Posts Tagged Toodoggone

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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Finlay Minerals Grants Stock Options

The board of directors of Finlay Minerals Ltd. has granted director and consultant stock options aggregating 1.15 million shares exercisable at 10 cents until June 29, 2014, under its stock option plan.

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Finlay Minerals Private Placement

Finlay Minerals Ltd. has closed a non-brokered private placement of $203,750 through the sale of 4,075,000 units at five cents per unit. Each unit consists of one common share and one share purchase warrant, with a term of 60 months and an exercise price of 10 cents until June 22, 2014.

The units will have a hold period expiring Oct. 24, 2009.

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Canasil Corporate Update

Canasil Resources Inc. has released an update covering the company’s operations and plans for 2009. The operating environment for the resource sector has improved considerably over the first half of 2009. The increasing price of precious metals, a gradual improvement in the price of base metals and significant increase in the price of oil reflect a generally more positive economic outlook.Canasil BC Property Map

This has resulted in significant gains in the share prices of mineral producers, well-financed explorers and those with advanced projects. Smaller explorers, particularly those with limited working capital, have not recovered due to the barriers for raising exploration capital and the potential dilution from raising funds at the current very low share prices.

Given these conditions, the company has focused on reducing operating costs and maintaining its core assets, which are its mineral exploration projects in Durango, Zacatecas and Sinaloa states in Mexico, and in British Columbia, Canada, as well as its operating team in Mexico. The company has an exceptionally well-located and prospective mineral exploration portfolio for gold, silver, copper, zinc and lead in these well-recognized and politically stable jurisdictions, all with exceptional access and infrastructure. This portfolio includes at least three projects with the potential for hosting large gold, silver, copper and zinc mineralized systems, and a number of prospects with the potential for high-grade gold and silver-vein-type mineralization.

The company’s focus during the second half of 2009 will be to maintain and gradually advance its exploration projects. The immediate exploration objective will be to advance the Sandra-Escobar project under the option agreement with Pan American Silver Corp. This project is located in northern Durango state, Mexico, on an important mineral trend with many past and presently producing silver-gold mines and deposits, approximately 75 kilometres west-northwest of Silver Standard Resources’ La Pitarrilla project. It has the potential to host a large gold-silver mineralized system with copper, lead and zinc credits.

The company will also continue to pursue opportunities for option and joint venture agreements to advance its exploration projects. The increasing metal prices and improving economic conditions have resulted in greater interest for joint venture co-operation on the company’s projects, particularly given the desirable location of these projects and the mix of precious and base metal prospects in the company’s portfolio. The company has completed initial exploration and drill programs on the following projects, all of which have returned significant mineralized drill intercepts: Brenda gold-copper porphyry project, B.C., Canada Salamandra silver-zinc project, Durango, Mexico; La Esperanza silver-lead-zinc project, Zacatecas, Mexico; Colibri silver-gold-copper project, Durango, Mexico.

Results from the Brenda and Salamandra projects indicate the potential for hosting large mineralized systems. The La Esperanza and Colibri projects host high-grade epithermal-vein-type systems. In addition to the above projects, the company has a further eight earlier-stage exploration projects, two in British Columbia, Canada, and six in Durango and Sinaloa states, Mexico.

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Alpha Gold Prepares for 2009 Program

 

Alpha Gold today announced that a drill program of approximately 5,000 metres is slated to begin in early August 2009. Exploration in 2009 will initially focus on the Canyon Creek Skarn (“CCS”). The goal of the 2009 exploration program is to focus on targets that indicate the potential for new discoveries and some infill drilling that, if successful, will result in expanding the current resource and possibly demonstrating continuity or expansion of other zones.

The design and logistics of 2009 field program will be finalized when all historical property data has been completely integrated into the drilling database and will commence when ground conditions permit. “Once permits are in place and drill targets have been finalized, we will have a drill turning on the property,” explained Richard Whatley, President and CEO. Geophysical, geochemical and geological data are being compiled by Hungry Hill Geological Ltd., the Company’s new Geological Consultant, and all historical data re-analyzed in order to generate targets in and around the CCS and the Glover Stock. Diamond drilling using NQ core size on the CCS will focus on three priority areas: (i) infill drilling to better establish the resource parameters of CCS mineralized body needed for an NI 43-101 resource calculation; (ii) new step-out targets that have the potential to extend the existing CCS mineralized zone; and (iii) test drilling skarn-like geophysical and geochemical anomalies that have been, and may still be, identified.

During this season, aerial orthophotography of the Lustdust Property and real time GPS surveying of all drill collars are proposed which will add to the reconnaissance for advancing the potential of the CCS. The total cost of the 2009 drill program is estimated to be C$1.3 million. There is C$3 million in the treasury. It is expected that upon completion of the 2009 drill program, a stand alone resource estimate can be reinitiated on the CCS. Earlier work on an NI 43-101 compliant estimate was discontinued due to insufficient drill data and downhole geophysics to meet NI 43-101 criteria.

 

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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.”

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