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Shoreham agreement for Mariwa Mining

2010-10-18 16:44 ET - Property Agreement

The TSX Venture Exchange has accepted for filing documentation pertaining to a definitive agreement dated May 24, 2010, between Shoreham Resources Ltd. and Mulgravian Ventures Corp. (Dale Wallster), pursuant to which Mulgravian has an option to acquire 51 per cent of the issued and outstanding shares of Mariwa Mining Company Inc. from the company. In consideration, Mulgravian will subscribe for a $500,000 private placement, exercise the private placement warrants and within a three-year period incur $3-million (U.S.) of exploration expenditures on the Mariwa Sardine Hill property.

NWM Mining $2-million debenture private placement

2010-10-12 17:34 ET - Private Placement - Debenture

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Sept. 21, 2010.

Convertible debenture: $2-million

Conversion price: Convertible into common shares for a two-year period at the greater of 12 cents of principle amount per share and 20 cents of principle amount per share under certain circumstances

Maturity date: Two years from closing

Interest rate: 15 per cent per year

Hidden placee: One hidden placee

For further details, please refer to the company's news release dated Sept. 24, 2010.

Lysander increases construction at Verticalnaya North

Lysander Minerals Corp (C:LYM)
Shares Issued 69,048,797
Last Close 10/12/2010 $0.265
Wednesday October 13 2010 - News Release

Mr. Bryce Porter reports

LYSANDER MINERALS RAMPS UP CONSTRUCTION AT UKRAINE COAL MINE FOLLOWING COMPLETION OF $11.5 MILLION FINANCING

Lysander Minerals Corp. has ramped up construction activities at its Verticalnaya North project. The project represents the first phase of redevelopment of the Verticalnaya anthracite mine in the Donbass coal basin of southeastern Ukraine.

The site has been cleared, a waste tip established and excavation preparatory to the installation of portals for two inclined drifts has been completed. It is expected that the drifts will be completed in mid-2011 and that the first longwall will commence operation early in 2012.

The executive chairman of the company, John Byrne, together with John Conlon, also a director of the company, has been involved in the development of eight coal mines in recent years. Until recently, Mr. Byrne was executive chairman of Western Coal Corp. Under his leadership that company quickly evolved from an early stage development company to a major producer with over $1 billion in market capitalization.

To facilitate the advancement of the project, the company announced in Stockwatch on Oct. 8, 2010, that it has closed a private placement offering of units for gross proceeds of approximately $11.5-million. Additional funds of approximately $17.25-million may be raised upon the exercise of the warrants issued under the offering. At that time, Mr. Byrne stated, "Lysander now has in place a structure for the financing of the reopening of the Verticalnaya mine. We are confident that the warrants will be exercised in a timely manner so that the company will fully equity fund the Verticalnaya North project in line with the NI 43-101 technical report for that project."

The company will make every effort to accelerate production and will also examine other opportunities in Ukraine. It is the company's aim to become a major Ukrainian coal mining company.

Lysander completes $11.5-million offering

Lysander Minerals Corp (C:LYM)
Shares Issued 69,048,797
Last Close 10/7/2010 $0.295
Friday October 08 2010 - News Release

Mr. Bryce Porter reports

LYSANDER CLOSES UNIT FINANCING OF $11.5 MILLION

Lysander Minerals Corp. has closed, subject to applicable regulatory approvals, a private placement offering (the "Offering") of 54,797,425 units (the "Units") priced at $0.21 per unit for gross proceeds of approximately $11,500,000. Each Unit consists of one common share (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one additional Common Share at a price of $0.30 per share until October 7, 2011. All securities issued as part of the Offering will be subject to a four-month hold period expiring on February 8, 2011.

Salman Partners Inc. acted as agent for the Offering. Approximately $4,350,000 of the Offering was non-brokered.

The net proceeds from the Offering will facilitate the ongoing advancement of the Company's Verticalnaya anthracite project in the Donbass coal basin of south-eastern Ukraine.

The Executive Chairman of the Company, Mr. John Byrne, commented: "Lysander now has in place a structure for the financing of the re-opening of the Verticalnaya mine. We are confident that the warrants will be exercised in a timely manner so that the Company will fully equity fund the Verticalnaya North project in line with the NI 43-101 technical report for that project. We will now look at ways to accelerate production and examine other opportunities presented to the Company. It is our aim to become a major Ukrainian coal mining company."

Avion acquires 100% interest in Hounde concessions

2010-10-07 02:39 ET - News Release

Mr. Michael McAllister reports

AVION CLOSES ACQUISITION OF THE HOUNDE GROUP CONCESSIONS IN BURKINA FASO

Avion Gold Corp. and Avocet Mining PLC have closed Avion's previously announced acquisition of a 100-per-cent interest in the Hounde Group concessions in Burkina Faso (see Stockwatch news releases dated Jan. 29, 2010, and July 5, 2010).

In consideration for 100 per cent of the Hounde assets, Avion has issued Avocet 10.3 million shares of Avion.

This very large property lies within a new emerging gold camp, along more than 60 kilometres of the same geological package that hosts SEMAFO's Mana mine to the northeast, which has reserves of 1.77 million ounces, measured and indicated resources of 520,000 ounces of gold and an anticipated 2010 production of over 235,000 ounces. ACC Resources Ltd.'s Dossi zone is adjacent to the east of the Hounde group and is estimated to contain approximately one million ounces of non-NI 43-101-compliant gold resources (as per ACC's corporate website).

Avion has conducted an airborne magnetic and radiometric survey over the entire property. As well, Avion has completed 21 holes totalling approximately 3,900 metres of drilling that tested the Vindaloo zone and targets at the southern end of the property. A resource estimation of the Vindaloo zone is in progress. Drilling will resume in mid-October, with an additional 3,000 to 4,000 metres of drilling planned. Metallurgical testing will commence, once all assay results have been received. This property has never been subjected to a regional-type exploration survey. Avion believes that the chance for the extension of known zones and the discovery of additional zones is high, when considering the abundance and strike extent of the known zones and untested artisanal mining areas.

Don Dudek, Avion senior vice-president, exploration, stated: "The Hounde acquisition not only provides Avion with an excellent strategic position south of Semafo's Mana project, it also provides a new platform for growth. Avion has gotten off to a great start on the Hounde property, first through the expansion of the Vindaloo zone and secondly by the identification of an extensive, largely untested trend of artisanal workings and gold-in-soil anomalies that extends for more than 25 kilometres along strike. We strongly believe that we will both define extensions to the Vindaloo zones and discover new zones on the property."

The mining industry in Burkina Faso is growing at a fast rate due to a combination of a stable elected democratic government, good prospective geology and a competitive fiscal regime. Currently six gold mines are in production or development in Burkina Faso (Essakane: IAMGOLD Corp., Mana: SEMAFO, Inata: Avocet Mining PLC, Youga: Etruscan Resources Inc., Taparko: High River Gold Mines Ltd. and Kalsaka: Cluff Gold PLC). In 2011, it is expected that Burkina Faso will become the fourth-largest gold-producing country in Africa. The country enjoys an income tax rate of 20 per cent or a corporate profits tax of 20 per cent for mining companies. There is a three-year tax holiday during construction that includes relief from value-added tax and custom duties during construction and reduced customs duties of 7.5 per cent during mining operations. The government is entitled to a 10-per-cent free-carried interest and a reasonable 3-per-cent royalty on gold production. In addition, two of the eight Hounde concessions, which include the Vindaloo zone, are subject to a 2-per-cent net smelter royalty on gold production and certain back-in rights to Barrick Exploration Africa Ltd.

Don Dudek, PGeo, the senior vice-president, exploration, of the company and a qualified person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.