Beiträge von GSP-Komet

SAN FRANCISCO (MarketWatch) -- Newmont Mining Corp. (NEM: Newmont Mining Corporation) , the only gold mining company in the S&P 500, will face problems maintaining its current output of gold over the medium to long-term without more acquisitions or grass-roots discoveries, said HSBC analyst Victor Flores Tuesday. Citing this hurdle and higher costs for labor and raw materials, he downgraded his rating to neutral from overweight and his year-end 2007 price target to $47 a share from $62. "Energy costs and fuel prices are quite high," Flores said by phone. "And more recently we're seeing pretty serious labor pressures," he said. Industry cost pressures have been particularly acute at Newmont because its older mines are producing less high-quality ore, he noted. Shares fell 2.3% to $42.74. End of Story

DENVER, March 27, 2007 /PRNewswire-FirstCall via COMTEX/ -- ROYAL GOLD, INC. (RGLD: Royal Gold Inc) (CA:RGL) announced today that it intends to offer 4,000,000 shares of its common stock under Royal Gold's existing effective shelf registration statement filed on Form S-3. Royal Gold also intends to grant the underwriters a 30-day option to purchase up to 600,000 additional shares of common stock to cover over-allotments, if any. The pricing of the offering is anticipated to occur during the week of April 2, 2007.
Royal Gold currently intends to use the net proceeds from the offering to repay funds drawn under its line of credit, to fund future acquisitions and for general corporate purposes.
HSBC Securities (USA) Inc. is the global coordinator acting as joint book-runner with Merrill Lynch, Pierce, Fenner & Smith Incorporated. UBS, J.P. Morgan and National Bank Financial are acting as co-managers.
This offering may be made only by means of a prospectus supplement and related prospectus. A copy of the preliminary prospectus supplement, together with the prospectus, will be filed with the U.S. Securities and Exchange Commission ("SEC") and will be available on the SEC's website, http://www.sec.gov. Once filed, copies of the preliminary prospectus supplement and the accompanying prospectus may also be obtained by contacting:

HSBC Securities (USA) Inc.
Attn: Equity Syndicate
452 Fifth Avenue
New York, NY 10018

Merrill Lynch, Pierce, Fenner & Smith Incorporated
Attn: Prospectus Dep't
4 World Financial Center
New York, NY 10080

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Royal Gold is the largest precious metals royalty company engaging in the acquisition and management of precious metal royalty interests. Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol "RGLD," and on the Toronto Stock Exchange under the symbol "RGL." Royal Gold's web page is located at http://www.royalgold.com.

LAS VEGAS, NV, March 30, 2007 /PRNewswire-FirstCall via COMTEX/ -- Hemis Corporation (the "Company") (HMSO: hemis corp com) is pleased to announce it has signed an Earn-In agreement with Goldcorp Inc. (CA:G) (GG: goldcorp inc new com) through its Mexican subsidiary Glamis Exploration S.A. de C.V ("Goldcorp") and Corex Gold Corp (CA:CGE) . Under the Agreement Goldcorp has the right to earn up to an 80% interest in Corex's Santa Rita and Zuloaga (collectively "Santa Rita") concessions in the states of Zacatecas and Coahuila.
Goldcorp is the world's second largest gold company.
The Santa Rita Property encompasses 39,878 hectares and is located in the Sierra Madre Oriental which is approximately 15 km from Goldcorp's Penasquito deposit. The Santa Rita property is also near the Concepcion del Oro mining district. Past production from this district is estimated at 250 million ounces of silver and 1.5 million ounces of gold. Concepcion del Oro produced gold and silver from a variety of deposit styles including skarns, mantos, breccias and disseminated deposits in favorable lithologies.
Regarding the Penasquito property, Goldcorp has reported that as of June 2006 Penasquito has proven and probable gold reserves totaling 9.98 million ounces. Silver reserves were 575 million ounces while lead and zinc totaled 1.67 million tonnes and 3.62 million tonnes respectively. Initial mine start up is expected in late 2008 with full production reached by late 2009.
Norman Meier, President of Hemis Corp., states, "With the advance towards production at Goldcorp's Penasquito mine we are extremely pleased to have a company of Goldcorp's reputation and experience working our landholdings in Mexico. The progress at Santa Rita is extremely encouraging and together with the ongoing work programs at Hemis' other projects in Mexico, El Tigre and La Centilla, Hemis' Resource Unit continues to maximize shareholder value."
The Earn-In agreement provides that Goldcorp can Earn-In to a 70% interest in the Zuloaga property by spending US$4,000,000 over a 5-year period and paying Corex Gold US$150,000 over an 18 month period. Goldcorp shall have the option to increase its interest from 70% to 80% upon paying 100% of the expenditures associated with placing the Property or any part thereof, into commercial production based on a mine development project approved for all or part of the property, with 20% to be repayable to Glamis from Corex Sub's related project cash-flows, or arranging the proportionate share of a debt financing.
In connection with entering into the Earn-In Agreement, Corex Gold and Hemis Corporation agreed to replace Hemis' option to acquire a 49% interest in Corex Gold's Santa Rita property (June 26, 2006) with an option to acquire a 49% interest in Corex Gold's interest in the Santa Rita property upon payment to Corex Gold US$950,000 and 200,000 shares of Hemis Corporation over 2 years.
About Hemis Corporation
Hemis Corporation is a precious metals exploration company trading on the OTCBB under the symbol HMSO and listed on the Frankfurt stock exchange under the symbol XZA. Hemis Corporation is comprised of both a resource division and a resource investment unit. Hemis' high profile team is focused on evaluating gold projects with strong potential. The resource investment unit is actively reviewing other natural resource companies for joint ventures and investment.
Hemis is incorporated in Nevada, USA with its head office in Zurich, Switzerland and North American corporate communications representatives in Canada and the United States. Led by an experienced team of exploration geologists and financial professionals, this company has extensive international capital markets experience and proven track records.

VANCOUVER, BRITISH COLUMBIA, Mar 27, 2007 (MARKET WIRE via COMTEX) -- GOLDCORP INC. (CA:G) (GG: goldcorp inc new com) announced today that operations at its Los Filos mine in Guerrero, Mexico are being disrupted by a blockade of the mine's main access road. The roadblock, carried out by certain landowner groups requesting renegotiation of existing land purchase and rental agreements, has occurred intermittently over the last several weeks and has resulted in the suspension of construction activities at the site. Los Filos management continues to engage in discussions with the blockade organizers with the support of state and federal authorities, and believes that progress is being made toward a resolution.
Goldcorp currently expects the first production of gold from Los Filos during the second quarter of 2007. "Our people take pride in cultivating strong, productive relationships with constituent groups surrounding our mining operations," said Goldcorp President and Chief Executive Officer, Kevin McArthur. "Los Filos is going to be another outstanding mine for Goldcorp in Mexico, and we look forward to a long tenure as good neighbors and significant contributors to the local communities that helped us build it."
Goldcorp is one of the world's lowest-cost and fastest growing multi-million ounce gold producers with operations throughout the Americas.

Mar 27, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Goldcorp Inc. (GG) said certain landowner groups are blockading the main access road to the Los Filos mine in Guerrero, Mexico, disrupting operations there.
The Canadian gold producer said the landowner groups are requesting renegotiation of existing land purchase and rental agreements.
Goldcorp said roadblocks have occurred intermittently over the last several weeks, resulting in the suspension of construction at the site.
The company expects the first production of gold from Los Filos during the second quarter.

Meridian Gold elects to include property in Huxter Lane JV Option

VANCOUVER, BRITISH COLUMBIA, Mar 26, 2007 (MARKET WIRE via COMTEX) -- Paragon Minerals Corporation (CA:PGR: news, chart, profile) is pleased to announce that Paragon has entered into an option agreement with prospectors, Roland and Eddie Quinlan to acquire a 100% interest in the Huxter Lane SW Property. The optioned property, which consists of two mineral licenses (37 claims, 925 hectares) is located immediately south and adjacent to the 100% owned Huxter Lane Property in central Newfoundland.
The Huxter Lane Property is currently under option to Meridian Gold Inc. Meridian can earn a 55% interest in the property by spending $1.0 million over three years. A Phase 2 drill program, funded by Meridian is currently underway on the Huxter Lane project (see News Release dated February 27, 2007). The target is a bulk tonnage intrusive-related gold deposit.
Results from a high resolution magnetic and electromagnetic survey completed on the Huxter Lane property in May 2006, suggests that the intrusive body which hosts the Mosquito Hill Gold Zone on the Huxter Lane property extends onto the newly optioned property. Drilling at the Mosquito Hill Zone in October, 2006 outlined a mineralized gold-bearing porphyritic intrusion over a strike length of 450 metres and is open in all directions. Assays include 2.2 g/t gold over 35 metres.
To acquire a 100% interest in the property, subject to regulatory approval, Paragon must make cash and share payments to the property vendors over three years, totaling $80,000 ($7,500 on signing and approval) and 75,000 Paragon shares (7,500 shares on signing and approval). The vendors would retain a 2.5% net smelter return ("NSR") royalty subject to Paragon's right to purchase 1.5% for $1.5 million. Paragon retains a right of first refusal on the remaining NSR royalty. Annual advanced royalty payments of $10,000 to the vendors would begin in 2011.
Paragon is also pleased to report that the property has been accepted by Meridian for inclusion into the Huxter Lane JV Agreement, which consists of the Huxter Lane gold project. Under the terms of the land offer to Meridian, Meridian must make all cash payments plus provide cash compensation for any share payments made by Paragon to acquire and maintain the option on the Huxter Lane SW property.
Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. The company is focused on gold and base-metal exploration in Eastern Canada, specifically within the Province of Newfoundland and Labrador.
PARAGON MINERALS CORPORATION
Michael J. Vande Guchte, President & CEO
The Huxter Lane project work is being carried out and supervised by Qualified Person Steve House, P.Geo.

In the precious metals patch, HSBC Securities upped its rating on shares of Meridian Gold (MDG) and Harmony Gold (HMY), both to overweight from neutral.

In the precious metals patch, HSBC Securities upped its rating on shares of Meridian Gold (MDG) and Harmony Gold (HMY), both to overweight from neutral.

TORONTO, ONTARIO, Mar 28, 2007 (MARKET WIRE via COMTEX) -- Crystallex International Corporation (CA:KRY) (KRY: Crystallex International Corporation) issued today the following statement concerning the increase in its stock price and trading volume:
"Crystallex is aware that Gold Reserve Inc (CA:GRZ) (GRZ: gold resv inc cl a) today announced that its Brisas Project had been awarded the Environmental Approval and Construction Permit from the Ministry of the Environment and Natural Resources ("MARN").
Commenting on the news, Gordon Thompson, Crystallex President and CEO stated, "The awarding of the Brisas environmental permit is a clear signal that Venezuela is fulfilling its promise to advance mining projects. Crystallex is in the final stages of environmental permitting for the Las Cristinas project and looks forward to the timely conclusion of the permitting process at MARN."
About Crystallex
Crystallex International Corporation is a Canadian based gold producer with significant operations and exploration properties in Venezuela. The Company's principal asset is the Las Cristinas property in Bolivar State that is currently under development and which is expected to commence commercial gold production in 2009 at an initial annualized rate of some 300,000 ounces at the initial planned production rate of 20,000 tonnes of ore per day. Other key assets include the Tomi Mine, certain Lo Increible properties and the Revemin Mill. Crystallex shares trade on the TSX (symbol: KRY) and Amex (symbol: KRY) Exchanges.

TORONTO, ONTARIO, Mar 29, 2007 (MARKET WIRE via COMTEX) -- Crystallex International Corporation (CA:KRY) (KRY: Crystallex International Corporation) today reported its financial results for the year ending December 31, 2006. All dollar figures are in US Dollars unless otherwise indicated.
Commenting on the Company's progress, Gordon Thompson, President and Chief Executive Officer of Crystallex said, "Since taking the position as Crystallex President and CEO in February, 2007, I have had several opportunities to meet with Venezuelan Officials regarding our investments there and plans for Las Cristinas. Additionally, I have confirmed the final Permit required for Las Cristinas is advancing through the Ministry of the Environment and Natural Resources ("MARN"), the final step in the process."
Several key objectives achieved during 2006 included:
- Converted $7.5 million of Standard Bank's ("SBL") debt to equity. SBL's outstanding bank debt reduced to $3.2 million at year-end.
- Produced 47,345 ounces of gold at the Revemin Plant
- Successfully completed Equity Unit Financing, Private Placement and early warrant exercise to improve Company's working capital
- Launched in-fill and step-out drill program on Las Cristinas
- Adopted new Shareholder Rights Plan
- Received MIBAM (Ministry of Basic Industry and Mining) formal approval of all the technical, economic and financial aspects of the Feasibility Study for the Las Cristinas project

TORONTO, ONTARIO, Mar 29, 2007 (MARKET WIRE via COMTEX) -- Crystallex International Corporation (CA:KRY) (KRY: Crystallex International Corporation) ("Crystallex" or the "Company") announced today that it has entered into a bought deal agreement with a syndicate of underwriters (the "Underwriters"). Under the agreement, the syndicate will purchase 8,500,000 common shares ("Common Shares") of the Company at a price of CDN$4.25 per Common Share ("the Offering Price") for gross proceeds of CDN$36,125,000. The Company will grant the Underwriters an over-allotment option, to purchase an additional 1,275,000 Common Shares (CDN$5,418,750), exercisable at the Offering Price at any time until the 30th day following the Closing Date. The Company expects to file a Preliminary Short Form Prospectus with the applicable securities regulatory authorities on April 4th, 2007 to qualify the Common Shares for distribution.
Crystallex plans to use the net proceeds from the financing to develop the Las Cristinas Project, to repay a portion of existing indebtedness and for general corporate purposes.
The offering is subject to certain conditions including, but not limited to, the entering into by Crystallex and the underwriter of an underwriting agreement and the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the American Stock Exchange. The offering is expected to close on or about April 24th, 2007.
This press release is not an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.
About Crystallex
Crystallex International Corporation is a Canadian based gold producer with significant operations and exploration properties in Venezuela. The Company's principal asset is the Las Cristinas property in Bolivar State that is currently under development and which is expected to commence commercial gold production in 2009 at an initial annualized rate of some 300,000 ounces at the initial planned production rate of 20,000 tonnes of ore per day. Other key assets include the Tomi Mine, certain Lo Increible properties and the Revemin Mill. Crystallex shares trade on the TSX (symbol: KRY) and Amex (symbol: KRY) Exchanges.

TORONTO, ONTARIO, Mar 29, 2007 (MARKET WIRE via COMTEX) -- Crystallex International Corporation (CA:KRY) (KRY: Crystallex International Corporation) ("Crystallex" or the "Company") is pleased to announce that, due to the positive response the Company has received, the common share offering announced earlier today has been increased by an additional 4,000,000 common shares. Under the agreement, the syndicate will now purchase 12,500,000 common shares ("Common Shares") of the Company at a price of CDN$4.25 per Common Share ("the Offering Price") for gross proceeds of CDN$53,125,000. The Company will grant the Underwriters an over-allotment option, to purchase an additional 1,875,000 Common Shares (CDN$7,968,750), exercisable at the Offering Price at any time until the 30th day following the Closing Date. The Company expects to file a Preliminary Short Form Prospectus with the applicable securities regulatory authorities on April 4th, 2007 to qualify the Common Shares for distribution.
Crystallex plans to use the net proceeds from the financing to develop the Las Cristinas Project, to repay a portion of existing indebtedness and for general corporate purposes.
The offering is subject to certain conditions including, but not limited to, the entering into by Crystallex and the underwriter of an underwriting agreement and the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the American Stock Exchange. The offering is expected to close on or about April 24th, 2007.
This press release is not an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.
About Crystallex
Crystallex International Corporation is a Canadian based gold producer with significant operations and exploration properties in Venezuela. The Company's principal asset is the Las Cristinas property in Bolivar State that is currently under development and which is expected to commence commercial gold production in 2009 at an initial annualized rate of some 300,000 ounces at the initial planned production rate of 20,000 tonnes of ore per day. Other key assets include the Tomi Mine, certain Lo Increible properties and the Revemin Mill. Crystallex shares trade on the TSX (symbol: KRY) and Amex (symbol: KRY) Exchanges.

TORONTO, ONTARIO, Mar 30, 2007 (MARKET WIRE via COMTEX) -- Crystallex International Corporation (CA:KRY) (KRY: Crystallex International Corporation) today issued the following statement in response to inquires concerning a Reuters story from its Caracas Bureau:
Crystallex has spoken to Senior Officials at the Ministry of Environment ("MARN") and to Mr. Sergio Rodriguez who was quoted in the Reuters article.
The Senior Officials contacted at MARN told the Company that the Reuters story does not reflect the statements made by Mr. Rodriguez and that they are contacting Reuters in order to correct the mis-statements.
Crystallex is in the final stages of environmental permitting for the Las Cristinas project and looks forward to the timely conclusion of the permitting process at MARN.
About Crystallex
Crystallex International Corporation is a Canadian based gold producer with significant operations and exploration properties in Venezuela. The Company's principal asset is the Las Cristinas property in Bolivar State that is currently under development and which is expected to commence commercial gold production in 2009 at an initial annualized rate of some 300,000 ounces at the initial planned production rate of 20,000 tonnes of ore per day. Other key assets include the Tomi Mine, certain Lo Increible properties and the Revemin Mill. Crystallex shares trade on the TSX (symbol: KRY) and Amex (symbol: KRY) Exchanges.

Cramer called Crystallex (KRY) "the ultimate Chavez call," referring to the Venezuelan strongman. Crystallex owns rights to a Venezuelan gold mine that Cramer called the biggest undeveloped gold claim in the world, and Cramer said he can't blame investors for trying to get in on what looks like an interesting speculative play, though he stressed that it's just that.

Mar 28, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Crystallex International Corp. (KRY), in response to the rise in its stock price and trading volume Wednesday, said the awarding of an environmental permit for Gold Reserve Inc.'s (GRZ) Brisas copper gold project in Venezuela indicates that "Venezuela is fulfilling its promise to advance mining projects."
Crystallex said it's in the final stages of environmental permitting for the Las Cristinas project and looks forward to the "timely conclusion of the permitting process" at Venezuela's Ministry of the Environment and Natural Resources.
Crystallex is trading at C$4.77 in Toronto Wednesday, up 35.8%, on volume of 11.1 million shares.
Crystallex is a Toronto mining company.

Mar 29, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Crystallex International Corp. (KRY) had a smaller loss in 2006 as revenue rose 12% on higher realized gold prices.
The Toronto-based gold mining company lost $35.7 million or 15 cents a share in 2006, compared with a loss of $45.2 million or 23 cents a year ealier. Results in the year-earlier period include a $6.6 million writedown of investments in subsidiaries and a $3.8 million commodity contract loss.
Revenue for the year rose to $28.1 million from $25 million, with averaged realized gold prices rising to $578 an ounce from $453 an ounce. Gold production fell to 47,345 ounces from 53,178 ounces.

Canyon Resources Declares Div Of 1 Cmn Stk Purchase Right For Each Outstanding Shr

GOLDEN, Colo., March 23, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado-based mining company, today announced that its Board of Directors adopted a new Stockholder Rights Plan (the "rights plan") that became effective on March 23, 2007. Canyon Resources' former rights plan, adopted in 1997, expired on March 20, 2007. The rights plan is designed to protect all stockholders of the Company against potential acquirers who may pursue coercive or unfair tactics aimed at gaining control of the Company without paying all stockholders of the Company a full and fair price.
"The overriding objective of the Board of Directors in adopting the rights plan is to maximize shareholder value should an unsolicited offer to acquire the company arise," said James Hesketh, President and CEO. "This will not prevent the Board from approving a fair and equitable offer to acquire the Company if one should materialize."
In implementing the rights plan, the Board of Directors has declared a dividend of one common stock purchase right for each outstanding share of the Company's common stock held of record as of the close of business on April 16, 2007. Each right initially would entitle the holder thereof to purchase one share of common stock. The rights will expire on March 23, 2017. The distribution of rights under the plan will not interfere with the Company's business plans or be dilutive or affect our reported per share results.
The rights are represented by the Company's common stock certificates and are not immediately exercisable. Under the plan, the preferred purchase rights generally become exercisable upon the acquisition of 20% or more of the Company's outstanding common stock, unless the Board of Directors redeems the rights. If exercised, all holders of rights, other than the acquiring person or group, would be entitled to acquire shares of the Company's common stock at a 50% discount to the then-current market price. In addition, if the rights become exercisable and the Company is acquired in a merger, each right would entitle the holder to purchase shares of the acquiring company at a 50% discount to the then-current market price.

GOLDEN, Colo., March 23, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado-based mining company, is pleased to announce the start of a four-hole, 1,600-foot core drilling program at its Reward Gold Project in Nye County, Nevada. The drilling program, part of the ongoing feasibility study at Reward, will consist of four 2.5 inch-diameter holes which will provide structural and rock mechanic information and material for metallurgical testing. The rock mechanic and structural data is required for open-pit high wall design and to provide ore and waste rock characteristics. Mineralization in the remaining core will be used for metallurgical column testing.
Canyon initiated the permitting process for the Reward Project in November 2006 when it submitted its plan of operations and reclamation plan to the Las Vegas office of the Bureau of Land Management ("BLM") and to the Nevada Bureau of Mining Regulation and Reclamation. Additionally, a design report for the Reward mine heap leach facility was completed in early March and a water pollution control permit application has been prepared for the Nevada Division of Environmental Protection. Other relevant permit applications are currently being prepared.
A revised estimate of mineralized material (announced on March 2, 2007) of 12.7 million tons at an average grade of 0.025 ounce per ton (opt) of gold using a cutoff grade of 0.01 opt has recently been completed for the project. The mineralized zone remains open to the east along its southern 1,000 foot border. Disseminated gold mineralization at Reward is hosted in a north-south trending, steeply to moderately eastward dipping, quartz stockwork-vein zone from 15 to 140 feet thick and 2,000 feet long, developed within the immediate hanging wall of the Reward fault.
"These programs are important steps in our effort to quickly advance the Reward Project to a production decision. Reward is an important project for us, providing ounces, and additional exploration potential for our planned growth into a mid-tier gold producer," comments James Hesketh, President and CEO.
In January 2006, a pre-feasibility study for the Reward Project was completed. The study projects strong economic results based on a $425 gold price, $7.6 million in new capital expenditures, transfer of miscellaneous mobile equipment from the Briggs Mine, and contract crushing. At current market prices project economics increase substantially. Cash cost of operation would average $330 per ounce over a five-year project life. No silver byproduct credits were assumed in the analysis, although they may have a positive impact.
The Reward fault separates footwall Proterozoic quartzite, siltstone and dolomite on the west from hanging wall Cambrian limestone and marble on the east. Gold mineralization, while hosted in the Cambrian sedimentary rocks, is probably Tertiary in age and is considered epithermal in nature. The Reward Project area is part of the Bullfrog/Bare Mountain mining districts which sit on the southern end of the Walker Lane Structural Belt, a regionally important and complex structural zone of Miocene Age hosting numerous epithermal precious metal districts. The Walker Lane extends northwest from Las Vegas to the eastern edge of the Sierra Nevada Mountains South of Carson City. Reward is located about five miles south of the town of Beatty NV, in southern Nye County and about five miles southeast of Barrick's now inactive Bullfrog Mine which produced over 2,000,000 ounces of gold in the late 1980s and early 1990s. The Bullfrog/Bare Mountain districts, as a whole, have been very prolific, producing about 3,000,000 ounces of gold in total from several modern operations.
The drilling contractor is Ruen Drilling of Coeur d'Alene, Idaho. The engineering contractor responsible for assuring quality control at each drill site and for the eventual design of the open pit is Golder Associates of Reno, Nevada.
About Canyon Resources
Canyon Resources, based in Golden, Colorado, was formed in 1979. The Company has a history of precious metals exploration success and can claim a number of significant discoveries. Canyon currently owns the Briggs Mine in California and is currently evaluating the re-start of that operation. Canyon is also evaluating the potential development of the Reward Gold Project in Nevada. For additional information on Canyon Resources and its properties, please visit our website at http://www.canyonresources.com.

COEUR D'ALENE, Idaho, Mar 21, 2007 (BUSINESS WIRE) -- Coeur d'Alene Mines Corporation (CDE: Coeur d'Alene Mines Corporation) (CA:CDM) announced today that it will construct a flotation mill at the company's Martha mine in the province of Santa Cruz, Argentina, at a cost of $13.9 million. The design of the mill would accommodate annual silver production of as much as 3 million ounces. Completion is expected by the end of the year.
The company's continued success in expanding the high-grade reserves and resources at Martha, as well as the mine's significant exploration upside, are key reasons for deciding to create a standalone operation at Martha. As previously announced, Martha reported a 50 percent increase in proven and probable silver mineral reserves as of the end of 2006 as compared to 2005.
In 2006, the average grade of proven and probable silver mineral reserves also increased, to more than 61 ounces of silver per ton, which ranks among the world's highest silver grades. Additionally, in 2006, the company acquired interests in four highly prospective silver-gold exploration properties in Santa Cruz and has budgeted more than $4.6 million for exploration in Santa Cruz in 2007.
The mill also will enable Martha to reduce its cash operating cost by processing ore on site. Currently, Martha's ore is processed at the company's Cerro Bayo facilities in Chile. In 2006, Martha produced approximately 2.7 million ounces of silver and more than 3,400 ounces of gold.
Dennis E. Wheeler, Coeur's Chairman, President, and Chief Executive Officer, said, "Not only does the mill create value for the company, but it will provide new jobs and generate positive economic activity in the region, where mining continues to be of growing importance. In addition, we are particularly pleased and grateful to have the support of the provincial government and federal mining authorities as we begin to move forward with this project."
Coeur originally acquired Martha in 2002 for $2.5 million. Since that time, the company has mined more than 9.5 million ounces of silver there.
Coeur d'Alene Mines is one of the world's leading primary silver producers and has a strong presence in gold. The company has mining interests in Alaska, Argentina, Australia, Bolivia, Chile, Nevada and Tanzania.