0.29

0.4

-60º/270º

275.3

277.1

1.8

0.76

0.32

5.6

0.003

327.0

328.0

1.0

1.02

0.19

10.1

351.6

352.8

1.2

0.32

0.29

5.1

380.0

382.0

2.0

2.90

0.5

458.0

460.0

2.0

0.01

0.48

0.8

499.0

501.0

2.0

0.01

0.64

1.3

CBD001

487.7

488.0

0.3

0.01

1.5

0.188

-58º/225º

506.0

508.0

2.0

0.01

3.5

0.056

About Serengeti
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is focused on the advancement of its Kwanika copper-gold project and on the discovery of copper-gold deposits on its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia. Serengeti is well funded to advance its projects with a working capital position of approximately $9.2 million.

,

No Comments

Rhenium Results From The Molybdenum Mineralization On The Lone Pine Property

Bard Ventures Ltd. (“Bard” or the “Company“) is pleased to announce the following rhenium results from its Lone Pine Molybdenum Property (the “Property“). The Property is located approximately 15 kilometers north-northwest of Houston, BC, and is situated in the Omineca Mining Division. Rhenium assay results have been received and interpreted from drill holes BD-08-25 and BD-08-35.

The exploration drilling on the Lone Pine Property resulted in the discovery of a higher grade zone of molybdenum mineralization within the Alaskite Zone. As drill holes BD-08-25 and BD-08-35 represented the best molybdenum assay results within the higher grade core, rhenium analysis was conducted over the entire drill length of both drill holes. Rhenium is recovered as an economic by-product at some molybdenum porphyry mines. The following significant assay intervals for drill holes BD-08-25 and BD-08-35 are tabulated below:

Drill Hole No.

Total Depth (m)

From (m)

To (m)

Interval (m)

Mo%

MoS2%

Re g/t

BD-08-25

798.82

67.92

798.82

730.90

0.10

0.17

0.15

BD-08-35

779.03

25.29

779.03

753.74

0.10

0.17

0.14

 

including

193.00

779.03

586.03

0.12

0.20

0.17

 

 including

327.00

725.00

398.00

0.15

0.25

0.20

 

including

509.00

609.00

100.00

0.20

0.33

0.29

 

including

509.00

535.00

26.00

0.31

0.51

0.40

Rhenium

Rhenium is used as an important component in superalloys for blades in turbine engines and this is the major use today. Rhenium is an ideal metal for use at very high temperatures, which makes it suitable for rocket motors. Rhenium is added to tungsten and molybdenum to form alloys that are used as filaments for ovens and lamps. It is also used in thermocouples which can measure temperatures above 2000 C, and for electrical contacts which stand up well to electric arcs. Rhenium is used in high-temperature superalloys that are used to make jet engine parts and in platinum-rhenium catalysts which in turn are primarily used in making lead-free, high-octane gasoline.

Exploration Goals

Bard is exploring for porphyry type molybdenum mineralization in Cretaceous-aged Bulkley intrusive rocks (Alaskite) and adjacent hornfelsed sedimentary (Argillite) and volcanic rocks (Andesite) of the Telkwa Formation.

Ideal location with established infrastructure

The Property has access to an existing infrastructure including:

  • Highway 16;
  • a natural gas pipeline;
  • a major hydro power transmission line and transformer sub-station;
  • And is located only 15 kilometers from the CN rail line in Houston, BC.

Please refer to the Company’s website at www.bardventures.com for drill hole locations and additional information.

Bard is earning a 100% interest in the Property under the terms of an option agreement (see News Release dated September 15, 2006). The Lone Pine exploration work is being conducted under the supervision of Qualified Person Jim Miller-Tait, P. Geo., a Director of Bard.

Pulp samples from BD-08-25 and BD-08-35 were analyzed by Acme Analytical Laboratories in Vancouver utilizing the Group 1F methodology. Analytical procedure consisted of an Aqua Regia digestion and Ultratrace ICP-MS analysis.

, ,

No Comments

Northgate Minerals Reports Record Gold Production

Northgate Minerals Corp. released record gold production in the fourth quarter of 2008, as well as the 2009 production forecast and exploration plans for its Canadian and Australian operations.

(All figures are in United States dollars, except where noted.)

Fourth quarter 2008 highlights:

 

  • Achieved record quarterly gold production of 118,265 ounces, bringing total 2008 production to a record 354,800 ounces;
  • Strong turnaround at Fosterville with 26,398 ounces produced, representing a new quarterly record;
  • Production at Stawell of 30,553 ounces of gold, the fourth-highest quarterly production in the long 26-year history of the mine;
  • Kemess produced 61,314 ounces of gold and 14.4 million pounds of copper;
  • Northgate’s average net cash cost of production for its three operating mines was $421 per ounce of gold;
  • Doubled the total gold resource base to over four million ounces at the Young-Davidson property;
  • Announced the discovery of significant extensions to three mineralized zones at Fosterville.

 

2009 production forecast highlights:

 

  • Northgate is forecasting record gold production of 392,000 ounces from its three operating mines in Canada and Australia;
  • Copper production from the Kemess mine is forecast to be 54 million pounds;
  • Northgate’s average cash cost of production, net of byproduct credits, is forecast to be $461 per ounce of gold assuming a copper price of $1.40 per pound and exchange rates of $1 (Canadian)/$1.25 (U.S.) and $1 (Australian)/$1.43 (U.S.);
  • Exploration spending in Australia is forecast to be $8.2-million, split almost equally between the two operations, in support of mine-life extensions;
  • Exploration spending for the Young-Davidson property is forecast to be $1.2-million, which will focus on targets outside of the known resource area.

 

Ken Stowe, president and chief executive officer, commented: “When we acquired Perseverance Corp. only 11 months ago, our stated and primary goals were to quickly increase the mine life at Stawell through an aggressive exploration program and underground infrastructure enhancements, and to dramatically improve the productivity at Fosterville. The results are readily apparent. At Stawell, after only five months of ownership, we added 140,000 ounces to the reserve in July, the single-largest reserve addition in the mine’s history. At the same time, working conditions underground have dramatically improved through significant investments in ventilation and cooling. Furthermore, ore haulage costs have been reduced by approximately 30 per cent with the acquisition of larger trucks. At Fosterville, having successfully completed the conversion to owner mining, our considerable turnaround efforts began to show tangible results in all areas during the fourth quarter, with the mine reporting the highest quarterly production in its history at a cash cost of $513 per ounce. In addition, we made considerable progress on the heated leach circuit, which will further improve gold recovery at the operation while allowing us to retreat previously produced high-grade leach circuit tailings containing over 50,000 ounces of gold. Our strong balance sheet will allow us to continue aggressive exploration programs at both Australian mines, where we plan to invest $8.2-million, building on our success in the GG6 zone at Stawell and the recent exciting results from the Harrier underground zones at Fosterville. In Canada, production of gold at Kemess is expected to decline slightly from 2008 levels. Mining in the west end of the pit is currently scheduled to be completed by midyear, at which time the mill will begin processing lower-grade stockpiles and east pit ores. At Young-Davidson, we are taking a fresh look at all aspects of the mine development plan based upon the very impressive doubling of the gold resource base announced in December. Once this rescoping has been completed, we will then commence feasibility study work. With record combined gold production from Kemess, Stawell and Fosterville forecast for 2009 and strong prospects for continued exploration success in Australia and at Young-Davidson, the year ahead should be an exciting one for Northgate and our shareholders.”

Consolidated fourth quarter production results

 

                         SUMMARY OF OPERATIONS

                          Q4 2008     Q4 2007        2008        2007
Production

Gold (ounces)(1)           118,265      41,467     354,800     245,631
Copper (thousands pounds)   14,391      16,766      51,906      68,129
Net cash cost ($/ounce)(2)     421          18         445         (22)

(1) Full-year production for Fosterville excludes the change in 
gold-in-circuit inventory previously recorded in production for the 
first quarter.
(2) Fourth quarter and full year 2008 cash-cost figures are unaudited 
estimates and are subject to revision.

 

 

              RESULTS OF OPERATIONS -- KEMESS SOUTH MINE

                            Q4 2008     Q4 2007        2008        2007

Ore plus waste mined
(tonnes)                  7,388,248   8,042,000  28,260,894  42,025,404
Ore mined (tonnes)        5,027,556   3,206,000  13,851,896  17,060,785
Stripping ratio 
(waste/ore)                    0.47        1.51        1.04        1.46
Ore stockpile rehandle
(tonnes)                  1,173,710   2,367,337   7,152,037   4,012,198
Ore milled (tonnes)       4,171,027   4,238,626  16,924,271  17,802,317
Ore milled per day 
(tonnes)                     45,337      46,072      46,252      48,773
Gold grade (g/t)              0.661       0.459       0.505       0.627
Recovery (%)                     69          66          67          68
Production (ounces)          61,314      41,467     185,162     245,631
Copper grade (%)              0.196       0.238       0.174       0.214
Recovery (%)                     80          75          79          81
Production (thousands of
pounds)                      14,391      16,766      51,906      68,129
Net cash cost 
($/ounce)(1)                    395          18         272         (22)

(1) Fourth quarter and full year 2008 cash-cost figures are unaudited 
estimates and are subject to revision.

 

Operational performance

The Kemess South mine posted production of 61,314 ounces of gold and 14.4 million pounds of copper in the fourth quarter of 2008, which was considerably lower than the forecast of 74,000 ounces and 18.5 million pounds, respectively. Metal production was adversely impacted by a burst water pipe, which caused serious damage to the mill’s distributed control system (DCS), resulting in six days of downtime just before Christmas. This event, combined with a one-week delay in accessing some higher-grade ore in the western end of the open pit, was responsible for the shortfall in production during the quarter. However, the ounces that did not materialize in the fourth quarter of 2008 will be produced in the first quarter of 2009.

Mining operations returned to near-normal levels in the western end of the open pit once waste rock was removed from the northwest corner where localized sloughing had occurred earlier in the year. A new radar-based wall monitoring system was installed to ensure safe operation until the western end of the pit is mined out in mid-2009.

The mill operated at an average throughput of 45,337 tonnes per day during the quarter and would have achieved a more typical 49,000-tonne-per-day rate had it not been for the unexpected DCS-related outage that occurred just before Christmas. Recoveries in the mill of 69 per cent for gold and 80 per cent for copper were consistent with historic norms for the hypogene ore, which was processed during the quarter.

The cash cost of production at Kemess in the fourth quarter was $395 per ounce, which was significantly higher than earlier quarters of 2008 due to the precipitous drop in copper prices from an average of $3.62 per pound in the first three quarters to $1.77 per pound in the fourth quarter. For the full year of 2008, the cash cost of production at Kemess averaged $272 per ounce.

 

             RESULTS OF OPERATIONS -- STAWELL GOLD MINE

                             Q4 2008     Q4 2007        2008        2007

Ore mined (tonnes)           177,561     152,791     629,665     652,372
Ore milled (tonnes)          183,415     170,554     698,396     721,723
Ore milled per day (tonnes)    1,994       1,854       1,908       1,978
Gold grade (g/t)                5.97        6.00        5.25        5.39
Recovery (%)                      87          89          87          89
Production (ounces)           30,553      29,635     102,679     112,058
Net cash cost ($/ounce)(1)       393         n/a         541         n/a

(1) Fourth quarter and full year 2008 cash-cost figures are unaudited 
estimates and are subject to revision.

 

The Stawell gold mine produced a total of 30,553 ounces of gold during the three months ended Dec. 31, 2008. This represents the highest quarterly production during 2008 and the fourth-highest quarterly production total in the 26-year history of the mine.

Mine production of 177,561 tonnes during the quarter increased to its highest level of the year, as improvements in the mine’s ventilation and cooling systems and the commissioning of three 60-tonne haul trucks increased the effective mining capacity.

Approximately 183,415 tonnes of ore at a grade of 5.97 grams per tonne were milled in the fourth quarter of 2008. Gold recoveries in the mill were 87 per cent, which were on target with plan and consistent with the 87-per-cent-to-90-per-cent historic range.

The net cash cost of gold for the fourth quarter was $393 per ounce, which was significantly lower than previous quarters of the year, attributable to the decreased mining costs, milling of higher-grade ore and the weaker Australian dollar relative to the United States dollar.

 

             RESULTS OF OPERATIONS -- FOSTERVILLE GOLD MINE

                             Q4 2008     Q4 2007        2008        2007

Ore mined (tonnes)           167,182     154,887     511,542     799,188
Ore milled (tonnes)          165,654     213,543     540,725     931,886
Ore milled per day (tonnes)    1,801       2,321       1,477       2,555
Gold grade (g/t)                6.03        4.00        5.39        3.27
Recovery (%)                      82          70          70          77
Production (ounces)(1)        26,398      19,198      66,959      73,378
Net cash cost ($/ounce)(2)       513         n/a         836         n/a

(1) Full-year production for Fosterville excludes the change in 
gold-in-circuit inventory previously recorded in production for the 
first quarter.
(2) Fourth quarter and full year 2008 cash-cost figures are unaudited 
estimates and are subject to revision.

 

The Fosterville gold mine produced 26,398 ounces of gold during the three months ended Dec. 31, 2008, which was a quarterly record for the mine and substantially higher than forecast. The ore grade milled during the quarter was consistent with forecast; however, gold recovery was significantly higher due to the lower proportion of black shale ore in the mill feed and several leach circuit process improvements that were implemented based on the results of the pilot plant. Gold recovery is expected to improve further in 2009 once the $4.75-million heated leach circuit is commissioned in the first quarter.

Mine development activities continued at a high rate during the fourth quarter and now extend into the heart of the thicker, higher-grade sections of the main Phoenix orebody, which will support production over the next several years.

Net cash cost for the fourth quarter was $513 per ounce of gold, which was dramatically lower than the first three quarters of 2008, as Northgate worked on the turnaround of the operation. The decrease in costs is the result of increased mining rates, higher ore grades, improved gold recovery and the weaker Australian dollar relative to the United States dollar.

Year ending 2008 financial results

Northgate’s audited financial results for the year ended Dec. 31, 2008, are scheduled for release before market opens on March 4, 2009, and the corporation’s year-end conference call and webcast for investors and analysts will be held at 10 a.m. ET on the same day.

2009 production forecast

Northgate is forecasting a record year for production in 2009 of 392,000 ounces of gold at a net cash cost of $461 per ounce.

 

                                          Gold      Copper     Cash cost
                                         (ounces)  (thousands   (ounces)
                                                    of pounds)

Kemess                                   173,000      54,000        $517
Stawell                                  107,000         N/A        $388
Fosterville                              112,000         N/A        $445
                                         -------      ------        ----
                                         392,000      54,000        $461

Assuming copper price of $1.40 per pound and exchange rates of 
$1 (Canadian)/$1.25 (U.S.) and $1 (Australian)/$1.43 (U.S.).

 

 

          KEMESS SOUTH MINE -- PROJECTED 2009 MINE PRODUCTION

Ore plus waste mined (tonnes)                                 24,523,000
Ore mined (tonnes)                                            18,024,000
Stripping ratio (waste/ore)                                         0.36
Ore milled (tonnes)                                           17,581,000
Ore milled per day (tonnes)                                       48,167
Gold grade (g/t)                                                   0.484
Copper grade (%)                                                   0.181
Gold recovery (%)                                                     64
Copper recovery (%)                                                   77
Gold production (ounces)                                         173,000
Copper production (thousands pounds)                              53,800
Net cash cost ($/ounce)                                              517

 

In 2009, the mine plan calls for the removal of 18 million tonnes of ore and 6.5 million tonnes of waste from the Kemess open pit. During the first three quarters of the year, the Kemess mill will process higher-grade ore that will be mined from the western end of the open pit. Beginning in the fourth quarter, milling of much lower-grade ore from surface stockpiles and from the eastern end of the open pit is scheduled to commence.

The Kemess mill is expected to operate at a throughput of 48,167 tonnes per day with the mill operating at 90-per-cent availability. The majority of the ore milled during the year will be hypogene ore with only a small quantity (10 per cent) of supergene and leachcap ore. Total metal production for 2009 is anticipated to be 173,000 ounces of gold and 54 million pounds of copper.

Production of gold-copper concentrate is forecast to total 131,000 dry metric tonnes, which will be shipped to Xstrata Copper’s Horne smelter in Rouyn-Noranda, Que. Annual smelting and refining terms for 2009 are expected to settle at around $75 per dry metric tonne and 7.5 cents per pound of copper with no price participation and it is expected that Kemess concentrate will be processed on comparable terms.

The unit mining cost is forecasted at $1.75 per tonne moved and the total average unit cost of production is forecast to be $11.90 per tonne milled, including $3.17 per tonne milled for concentrate marketing costs. Assuming byproduct copper and silver prices of $1.40 per pound and $9 per ounce, respectively, and an exchange rate of $1 (Canadian) per $1.25 (U.S.), the net cash cost is projected to be $517 per ounce of gold produced in 2009.

Since Kemess is approaching the end of its mine life, capital expenditures will amount to only $3.6-million.

 

             STAWELL GOLD MINE -- PROJECTED 2009 MINE PRODUCTION

Ore mined (tonnes)                                               724,000
Ore milled (tonnes)                                              833,000
Ore milled per day (tonnes)                                        2,280
Gold grade (g/t)                                                    4.49
Gold recovery (%)                                                     89
Gold production (ounces)                                         107,000
Net cash cost ($/ounce)                                              388

 

In 2009, the Stawell mine plan calls for 833,000 tonnes to be milled at an average grade of 4.49 g/t. Gold recovery is forecast to be 89 per cent and total gold production is expected to be 107,000 ounces. Ore for the mill will be sourced from the GG3, GG5 and Magdala reserve blocks while development toward the newly discovered GG6 zone is completed. Unit operating costs are forecast to total $72 (Australian) per tonne milled, consisting of mining costs of $46 (Australian) per tonne mined, milling costs of $23 (Australian) per tonne milled, and general and administrative costs of $8 (Australian) per tonne milled.

Although Stawell is a mature and well-run operation, there are still certain areas where improvements can be made. Due to the success of the pilot plant project at Fosterville in 2008, the plant itself will be shipped to Stawell where tests will be conducted to determine whether the historic 89-per-cent recovery at the mine can be improved in the future.

Capital expenditures at Stawell are forecast to total $10-million including $2.8-million for new mining equipment, $3.5-million for additional ventilation improvements, $1.1-million for a tailings dam raise and $1-million for upgrades, and the purchase of critical spares in the mill. Mine development capital and resource definition drilling costs are forecast to be $17.1-million primarily related to the GG5 reserve block and development toward the GG6 zone, which will support production in 2010 and 2011.

Exploration expenditures of $4-million are forecast for 2009 and will focus on three targets. The first target will be Sub-GG6, where a 6,900-metre program will be conducted to follow up on 2008 drilling, which yielded some very-high-grade intersections. The second will be the promising North Magdala target, where a planned drill program of 5,000 metres will be conducted. Lastly, 2,000 metres will be devoted to the Wonga Gift target. The balance of the exploration budget will be devoted to the exploration of several other promising targets on the 1,000-hectare Stawell mining lease. In addition to this extensive diamond drilling program, Stawell geologists will continue their very successful program of revisiting resource areas in the upper areas of the mine to identify additional reserves, which can be mined with very low development costs due to their proximity to existing workings.

 

        FOSTERVILLE GOLD MINE -- PROJECTED 2009 MINE PRODUCTION

Ore mined (tonnes)                                               731,000
Ore milled (tonnes)                                              733,000
Ore milled per day (tonnes)                                         2008
Gold grade (g/t)                                                    5.41
Gold recovery (%)                                                     84
Gold production (ounces)                                         112,000
Net cash cost ($/ounce)                                              445

 

In 2009, the Fosterville mine plan calls for the mill to process a total of 731,000 tonnes at a grade of 5.41 g/t. Gold recovery is estimated to be 84 per cent on average during the year and total production is forecast to be 112,000 ounces. Mine production during the year will come primarily from the heart of the main Phoenix orebody with the remaining production from the Ellesmere orebody. Unit operating costs are forecast to total $97 (Australian) per tonne milled, consisting of mining costs of $54 (Australian) per tonne mined, milling costs of $34 (Australian) per tonne milled, and general and administrative costs of $10 (Australian) per tonne milled.

The heated leach circuit is scheduled to be commissioned in the first quarter of 2009. Pilot plant tests indicated that gold recovery of 90 per cent on average can be achieved once this circuit is in full operation. Once this last operational deficiency has been corrected, attention will be turned to reduce operating costs at the mine with the goal of lowering Australian-dollar-denominated cash costs per ounce by as much as 10 per cent by optimizing the operation.

Capital expenditures at Fosterville are forecast to total $12-million, including $2.1-million for the completion of the heated leach project, $2.1-million for new mobile equipment, $1-million for a tailings dam raise, $900,000 for equipment rebuilds and approximately $500,000 for the tailings retreatment project. Mine development capital and resource definition drilling costs are forecast to be $14.5-million primarily related to the continuing development of the Phoenix and Ellesmere orebodies.

Exploration expenditures in 2009 are forecast to be $4.2-million and will focus on three areas. The key focus of the exploration program is the Harrier underground zone, with an 11,500-metre program that is already under way to follow up on the excellent results obtained during the 2008 program. The second target area is Phoenix Deeps, the downplunge extension of the main orebody at Fosterville where a drill program totalling 5,300 metres is planned. The third target area is known as Pegasus, which is a theorized structural repeat of the Phoenix mineralization at greater depth that will be drill tested during the year. A total of 3,500 metres have been allocated to this program.

Young-Davidson project

Upon completion of the underground ramp development at the end of 2008, mining equipment was demobilized and the remaining shaft refurbishing work on the 13th level will be completed in early 2009. The number of people working at the property is now 23, down from an average of 115 in 2008, and this group will continue to perform a variety of activities related to permitting and development, while keeping the mine dewatered.

The new resource estimate was released in December, 2008, and a National Instrument 43-101 technical report will be filed on SEDAR and on Northgate’s website at the end of January, 2009. The project focus has now shifted to optimize the National Instrument 43-101 preliminary economic assessment report, which was filed in August, by incorporating the new, dramatically larger resource, using the geotechnical information that has been collected, and making better use of the existing ramp and shaft infrastructure at the site. Once this process is completed, a full feasibility study will be commissioned.

The rocks that host the Young-Davidson deposit are known to extend to the west under barren cover rocks. Historically, only a handful of drill holes have been tested along strike west of Young-Davidson. Other targets on the property are geophysical anomalies that have similar characteristics to those of the known Young-Davidson deposit. Exploration in 2009 will focus on these targets outside of the known resource area.

Two thousand nine exploration spending at Young-Davidson is forecast to total approximately $1.2-million out of a total project budget of $8.6-million. The balance of the expenditures will be for permitting, engineering and feasibility studies, and site care and maintenance.

, ,

No Comments

Lorraine-Jajay 2008 Drilling Results New Zone Discovered Under Main Zone

Lorraine Copper wishes to announce the results from the 2008 exploration program at the Lorraine project, which is being managed by Teck Cominco Limited under a Participation Agreement with Lorraine Copper. The Lorraine property is located in the Quesnel Terrane approximately 250 km northwest of the city of Prince George, British Columbia.

Lorraine 2008 Drill Map

Lorraine 2008 Drill Map

Teck has informed the company that it successfully drilled 6,935.5 m in 19 holes and tested eight target areas during the 2008 program. A number of significant new developments have resulted from this drilling, most notably, the discovery of another mineralized zone below the Lower Main Zone. Drill hole L08-120 first intersected 159.2 m grading 0.64% copper and 0.30 g/t gold representing the Lower Main Zone, then intersected 58.8 m grading 0.092% copper including 22.1 m grading 0.16% copper 95.3 m beneath the first interception.

Two holes were drilled to test for a northern extension to the Bishop Zone and also to determine if this zone is connected with the Main Zone. Holes L08-121 and 128 very successfully attained this objective, returning 123.3 m of 0.31% copper and 23.4 m of 0.49% copper, respectively. These holes indicate the potential for significantly increasing resources in this area.

New areas of mineralization were also discovered, including: west of the Boundary Zone in holes JTM08-16 and 17; the All Alone Dome target in hole L08-115; and the first significant intercepts of mineralization at the TooGood target in holes L08-116, 118 and 119 where notable mineralization was seen in a few holes that were cut off by post-mineralization dykes, indicating that mineralization in this large target is potentially very extensive.

Copper-gold mineralization on the Lorraine property is alkalic intrusion-related and is analogous to a deposit style that includes the Galore Creek deposit. Other significant alkalic deposits in British Columbia include the Mt. Polley, Afton and Copper Mountain mines. The Lorraine property is located in an area of active logging and is well served by resource infrastructure including all season roads, the Kemess power-line corridor to the northeast and the Canadian National Railway line to the southwest.

Teck is earning a 51% interest in the Lorraine-Jajay project by spending $9.0 million by 2011, and may earn up to a 65% interest by completing a feasibility study and arranging production financing.

2008 Lorraine-Jajay and Jan/Tam/Misty Properties Drilling Results Summary:

Hole No. Area

From (m)

To (m)

Core Length (m)

Cu ppm (ICPMS)

Assay Cu %

Au ppb  *

Assay Au g/t  ***

Ag ppm (ICPMS)

JTM08-16 Boundary

384.3

515

130.7

914

0.09

26

<1

  incl.

384.3

405

20.7

1492

0.15

45

1

  incl.

460

481

21

1906

0.18

40

0.066

1.3

JTM08-17 Boundary

36.7

55.3

18.6

1153

0.12

<10

1.1

JTM08-18 Target X

 

 

 

nsv

nsv

L08-114 AAD

 

 

 

nsv

nsv

L08-115 AAD

280.5

301.2

20.7

979

0.10

20

<1

L08-116 TooGood

262.2

308.8

46.6

1152

0.12

12

<1

L08-117 TooGood

285

294

9

nsv

238

1.6

L08-118 TooGood

174

186

12

1372

0.14

<10

<1

L08-119 TooGood

88.6

153

64.4

996

0.10

<10

<1

  incl.

126.2

153

26.8

1211

0.12

<10

<1

L08-120 Lower Main

8

167.2

159.2

6080

0.64

226

0.304

3.5

  2nd zone

262.5

321.3

58.8

915

24

<1

  2nd zone incl

262.5

284.6

22.1

1497

0.16

27

<1

  Both zones combined

8

284.6

276.6

3720

0.39

136

2.2

L08-121 Bishop Ext

89.8

326

236.2

1730

0.19

42

<1

  incl.

89.8

213.1

123.3

2751

0.31

57

<1

  incl.

158.3

213.1

54.8

5191

0.59

96

1.0

  incl.

158.3

182.3

24

9841

1.13

135

0.151

1.3

L08-122 New

144.8

149.3

4.5

1124

0.13

25

<1

   

201.1

203.1

2

4781

0.57

76

1.9

L08-123 New

59.4

59.9

0.5

5500

0.60

<10

2.4

L08-124 Page Bowl

43.5

50.4

6.9

1179

0.15

16

1.1

L08-125 New

 

 

 

nsv

L08-126 New

57

60.3

3.3

1057

15

<1

  New

174

183

9

937

<10

<1

L08-127 TooGood

 

 

 

nsv

L08-128 Bishop Ext

66

359

293

1050

68

<1

  incl.

184

207.4

23.4

4648

0.49

364

0.361

1.3

  incl.

281

301

20

2981

0.31

223

0.233

1.4

  incl.

335

359

24

1808

0.20

104

1.1

L08-129 AAD

 

 

 

nsv

* Au by Aqua regia decomposition / solvent extraction / AAS
*** Au by Fire assay – lead collection / AA finish / 1 A.T.

nsv = no significant values

, , , , ,

No Comments

Lone Pine Molybdenum 43-101 Resource Estimate Completed Measured + Indicated 110,340,000 tonnes Grading 0.083% Mo

Bard Ventures Ltd. (“Bard” or the “Company”) is pleased to provide the first independent National Instrument 43-101 compliant resource estimate on the Alaskite Zone molybdenum mineralization from the Lone Pine Property (the “Property”) located in the Omineca Mining Division approximately 15 kilometres north-northwest of Houston, BC. The resource estimate was completed by GeoSim Services Inc.

Lone Pine measured and indicated mineral resource summary:

 

MEASURED

Cut-off % Mo

Tonnes ≥ Cutoff (000’s)

Mo%

in-situ lbs Mo (000’s)

0.02

43,767

0.078

75,262

0.03

40,450

0.082

73,125

0.04

33,356

0.092

67,654

0.05

26,676

0.104

61,163

0.06

22,486

0.113

56,018

0.07

19,625

0.120

51,919

0.08

17,699

0.125

48,775

0.09

15,853

0.130

45,435

0.10

13,922

0.135

41,435

 

 

INDICATED

 

Tonnes ≥ Cutoff (000’s)

Mo%

in-situ lbs Mo (000’s)

107,769

0.066

156,809

99,967

0.069

152,069

76,984

0.079

134,079

58,193

0.090

115,464

43,968

0.102

98,871

35,077

0.111

85,839

29,884

0.117

77,084

25,703

0.123

69,698

21,053

0.129

59,875

 

 

MEASURED+INDICATED

Cut-off % Mo

Tonnes ≥ Cutoff (000’s)

Mo%

in-situ lbs Mo (000’s)

0.02

151,536

0.069

232,071

0.03

140,417

0.073

225,193

0.04

110,340

0.083

201,733

0.05

84,869

0.094

176,628

0.06

66,454

0.106

154,890

0.07

54,702

0.114

137,758

0.08

47,583

0.120

125,858

0.09

41,556

0.126

115,132

0.10

34,975

0.131

101,310

Lone Pine inferred mineral resource summary:

 
INFERRED
   

Cutoff % Mo

Tonnes ≥ Cutoff (000’s)

Mo%

in-situ lbs Mo (000’s)

0.02

27,827

0.084

51,532

0.03

27,555

0.085

51,636

0.04

25,840

0.088

50,131

0.05

22,839

0.094

47,331

0.06

18,295

0.104

41,947

0.07

15,238

0.111

37,290

0.08

13,092

0.117

33,769

0.09

11,800

0.121

31,477

0.10

10,186

0.125

28,070

Notes:

  • The mineral resources were estimated in December, 2008 using ordinary kriging constrained by grade domain and lithologic solid models. Only molybdenum grades were estimated.
  • Assay grade distribution was evaluated statistically before compositing. No cutting or capping of molybdenum grades was deemed necessary.
  • Density measurements were made on 83 core samples and density was assigned based upon the median value for each lithologic domain.
  • ‘Best Fit’ 10 m downhole composites were generated within a grade shell domain based on 0.02% Mo cut-off grade.
  • Semi-variograms were modeled in order to develop kriging parameters, search parameters and anisotropy. The block model size was set at 20 m x 20 m x 10 m. block grades were estimated using three interpolation passes with increasing search distance.
  • The model was validated by comparing to nearest neighbour estimated and composite grade distributions, swath plots and visual inspection of sections and plans. Resources were classified as measured, indicated or inferred based upon a number of constraints including, zone, drilling density and distance to nearest composite.
  • A preliminary optimized open pit was generated in order to assess the potentially mineable portion of the resource. Blocks located beyond the pit limits were excluded from the resource classification.
  • Resources are summarized in the tables below for a range of cutoff grades. The cutoff grade selection in operating molybdenum mines is sensitive to a large range of economic factors and can be impacted by processing and mining method selection and scale. Cutoff grades are not static during a typical mine life and hence a resource estimate that provides a summary over a range of cutoff grades is useful in assessing potential development options.


QA/QC Procedures and Methodology

The resource estimation has been prepared by Geosim Resources Inc., under the direction of Ronald G. Simpson, P.Geo. an independent Qualified Person for the purposed of NI 43-101. A report under NI 43-101 disclosing these updated Lone Pine resources is being prepared by Geosim Services Inc. and will be filed by Bard Ventures Ltd. on SEDAR within 45 days. Mr. Simpson has reviewed and approved the contents of this news release.

There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data used to prepare the mineral resource included in this news release. Bard is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or any other relevant issues by which the mineral resource included in this news release may be materially affected.

The drill core, placed in wooden boxes, was logged, photographed, and split using a hydraulic core splitter at the Company’s core logging facility in Smithers. In general, samples of halved core were taken every 2 meters. Litho-breaks, especially dykes, eventually forced an uneven sample proportion. Samples were bagged in plastic bags including the sample interval tags and sample number. Every 20th sample, either a blank or a standard material, was put in a bag with a tag and sample number. From BD-08-33 on, a second standard was used, so the sequence every 20th sample was Blank-standard01-standard02-Blank for quality control purposes.

Samples from BD-07-01 to BD-07-20 were shipped by Canadian Freightways in Smithers, to Acme Analytical Laboratories in Vancouver, B.C. for analysis. Samples from BD-07-21 to BD-08-32 were shipped by Canadian Freightways in Smithers, to Eco Tech Laboratory of Kamloops, BC. for analysis. Samples from BD-08-33 on, were shipped to Acme Analytical Laboratories in Smithers, B.C. for preparation. Acme Smithers send the split sample to their facility in Vancouver, BC. for analysis. Both, Eco Tech Laboratory of Kamloops, and Acme Analytical of Vancouver, BC, are ISO 9001:2000 accredited laboratories.

The drill core was prepared for assaying using Acme’s R150 prep method, and assaying was then completed for 35 element including Mo, Cu, Pb, Zn and Ag utilizing their 1E ICP-ES package. The R150 prep package, consists of crushing 1kg of sample to 70% passing 10 mesh, then 250g of this material is split and pulverized to 95% passing 150 mesh. A 0.25g split of this material is then heated in HNO3-HCIO4-HF to fuming and taken to dryness. The residue is dissolved in HCL, and then the solution is analyzed by ICP. Mo assays exceeding 4,000ppm were re-assayed using Group 7TD Single Element (Mo) Assay by ICP-ES and 4-Acid Digestion. Eco Tech uses the similar procedure except the threshold for Mo re-assay was 500ppm. The split drill core is currently stored in a yard at the core logging facilities in Smithers. The stacks of cores are covered by a tin roof. The storage yard is fenced in and locked. The pulp samples are stored in an insulated shed.

The Company is very pleased with the resource of the Alaskite Zone, “This is only one of several known mineralized areas on the Lone Pine Property,” stated Eugene Beukman, President, “This resource, as well as the recently reported positive metallurgical results (see news release dated January 9, 2009), adds critical components to the economics of the Lone Pine mineralization. We are extremely excited with the excellent results to date, and look forward to an aggressive exploration year ahead.” The information from the resource calculations and the Company’s database will help guide future exploration on the Lone Pine Property.

Ideal location with established infrastructure

The Property has access to an existing infrastructure including:

  • Highway 16;
  • a natural gas pipeline;
  • a major hydro power transmission line and transformer sub-station; and
  • is located only 15 kilometers from the CN rail line in Houston, BC.

A plan of the drill holes in the Alaskite Zone may be viewed on the Company’s website at www.bardventures.com

Bard is earning a 100% interest in the Property under the terms of an option agreement (see News Release dated September 15, 2006). The Lone Pine exploration work is being conducted under the supervision of Qualified Person Jim Miller-Tait, P. Geo., a Director of Bard.

,

No Comments

Lone Pine Molybdenum Metallurgical Results Received

Bard Ventures is pleased to provide the preliminary metallurgical results received from G & T Metallurgical Services Ltd. based in Kamloops, B.C. The metallurgical work was completed on representative core samples from the Alaskite Zone molybdenum mineralization on the Lone Pine Property located in the Omineca Mining Division approximately 15 kilometres north-northwest of Houston, BC. The claims cover several known molybdenum showings named the Quartz Breccia, Granby, Mineral Hill Zones and the main high priority Alaskite Zone that has been the focus of the majority of the diamond drilling completed to date.

G & T Metallurgical completed the mineralogical and metallurgical test work on approximately 50 kg of representative quartered NQ2 size core assaying 0.060% molybdenum and 0.034% copper from the Alaskite Zone on the Lone Pine Property. The results of this first phase of testing are encouraging with the following results reported from G & T Metallurgical:

  • Rougher circuit flotation tests produced molybdenum recoveries of 90% or greater to the rougher concentrate;
  • open circuit batch cleaner tests produced concentrate grades as high as 43% molybdenum;
  • the Bond ball work index of 14.1 kWh/tonne; and
  • the sulphides present in order of abundance are pyrite/pyrrhotite, chalcopyrite and molybdenite.

The Company is very pleased with these initial results which add another critical component to the economics of the Lone Pine mineralization.

Ideal location with established infrastructure.

The Property has access to an existing infrastructure including:

  • Highway 16;
  • a natural gas pipeline;
  • a major hydro power transmission line and transformer sub-station; and
  • is located only 15 kilometers from the CN rail line in Houston, BC.

A plan of the drill holes in the Alaskite Zone may be viewed on the Company’s website at

Bard is earning a 100% interest in the Property under the terms of an option agreement (see News Release dated September 15, 2006). The Lone Pine exploration work is being conducted under the supervision of Qualified Person Jim Miller-Tait, P. Geo., a Director of Bard.

,

No Comments

Eastfield Intercepts 8.20 g/t Gold Over 0.3 m, 209.0 g/t Silver Over 0.5 m at Indata

Eastfield Resources has received the assays from five diamond drill holes (1,035 metres) completed in October on the Indata property in northern B.C., located 120 km north of Fort St. James.

There are two exploration targets on the Indata property, a porphyry copper target and a structurally controlled precious metal vein target. The 2008 exploration program consisted of one drill hole (08-I-01) in the porphyry copper target and four holes (08-1-02 to 08-I-05) in the precious metal vein target.

The precious metal target was tested over a distance of 1,500 metres following the upslope trend of an arsenic soil geochemical anomaly believed to define a structural feature which has previously returned a number of gold-silver intercepts, including a 4.0 metre intercept grading 46.20 g/t gold from a 1988 drill program by Eastfield. A number of core samples from the recent drilling returned a number of narrow gold and/or silver intercepts with associated arsenic and bismuth values. Significant results are summarized as follows:

Hole

From
(m)

To
(m)

Sample Length (m)

Copper
%

Gold
g/t

Silver
g/t

08-I-01

18.3

181.7

163.4

0.14

including

123.0

150.0

27.0

0.27

08-I-02

76.5

76.8

0.3

0.18

8.20

4.4

08-I-03

36.7

38.3

1.6

0.14

0.42

79.9

including

37.2

37.7

0.5

0.13

0.40

209.0

Mineralization being targeted at Indata is modeled after the prolific Motherlode deposits in California, where cumulative production has exceeded in excess of 100 million ounces of gold. A key assumption to the model is the occurrence of gold-silver mineralization along the Pinchi Fault trend in the Indata region of central BC being analogous to the Melones Fault in the Motherlode region of California. New exposures of precious metal mineralization which are located 800 to 2,000 metres further to the north were made in 2007 when excavator trenches exposed narrow veins which returned samples including 17.16 g/t gold and 9.84 g/t gold respectively. The 2007 vein material was again found to be highly anomalous in arsenic, bismuth, antimony, mercury, selenium and tellurium providing a signature for gold mineralization of this type. This area was not tested in the current program and a robust soil anomaly also discovered in 2007 remains to be tested as well.

MAX Resource, who holds the property under option, is currently reviewing the 2007 exploration data along with data from the 1988 Placer Dome funded exploration program with the objective of evaluating and determining the geologic controls for the mineralized system at Indata in order to define possible drill targets for the 2009 exploration season. MAX is very pleased with confirming high-grade values from historic exploration in drill hole 08-I-02 and will be modeling the work done in the eighties and nineties to better define the structurally controlled target. Examination of the 2007 exploration trenches will also help to understand the system and to locate exploration targets.

Analysis was performed by Acme Analytical Laboratories, a certified facility in Vancouver, BC, using multi-element (ICP-ES) techniques. Bruce Laird, P.Geo., Mincord Exploration Consultants Ltd., supervised the 2008 drilling program and sampling protocol. J.W. Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.

, ,

No Comments