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How convenient, Gibson and Ginn. San Gold shareholders know how that turned out.
Bonterra Resources to acquire Larder project from Kerr
2016-03-17 13:24 ET - News Release
See News Release (C-BTR) Bonterra Resources Inc (2)
Mr. Nav Dhaliwal of Bonterra Resource reports
BONTERRA RESOURCES ACQUIRES LARDER PROJECT FROM KERR MINES CONSISTING OF TWO GOLD DEPOSITS AND 9 KM OF CADILLAC-LARDER BREAK
Bonterra Resources Inc. and Kerr Mines Inc. have entered into an acquisition agreement, pursuant which Bonterra will acquire a 100-per-cent interest in the Larder Lake property from Kerr Mines and its wholly owned subsidiary, Bear Lake Gold Ltd., located in the McVittie and McGarry townships of Ontario, Canada.
Acquisition highlights:
- The Larder Lake property, running along nine kilometres of the Cadillac-Larder break between Kirkland Lake and Virginiatown, consists of a historic estimate as outlined below;
- Deposit is open at depth with over 100,000 metres of historical diamond drilling completed;
- Historical gold production and mine development to 1,085 feet, with two shafts and underground workings on site;
- Strategic 2,165-hectare land position along prolific Cadillac/Larder fault break where over 13 million ounces of production has been recorded, located seven kilometres west of the Kerr Addison mine, which produced 11 million ounces of gold;
- Extensive infrastructure and access (highway and power).
"The acquisition of the Larder Lake property is key to Bonterra and its shareholders. The transaction elevates Bonterra's position amongst its peers with a significant gold resource portfolio contained at the Gladiator gold project and now the Larder Lake project. We continue to identify key projects within the Abitibi gold belt, and once again advance our strategy of becoming a significant gold exploration company and building value for our shareholders. I would like to welcome Kerr Mines as a new shareholder of Bonterra," commented Nav Dhaliwal, president and chief executive officer.
Greg Gibson, CEO of Kerr Mines, stated: "Kerr Mines will continue to actively participate in the Larder Lake project through its ownership stake in Bonterra. Bonterra continues to demonstrate excellent exploration work and commitment in the Abitibi gold belt of Quebec, and now Ontario, and are providing excellent returns to their shareholders. This transaction allows Kerr to continue to focus on our development plans for our Copperstone mine in Arizona and move the Larder Lake project forward in partnership with Bonterra."
Disclosure of historical estimates
The Larder Lake project contains a historic estimate. In Aug. 15, 2011, P&E Mining Consultants prepared for Kerr Mines a resource estimate as reported in a technical report titled, "43-101 technical report and updated resource estimates on the Larder Lake property, Larder Lake, Ont., for Bear Lake Gold Ltd." Bonterra considers the historical estimate to be relevant and reliable given that it was prepared under National Instrument 43-101 standards. Bonterra considers this resource estimate to be historical; it has not independently verified it, and, therefore, it cannot be relied upon as a current mineral resource for Bonterra. A qualified person of Bonterra has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and Bonterra is not treating the historical estimate as current mineral resources.
2011 TOTAL RESOURCE ESTIMATE AT 2.5 G/T AU CUT-OFF UTILIZING GOLD PRICE OF
$1,207 (U.S.)/OZ (1) (2) FOR THE BEAR LAKE AND CHEMINIS DEPOSITS
Classification Tonnes Grade (Au g/t) Contained ounces Au
Indicated 335,000 4.07 43,800
Inferred 5,141,000 5.55 917,000(1) Mineral resources which are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political, marketing or
other relevant issues.
(2) The quantity and grade of reported inferred resources in this estimation are
uncertain in nature, and there has been insufficient exploration to define these
inferred resources as an indicated or measured mineral resource, and it is uncertain
if further exploration will result in upgrading them to an indicated or measured
mineral resource category.
Larder Lake gold project description:
- The Larder Lake property is located in Eastern Ontario in the McVittie and McGarry townships near the town of Virginiatown.
- The Bear Lake deposit hosts a historic estimate (2011, P+E Mining) of 3.75 million tonnes at 5.7 grams per tonne (683,000 ounces) (inferred). The Cheminis deposit contains a historic estimate (2011, P+E Mining) of indicated resources of 335,000 tonnes at 4.1 grams per tonne (43,800 ounces) and inferred resources of 1,391,000 tonnes at 5.2 grams per tonne (233,400 ounces). Please refer to cautionary information above regarding historic estimates.
- The Larder Lake gold property straddles a nine-kilometre strike length of the Cadillac/Larder Lake break, a prolific regional fault zone that hosts numerous historic and active gold mines, including the historic Kerr Addison mine located about five kilometres east of the Larder Lake project (11 million ounces of gold produced during its mine operation).
- Extensive infrastructure, including a paved highway, crosses the length of the property; various areas of the project are easily accessible by truck or all-terrain vehicles on non-serviced roads and trails, and an Ontario Hydro power line also runs along the length of the property.
- Central to the Larder Lake gold property is the Cheminis property, which includes a vertical shaft to a depth of 1,085 feet with six levels, of which the deepest is at 1,035 feet. Intermittent past production from the Cheminis mine has totalled approximately 260,000 tons at a recovered grade of approximately 0.104 ounce per ton Au. Bonterra cautions that past results do not guarantee future results.
- Gold Fields entered into an option in 2012 to earn a 60-per-cent interest in the Bear Lake properties by spending $40-million in exploration and development. After three years of work, it terminated its option last year when Gold Fields terminated all exploration activities worldwide. Kerr Mines is in possession of its results and data.
Please visit Bonterra's website for information on the Larder Lake property, its location and other general information. The Larder Lake property NI 43-101 technical report, completed by P&E Mining Consultants, is currently available on Kerr Mines' website.
Property transaction terms
Under the terms of the agreement, Bonterra can earn a 100-per-cent interest in the property by paying $500,000 and issuing 10 million common shares in the capital of Bonterra upon TSX Venture Exchange approval, paying $350,000 on the six-month anniversary of exchange approval, and paying $300,000 on the 12-month anniversary of exchange approval. The shares issued are to be voted with management for the forthcoming two years of annual general and special meetings of Bonterra. Upon closing, Kerr Mines shall be deemed an insider of Bonterra, as per exchange policies.
In relation to the transaction, subject to exchange approval, Bonterra shall pay a finder's fee of one million common shares to an arm's-length third party.
Dale Ginn, PGeo, has approved the technical information contained in this release. Mr. Ginn is a director and the vice-president of exploration for Bonterra, and is a qualified person as defined by NI 43-101.
We seek Safe Harbor.
© 2016 Canjex Publishing Ltd. All rights reserved.
Bonterra Resources to acquire Larder project from Kerr
2016-03-17 13:24 ET - News Release
See News Release (C-BTR) Bonterra Resources Inc (2)
Mr. Nav Dhaliwal of Bonterra Resource reports
BONTERRA RESOURCES ACQUIRES LARDER PROJECT FROM KERR MINES CONSISTING OF TWO GOLD DEPOSITS AND 9 KM OF CADILLAC-LARDER BREAK
Bonterra Resources Inc. and Kerr Mines Inc. have entered into an acquisition agreement, pursuant which Bonterra will acquire a 100-per-cent interest in the Larder Lake property from Kerr Mines and its wholly owned subsidiary, Bear Lake Gold Ltd., located in the McVittie and McGarry townships of Ontario, Canada.
Acquisition highlights:
- The Larder Lake property, running along nine kilometres of the Cadillac-Larder break between Kirkland Lake and Virginiatown, consists of a historic estimate as outlined below;
- Deposit is open at depth with over 100,000 metres of historical diamond drilling completed;
- Historical gold production and mine development to 1,085 feet, with two shafts and underground workings on site;
- Strategic 2,165-hectare land position along prolific Cadillac/Larder fault break where over 13 million ounces of production has been recorded, located seven kilometres west of the Kerr Addison mine, which produced 11 million ounces of gold;
- Extensive infrastructure and access (highway and power).
"The acquisition of the Larder Lake property is key to Bonterra and its shareholders. The transaction elevates Bonterra's position amongst its peers with a significant gold resource portfolio contained at the Gladiator gold project and now the Larder Lake project. We continue to identify key projects within the Abitibi gold belt, and once again advance our strategy of becoming a significant gold exploration company and building value for our shareholders. I would like to welcome Kerr Mines as a new shareholder of Bonterra," commented Nav Dhaliwal, president and chief executive officer.
Greg Gibson, CEO of Kerr Mines, stated: "Kerr Mines will continue to actively participate in the Larder Lake project through its ownership stake in Bonterra. Bonterra continues to demonstrate excellent exploration work and commitment in the Abitibi gold belt of Quebec, and now Ontario, and are providing excellent returns to their shareholders. This transaction allows Kerr to continue to focus on our development plans for our Copperstone mine in Arizona and move the Larder Lake project forward in partnership with Bonterra."
Disclosure of historical estimates
The Larder Lake project contains a historic estimate. In Aug. 15, 2011, P&E Mining Consultants prepared for Kerr Mines a resource estimate as reported in a technical report titled, "43-101 technical report and updated resource estimates on the Larder Lake property, Larder Lake, Ont., for Bear Lake Gold Ltd." Bonterra considers the historical estimate to be relevant and reliable given that it was prepared under National Instrument 43-101 standards. Bonterra considers this resource estimate to be historical; it has not independently verified it, and, therefore, it cannot be relied upon as a current mineral resource for Bonterra. A qualified person of Bonterra has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and Bonterra is not treating the historical estimate as current mineral resources.
2011 TOTAL RESOURCE ESTIMATE AT 2.5 G/T AU CUT-OFF UTILIZING GOLD PRICE OF
$1,207 (U.S.)/OZ (1) (2) FOR THE BEAR LAKE AND CHEMINIS DEPOSITS
Classification Tonnes Grade (Au g/t) Contained ounces Au
Indicated 335,000 4.07 43,800
Inferred 5,141,000 5.55 917,000(1) Mineral resources which are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political, marketing or
other relevant issues.
(2) The quantity and grade of reported inferred resources in this estimation are
uncertain in nature, and there has been insufficient exploration to define these
inferred resources as an indicated or measured mineral resource, and it is uncertain
if further exploration will result in upgrading them to an indicated or measured
mineral resource category.
Larder Lake gold project description:
- The Larder Lake property is located in Eastern Ontario in the McVittie and McGarry townships near the town of Virginiatown.
- The Bear Lake deposit hosts a historic estimate (2011, P+E Mining) of 3.75 million tonnes at 5.7 grams per tonne (683,000 ounces) (inferred). The Cheminis deposit contains a historic estimate (2011, P+E Mining) of indicated resources of 335,000 tonnes at 4.1 grams per tonne (43,800 ounces) and inferred resources of 1,391,000 tonnes at 5.2 grams per tonne (233,400 ounces). Please refer to cautionary information above regarding historic estimates.
- The Larder Lake gold property straddles a nine-kilometre strike length of the Cadillac/Larder Lake break, a prolific regional fault zone that hosts numerous historic and active gold mines, including the historic Kerr Addison mine located about five kilometres east of the Larder Lake project (11 million ounces of gold produced during its mine operation).
- Extensive infrastructure, including a paved highway, crosses the length of the property; various areas of the project are easily accessible by truck or all-terrain vehicles on non-serviced roads and trails, and an Ontario Hydro power line also runs along the length of the property.
- Central to the Larder Lake gold property is the Cheminis property, which includes a vertical shaft to a depth of 1,085 feet with six levels, of which the deepest is at 1,035 feet. Intermittent past production from the Cheminis mine has totalled approximately 260,000 tons at a recovered grade of approximately 0.104 ounce per ton Au. Bonterra cautions that past results do not guarantee future results.
- Gold Fields entered into an option in 2012 to earn a 60-per-cent interest in the Bear Lake properties by spending $40-million in exploration and development. After three years of work, it terminated its option last year when Gold Fields terminated all exploration activities worldwide. Kerr Mines is in possession of its results and data.
Please visit Bonterra's website for information on the Larder Lake property, its location and other general information. The Larder Lake property NI 43-101 technical report, completed by P&E Mining Consultants, is currently available on Kerr Mines' website.
Property transaction terms
Under the terms of the agreement, Bonterra can earn a 100-per-cent interest in the property by paying $500,000 and issuing 10 million common shares in the capital of Bonterra upon TSX Venture Exchange approval, paying $350,000 on the six-month anniversary of exchange approval, and paying $300,000 on the 12-month anniversary of exchange approval. The shares issued are to be voted with management for the forthcoming two years of annual general and special meetings of Bonterra. Upon closing, Kerr Mines shall be deemed an insider of Bonterra, as per exchange policies.
In relation to the transaction, subject to exchange approval, Bonterra shall pay a finder's fee of one million common shares to an arm's-length third party.
Dale Ginn, PGeo, has approved the technical information contained in this release. Mr. Ginn is a director and the vice-president of exploration for Bonterra, and is a qualified person as defined by NI 43-101.
We seek Safe Harbor.
© 2016 Canjex Publishing Ltd. All rights reserved.
Klondex posts drill results from Rice Lake prior owner
2016-04-14 09:02 ET - News Release
Mr. Paul Huet reports
KLONDEX UPDATE ON RICE LAKE DEVELOPMENT ACTIVITIES
Klondex Mines Ltd. has provided an update on the company's exploration and development activities at its Rice Lake mine in Manitoba, Canada. The drill results summarized below were conducted by a prior owner of the Rice Lake project. The company intends to follow up on the 15-hole drill program later this year. A summary of the results of this prior drill program is set out below.
Rice Lake drilling highlights from the fourth quarter of 2014
- 644-14-009: 0.15 ounce per ton gold over 14 feet, or 5.1 g/t over 4.3 m (hangingwall):
- Including 0.30 ounce per ton Au over 5.3 feet, or 10.3 g/t over 1.6 m;
- 644-14-011: 0.59 ounce per ton Au over 2.3 feet, or 20.4 g/t over 0.7 m (hangingwall);
- 644-14-016: 0.70 ounce per ton Au over 4.2 feet, or 24.1 g/t over 1.3 m (foot wall), and 0.53 ounce per ton Au over 7.3 feet, or 18.1 g/t over 2.2 m (91 vein);
- 644-14-017: 0.42 ounce per ton Au over 10.0 feet, or 14.3 g/t over three m (foot wall);
- Including 0.76 ounce per ton Au over 4.3 feet, or 26.0 g/t over 1.3 m;
- 644-14-018: 0.43 ounce per ton Au over 22.2 feet, or 14.8 g/t over 6.8 m (foot wall);
- Including 0.57 ounce per ton Au over 16.4 feet, or 19.6 g/t over five m;
- 644-14-019: 0.54 ounce per ton Au over 17.3 feet, or 18.4 g/t over 5.3 m (foot wall);
- 644-14-021: 1.89 ounce per ton Au over 14.0 feet, or 64.7 g/t over 4.3 m (foot wall), and 0.53 ounce per ton Au over 3.3 feet, or 18.1 g/t over one m (91 vein).
A total of 15 holes totalling 6,485 feet (1,977 m) were drilled during the fourth quarter of 2014 by San Gold Corp. from the 6440 drill station. These holes were targeting the downdip extension of the 91 vein. This drilling identified the potential for a new vein in the footwall of the 91 vein adjacent to the 24 level incline. Moreover, an additional mineralized structure was intersected in the hangingwall of the 91 vein. This mineralization occurred where northeast and northwest structures intercept the San Antonio mining unit (SAM) which is the host rock to much of the historic mining at the Rice Lake mine. Drilling is planned for later this year to follow up these high-grade intercepts.
Project development activities continue to advance and are on schedule and within budget.
Project development highlights
- Rice Lake project has completed 83 days without a lost-time incident.
- The notice to recommence mining and milling operations was approved by the director of Manitoba Mineral Resources in March, 2016.
- The Shafeet project is complete. One hundred per cent of the guides have been replaced.
- Track repair is continuing. Approximately 1,500 metres of track has been ditched and repaired at the 2600 level; the project is about 55 per cent complete.
- The company initiated testing of narrow-vein long-hole design to reduce dilution.
- New underground shop and new gear storage cut-outs are 80 per cent complete.
- Initial metallurgical testing on existing tailings indicate the tailings can be processed through the existing mill flow sheet.
Paul Huet, president and chief executive officer, commented: "Our progress at the Rice Lake mine has proceeded better than expected. The results of the fourth quarter 2014 drill program noted above are very encouraging and suggest the opportunity for new high-grade discoveries at Rice Lake." Mr. Huet continued: "Our progress in refurbishing the track and the Shafeet is on budget and on schedule and we are excited about the successful testing of long-hole stoping at the mine. We continue to expect to be in a position to announce a production decision in the second half of this year, and we remain grateful to be part of such an exceptional and supportive mining community in Bissett."
Underground drill core samples were assayed on-site in the then-owner's assay lab using the fire assay method with an atomic absorption and gravimetric finish. The quality control and assurance program included the insertion of standards, the retention of pulps and rejects, and spot checks utilizing independent labs including TSL Laboratories in Saskatoon, Sask., and Accurassay Laboratories in Thunder Bay, Ont. The core lengths are actual lengths as drilled and were not adjusted for the true width of the mineralized zones.
Scientific and technical information in this press release has been reviewed and approved by Brian Morris (AIPG CPG-11786), a qualified person within the meaning of National Instrument 43-101.
Qualified person
Scientific and technical information in this press release has been reviewed and approved by Brian Morris (AIPG CPG-11786), a qualified person within the meaning of NI 43-101.
We seek Safe Harbor.
FP says Denison Mines and Fission Uranium are merging
2015-07-07 08:33 ET - In the News
Also In the News (C-CCO) Cameco Corp
Also In the News (C-FCU) Fission Uranium Corp
The Financial Post reports in its Tuesday edition that Denison Mines and Fission Uranium are merging, creating a clear leader among the emerging companies in Saskatchewan's Athabasca basin. The Post's Peter Koven writes that the key asset in this deal is Fission's Patterson Lake South project, one of the top uranium finds in decades. The combined company will have greater scale and management expertise. Denison's Wheeler River project is also very promising. Denison has a host of other uranium assets. Under the terms of the deal, Denison will exchange 1.26 of its shares for each Fission share, valuing Fission at $425-million or $1.10 a share, and giving its shareholders a 13-per-cent premium based on Monday's closing prices. Denison and Fission shareholders will each own half the company after the merger, which will be named Denison Energy Corp. and will have a market value of about $900-million. Denison is one of mining tycoon Lukas Lundin's companies. Fission chief executive officer Dev Randhawa will stay on as CEO. The Post says Cameco or one of its large rivals could disrupt this deal with a rival bid for one or both companies. The break fee is a modest $14-million, which is not a major deterrent.
© 2015 Canjex Publishing Ltd. All rights reserved.
San Gold releases Q1 results on liquidation basis
2015-06-05 17:13 ET - News Release
An anonymous director reports
SAN GOLD REPORTS 2015 FIRST QUARTER RESULTS
San Gold Corp. has released its 2015 first quarter financial and operating results.
On March 5, as part of the company's continuing court-ordered restructuring process pursuant to its application under part III, division I of the Bankruptcy and Insolvency Act (Canada), the company undertook a sale and investor solicitation process to seek investment, or bids for the acquisition of the company's assets, sufficient to satisfy priority obligations and enable a viable proposal to be made to unsecured creditors.
No third party bids were received by the May 26, 2015, bid deadline and as a result, it is expected that the company's secured lenders will seek court approval for a transaction by which the assets of the company will be acquired by a nominee of the company's principal secured lenders in exchange for secured debt. In such event, the company will have no ability to make a viable proposal to its creditors and will become bankrupt upon the expiry of the stay period.
The company has determined that the going concern assumption is no longer appropriate in this context and has changed the basis of presenting its financial statements from a going concern basis to a liquidation basis effective Jan. 1, 2015.
2015 first quarter financial and operating summary:
- >
- Announced on April 15, 2015, the suspension of all mining and milling operations;
- Obtained an extension to the court-ordered stay period until June 22, 2015, for the company's proposal trustee to file a proposal to creditors;
- Announced on May 28, 2015, that no third party bids were received from the SISP and that the company will become bankrupt upon the conclusion of the stay period.
This press release should be read in conjunction with the company's consolidated financial statements for the quarter ended Dec. 31, 2014, and associated management's discussion and analysis (MD&A), which are available on the company's website and on SEDAR.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS
For the three-month period ended March 31,
2015 2014Revenue $ 14,074,324 $ 14,936,099
Operations
Operations 11,325,466 17,732,481
Income (loss) from operations 2,748,858 (2,796,382)
Exploration 73,327 21,595
General and administrative 1,690,925 3,259,813
Income (loss) before other income and expenses 984,606 (6,077,790)
Other income and expenses
Finance income -- net 35,229 289,195
Finance costs (2,968,154) (1,929,852)
Foreign exchange gain (loss) (2,827,306) 19,164
Gain on asset disposal 73,419 -
Net (loss) applied to estimated revenue and expenses to liquidation 4,702,206 -
Net (loss) and comprehensive (loss) for the period $ - $ (7,699,283)
Net (loss) per common share
Basic $ - $ (0.02)
Diluted $ - $ (0.02)
Effective Jan. 1, 2015, San Gold changed the basis of presenting its financial statements from a going concern basis to a liquidation basis.
FINANCIAL HIGHLIGHTS
Q1 Q1
2015 2014Total and comprehensive income (loss) (000) $0 ($7,699)
Items not affecting cash (000) ($221) $2,114
Cash provided (used) by operating activities before changes in non-cash working capital (000) ($221) ($5,585)
Net change in non-cash working capital (000) $209 $432
Cash provided (used) by operating activities (000) ($12) ($5,153)
Earnings (loss) per share
Basic $0.00 ($0.02)
Diluted $0.00 ($0.02)PRODUCTION SUMMARY AND STATISTICS
Q1 Q1
2015 2014Ore milled (tons) 81,427 119,996
Head grade (g/t Au) 3.91 3.67
Contained gold (ounces) 9,261 12,830
Ounces of gold produced 8,631 12,083
Ore mined (tons) 88,002 123,868
Ore milled per day (tons) 905 1,333
Ore mined per day (tons) 978 1,376
Mill recovery (%) 93% 94%QUARTERLY PRODUCTION SUMMARY AND STATISTICS
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
2015 2014 2014 2014 2014 2013 2013 2013Ore milled (tons) 81,427 78,117 76,649 115,802 119,996 148,042 175,3111 62,344
Head grade (g/t Au) 3.91 3.77 4.63 4.18 3.67 3.78 4.24 5.05
Contained gold (ounces) 9,261 8,763 10,488 12,115 12,830 16,308 21,672 23,964
Ounces of gold produced 8,631 8,407 10,025 11,375 12,083 15,118 20,220 22,526
Ore mined (tons) 88,002 79,663 73,397 112,018 123,868 144,165 167,9371 73,350
Ore milled per day (tons) 905 849 833 1,273 1,333 1,609 1,906 1,784
Ore mined per day (tons) 978 866 798 1,231 1,376 1,567 1,825 1,905
Mill recovery (%) 93% 96% 96% 94% 94% 93% 93% 94%