Gold und Silberminen im fernen Osten

  • Re: News Release - Tuesday, April 19, 2005



    Title: *Chang Shan Hao 217 Gold Project Independent Preliminary Assessment and Technical Report Filed


    --------------------------------------------------------------------------------
    New Independent Estimate Doubles Measured and Indicated Resources to 2.2 Million Ounces of Gold and Increases Inferred Resources to 1.0 Million Ounces


    VANCOUVER, CANADA - Jinshan Gold Mines is pleased to announce that is has filed an updated independent preliminary assessment and technical report ("Technical Report") in compliance with National Instrument 43-101 in connection with its new resource estimate on the Chang Shan Hao 217 ("CSH 217") Gold Project in Inner Mongolia, China. The updated Technical Report addresses the requested clarification of, and justification for, certain assumptions made in the company's technical report dated February 18, 2004 that formed the basis for an earlier resource estimate in respect of the CSH 217 Gold Project (see the company's January 14, 2005 news release). It also addresses all of the issues raised by the British Columbia Securities Commission in pre-filing discussions with respect to this updated Technical Report.


    The Company's new, independent resource estimate on the CSH 217 Gold Project has more than doubled the project's measured and indicated gold resources to approximately 2.2 million ounces and also has increased the project's inferred gold resources to approximately 1.0 million ounces. The base case measured and indicated resources at the CSH 217 Gold Project (using a cut-off of 0.5 g/t gold and a gold price of US$400 per ounce) have been increased to 83 million tonnes grading 0.82 grams per tonne (g/t) gold, for contained gold content of approximately 2.2 million ounces. In addition, the project contains an estimated 37 million tonnes of inferred resources grading 0.89 g/t gold, for an additional contained gold content of approximately 1.0 million ounces.


    Estimated Measured, Indicated and Inferred Resources for the CSH 217
    Gold Project at various cut-off grades (base case highlighted)
    --------------------------------------------------------------------
    Meas-
    ured Cont- Cont-
    Meas- Indi- +Indi- ained Infe- ained
    ured cated cated Gold rred Gold
    --------------------------------------------------------------------


    Mil- Mil- Mil- Mil- Mil- Mil-
    Cut- lion Gold lion Gold lion Gold lion lion Gold lion
    off Ton- Grade Ton- Grade Ton- Grade Ounces Ton- Grade Ounces
    (g/t) nes (g/t) nes (g/t) nes (g/t) Gold nes (g/t) Gold
    --------------------------------------------------------------------
    0.3 22.4 0.75 82.3 0.74 104.7 0.73 2.46 52.4 0.74 1.25
    --------------------------------------------------------------------
    0.4 20.7 0.78 76.5 0.76 97.2 0.76 2.38 42.9 0.83 1.14
    --------------------------------------------------------------------
    0.5 17.6 0.84 65.0 0.81 82.7 0.82 2.18 36.5 0.89 1.04
    --------------------------------------------------------------------
    0.6 13.7 0.92 50.4 0.88 64.1 0.89 1.83 31.4 0.95 0.96
    --------------------------------------------------------------------
    0.7 10.3 1.01 37.3 0.97 47.7 0.98 1.50 24.6 1.03 0.81
    --------------------------------------------------------------------
    0.8 7.7 1.10 26.9 1.05 34.6 1.06 1.18 19.8 1.10 0.70
    --------------------------------------------------------------------
    0.9 5.7 1.19 18.6 1.14 24.3 1.16 0.91 14.7 1.19 0.56
    --------------------------------------------------------------------
    1.0 4.1 1.28 12.6 1.24 16.8 1.25 0.68 10.0 1.30 0.42
    --------------------------------------------------------------------


    The footnotes below apply to the resource table.
    1) The Mineral Resources reported above have been calculated as of February, 2005 in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum.


    2) The contained gold represents estimated contained metal in the ground and has not been adjusted for mining or metallurgical recoveries. Readers are encouraged to review the Technical Report, which is filed on SEDAR (http://www.sedar.com), to understand all of the key assumptions, parameters and methods used to estimate the mineral resources.


    3) Mineral resources that are not reserves do not have demonstrated economic viability. Measured and indicated mineral resources are that part of a mineral resource for which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. An inferred mineral resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified.


    The new resource estimate was constrained using a mineralized envelope defined at 0.20 g/t gold, and interpreted on 50-metre sections. Gold grades were interpolated within the mineralized envelope using a combination of indicator and ordinary kriging methods (Indicator-modified Ordinary Kriging). The in-situ dry density values used were 2.65 tonnes per cubic metre (t/m3) for the oxide mineralization and 2.75 t/m3 for the sulphide mineralization. A grade capping of 5.0 g/t gold was applied, which removes about 3% of the in-situ contained gold in the database. The resources have been diluted to accommodate a bulk-mining production plan.


    The resources have been classified using an index of drill-hole data configuration, which is based on multiple kriging passes. Measured resources are those within an ellipsoid 40x16x28 metres and a minimum of five composites and three octants informed; indicated resources are defined as estimated within 120x48x84 metres with a minimum of three composites and two octants informed; and inferred resources are defined as estimated within an ellipsoid 200x80x140 metres, and with two composites minimum informed. In all cases, the search ellipsoids were orientated along the strike of the mineralization.


    The CSH 217 Gold Project deposits still remain open in some areas. Although the gold generally appears mostly as freely disseminated throughout the deposits, further upside to the project economics lies in determining a potential milling flow sheet to maximize recoveries of sulphidebearing material. Ongoing metallurgical studies indicate that the entire deposit should be amenable to heap leaching at a ¼-inch to ½-inch crush size. Optimization studies have commenced and will continue concurrently with proposed start-up of heap-leach mining operations. Bulk-tonnage and column-test metallurgical studies have commenced to provide a better understanding of run-of-mine (ROM) operating parameters.


    Open-pit pilot mining was completed at the project in late 2004. The operation produced approximately 100,000 tonnes of oxidized mineralization for heap-leach/bulk-tonnage trials that are scheduled to commence during the second quarter of 2005. The pilot project was undertaken to advance scoping/feasibility studies and permitting toward full-scale mining. The pilot program was designed to test a targeted, commercial production rate of 100,000 ounces per year.


    The new resource estimate was calculated by Mario E. Rossi, MSc., Min. Eng., of GeoSystems International Inc., Florida, USA, a qualified person as defined by National Instrument 43-101, based on the results from a drilling program that was undertaken in 2004. To date, 20,448 metres of drilling has been completed at the project.


    Mr. Rossi supervised the preparation of the information in this release. Mr. Rossi has reviewed the available data, including drill logs, assay certificates and additional supporting sources, and believes that the resource calculation was conducted in a professional and competent manner. In addition, Mr. Rossi is unaware of any environmental, permitting, legal, taxation, socio-political, marketing, or other relevant issues that could materially affect such calculations.


    About Jinshan
    Jinshan Gold Mines is a Canadian company focused on the exploration and development of gold and copper projects in China. The company also is conducting exploration work on prospective properties in Xinjiang, Yunnan, Shandong, Liaoning, Guizhou and Inner Mongolia, in China.


    Jinshan shares are listed on the TSX Venture Exchange under the symbol JIN.


    Investors: Bill Trenaman/ Media: Bob Williamson: +1.604. 609.0598
    Email: info@jinshanmines.com Website: http://www.jinshanmines.com

  • Progress Report on Operations and Revenue at the Ying Silver Project, Henan Province, China


    VANCOUVER, BRITISH COLUMBIA, April 20, 2005 - SKN Resources Ltd. ("SKN") is pleased to provide a progress report for the first quarter of 2005 on the operations of the Chinese joint venture company, Henan Found Mining Co. Ltd. (“Found”), in which SKN is earning a 77.5% interest. Myles Gao, P.Geo, President of SKN, is the General Manager of Found, which holds 100% of the Ying Silver Project.


    During the first quarter of 2005, which included a three week closure for Chinese New Year in February, Found completed 1,750 metres (“m”) of drifting, declines, and raises and 800 m of underground drilling for a total of 3,950 m of tunneling and 1,500 of underground drilling since late August 2004. These works focused on drifting along the strike extensions of veins S2, S6, S14, S16W and S16E, and on vertical raises to test continuity of massive galena sheets along the dipping direction. Preparations for sinking three vertical shafts were also completed. The shafts are now underway, as is expansion of the camp to house the large number of contract workers on site.


    Total cash expended for all of Found’s operations at Ying during the Quarter was about RMB5.35 million Yuan - CDN$835,000 at an exchange rate of RMB6.4 Yuan to the dollar.


    During the Quarter Found produced about 457 tonnes of direct-to-smelter silver-lead ores (containing about 55% lead) and 12 tonnes of direct-to-smelter zinc ores, which were recovered manually from by-product ores of the exploration and development tunnels. A further 327 tonnes of silver-lead concentrates and 45 tonnes of zinc concentrates were produced from diluted, lower grade by-product ores which were custom milled off-site. The saleable materials were recovered from exploration tunneling only. No extraneous mining was carried out on ore faces exposed by the tunneling.


    Sales of these direct-to-smelter ores and milled concentrates have generated about RMB6.4 million or CDN $1 million cash for Found during the Quarter. The average realized value is about $1,000 per tonne for direct-to-smelter ores and $1,400 per tonne for milled concentrates.


    Continued success in exploration tunneling has the significant result of generating cash-flow from the exploration and development tunnels which is greater than the expenditures in completing not only the tunneling, but all other development work during the Quarter. Therefore, the exploration and development program has been more than self financing during the Quarter. Based on the vein continuity shown by exploration results to date, Found expects the self financing to continue while it carries through the rest of the US$5 million exploration and development program for 2005 (see February 23, 2005 Release).


    All above figures are un-audited and were prepared based on Found’s 1 st Quarter financial discussion of 2005. Found has established good internal controls as representatives from both parties of the joint venture are jointly working on financial, inventory, and sales auditing and checking process under the direction of the General Manager, Myles Gao, who is also SKN’ Qualified Person on the project.


    Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.


    SKN RESOURCES LTD.


    For further information: SKN RESOURCES LTD., Rui Feng, Chairman & CEO


    Phone: (604) 669-9397, Fax: (604) 669-9387,


    Email: info@sknresources.com, Website: http://www.sknresources.com.

  • By the end of 2004, there were more 1,200 gold mines employing some 400,000 people and more than 300 large and middle-sized gold processing enterprises hiring more than 200,000 workers in China. About 700,000 people are working in approximately 10,000 gold ornaments shops across the country, constituting another footnote for the rapid growth of the industry.

  • TVI Pacific Inc.: News Release



    Tuesday April 26, 9:04 am ET



    CALGARY, ALBERTA--(CCNMatthews - April 26, 2005) - TVI Pacific Inc. (TSX:TVI - News):
    - APPLICATIONS FILED FOR EXPLORATION PROPERTY RIGHTS COVERING A NEW COPPER - GOLD MINERAL DISTRICT NEAR CANATUAN MINE IN THE SOUTHERN PHILIPPINES

    - APPLICATIONS COVER MORE THAN TWENTY PROSPECTIVE GOLD AND COPPER-GOLD TARGETS PREVIOUSLY IDENTIFIED BY OTHERS


    - HEADS OF TERMS SIGNED ON PROMISING ADVANCED-STAGE GOLD EXPLORATION PROPERTY WITHIN DISTRICT


    TVI is pleased to report that it has successfully completed the initial application process to obtain exploration rights covering 1,257.12 km2 of properties situated in a new mineral district located on the Zamboanga peninsula of Mindanao in the southern Philippines, approximately seventy five kilometers to the north-east of TVI's Canatuan mine. It is anticipated that close proximity to the Canatuan mine will allow for substantial synergy in the management of local issues and in cost effectively carrying out exploration work on the properties. The new Zamboanga applications reflect TVI's renewed interest in exploration in the Philippines, due mainly to improved confidence in the investment climate under the Arroyo Administration.


    The mineral district is extensive, but under-explored, as modern exploration techniques were not applied until the mid 1990's, when the area was explored by a major international mining organization, that applied for the lands in 1996, coincident with a period of increased foreign investor activity in the Philippines minerals sector. TVI understands that this work identified a number of high-quality prospects for further evaluation. However, further work was never undertaken, as the tenement applicant (along with many others) withdrew its applications when uncertainty developed in the local minerals industry (concerning the constitutional legality of the 1995 Mining Act). The recent Philippines Supreme Court decision, which declared with finality that Republic Act no. 7942, the Mining Act of 1995, is constitutional, has addressed that concern.


    TVI's applications cover almost all of the targets identified by the prior exploration program, numbering at least twenty epithermal gold and porphyry copper-gold prospects. Epithermal gold and porphyry-style copper-gold mineralization has been reported at the surface in the prospect areas, and the presence of significant grades is suggested by many small-scale mining operations and gold-rush areas within the lands to which the applications relate. The gold and copper-gold mineralization that has been reported appears to be related to a deep-seated major regional structure. TVI understands that none of the targets have been drill-tested.


    Management of TVI believes the properties represent a compelling exploration opportunity for a number of reasons, including the following information concerning two of the properties: (These, and the other targets, are located on a map to be found on our website (http://www.tvipacific.com).)


    - Bon-Bon was first discovered during a gold rush in 1995 - 1996. Work undertaken by the major international mining organization (the previous tenement applicant) identified a highly anomalous area extending over five by four kilometers with consistently elevated values of gold reported in drainage samples. Follow-up work located alteration in association with the gold extending over a zone 10km in length and 1.5 - 2km wide.


    - There are a series of prospects within an area of approximately fifty square kilometers, peripheral to a number of diorite-dacite bodies that are anticipated to be of porphyry affinity. At Guitran-Dumingag, encouraging copper and gold values were reported in dacitic wallrock in a tunnel, and veins in the same tunnel were reported to carry gold. At Lipawan-Dumingag massive copper sulphides were mined in the 1970s, and the float of skarn mineralization assayed copper and gold values at Salvador-Likabang.


    TVI is aware of many of the grades and intercepts returned by the previous exploration sampling, but intends to independently confirm these before reporting specific widths and values.


    One of TVI's main objectives in the Philippines is to secure and develop a new deposit that will become its second producer, complementing the Canatuan Mine. To meet this objective, TVI has re-established its exploration program and is evaluating properties with the goal of making a suitable acquisition. This program complements exploration activities in China, where TVI has an active exploration team.


    A potential second producing mine could conceivably lie within or adjacent to the lands recently applied for. Exploration activity undertaken by the major international mining organization (the previous tenement applicant) in the mid 1990's stimulated local interest with the result that a number of applications covering prospects of interest were filed by local groups and individuals. Some of these prospects are of interest to TVI. For example, the Balabag prospect, an advanced-stage gold exploration property, which is covered by an issued Mineral Production Sharing Agreement ("MPSA"), covers an extensive area of gold mineralization, measuring approximately one kilometer by 300 meters, from which prior sampling of small-scale workings identified a discreet zone with bonanza grades. TVI recently signed a binding Heads of Terms with the owner regarding the acquisition of the MPSA rights, and expects to sign an acquisition agreement shortly.


    Clifford M. James, TVI's President, stated that "the recent tenement application filings covering the new mineral district, which have been accepted by the Philippine government agency responsible for such filings, and the signing of the Heads of Terms on the advanced-stage Balabag exploration property, are exciting new developments for TVI. We're most anxious to sign the acquisition agreement and begin work on the property as soon as possible."


    Ian Perry, P.Geo. of Norwest Corporation, serving as TVI's "Qualified Person" for purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Deposits ("NI-43-101"), has reviewed this news release.


    The tenement application process requires informing the general public, and the occupants of the lands under application, of TVI's intent to explore for minerals. This is done through the media, and government agencies. Concurrent with these activities, consultative meetings will be undertaken to obtain free and prior informed consent from the indigenous people. It may take as long as six months to formalize the consent to explore, however TVI is confident this will be achieved, particularly as the indigenous people are from the same tribe as those present around the company's operations at Canatuan with whom TVI has an excellent relationship. With the local peoples' consent, non-invasive exploration will simultaneously be undertaken while final authorizations are being obtained.

  • Ivanhoe to commence drilling on Bronze Fox gold-copper discovery, southern Mongolia



    Tuesday April 26, 8:30 am ET



    ULAANBAATAR, :DMongolia, April 26 /PRNewswire-FirstCall/ - Ivanhoe Mines Executive Vice-President, Exploration, Douglas Kirwin announced today that the company has completed its Induced Polarization (IP) geophysical survey at the Bronze Fox district gold-copper discovery in southern Mongolia, and will commence a significant diamond drilling program on the project in mid-May.
    Ivanhoe's multi-rig drill program will initially focus on the central Bronze Fox prospect, one of several gold-rich copper porphyry targets discovered by Ivanhoe's exploration team last year. Drilling will test high-grade gold-copper-molybdenum mineralization associated with sheeted quartz veins, where a recent IP survey delineated a continuous chargeability anomaly approximately 1,500 metres long. The anomaly varies in width from 200 to 400 metres.


    At least three additional targets also will be tested during this phase of diamond drilling, including a second IP anomaly which is approximately six kilometres long and situated immediately south of, and marginal to, the Bronze Fox and East Fox prospects.


    The Bronze Fox discovery is approximately 140 kilometres northeast of the Oyu Tolgoi copper-gold mine development project and 430 kilometres south- southeast of Ulaanbaatar. In addition to the drilling, Ivanhoe's geological team will continue extensive prospecting and sampling of the surrounding areas.


    Nariin Sukhait Coal Project


    ---------------------------


    Mr. Kirwin also announced that two additional diamond drill rigs have been sent to the company's Nariin Sukhait coal project, where the company is conducting a resource-delineation program along the strike extensions of the operating Nariin Sukhait coal mine owned and operated by MAC, a Mongolian- Chinese joint venture company.



    New Independent Resource Estimate for Hugo North Discovery and Oyu Tolgoi
    -------------------------------------------------------------------------
    Project
    -------


    Mr. Kirwin also confirmed that the new, independent resource estimate for the Hugo North Discovery and the overall Oyu Tolgoi copper and gold project is expected to be completed and announced in the first week of May. The new resource estimate is being prepared by AMEC E&C Services (AMEC) of Canada, under the direction of Dr. Harry Parker, Ch. P. Geol., and Dr. Stephen Juras, P.Geo., independent qualified persons as defined by NI 43-101.


    Bronze Fox Discovery


    --------------------


    This Bronze Fox district lies within a newly-recognized 100-kilometre- long, highly-prospective, copper-gold-porphyry belt that extends northeast from the Shuteen Project and hosts other well-preserved Late-Devonian to Early-Carboniferous mineralized porphyry and skarn systems. Ivanhoe Mines has a 100% interest in the Bronze Fox District and the majority of the ground over this belt (see location map on Ivanhoe Mines' website at http://www.ivanhoemines.com).


    The Bronze Fox discovery was the result of persistent exploration efforts in Mongolia whereby systematic exploration across the extensive ground- holdings has defined a new district with highly anomalous gold-copper grades.


    The Bronze Fox district comprises four gold-bearing porphyry targets: Bronze Fox, East Fox, West Fox and Tourmaline Hills. The targets are primarily defined by surface mapping, geophysics and extensive rock-chip sampling. They occur within a 14-kilometre-long corridor of alteration and mineralization that is associated with monzodiorites and granodiorites that were emplaced into a package of Devonian volcano-sedimentary rocks. The quartz veins and sericite-albite-actinolite alteration at the Bronze Fox prospect are centred on quartz-diorite porphyry dykes.


    A first-pass, deep-penetrating IP survey covered 85 square kilometres and included detailed sectional work on numerous targets identified in this first phase of the survey. The IP survey has delineated a continuous chargeability anomaly over a six-kilometre strike length interpreted to represent sulphide mineralization at depth. This anomaly occurs immediately south of, and marginal to, the Bronze Fox and East Fox prospects. The IP survey also has identified several other significant geophysical targets within the Bronze Fox district which are coincident with previously identified geochemical anomalies.


    Recent surface rock-chip samples from Tourmaline Hills and West Fox have now established that the two prospects may be geologically connected. High-grade gold-bearing quartz-tourmaline-sulphide veins are continuous across both prospects. Veins from this new zone returned gold assays up to 25.4 grams per tonne (g/t), with most of the assays reporting gold values above 3.0 g/t. Rock- chip sampling and mapping continues in these and other areas of the district.


    Douglas Kirwin, a qualified person as defined by National Instrument 43- 101, supervised the preparation of the information in this release. SGS Analabs Pty. Ltd. assayed the samples at its facility in Ulaanbaatar, Mongolia.


    Ivanhoe has a 100% interest in the Bronze Fox exploration project and owns 100% of the Oyu Tolgoi gold and copper mine-development project. The company owns or controls exploration rights covering approximately 130,000 square kilometres in central, southern and northeastern Mongolia. Ivanhoe produces LME grade A copper from its Monywa joint venture in Myanmar.


    Ivanhoe shares are listed on the New York and Toronto stock exchanges under the symbol IVN.

  • Jinshan Completes its Earn-in of a 96.5% Interest in the Chang Shan Hao 217 Gold Development Project, in Inner Mongolia, China


    Wednesday April 27, 8:33 am ET



    VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 27, 2005) - Jinshan Gold Mines (TSX VENTURE:JIN - News) is pleased to announce that it has now earned a 96.5% interest in the Chang Shan Hao (CSH 217) Gold Development Project in Inner Mongolia, China. The company is currently conducting engineering and metallurgical testing to determine optimal open-pit mining scenarios and advance its mine engineering studies towards a bulk-tonnage, low-grade, heap-leach gold mining operation (see Jinshan's April 19, 2005, news release for more information on the new, independent resource estimate at CSH 217).

    Jinshan completed its earn-in by making total payments of US$750,000 to its Chinese partner, Ningxia Nuclear Industry Geological Exploration Institute. Ningxia retains a 3.5% carried interest in the project. Jinshan is still required to make two US$1 million payments to its Chinese partner upon achieving certain milestones related to mine construction and commercial production. Ivanhoe Mines has the right to participate in Jinshan's interest in the project on a 50/50 basis.


    In late 2004, open-pit pilot mining was initiated at the CSH 217 Gold Project. The operation produced approximately 100,000 tonnes of oxidized mineralization for heap-leach / bulk-tonnage trials. The trial heap-leach pads, water supply facilities and carbon columns are currently being prepared to commence leaching trials. Soaking of the leach pads is expected to commence in May and trial leaching is expected to commence in late May or early June. Assuming successful trial leaching, it is anticipated that the first gold bars will be poured in August 2005.


    Jinshan is advancing its mine engineering studies and Government permitting concurrently, in an effort to accelerate a commercial production decision. It is expected that a decision can be made once conclusive results are received from the trial leaching, further metallurgical and engineering studies are complete, and all necessary permits are received.


    Other development activities on the project include the completion of a 300-metre-long access tunnel and an adjoining cross-cut tunnel reaching a depth of 90 metres below surface to obtain a composite bulk sample of the sulphide mineralization. The bulk sample has been shipped to the city of Baotou, China, for leach testing. Channel sampling of the cross-cut tunnel also is in progress to help determine bulk gold grades. Large-diameter, column-leach testing on oxidized material is nearly complete, and large-diameter column-leach testing on sulphide material has now commenced. The metallurgical testing is being conducted under the supervision of heap-leach specialists KD Engineering Co., Inc. of Tuscon, Arizona, USA. KD Engineering was instrumental in engineering the leaching facilities at Ivanhoe Mines' Monywa Copper Mine in Myanmar, which is now considered to be one of the lowest-cost primary copper producers in the world.


    Jim Lincoln, a consulting geologist and a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.


    Jinshan shares are listed on the TSX Venture Exchange under the symbol JIN.

  • in case of goldminers/refiners in the far east, think MIC.ax, think BacOx.
    shares may be a little too much diluted, but at the moment its a bargain.
    -nemo-


    from http://www.minesite.com/storyFull.php?storySeq=702


    <zitat>
    Date: April 27, 2005

    Time to Concentrate.


    By Rob Davies


    The smart money has moved downstream. This is not a reference to lazy Sunday afternoons lounging on a river boat but a reference to where the focus of attention has moved to in the metals world. Metal prices have, more or less, stabilized at pretty high levels certainly in relation to the recent past. But not all the value in extracting metals goes to the miners. Their involvement usually stops after they have created a concentrate. In the case of copper this means taking it from ore containing perhaps 0.5% copper to an intermediate material that contains approximately 30% copper.


    This is achieved by purely physical and chemical means relying on the properties of the mineral that contains the copper. The next stage of extraction requires that mineral to be broken down into its constituent elements in order to get the metal out. To do this requires considerable amount of energy because the molecular forces that hold minerals together are very strong. This force is usually applied in a smelter through the application of large amounts of heat. It is fundamentally very different from mining and these days is usually executed by stand alone companies that buy in the intermediate form, concentrate, and then sell the finished product, refined metal.


    Because these companies have quite separate raw materials and outputs to the mining companies they dance to a slightly different tune. Their fortunes not only depend on metal prices, but on the free market price of treating concentrates and refining them to pure metals. This intermediate process is far less transparent than simple metal prices and is a function of the availability of concentrate and the amount of spare capacity in the smelting and refining industry. Last year, when concentrate was in short supply but smelter capacity was high, these charges were low as smelters aggressively sought material to feed their plants.


    Now though, the tables have turned and miners are working at full capacity throwing out great volumes of concentrate to meet burgeoning demand. This large stock of semi-processed raw material means that smelters have no shortage of feed, but the industry capacity has not changed as fast. That allows them to raise their charges and capture a larger share of value in the extraction process. So currently share prices of smelting companies are doing better than those of pure miners. Experts say this should continue for another nine months or so before markets become balanced again.


    It certainly seems as if the metal prices themselves have settled down after the turbulence of a week or so ago. Last week the net changes were modest. Copper rallied a little to close at US$3,410 / tonne, up US$83/ tonne. Aluminium gave up US$10/ tonne to close at US$1,868 /tonne but both zinc and nickel gained. Zinc added US$36 to finish at US$1,268 /tonne while nickel ended at US$450 /tonne better at US$16,245/ tonne. Smelting and refining charges are not usually publicly disclosed as they tend to vary from plant to plant..
    </zitat>

  • TVI Pacific Inc.: Rapu Rapu- Commissioning Starts


    Friday April 29, 12:22 pm ET



    CALGARY, ALBERTA--(CCNMatthews - April 29, 2005) - TVI Pacific Inc. (TSX:TVI - News): The Rapu Rapu project, located in the province of Albay, Philippines, is a polymetallic mining project which a group of companies including Lafayette Mining Limited, a publicly traded Australian company, is developing.
    ADVERTISEMENT


    TVI retains a 2.5% net smelter return royalty (NSR) in the project.


    The following is a verbatim reproduction from a Lafayette news release issued on April 29, 2005


    Commissioning starts at Rapu Rapu


    The Rapu Rapu polymetallic project in the Philippines is on track for first gold production this quarter with the commencement of process plant commissioning this week. Andrew McIlwain, Lafayette Mining's Managing Director, said today that commissioning of the Rapu Rapu Project has commenced with the crusher, belts and feeders operating this week.


    "Crushing of the first ore is an important milestone for the project and confirms we are on track for our first gold production this quarter. This will be followed by commissioning of the base metals plant later in the year", Mr McIlwain said.


    "The team on site have done a tremendous job in delivering this outcome despite some delays caused by adverse weather conditions late last year. This affected shipping and construction activities".


    Following the successful installation of the two mills that were transported from the US, good progress has been made with the installation of the power plant and other infrastructure.


    Mr McIlwain said, "Leightons have made excellent progress over the past month and this has also included the final delivery and installation of the gold plant equipment. Our focus will now be on the commissioning of the SAG mill and leach circuit."


    Additionally, the mining team has backed up the construction work with the open pit pre-strip work completed and ore grade material accessed. This ore is currently being stockpiled in readiness for full plant commissioning.


    "We have reached an exciting phase in the development of the Rapu Rapu project and the Lafayette Board are appreciative of the efforts of our site team, Leighton Contractors (Philippines), our Philippine and Korean partners and the project's financiers in bringing the project to this stage", Mr McIlwain said.


    About Lafayette Mining Limited (ASX: LAF - News)


    Lafayette Mining Limited, through its subsidiary companies and Philippine partners, hold an interest in the Rapu Rapu polymetallic project in the Philippines. The Rapu Rapu mineral resource will support an initial 6 year mine life producing approximately 10,000 tonnes of copper in concentrates, 14,000 tonnes of zinc in concentrates, 50,000 ounces of gold and 600,000 ounces of silver annually.


    Construction commenced in mid 2004 under a fixed price construction contract with Leighton Contractors (Philippines) Inc. covering the plant, wharf, and associated infrastructure. Mining works started in early 2005 with the first production from the gold plant scheduled in the second quarter of 2005 and base metals concentrate production to commence three months later.


    The Project is financed through a syndicate of banks comprising NM Rothschild & Sons (Australia) Limited, ANZ Investment Bank, ABN AMRO Bank NV (Australian Branch), Korea First Bank and Investec Bank (Mauritius) Limited. Lafayette made its first drawdown of funds under this facility in early September 2004.


    The Project has also secured the support of LG International Corporation and KORES, the Korean government strategic resources investment arm, whom together, hold 26% of Lafayette's subsidiary company, Lafayette Philippines Inc.


    The recent decision by the full bench of the Supreme Court of the Philippines in favour of the Mining Sector has reinforced recent political statements also in favour of the industry. President Gloria Macapagal-Arroyo has announced her Administration's full support of the mining industry and this comes at a time when commodity prices permit a more aggressive project development approach.


    In a major thrust to support investment in the sector, the Philippines government is now committed to implementing streamlined procedures for mining applications which investors can be confident will be administered under a clear policy directive to support resource development in a transparent and sustainable manner.


    Lafayette is fortunate that the advanced stage of development of Rapu Rapu is timely both in the context of the current metal price environment and the changed political landscape in the Philippines.


    For further information, visit: http://www.lafayettemining.com


    "TVI Pacific Inc. would like to congratulate the Lafayette team on reaching the important milestone of commencement of process plant commissioning. Lafayette's first projected gold pour this quarter means cash flow for TVI from it's 2.5% NSR royalty in the very near term, said Clifford M. James, TVI's President."


    Ian Perry, P.Geo. of Norwest Corporation, serving as TVI's "Qualified Person" for purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Deposits ("NI-43-101"), has reviewed this news release.

  • Entree's Lookout Hill Potential Enhanced By Latest Ivanhoe Disclosure


    Wednesday May 4, 10:55 am ET



    VANCOUVER, British Columbia--(BUSINESS WIRE)--May 4, 2005--Entree Gold Inc. (TSX VENTURE:ETG - News; "Entree" or the "Company") comments on Ivanhoe Mines Ltd.'s (NYSE:IVN - News; TSX:IVN - News; "Ivanhoe") News Release of May 3, 2005 (the "Ivanhoe Release") announcing significant increases in all categories of the contained copper and gold resources at its Oyu Tolgoi Project.


    Of particular note to Entree, the Ivanhoe Release confirms that the Hugo North Deposit now extends to the border of Entree's Lookout Hill property, and describes the deposit as "highest-grade copper porphyry deposit ever discovered". Recent drilling (Hole EGD006, disclosed in Entree's news release dated April 27, 2005) has confirmed the extension of the Hugo North Deposit across the property boundary onto Lookout Hill. Mineralized intersections from this hole were consistent with the high-grade copper and gold intersections encountered at the north end of the Hugo North Deposit, as previously reported by Ivanhoe.


    Entree President, Greg Crowe, noted: "Of additional importance to Entree, is the acknowledgement in the Ivanhoe Release that drilling at the north end of Hugo North has highlighted a change in strike orientation of the deposit from due north-south to north-easterly. This orientation is sub-parallel to interpreted fault structures, suggesting the mineralized system is 'open indefinitely to the northeast rather than being structurally cut-off as was previously believed (by Ivanhoe)'".


    In its news release, Ivanhoe announced that the 1.8 km long, Hugo North Deposit is now estimated to contain an indicated resource of 22.5 billion pounds of copper and 7.2 million ounces of gold, within 476 million tonnes grading 2.15% copper and 0.47 grams per tonne ("g/t") gold (using a 1% copper equivalent cut-off grade), and an additional inferred resource of 11 billion pounds of copper and 4.8 million ounces of gold.


    The entire 6.1 km long Oyu Tolgoi Deposit, of which the Hugo North Deposit is the most northerly portion, is now estimated to contain measured and indicated resources of 32.85 billion pounds of copper and 17.34 million ounces of gold, within 1.15 billion tonnes averaging 1.3% copper and 0.47 g/t gold (at a 0.60% copper equivalent cut-off), and an additional inferred resource of 26.2 billion pounds of copper and 8.4 million ounces of gold, within 1.16 billion tonnes averaging 1.02% copper and 0.23 g/t gold.


    Significantly, Ivanhoe notes in its news release that "the vast majority of the increase in the copper and gold resources at Oyu Tolgoi resulted from upgrading and expanding the underground copper and gold resources in the high-grade Hugo North Deposit".


    Approximately 40,000 hectares of Entree's Lookout Hill property are being jointly explored by Entree and Ivanhoe, pursuant to a project agreement described below. In addition, Entree is exploring separately the 140,000 hectares of Lookout Hill that lie to the west of the Entree/Ivanhoe Project, and are not subject to the project agreement. It has also commenced exploration on its Ulziit Uul property, located approximately 120 km north of Lookout Hill.


    QUALITY CONTROL AND ASSURANCE


    Reference should be made to the full text of the Ivanhoe Release for complete details of the updated resources estimates contained therein. Robert Cann, P.Geo., Entree's Exploration Manager and a "qualified person" as defined by National Instrument 43-101, is responsible for the preparation of technical information in the Company's news releases. SGS Mongolia LLC prepares the split core at the project site and assays all samples at its facility in Ulaanbaatar, Mongolia. Ivanhoe's QA/QC program is monitored by independent consultant Dr. Barry Smee, P.Geo., and managed on site by Dale Sketchley, M.Sc., P.Geo. Prepared standards and blanks are inserted at the sample preparation lab on the project site to monitor the quality control of the assay data.

  • Ivanhoe Mines to commence drilling on the Tiger Hills gold and silver project, Inner Mongolia, China


    Wednesday May 4, 8:30 am ET



    BEIJING, China, May 4 /PRNewswire-FirstCall/ - Ivanhoe Mines' Executive Vice President, Exploration, Douglas Kirwin announced today that the company has completed detailed geological mapping, rock-chip sampling and an Induced Polarization (IP) survey at the Tiger Hills epithermal gold and silver project in the Inner Mongolia Autonomous Region, China. A 2,500-metre diamond drilling program is scheduled to commence by mid-May.
    The Tiger Hills Project is in the Hulunbeier District in northern Inner Mongolia, approximately 150 kilometres south of the city of Hailar. The area is easily accessed by vehicle and comprises sparsely populated low-relief undulating steppe terrain. Gold and silver mineralization was discovered by Ivanhoe geologists as part of an extensive prospecting campaign for epithermal deposits within the northeast-trending extensional Mesozoic volcanic belt which hosts the 8-million-ounce Baley gold deposit in southern Siberia. The region had previously been explored by the Chinese Geology Brigade 115. A soil survey showed the area to be anomalous in arsenic, antimony and mercury. There is no record of any previous gold mining in the district.


    Low-sulphidation epithermal gold mineralization occurs in hydrothermal eruption breccias which are exposed along silicified ridges which extend for two kilometres in a northwest direction. Mineralized host rocks are silicified rhyodacitic to andesitic lavas, tuffs and minor volcaniclastic debris flows which are associated with acid volcanic domes. The breccias are multi-clastic and have a cryptocrystalline to opaline silica matrix. Colloform banding, carbonate replacement textures and delicate crustiform layers of moss adularia are commonly observed. Rock-chip samples from the breccias returned assays up to 5.89 g/t gold and 11.4 g/t silver. A recently-completed geophysical survey shows that the mineralization is directly associated with a four-kilometre northwest-trending resistivity high.


    "The very high level silica and breccia textures observed at Tiger Hills clearly demonstrate that the uppermost zone of a sizeable epithermal system has been recently exposed. The highly anomalous gold and silver values present in these types of rocks are highly encouraging," said Mr. Kirwin. "The mineralized breccias are similar to those mined at Borealis in Nevada and Wirralee in Queensland."


    Ivanhoe's initial drilling program will focus around three prominent silicified zones with hydrothermal eruption breccias outcropping over a distance of two kilometres.


    Tiger Hills is within two exploration licenses owned by Yahao, an 80/20 joint venture between Ivanhoe Mines (80%) and the Inner Mongolian Bureau of Geology (20%), which have a total area of 88 square kilometres. Yahao has a 30-year permanent business license and is the first fully-approved Sino-Foreign joint venture in China's Inner Mongolia Autonomous Region to receive both Beijing's Ministry of Land and Resources (MOLAR) authorization to transfer in exploration licenses and the Provincial Government's grant of a 30-year business license for those mineral projects developed from exploration and mining licenses held by the Yahao joint venture in China.


    Ivanhoe also is commencing an exploration drilling program in mid-May at its Bronze Fox gold and copper project in southern Mongolia.


    Douglas Kirwin, a qualified person as defined by NI 43-101, supervised the preparation of the information in this release. The rock-chip samples were assayed by McPhar Geoservices at its facility in Manila, Philippines.


    Ivanhoe shares are listed on the New York and Toronto stock exchanges under the symbol IVN.

  • Press Release Source: Cumberland Resources Ltd.


    Cumberland Commences 2005 Drill Program at Meadowbank Gold Project and Advances Development Permitting
    Thursday May 5, 2:51 pm ET



    VANCOUVER, British Columbia--(BUSINESS WIRE)--May 5, 2005--CUMBERLAND RESOURCES LTD. (TSX:CLG - News; AMEX:CLG - News) is pleased to announce that three diamond drills are active and development permitting activities are progressing at the Company's 100% owned Meadowbank gold project located 70 kilometres north of the Hamlet of Baker Lake, Nunavut. The 2005 exploration program includes a two phased diamond drilling program, planned at 7,000 to 9,000 metres, and grassroots exploration along the 25 kilometre Meadowbank gold trend. The $3.5 million exploration program is focused on increasing gold reserves and resources at Meadowbank, which is host to Canada's largest pure gold open pit gold reserves. Development permitting activities are also progressing with a recent positive conformity decision by the Nunavut Impact Review Board (NIRB) on the Meadowbank Draft Environmental Impact Statement (DEIS). Technical meetings and pre-hearings are scheduled for early June after which the Company expects to receive guidelines for the Final EIS from the NIRB.
    "We are pleased with the progress on development permitting and are optimistic that with continuing hard work from all involved parties completion can be achieved in early 2006," stated Kerry Curtis, President and CEO. "We are also pleased to commence our 2005 exploration program and build upon our excellent track record of outlining gold reserves at Meadowbank at a remarkable discovery cost of US$12 per ounce."


    Cumberland is advancing Meadowbank towards open pit production of 315,000 ounces of gold per year over an 8.3 year mine life at an estimated total cash cost of US$224 per ounce. A feasibility study(1) was completed by AMEC Americas Ltd. in February 2005 and development permitting is progressing. Operations from three, shallow open pits are planned to commence in mid-2008, provided final permits and licenses are obtained in early 2006.


    Meadowbank Gold Project Production Profile(1)
    -----------------------------------------------------------
    Open Pit Mineral Reserves
    (Proven and Probable) 2,768,000 ounces(2)
    -----------------------------------------------------------
    Mine Throughput 2.73 Mtpa
    -----------------------------------------------------------
    Mine Life 8.3 years
    -----------------------------------------------------------
    Average Annual Production Rate
    Years 1 to 4 375,000 ounces
    Life of Mine 315,000 ounces
    -----------------------------------------------------------
    Total Cash Cost per Oz.
    Years 1 to 4 US$199
    Life of Mine US$224
    -----------------------------------------------------------



    2005 Exploration Targets


    Three drill rigs are currently active in the Phase I drill program which is focused on targets at or near existing deposits. To date approximately 2,500 metres of drilling in 15 drill holes have been completed on the Goose Island deposit, the Goose Island South target and the PDF deposit.


    Significant potential exists to expand the Goose Island deposit (368,000 ounces of open pit gold reserves) both along strike and in the down dip direction. The 2005 drilling, a follow up on the significant results from the 2004 drilling program, is testing the potential to expand the designed open pit both to the north and south.


    The Goose Island South target area, located approximately 300 metres south of the Goose Island proposed open pit, covers approximately 850 metres of prospective iron formation along strike from the Goose Island deposit. Mineralization intersected in wide spaced drilling completed in 1995 and 1997 is the focus of the current drilling program.


    The PDF deposit, located 10 kilometres north of the Vault proposed open pit, was expanded by drilling in late 2004. The deposit now hosts inferred gold resources(3) of 73,000 ounces of gold in 507,000 tonnes grading 4.50 g/t gold, which are not included in the current mine plan. Wide spaced drilling in 2005 is focusing on the expansion potential of the deposit in the down dip direction and follow up on significant results from the 2004 program.

  • damit Du nicht so alleine bist: schöne Aussichten bei Griffin!


    Viele Grüße


    Date: 9th May 2005
    Headline: PRELIMINARY STATEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004


    Griffin Mining Limited (“Griffin”or the “Company”) has today published its results for the year ended 31 December 2004.


    The Company recorded a profit for the year to 31 December 2004 of $398,000 compared to a loss of $20,000 in 2003.


    Foreign exchange gains of $939,000 were achieved on foreign currency deposits in 2004 compared to $476,000 in 2003, whilst interest income increased to $507,000 in 2004 compared to $90,000 in 2003. Operating costs in 2004 increased to $1,048,000 (2003 $586,000) as a result of increased activity with the development of the Caijiaying zinc gold mine in China. Shareholders’ funds increased from $13,365,000 at 31 December 2003 to $29,336,000 at 31 December 2004, with the benefit of the profit for the year, a placing of 35,000,000 new ordinary shares, and the exercise of options and warrants over 7,100,000 new ordinary shares, to raise a total of $15,630,000 after expenses. With completion of these capital raisings, which fully fund construction of Griffin’s zinc gold mine and processing facilities at Caijiaying, exploration and development costs incurred to date of $6,419,000 have been reclassified as tangible fixed assets in accordance with International Financial Reporting Standards. Further expenditure of $10,037,000 was incurred in constructing the mine and processing facilities to 31 December 2004. Dry commissioning has now commenced and construction costs are in line with that estimated in the feasibility study produced in August 2003.


    Mladen Ninkov, Chairman commented as follows:


    After a long, arduous and frantic 7 years, having weathered the doom merchants and scaremongers, the Company stands ready to deliver on its promises with completion of construction of the Caijiaying processing facilities and the development of the underground mine workings at Caijiaying. As we go to press, dry commissioning has begun at Caijiaying and, by the time of the Annual General Meeting of the Company, full production should have commenced. To our knowledge, Caijiaying will be the first foreign owned and built, new hard rock mining operation in China in over 100 years.


    The last 7 years have shown management to have made some significant and positive decisions. The Company now has a project almost in production with no debt on its balance sheet, no hedging commitments and substantial cash balances. This is a unique and extremely strong financial position for the Company to find itself in. The Company is not hampered by penury commercial bank covenants, nor the need to pay interest on any debt and has not been hamstrung by the obligation to sell forward its base and precious metals production. Significantly , the Company was able to avoid the need to appoint an EPCM contractor to build the Caijiaying facilities on a “fixed price” contract basis, a usual requirement of bank financing. Instead the Company itself has controlled the building of Caijiaying due to its strong balance sheet position. The cost savings to shareholders have been substantial.


    This does not mean, of course, that the Company will rest on its laurels. The Company operates on the well known expression, “If you are not moving forwards, then you are moving backwards.” However, unlike so many other mining companies, the success of Caijiaying will not be dissipated by leveraging into an unwise acquisition or joint venture. Caijiaying still has enormous, untapped potential.


    In the first instance, the Company will immediately start examining the viability of expanding its production to 150% of its planned first year throughput. That will be a primary focus of the Company. Secondly, a huge amount of ground within the Company’s licence areas at Caijiaying require both primary and secondary exploration for precious and base metals. That also remains another primary focus of the Company. Thirdly, the Company will continue to investigate, conduct due diligence and make calculated decisions on any future mining acquisitions. These may occur anywhere the management believes it can find extraordinary value with a project which can weather a commodities downturn and provide the necessary shareholder returns. Inevitably, our first country of interest has been, and will remain, China. Although we have examined many acquisitions in China, none has yet met the mining, metallurgical and financial criteria we have set for the Company. The Company remains optimistic that such a project will be offered in due course following the commissioning of Caijiaying.

  • Exploration Program Begins for Sino Silver in the Erbaohuo Silver District, Northern China


    May 10th, 2005 - Miami, Florida: Sino Silver Corp. (SSLV.OB) is pleased to announce that its 60% owned Chinese subsidiary Sino Top Resources & Technologies, Ltd. (Sino Top) has begun extensive exploration programs on four properties located in the Erbaohuo Silver District in Northern China. The region has been classified as a "National Resource Reserve Area" by the Chinese government.


    The Aobaotugounao Property, in which Silver Dragon has acquired 50% of Sino Silver's interest in the net proceeds from the sale of minerals or the sale of mining rights, covers a total area of 37.18 km2. Skarn style mineralization occurs at the contact of granite porphyry intrusives and sedimentary rock. Two mineralized zones have been outlined. The No.1 zone has been outlined for 30 metres and over a width of 1-2.5 metres. Pb values range between 0.62-0.93%, Zinc values range from 0.75-0.79% and Silver values range from 265-532 g/t. The No. 2 zone shows Silver values as high as 668 g/t. The planned work program consists of detailed geological mapping at a scale of 1:2000, geophysical surveys consisting of magnetic profiling and electromagnetic surveys and approximately 600 metres of diamond drilling to determine the vertical and lateral extent of the mineralized zones.


    The Liangdi Property covers an area of 34.3 km2 in which both granitic rocks and volcanics are exposed. A large number of stream sediment anomalies cover this property including silver, lead, zinc, tin and tungsten anomalies. Ag anomalies reach 10ppm and Sn anomalies reach 1000 ppm. Up to 10 fault-controlled mineralized zones occur with lengths of up to 400 metres and widths of up to 8 metres. The 2005 summer program consists of regional mapping at a scale of 1:10000 and detailed mapping at a scale of 1:2000, geophysical surveys including magnetic and electromagnetic surveys, 1000 m3 of trenching, auger sampling, 100 metres of tunneling and 800 metres of diamond drilling.


    The Shididonggou Property covers a total area of 13.7 km2 and is underlain by volcanics and fine grained granites. A large stream sediment anomaly covering an area of about 2 km2 is anomalous in silver, copper, lead, zinc, arsenic and cadmium. Preliminary exploratory work will attempt to further define the cause of the anomalies and include geological mapping at a scale of 1:5000 and geophysical and geochemical surveys at a scale of 1:2000.


    The Zhuanxinhu Project covers a total area of 19.9 km2 and is mainly underlain by volcanic tuffs. Copper and silver mineralization has been outlined in a zone which extends for a length of 400 metres and a width of 5-10 metres. Cu values from rock samples range from 0.034% to 1.6% and Silver values reach a maximum of 262 g/t. The summer program consists of geological and geophysical surveys, including electromagnetic profiling and trenching (500 m3) and 100 metres of underground tunneling.


    Results of these programs will be announced over the course of the summer and fall exploration season.

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