Archive for July, 2009

Lorraine Copper does Private Placement

Lorraine Copper has received subscriptions for a non-brokered private placement agreement, subject to regulatory approval, for the sale of up to 2,000,000 units (each unit comprises one common share and one share purchase warrant) at a price of $0.05 per unit. Each warrant provides for the purchase of an additional common share at a price of $0.10 per share for five years from the date of regulatory approval. The shares issued pursuant to this private placement, and any warrants exercised therefrom, shall be subject to a four-month hold period.

Total gross proceeds of the offering will be $100,000. The proceeds of the offering shall be applied to general working capital.

The company shall pay no fees or commissions on behalf of the placement.

This offering is subject to approval of the TSX Venture Exchange.

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Northgate Minerals Terminates Discussion with Dioro

Northgate Minerals Corporation has confirmed today that it has terminated discussions with Dioro Exploration NL regarding a potential material transaction, as previously disclosed on July 20, 2009.

Northgate continues to evaluate strategic opportunities and targeted acquisitions for growth that will generate value for our shareholders. Northgate Minerals Corporation is a gold and copper producer with mining operations, development projects and exploration properties in Canada and Australia. The company is forecasting record gold production of over 390,000 ounces in 2009 and is targeting growth through further acquisition opportunities in stable mining jurisdictions around the world. Northgate is listed on the TSX under the symbol NGX and on the NYSE Amex under the symbol NXG.

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Cascadero Provides Toodoggone Exploration Update

Highlights of the 2009 Toodoggone exploration program to date are as follows:

  • A low-level airborne magnetic geophysical program was flown over approximately 2/3rds of the property (~20,000 hectares) in April.
  • The Toodoggone Camp was ready in early June after snow removal and set-up.
  • Road grading, bridge repair and building repairs were required due to heavy snow pack.
  • Line cutting in preparation for an Induced Polarization geophysical survey started on the June 4th.
  • The Induced Polarization geophysical survey began on June 18th. Interesting anomalies are indicated by preliminary analysis, the full significance, of which, remains to be evaluated.
  • Geologic mapping, sampling and review of historic core are underway. Infill rock chip sampling is expected to enhance the understanding of overall metal zoning.
  • A program of ~4,000 metres of HQ core drilling is scheduled for early August. Initial holes are in the Pine mineralized zone. Additional drill locations are dependent on the compilation of geology, air-mag and IP results.
  • All permits are in place.
  • Discussions with First Nations Groups about environmental, archeological and employment opportunities are proceeding
    Total camp population is in the order of 35 to 40 people.

The 2009 exploration program is managed and financed by Gold Fields Toodoggone Exploration Corporation which can earn up to a 75% interest in the property. The property is also subject to a 3% NSR in favour of Electrum Resource Corp. The NSR can be reduced with cash payments to 1% on base metal and 1½ % on precious metal. The property is road accessible and located in the Toodoggone region of north central British Columbia.


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Northgate Minerals Confirms it is in Talks With Dioro

Northgate Minerals Corp. is currently engaged in advanced discussions with the board of directors of Dioro Exploration NL regarding a potential material transaction. Northgate will provide further updates on the status of its discussions with the Dioro board as appropriate and in accordance with applicable regulations and its internal disclosure policies.

About Dioro

Dioro Exploration NL is an integrated gold producer listed on the Australian Securities Exchange (ASX) and Toronto Stock Exchange. Further information regarding Dioro is available at its website.


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Bard Ventures Ltd.: Exploration Program Update; Evaluation of New Target Areas, Lone Pine Property, British Columbia

Bard Ventures Ltd. has mobilized field crews to commence its exploration program on the Lone Pine molybdenum property. The property is located in the Omineca mining division approximately 15 kilometres north-northwest of Houston, B.C.

The 2009 exploration program will initially focus on geological mapping, soil geochemical survey, prospecting and additional detailed geophysical surveys that will evaluate the new target areas to define specific targets for diamond drilling. An initial orientation soil sampling survey has been completed over the known molybdenum mineralization to identify the geochemical signature of the Alaskite zone. There were two soil samples collected at each site, one conventional and one mobile metal ion (MMI), to test which sampling and analytical method is optimum. The main focus will be in the area proximal to the delineated resource which is located on the west side of a non-mineralized Quartz Feldspar porphyry. The initial program will focus on the south, east and north sides of this porphyry where the geological environment is favourable for additional molybdenum 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 Lone Pine property has a calculated measured and indicated resource at a 0.04 per cent Mo cut-off of 110.34 million tonnes grading 0.083 per cent Mo containing 201,733,000 in situ pounds of molybdenum.

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 substation;
Is located only 15 kilometres from the CN rail line in Houston, B.C.

A plan of the drill holes in the Alaskite zone may be viewed on the company’s website.

Bard is earning a 100-per-cent interest in the property under the terms of an option agreement. The Lone Pine exploration work is being conducted under the supervision of qualified person Jim Miller-Tait, PGeo, a director of Bard.


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GGL Diamond: Non-Brokered Private Placement

GGL Diamond Corp. intends to raise up to $1.4-million by way of a non-brokered private placement. A combination of flow-through units at a price of eight cents per unit and non-flow-through units at a price of six cents per unit will be sold. Each flow-through unit will consist of one flow-through common share and one-half of one non-transferable non-flow-through warrant. Each whole warrant will entitle the holder to purchase one non-flow-through common share for one year from the closing date at 10 cents per share.

Each non-flow-through unit will consist of one non-flow-through common share and one-half of one non-transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one non-flow-through common share for three years from the closing date at 10 cents per share in the first year, 20 cents per share in the second year and 30 cents per share in the third year.

If GGL’s common shares trade on the TSX Venture Exchange at a closing price greater than 50 cents per share for 20 consecutive trading days at any time after four months and one day from the closing date, GGL may accelerate the expiry of the warrants by giving notice to the holders thereof, and in such case the warrants will expire on the 30th day after the date on which such notice is given. GGL may pay finder’s fee to eligible finders of purchasers of units. Such fees will be paid in non-flow-through common shares.

The proceeds from the sale of the units will be used for trenching, sampling and drilling of the PGB gold areas, and for general corporate purposes. The proceeds from the sale of the flow-through shares will be used to incur Canadian exploration expense (CEE), as defined in the Income Tax Act (Canada). GGL will renounce such CEE to the subscribers effective for the 2009 tax year. The private placement is subject to acceptance for filing by the TSX Venture Exchange.

GGL also announces that it will hold an annual and special general meeting on Wednesday, Aug. 19, 2009, at the Terminal City Club in Vancouver. In addition to the annual business, GGL will ask for shareholder approval of a special resolution to change the company name to GGL Resources Corp. to better reflect the variety of mineral exploration projects in which GGL has an interest.

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Eastfield Resources Announces Crew Mobilized to Zymo Gold Copper Project, BC

Eastfield Resources and Canadian Gold Hunter are pleased to announce that a drill has been mobilized to the Zymo copper-gold property 45 kilometres west of Smithers, BC.

The Zymo property is underlain by an alteration/sulphide system of over 15 square kilometres and hosts several mineralized targets. A drilling program of four to six holes is planned and will further test the Hobbes Zone at depth and along strike as well as targets in the FM Zone.

This year’s drill program will follow up on a successful 1,554 metre Drill program in 2008 which intersected significant new intervals of copper/gold mineralization in the Hobbes Zone. Intersections from the 2008 program included 72.0 metres of 0.72% copper and 0.54 g/t gold in hole ZY08-09 and 158.9 metres of 0.31% copper and 0.21g/t gold in hole ZY08-10. Other work in 2008 included an IP/mag geophysical survey and geochemical sampling. An open-ended IP chargeability anomaly measuring six kilometres long by two-three kilometres wide was outlined in 2008 within which both the Hobbes and FM mineralized zones occur. Geochemical sampling and prospecting have outlined at least two new copper-gold target areas.

CGH has the option to earn a 60% interest in the property by completing exploration expenditures of $4 million over five years. CGH may earn an additional 10% interest by completing a feasibility study and an additional 5% by arranging mine financing for Eastfield.

G.L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.


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Featherstone Capital Terminates Agreement with Terrane

Featherstone Capital Advisors Inc. announces that the corporate development and financial advisory services agreement with Terrane Metals Corp. dated April 19, 2006 has been terminated by Terrane effective July 5, 2009. Douglas Forster, President and CEO of Featherstone commented: “Featherstone was instrumental in the acquisition of Terrane’s Mt. Milligan copper-gold project and Berg copper-molybdenum-silver project and recruited the current Chief Executive Officer and Chief Financial Officer of the Company as well as Terrane’s founding Board of Directors. While Featherstone will no longer be providing advisory services to Terrane, we wish the Company well as they advance their two British Columbia mine development projects.”


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High Grade Copper-Zinc Showing Discovered by Cariboo Rose at Carruthers Pass

Cariboo Rose Resources has been informed that Hawthorne Gold Corp. has terminated its option of the Carruthers Pass property in north-central BC. Hawthorne has forwarded a report outlining the results of their 2008 exploration program. The report details sampling carried out on cliffs above a high-grade boulder protruding from a talus apron. Two significant new bedrock massive sulphide occurrences were located and sampled. Other mineralized zones were also located but massive sulphides were not observed. Previous sampling of the large massive sulphide boulder returned significant values in copper, zinc, silver and gold. Grab samples by Phelps Dodge in 2001 from this exposure returned the following:

Sample #

Copper (%)

Zinc (%)

Silver (grams/t)

Gold (ppb)





















 Sampling undertaken during the 2008 program (104 samples in total) returned several anomalous results with the following table representing selective grab samples from the more significant copper rich showings. 

Sample #

Copper (%)

Zinc (%)

Silver (grams/t)

Gold (ppb)































 The prospecting/sampling program identified at least two mineralized or sulphide-bearing altered horizons which vary between two to four metres thick and can be traced across the outcrop exposures for at least 100 metres. Within these horizons, pods of massive sulphides occur and which are represented by the samples above. It is strongly suspected that these are the source of the boulder occurrence.

An airborne geophysical survey over the property was completed in 2004. A total of 295 line kilometres were flown utilizing a DIGHEM multi-coil, multi-frequency electromagnetic system supplemented with a high sensitivity magnetometer. The geophysical contractor, Fugro Airborne Surveys of Toronto, reports that “the surveyed property contains several anomalous features, many of which are considered to be of moderate to high priority as exploration targets”. The Fugro report itemizes fourteen target areas that contain discrete electromagnetic anomalies attributable to bedrock sources. These targets have had little follow-up exploration.

The Carruthers Pass property consists of 130 mineral claim units covering 3,250 hectares located approximately 70 kilometres south of the Kemess gold-copper mine and 200 kilometres north of Smithers. Under the terms of a 2003 agreement with Phelps Dodge, Cariboo Rose may earn a 100% interest in the Carruthers Pass Property by completing $750,000 ($187,000 remaining) in exploration and issuing shares valued at $120,000 (cash or shares, $40,000 remaining) before the sixth anniversary of the agreement (May 31, 2012). Phelps Dodge retains a back-in privilege to earn a 60% interest by incurring exploration expenditures that are the greater of 200% of prior expenditures or $1,500,000 (with the back-in election to be made before the expiry of the 90 day period following the earlier of May 31, 2011 or the completion of 2,500 metres of drilling [1,100 remaining]). Phelps Dodge may earn an additional 10% interest by completing a feasibility study within three years of earning its back-in interest. Should Phelps Dodge elect not to exercise its back-in privilege it will be entitled to a 2 1/2% net smelter return royalty that may be reduced to 1% by payment of $1,500,000.

G. L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.


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Terrane Metals Provides Corporate Update

Robert Pease, President and CEO of Terrane Metals, is pleased to provide an update on the activities of the Company. In December, 2008, the Company announced a Modified Project Execution Plan for its 100%-owned Mt. Milligan Project. Key objectives on the Modified Plan are to reduce Project implementation risk, minimize on-going and near-term capital expenditures and to better position the Project for a timely construction start-up. The Modified Plan is proceeding on budget and on schedule (see Terrane Press Release Dec 8, 2008, for more details).


As part of the Modified Plan, Terrane initiated a Feasibility Update Study (the ” Update Study”) to incorporate current capital and operating expenditures based on detail design work undertaken since completion of the March 2008 Feasibility Study. Updated design work includes revisions to the tailings storage facility, power line, access road and engineering drawings for the 60,000 tonnes per day process plant. In addition, reserves and mine design will be recalculated/revised using metal prices of $1.60/lb copper and $690/oz gold; the March 2008 Feasibility Study used prices of $1.60/lb copper and $550/oz gold.

The Update Study will be coordinated by Wardrop Engineering. In addition to Wardrop, Terrane has appointed technical, engineering, and finance specialists in ore reserve estimation and mine design, environmental and socioeconomic studies, mineral processing and metallurgy, geotechnical, infrastructure and capital and operating cost estimation. The team includes: Independent Mining Consultants Inc., AMEC Earth and Environmental, G&T Metallurgical Services Ltd, Knight Piesold Ltd., and Merit Consultants International Inc. Terrane expects that the Update Study will be completed in Q4 2009.


Terrane has initiated a 70 line-km Induced Polarity (“IP”) ground geophysical survey to investigate the numerous geophysical targets identified by the June 2008 1,452 line-km airborne HeliGEOTEM magnetic-electromagnetic survey. Twelve of these targets are within 4 km of the MBX and Southern Star deposits and display similar magnetic signatures. Results from the IP survey will be used to prioritize and guide future drilling programs as required.

In conjunction with the IP program, field crews have been mobilized to conduct soil and stream geochemistry programs to expand upon and infill earlier surveys in the Project area.


On March 19, 2009, the Company announced receipt of an Environmental Assessment (“EA”) Certificate from the Province of British Columbia for its Mt. Milligan Project. Receipt of the EA Certificate followed a comprehensive 180-day review led by the Province’s Environmental Assessment Office. The Company continues to work with provincial ministries on mine operating permits which are expected in Q4 2009.

On May 15, 2009, the federal Minister of the Environment announced that the EA review of the Mt. Milligan Project under the Canadian Environmental Assessment Act will continue as a comprehensive study. The public comment period on Terrane’s EA application concluded on June 23, 2009. Next steps in the federal EA process include the federal responsible authorities preparing a comprehensive study report, followed by a final public comment period on this report. A federal EA decision is expected in Q4 2009.

On June 24, 2009, the Nak’azdli First Nation from Fort St. James, BC filed a petition with the Supreme Court of British Columbia against the province of British Columbia regarding the proposed development of the Mt. Milligan Project. Terrane regrets the action taken by Nak’azdli and continues to have an ‘open door’ policy with the Nak’azdli community with respect to training, jobs and contracting opportunities.


On May 19, 2009, the Company reported a 36% expansion of the resource at its Berg Copper-Molybdenum-Silver Project (see Terrane Press Release dated May 19, 2009). The Company has filed a NI 43-101 Technical Report with SEDAR in support of the updated resource estimate.

Metallurgical studies, including a 5-tonne pilot plant to produce copper and molybdenum concentrates, and studies to investigate and optimize project development scenarios are underway.


Terrane is pleased to announce Mr. Timo Jauristo (AusIMM), Vice President Corporate Development of Goldcorp Inc., has been appointed to the Board of Directors. Mr. Jauristo will replace Mr. Chuck Jeannes, President and CEO of Goldcorp. Mr. Jeannes stated: “My time as a Director afforded me the opportunity to observe and work closely with the Terrane Board and management team. I remain confident that our investment in Terrane is in good hands and I look forward to the completion of the Modified Plan and Update Study in Q4 2009.”


The Modified Plan is fully funded through a $40 million credit facility guaranteed by majority shareholder Goldcorp Inc. As of June 30, 2009, the Company had drawn down $14.5 million from the credit facility and forecasts to draw down an additional $7.0 million by the end of 2009 to complete the Modified Plan. The Company is also pleased to report that financial commitments to consultants and suppliers of long lead-time equipment have been successfully restructured. Terrane has engaged a Project Finance Advisor to assess strategic financing and debt market options in order to advance Mt. Milligan through to a construction decision.


Terrane Metals Corp. is an exploration and mine development company focused on the development of the Mt. Milligan copper-gold and Berg copper-molybdenum-silver projects in British Columbia, Canada. Goldcorp Inc. (GG: NYSE; G: TSX) owns a 59% equity interest in Terrane on a fully diluted basis. In July 2008 Terrane and Goldcorp entered into an agreement which grants Goldcorp an option to convert its equity interest in Terrane into a participating joint venture interest in the Mt. Milligan Project (see press release July 9, 2008).


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