Archive for April, 2009

Bard Ventures Update

Bard Ventures is pleased to provide this update of activities and an outline of planned exploration in 2009 on the Lone Pine Property, British Columbia. In 2008, an extensive diamond drilling program consisting of 41 holes for a total of 21,557 meters resulted in delineation of a 43-101 compliant resource within the Alaskite Zone (tabulated below). At a 0.04% Mo cut-off there is a measured and indicated resource of 110,340,000 tonnes grading 0.083% Mo containing approximately 200 million pounds of molybdenum. The delineation of this resource and the related geological and technical information has provided an impressive model that is now being used by the Company’s technical staff to direct future exploration. Bard has recently completed, based on the model of the Alaskite Zone, a complete review and analysis of the 3D inversion induced polarization and magnetic geophysical surveys and the geological mapping and prospecting based on the model that is now available for the Alaskite Zone. This interpretation has identified new target areas within the Property that show the potential for the discovery of an entirely new zone of mineralization similar to the Alaskite Zone that, in certain cases, may be at or near surface.

Exploration in 2009 will initially focus on geological mapping, prospecting and additional detailed geophysical surveys that will evaluate these new target areas to define specific targets for diamond drilling. The goal of the 2009 exploration program will be to discover new areas of mineralization and to focus on targets that indicate the potential for the discovery of mineralization at or near surface. If successful, this will result in an expansion of the current resource and the delineation of near surface mineralization that could serve as the source of initial development within the Lone Pine Property.

The 2009 program has been designed giving due consideration to the current economic conditions and commodity prices. It will serve to continue to enhance and increase the potential of the Lone Pine Property and to build upon the success that the Company has had in the recent past.

Lone Pine measured, indicated and inferred 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
 
INFERRED
Tonnes >
Cutoff
(000’s)
Mo% in-situ lbs Mo
(000’s)
27,827 0.084 51,532
27,555 0.085 51,636
25,840 0.088 50,131
22,839 0.094 47,331
18,295 0.104 41,947
15,238 0.111 37,290
13,092 0.117 33,769
11,800 0.121 31,477
10,186 0.125 28,070
*Note: Bold indicates Base Case Scenario.

A full text version of the Lone Pine Property resource estimate was filed on SEDAR and is available at www.sedar.com under the Company’s profile and can also be found by visiting the Company’s website at www.bardventures.com. The report, dated January 12, 2009, entitled “Resource Estimate Lone Pine Molybdenum Project – Omineca Mining Division, British Columbia”, was prepared by Ronald G. Simpson, P.Geo. of GeoSim Services Inc., a “qualified person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The Property has an ideal location for operations with established 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.

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Gold Fields Plans a $3.9 Million Toodoggone Exploration Program

Gold Fields has tabled an exploration program for Cascadero’s Toodoggone Project that is budgeted for up to C$3.9 million in 2009.

Cascadero holds a 100% interest in 75 mineral tenures aggregating 30,409 hectares in the Toodoggone region of north central British Columbia. The property is located about 20 km north of Northgate Minerals’ Kemess South Au-Cu mine. As of November 30th 2008, Cascadero Copper and previously Stealth Minerals, spent $9.5 million on exploration consisting of mapping, geochemistry, ground and airborne geophysics and drilling. This work identified a broad corridor of geology prospective for bulk mineable copper-gold porphyry deposits, including the PINE copper-gold deposit.

On March 4th 2009, Cascadero Copper Corporation signed an Option and Joint Venture Exploration Agreement with Gold Fields Toodoggone Exploration Corporation (“Gold Fields”), a wholly owned subsidiary of Gold Fields Netherlands Services BV and a member of the Gold Fields Limited group of companies.

The Agreement grants Gold Fields an option to acquire a 51% interest in Cascadero’s Toodoggone property to be satisfied by incurring expenditures of at least C$5 million over a three year period. If Gold Fields acquires the 51% interest, it has the option to acquire an additional 24% interest in the property which is to be satisfied by spending an additional $15 million or funding the completion of a feasibility study. When Gold Fields provides notice to acquire a 75% interest, Cascadero and Gold Fields will form a 25/75 joint venture for the continued exploration and possible development of the property.

In late March 2009, the Toodoggone Project Management committee met in Vancouver. The work program and budget were presented and reviewed. The first year program consists of airborne geophysics, line cutting, ground geophysics, soil and stream sediment geochemistry and core drilling.

The airborne magnetic survey will be flown at 100 to 50 metre spacing and will cover the southern and eastern 2/3rds (~20,000 hectares) of the claim block.

Grid-based line cutting and Induced Polarization geophysics are focused on a north east trending 3,000 metre wide by 16,000 metre long corridor on the southern flank of the Finlay River valley.

A program of soil and rock geochemistry is also planned in the area of line cutting.

Subsequent to data compilation and interpretation, a core drilling program of up to 3,750 metres is planned that is initially focused within the area of the ground based geophysical program.

The airborne magnetic survey is underway.

Gold Fields expects to mobilize to Cascadero’s Finlay Camp in mid-May.

Cascadero Copper has closed its private placement with Gold Fields Toodoggone Exploration Corporation for 500,000 units at C$0.10 per unit. A unit consists of one common share and one warrant each of which plus C$0.12 can purchase one more common share for a period of one year. Gold Fields Toodoggone Exploration Corporation is a wholly owned subsidiary of Gold Fields Netherlands Services BV and a member of the Gold Fields Limited group of companies.

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Northgate Minerals Exceeds Q1 Production Forcast

Northgate Minerals Corp. has provided first quarter 2009 gold production and net cash cost for the Fosterville and Stawell mines in Victoria, Australia, and the Kemess South mine in British Columbia, Canada. All figures are in United States dollars except where noted.

First quarter 2009 highlights:

 

  • Consolidated production of 107,477 ounces of gold, which represents a 22-per-cent increase from the prior year and exceeds the first quarter production forecast;
  • Average net cash cost of production was $392 per ounce of gold, which was approximately 20 per cent lower than guidance;
  • Made substantial progress on the prefeasibility study work at Young-Davidson, where the mine plan is being redesigned around the new larger 3.3-million-ounce measured and indicated gold resource, using low-cost bulk mining methods to reduce operating costs and increase annual production;
  • Began commissioning the heated leach circuit at the Fosterville mine.

 

 

SUMMARY OF OPERATIONS FOR Q1 2009 COMPARED WITH THE SAME PERIOD IN 2008 
     (Unaudited, thousands of U.S. dollars, except where noted) 

                                            First quarter  First quarter
                                                     2009      2008
Fosterville
Gold production (ounces)                            25,779    10,440(1)
Net cash cost ($/ounce) (2)(3)                         430     1,190
Stawell
Gold production (ounces)                            22,392    28,363
Net cash cost ($/ounce) (2)(3)                         432       536
Kemess South
Gold production (ounces)                            59,306    49,583
Copper production (thousands pounds)                15,007    14,380
Net cash cost ($/ounce) (2)                            362       105
Consolidated
Gold production (ounces)                           107,477    88,386(1)
Copper production (thousands pounds)                15,007    14,380
Net cash cost ($/ounce) (2)(3)                         392       259

(1) Production in first quarter 2008 for Fosterville excludes the change 
in gold-in-circuit inventory previously recorded.
(2) The cash cost figure for first quarter 2009 is an unaudited estimate 
and is subject to revision.
(3) The cash cost figure for first quarter 2008 includes the results for 
Fosterville and Stawell from Feb. 19 to March 31, 2008.

 

Ken Stowe, president and chief executive officer, commented: “We achieved solid results in the first quarter of 2009. In Australia, we essentially met the quarterly production and cash cost forecasts we provided in early January. In addition, we began commissioning the heated leach circuit at Fosterville in March and early results support a 90-per-cent gold recovery target, which will enhance the long-term profitability of the mine. At Kemess, both production and cash costs exceeded our expectations due to higher-than-expected ore grades and metal recoveries, as well as higher-than-forecast copper prices.”

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Lorraine Copper Update

A New Player in Central British Columbia

The prolific Quesnel Terrane, a geologic belt running the length of the province and hosting numerous copper-gold porphyry deposits, including our own Lorraine occurrences, has attracted a large new player to BC. South African based Gold Fields Limited has announced that it has taken an option to acquire a 51% interest in Cascadero Copper Corporation’s Toodoggone property (approx. 100 km north of Lorraine) by incurring expenditures of $5 million over a three year period and may acquire an additional 24% interest in the property by spending a further $15 million.

Gold Fields is one of the world’s largest gold producers with annual attributable production of approximately four million ounces from nine operating mines in Peru, Ghana, Australia and South Africa. In addition the company has an extensive exploration portfolio with highly prospective projects in all of the major gold provinces of the world. Despite being a “pure gold” company, one of the more recent projects developed by Gold Fields is the Cerro Corona Mine in Peru which came on line in 2008. The Cerro Corona Mine is an open pit copper-gold porphyry mine with an economic model type that has many similarities to Lorraine.

It has become very evident over the last few years that gold companies are including large copper-gold porphyry deposits on their target list for a source of gold as they find that large gold-only deposits are becoming harder and harder to find. You may see that in the future these deposit types get referred to as Gold-Copper deposits instead of Copper-Gold to protect the gold-only producers from being labeled as copper producers. The bonus for the gold companies is the added revenue from the copper side where we are seeing a nice recovery in the price of late (US$2.05/lb.; 4/9/09). Many analysts believe that copper price is the bellwether of the economy and is a leading indicator to a pending recovery as it is a metal critical to industrial and domestic use.

It is a strong statement of credibility for BC and the exploration potential of the Quesnel Terrane to see Gold Fields enter our territory to explore alongside us.

At Lorraine Copper we are looking forward to continuing to explore and develop the Lorraine Project. Teck Cominco Ltd., Lorraine Copper’s option partner, may earn an initial 51% interest in the Lorraine Project (including subsequent expansions) by spending $9 million by December 31, 2010. Upon earning a 51% interest, Teck Cominco has a right to earn an additional 9% interest by funding and completing a feasibility study and a further 5% interest by arranging financing on behalf of Lorraine Copper for its share of capital costs. As we are all aware, Teck Cominco, having spent approximately $8.4 million to date, has been seriously affected by the recent economic downturn. Teck has not yet advised the company of the ongoing exploration plans for Lorraine but we are confident that the project will continue to garner success for Lorraine Copper.

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