Beiträge von Eldorado

Drilling to Start on Mt Kakoulima, Guinea

Thursday April 7, 9:01 am ET

TORONTO, ONTARIO--(CCNMatthews - April 7, 2005) - AFCAN (TSX:AFK - News) is pleased to announce that a geological team was mobilized on March 20, 2005 to the Mt. Kakoulima project in Guinea, West Africa in preparation for a planned 5,000 metres drill programme to explore favourable Ni-Cu-PGE targets along the basal contact of the Kaloum Igneous Complex (KIC).
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The Project is held by FNX Afcan Guinee S.A.R.L. (FNX Afcan), a Guinea company which is 100% owned by Afcan Mining Corporation. On February 4th, 2004, Afcan signed an Option Agreement with FNX Mining Company Inc. (FNX - TSX & AMEX) on the Mt. Kakoulima Ni-Cu-Co-PGE exploration project in Guinea, West Africa entitling FNX to earn a 100% interest in the project, subject to a 3% NSR to Afcan. To earn its interest, FNX is required to spend US$2.4 million on exploration over a five year period and produce a feasibility study or expend a further US$2.0 million on exploration. Maple Minerals Corp. (MPM - TSXV) in turn entered into an agreement with FNX to acquire 50% of FNX's interest in the project by funding the initial US$2.4 million of exploration. To date, Maple has provided FNX with US$1.4 million in exploration funds. Reference is made to Maple's press release of February 10, 2004 for a description of Maple's option to earn a 50% interest in the Mt. Kakoulima project. T!
he project area covers approximately 295.5 km2 and is located 30 km from Conakry, the capital of Guinea. FNX is the operator of the project.

The focus will be to follow up on the disseminated sulphides intersected during the autumn 2004, phase 2 drill program, further define the geometry of the KIC basal contact and locate possible massive Ni-Cu-PGE sulphide traps. Drilling is expected to commence on April 7, 2005 and will be conducted again by Boart-Longyear. A geophysicist from Crone Geophysics will be on site for the duration of the drill program to conduct downhole geophysical surveys as each borehole is completed. FNX plans, co-ordinates and supervises the exploration program.

The KIC is approximately 60 km long, of which the property licence covers 30 km of the contact on the north and south margins. Phases 1 and 2 of the exploration program were successful in defining and confirming the initial concept that the basal contact of the KIC dips into the centre of the intrusion with variable steepness. This is interpreted as a feature favourable for the concentration of sulphides. Other features consistent with productive Ni-Cu-PGE sulphide-bearing mafic-ultramafic intrusions are the local occurrence of disseminated sulphides hosted within basal breccias that contain evidence of wall-rock contamination of the intrusion.

Drilling in Phase 3 will begin on the south side of the KIC contact (South Grid) to further define in three dimensions a large, 5 km wide mapped embayment-like feature. Depending on results, the second half of the phase 3 program is planned for the north side of the KIC contact (North Grid) to explore favourable geometric targets along the basal contact and to follow-up on disseminated sulphides intersected during the Phase 2 drill campaign. North Grid diamond drill holes AF0007 to AF0012 intersected disseminated sulphide mineralization at the base of the intrusion over a 1.6 km strike length. Reference is made to Maple's press release of February 14, 2005 for assay results for the first 11 drill holes.

Catharine Farrow, PhD, PGeo (Chief Geologist, FNX) is acting as the Qualified Person for the Mt. Kakoulima project.

AFCAN is an emerging gold producer in China and owns 85% of the TJS Project at Tanjianshan in Qinghai Province. A Bankable Feasibility Study has been completed on the TJS Project, detailed design has commenced with construction starting shortly. There are an additional 23 anomalies on the licence area of 341 km2 that are being explored. Afcan growth is focused on exploration and development of its advanced projects.

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Tschonko

Oops die Namex hupft gleich am start ! NME.V (volumen !! )
OT zum kaufen gibt es sehr wenig, ein neues ringelspui !
Hommel wird jetzt ruhiger sein.
IAU.TO laeuft bestens.
XCL.TO und SPM.V tag, ist es auch. :))

XEX

Bin gespannt wie der trick mit der wasser rechnung ausgeht.

Jinshan Gold Mines: Filing of Updated 217 Gold Project; Technical Report Delayed

Friday April 8, 8:00 am ET

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 8, 2005) - Jinshan Gold Mines Inc. (TSX VENURE:JIN) -

On March 7, 2005, the Company announced that an updated independent resource estimate on the Company's 217 Gold Project (Chang Shan Hao Project) in Inner Mongolia had been completed and that a new technical report supporting the estimate would be filed within 30 days. The filing of the new technical report, which is also intended to address deficiencies identified by the British Columbia Securities Commission in a previously filed February 2004 report, has been delayed. A draft of the new report is being updated to address issues raised in pre-filing discussions with Commission staff and the final technical report will be filed on SEDAR as soon as those issues have been satisfactorily addressed.

Jinshan Gold Mines is a Canadian company focused on the exploration and development of precious and base metals (gold, copper and platinum group metals) 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.

Da ist ein geruecht im umlauf das BMK.V ein hippo braucht auf der Farm ? Oder soll man das als witz verstehen ?

Die glocke hat noch nicht gelaeutet aber das Cartel schiesst schon die ersten missiles. Meistens am Freitag ist Hanibal Day,bin gespannt wie der tag endet.

Bloss nicht zwischen hippo und wasser rumstehen !

hpopth

Ja, muehsam ernaehrt sich das eichhoernchen, jede info ist wichtig um weitere entscheidungen zu treffen. Ich glaube nicht das der Vatikan z.B. seine goldfiguren etc. verkauft. Im gegenteil, die freimaurer geben uns papier und nehmen unser gold und andere werte.Sie treiben uns in die Schuldenfalle, siehe Argentinen.
Eine druckmaschine wie greenspan braucht man und keiner der sich aufregt wegen der schulden. Aber eine B52 kann dann auch wieder einlenken und die kritik beenden. Und so bekommen die Asiaten viele neue Dollars und der amerikaner bekommt dann einen Sony.

Aber irgendwann will der chinese auch seine konfetti dollars loswerden, in der zwischenzeit kauft man ganz geduldig und getarnt Rohstoffe, das wahre Geld in der Zukunft. Es steht auch in den Sternen, siehe thread von spica, der dollar wird zur asche, weil er schneller brennt als gold. In der Zukunft koennen die G 7 ihre wechselkurse nicht mehr absprechen oder regeln und irgenwann sagt einer nein von denen.
Sobald man kann,laesst man Amerika fallen wie eine heisse kartoffel.
Die Russen und Chinese sind die ersten. The art of war !$$$$

Gruss

Eldorado

24 Milliarden: Goldregen der Nationalbank bestätigt

Gold im Tresor der Schweizerischen Nationalbank.

Zürich. AP/baz Jetzt steht das Ausmass des Goldregens der Nationalbank definitiv fest: Bund und Kantone erhalten bis Mitte Juli dieses Jahres 24,015 Milliarden Franken, wie dem am Freitag veröffentlichten SNB-Geschäftsbericht 2004 zu entnehmen ist. Dies entspricht den vorab veröffentlichten Eckdaten.

Die Schweizerische Nationalbank (SNB) hat den im Mai 2000 begonnenen Verkauf von 1300 Tonnen Gold Ende März dieses Jahres abgeschlossen, wie SNB-Sprecher Roland Baumann auf Anfrage sagte. Im Geschäftsbericht 2004 wird der Erlös auf Grund des Stands der Verkäufe per Ende Dezember 2004 und dem damaligen Marktwert der noch nicht verkauften 64,1 Tonnen auf 21,113 Milliarden Franken beziffert. Die restlichen Verkäufe schenkten gemäss Baumann etwas mehr ein. Die Differenz wird nun in die Jahresrechnung 2005 einfliessen, aber Bund und Kantonen nicht verloren gehen, weil sie auch die Begünstigten der normalen Gewinnausschüttung sind.

Wie am vergangenen 25. Februar beim Abschluss der Golderlös-Ausschüttungsvereinbarung zwischen SNB und dem Eidgenössischen Finanzdepartement (EFD) angekündigt, kommen zum Erlös aus den Goldverkäufen weitere 2,9 Milliarden Franken gemäss der bisherigen Gewinnausschüttungsvereinbarung hinzu. Zusammen mit den 1,5 Millionen Franken Dividende ergibt sich somit ein Betreffnis von 24,015 Milliarden Franken. Zwei Drittel erhalten die Kantone, ein Drittel der Bund. Nach der Zustimmung der SNB-Generalversammlung vom 29. April - sie ist angesichts der Besitzverhältnisse eine Formsache - wird der Goldregen, wie im Februar beschlossen, in zehn wöchentlichen Tranchen ausgeschüttet.

DRD faces fight over liquidator
Apr 08 2005 10:48:10:673AM



Johannesburg - Trade union Solidarity will apply for an urgent interdict to oppose the choice of provisional liquidators of DRD Gold's operations in North West province.
The application would be heard by the Pretoria High Court on Monday, union spokesperson Reint Dykema said on Friday.

Solidarity wanted its own choice of liquidator appointed by the Master of the High court.

"Solidarity wishes to enable its liquidator to see to it that the directors of DRD do not walk away scot-free after the liquidation of DRD's North West operations," Dykema said in a statement.

Last month the High Court granted a provisional liquidation order for DRD Gold's Buffelsfontein Gold Mines Limited, commonly known as the North West Operations.

Dykema said there had been irregularities in the liquidation process.

"The trade union has in its possession information and proof of serious infringements in the liquidation of Buffelsfontein Gold Mining, the holding company of the Hartbeesfontein and Buffelsfontein mines...," Dykema said.

He said DRD owed Solidarity members around R21.4m in salaries, bonuses, leave pay and severance packages.

The union wanted to appoint its own liquidator to ensure its members received their fair share in the liquidation.

The union also wanted its members declared preferential creditors, whose rights are protected by legislation.

@ Ohne Rente

Wie bist du bloss auf diesen song gekommen ?
Ok, das wird song nummer 2 nach Old Mac Donalds has a farm.

Gruss

XEX

04/07/2005

Chinese Banks May Be the Big Gold Story in 2005, According to Lear Financial (PRNewswire via COMTEX)

4/7/2005 10:00:49 AM SANTA MONICA, Calif., April 7, 2005 /PRNewswire via COMTEX/ --

Gold has always been revered in the Chinese culture. But not until 2003 have Chinese citizens legally been allowed to buy it. So why haven't 1.2 billion gold-loving Chinese sent the precious metal soaring? "In a word, distribution," says Kevin DeMeritt, President of Lear Financial, a leading precious metal management firm. "But with the four top Chinese banks now entering the gold picture, that's all about to change." Until now, distribution of gold in China has been poor at best, DeMeritt explained. "There just haven't been the resources to get gold to the people. But with the Bank of China allowed to sell gold, and now three other major banks expected to receive permission shortly, the resources are now in place." As it is, the Chinese have one of the lowest gold ownership rates in the world. "In China there's just 0.1 grams of gold owned per capita. The India rate, by contrast, is 0.73 and the U.S., 1.41. So once the Chinese banks spur distribution, a lot of gold can be sold in a relatively short time," DeMeritt said. "And that could send gold into record territory in the years to come."

04/07/2005

Chinese Banks May Be the Big Gold Story in 2005, According to Lear Financial (PRNewswire via COMTEX)

4/7/2005 10:00:49 AM SANTA MONICA, Calif., April 7, 2005 /PRNewswire via COMTEX/ -- Gold has always been revered in the Chinese culture. But not until 2003 have Chinese citizens legally been allowed to buy it. So why haven't 1.2 billion gold-loving Chinese sent the precious metal soaring? "In a word, distribution," says Kevin DeMeritt, President of Lear Financial, a leading precious metal management firm. "But with the four top Chinese banks now entering the gold picture, that's all about to change." Until now, distribution of gold in China has been poor at best, DeMeritt explained. "There just haven't been the resources to get gold to the people. But with the Bank of China allowed to sell gold, and now three other major banks expected to receive permission shortly, the resources are now in place." As it is, the Chinese have one of the lowest gold ownership rates in the world. "In China there's just 0.1 grams of gold owned per capita. The India rate, by contrast, is 0.73 and the U.S., 1.41. So once the Chinese banks spur distribution, a lot of gold can be sold in a relatively short time," DeMeritt said. "And that could send gold into record territory in the years to come."

Ich glaube man kann erst von einen Bullrun reden wenn Gold eindeutig die 450 Dollar Grenze ueberrennt.
Let's keep the fingers crossed !

XEX

Tschonko

Hoffen wir mal auf good news der bohr resultate.

Press Release Source: Clifton Mining Company

Clifton Mining Company - Drill Program
Thursday April 7, 7:00 am ET

ALPINE, UT, April 7 /PRNewswire-FirstCall/ - Clifton Mining Company (Clifton)(OTC:CFTN - News) wishes to announce a new drilling program started at the Kiewit Zone in February. To date, this has focused in the southern part of Kiewit, in which the gold-bearing zone is exposed over a 500 meter by 500 meter area. 22 holes have been completed, despite a two week recess due to adverse weather and wet field conditions. Drill holes are being spaced at 50 meter grid intervals, with the ultimate intent of delineating the geometry and estimating the tonnage of the gold-bearing zone.


We are encouraged by the fact that each of the holes drilled to date has intersected what appears to be the same mineralized zone. This has confirmed the continuity of the zone along 250 m of strike and 500 m down-dip.

It can only get better !

http://biz.yahoo.com/bw/050407/75378.html?.v=1

Apollo CEO and President, R. David Russell commented, "Black Fox is the cornerstone of our effort to become a diversified intermediate gold producer by 2007. Since acquiring the project three years ago, our exploration results have consistently exceeded our expectations and we believe that Black Fox will become a world-class mining operation."

In response to the unexpected low share price for Apollo stock Mr. Russell stated, "Our operations continue to show improvement with especially encouraging results from the new Standard Mine operation. The heap leach fields are increasing in size allowing more of the ore to be leached and subsequently continue the planned ramp up in gold production. The Montana Tunnels operation also continues to show improvement with improved ore grades and reduced waste tonnage which subsequently increases revenues and lower costs. Our operating mines as well as the Black Fox and Huizopa exploration projects continue to track on the expected targets that have been set by management for 2005. The delivery of gold into the ''straddle position'' with the Standard Bank of London will be completed on schedule, at the end of this month."

Highlights from the most recent Black Fox gold zone drilling results are shown in the table below. The complete list of assay results for the Black Fox project is available on the Apollo website: http://www.apollogold.com.

About $11-million of the greenfields exploration was carried out in ‘new frontiers’, namely China, Colombia, the Democratic Republic of Congo, Mongolia and, in the US, the State of Alaska.

Anglo Gold Statement

See RSA thread what Anglo Gold is doing.

News Today

Gold major outlines exploration focus
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The 2004 annual report of gold-miner and, for many South Africans still, iconic major company AngloGold Ashanti is filled with information.

You want a summary of mining rights and mining property titles in Brazil? It is there, on page 49, as is a much more detailed account of Ghanaian mining legislation; in fact, the com- pany’s 2004 annual report gives greater and lesser degrees of detail on the mining rights and property titles in Argentina, Australia, Guinea, Mali, Namibia, Tanzania and the US, as well as Brazil and Ghana and, of course, South Africa.

This just emphasises that AngloGold Ashanti is now, and has been for years, a company that operates globally.

It is actively mining in Argentina, Australia, Brazil, Ghana, Guinea, Mali, Namibia, Tanzania, the US, and Zimbabwe, as well as in South Africa.

Look at the production figures – last year the group’s gold production was an impressive 6 052 000 oz; but, of this, 3 079 000 oz came from its South African operations and 2 973 000 oz from its non-South African oper-ations.

AngloGold Ashanti now produces almost exactly half its gold outside South Africa (49%, in fact). Note further – the figure for non-South African production was 27% higher in 2004 than in 2003.

Of course, the figures for the rest of the world were boosted by the Ashanti merger, which brought in an attributable 485 000 oz of Ghanaian gold last year; on the other hand, the group sold its stakes in US miner Jerritt Canyon in 2003 and in Australia’s Union Reefs in 2004 – the former contributed 107 000 oz to the 2003 figures and the latter 74 000 oz.

Further, in South Africa, the Ergo tailings dams retreatment operation contributed 203 000 oz to the total gold produced in this country during 2003 and 222 000 oz last year; Ergo is now in the process of closing down.

Gold ounces produced, however, do not automatically translate into profits – last year the group’s Ghanaian operations generated an attributable adjusted operating loss of $22-million.

Add up all the attributable adjusted operating profits and deduct the attributable adjusted operating losses of all of the group’s operations and you come up with $400-million on the plus side (the group’s total adjusted operating profit is higher than this, at $434-million – it also earns income from other sources) and, again, almost half ($198-million) is from operations outside South Africa. Of course, South Africa remains by far the single largest gold reserve for the group.

Adding together proved and probable reserves, the contained gold in the group’s South African orebodies comes to 1 217,5 t, out of the group’s global total of 2 454 t – but notice, the South African figure now represents just under half of AngloGold Ashanti’s total gold reserves.

Turning to resources, and adding up measured, indicated and inferred, the contained gold in South Africa is estimated at 3 638,7 t, with a global total of 6786 t.

This time, the South African figure is over half of the total, but not by much.

In reserves, Ghana ranks second, with 367,3 t of contained gold; Tanzania third, with 281,1 t; Australia fourth, with 191,5 t; the US fifth, with 120,6 t; and Brazil sixth, with 86,9 t.

(In terms of resources, the rankings are the same, except that Brazil and the US swap places.) Another interesting statistic is the differing productivity levels of the group’s various regions – for South Africa, it is 255 g per employee; for Ghana 376 g; for Australia 539 g; and for Brazil 1 117 g.

Given all these facts and figures, and the already long life of gold-mining in South Africa, it is not surprising that less than a fortieth of the group’s exploration expenditure last year was spent in South Africa – $2-million out of $81-million.

All exploration in this country was brownfields and, globally, brownfields exploration accounted for $44-million of the exploration expenditure, leaving $37-million for greenfields work.

About $11-million of the greenfields exploration was carried out in ‘new frontiers’, namely China, Colombia, the Democratic Republic of Congo, Mongolia and, in the US, the State of Alaska.

However, the country which saw the greatest greenfields exploration expenditure was Peru, with $7-million, while the country with the greatest brownfields exploration expenditure was Brazil, with $10-million; add $1-million in greenfields work and Brazil’s total exploration expenditure of $11-million was the greatest for any single country or region; Australia and South-East Asia ranked second at $10-million, of which $6-million was brownfields and $4-million greenfields.

Sadly, 32 of the group’s employees were killed in work-related accidents last year – 31 of them in South Africa and one in Mali, at the Morila mine.

What this all adds up to is that AngloGold Ashanti is no longer the helpless hostage to the fortunes of one country that it once was; but it remains firmly rooted in Africa and is clearly very far from leaving, or even thinking of leaving, South Africa.

morning with Harmony Gold's bosses

By: Gareth Tredway
Posted: '07-APR-05 16:14' GMT © Mineweb 1997-2004

JOHANNESBURG (Mineweb.com) -- In an address to Ernst & Young’s Mergers and Acquisitions 2005 presentation in Johannesburg Thursday, Harmony CEO could not resist the temptation to attack the city’s journalists and media. He was clearly on the defensive and hot under the collar as his company’s hostile bid for Gold Fields showed signs of faltering.

He bleated that, as soon as Harmony made its hostile bid for Gold Fields last October, individual journalists took sides with one or other of the companies. Overseas publications, he believed, took a more objective view.

“There is a need for an angle,” said Swanepoel, “Sometimes the truth cannot do.” Of course, it is an open question whether Swanepoel’s views might have been different had the local press been more fawning and had not pointed out the shortcomings of Harmony’s all-paper bid.

Still, Swanepoel went on to point out the new phrases that Gold Fields’ spin-doctors had thought up and “fed” to the press. These included phrases like, ‘cash burn’, ‘value destruction’ and ‘audited reserves’.

The jibe obviously did the trick, because it was all the journalists could talk about after the event.

Besides his issues with the press, Swanepoel also expressed dismay at South African regulations when it comes to mergers and acquisitions.

“South African regulators must review and amend the contradictory rules with the commercial view to harmonise the country’s takeover code and Companies Act to limit unnecessary and costly legal frustrations,” said one slide in Swanepoel’s presentation.

Again, Swanepoel was expressing his frustration at well-established and well-proven regulations that can be tested in court.

Regulators have proved to be the perfect block for Gold Fields’s management in Harmony’s takeover attempt. Courts have listed to arguments in the United States and South Africa, while South Africa’s Securities Regulation Panel and its competition authority have also proved to be stumbling blocks.

A meeting with Ferdi Dippenaar

Directly after the Ernst & Young event, I popped on down to Harmony’s offices in Melrose Arch, a swanky office park in Johannesburg. The meeting had been set up a week earlier during a heated discussion between Dippenaar and Mineweb.

Mineweb asked the Harmony marketing director to comment on certain accusations again made by Harmony naysayers. The latest estimate was that Harmony would ‘burn’ R1.7 billion in the current financial year and was in desperate need for cash.
Dippenaar played it cool 8), which could be seen as commendable in the wake of months of extensive media coverage, a strike by 20,000 miners and unanticipated snags and set-backs in the a hostile takeover bid.

We spent nearly the entire hour talking about the ‘cash burn’ issue, how cold the weather was getting and banter with Bernard Swanepoel as he twice interrupted the meeting to borrow and return a flash drive.

Harmony is currently seeing its greatest cash outflows on three fronts: on bringing new mines and extensions on stream; on funding losses at shafts where the costs of producing an ounce of gold exceed the metal’s price and; on closing these shafts to eliminate operating losses.

In the six months to end-December 2004, Harmony had spent R1.056 billion cash according to the company’s cash flow statements. This cash drain has been going on for more than a year, but Dippenaar reckons it will end soon.

The company has a forecast R897.6 million of capital expenditure (capex) for fiscal 2005 according to the last annual report. R571.6 million of this relates to new project capex.

In the December quarter R237 million was spent on capex, with a further R192 million initially forecast for the March quarter.

On top of this comes restructuring costs at the company’s various loss-making operations, after all the restructuring, which started in April last year, Harmony will have retrenched as many as 15,000 employees.

These operations, which fall in the company’s leveraged-ounces category, made a R101.6 million loss in the December quarter, and these are the shafts where further retrenchments are likely. On the other hand the company’s ‘quality ounces’ generated a cash operating profits of R218.11 million in the quarter.

Harmony is also said to be making losses at 19 of its 28 shafts, but Dippenaar replies that these 19 shafts only make up 13 percent of total group production and that these are the areas being restructured.
In the financial year to end-June 2004, the company spent R224 million restructuring its operations through employment termination and other costs. In the six months to end December, the company has already spent R263 million on retrenchments and restructuring, with more to come. But Dippenaar says this will end by the end of the current year.

Dippenaar confirms that the company still sticks by its claim that by the end of June this year, the year-long restructuring program will be complete, and the cash outflows will be plugged. By that point, he says, cash profits will equal or exceed capital expenditure if current economic conditions prevail.

In theory, by that time, the company will have a negative cash position but it does have about R1.1 billion on the way from the sale of its 20 percent stake in ARM, a diversified mining company. Also, if the worst comes to the worst, it could sell its current 11.5 percent shareholding in Gold Fields.

The March quarter was likely to have been harsh for Harmony Gold, not only is it historically the most brutal on the South African gold mines because of festive breaks, but Harmony just negotiated the end of a strike, which is said to have cost about 45,000 ounces or around R108 million in lost revenue.

On another note, Swanepoel seems to have taken a more pro-active approach to the public relations battle with Gold Fields. On Thursday afternoon individual meetings were being set up for next between him and those pesky Johannesburg journalists.