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Sunridge Gold Begins Drilling Gold Cap at Kodadu, Asmara Project, Eritrea
Vancouver, British Columbia CANADA, January 23, 2013 /FSC/ - Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX)(the "Company" or "Sunridge")is pleased to announce that a reverse-circulation drill program has commenced on the Kodadu volcanogenic-massive sulphide (VMS) target located on the Company's Asmara Project in Eritrea, East Africa.
The program consisting of approximately 20 drill holes is specifically targeting the oxide gold cap within the upper oxidized zones (known as gossans) of the Kodadu VMS mineral occurrence. The goal of the program is to rapidly define a resource that could be mined as feed to a central gold plant near the large Emba Derho deposit.
"Although Sunridge's main focus has recently been completing the Asmara Project feasibility study and moving the four established deposits on the Asmara Project toward production, it is important to realize that the area remains highly prospective for new gold and base metal deposits" states Michael Hopley, Sunridge's President and CEO.
The Kodadu VMS target is located approximately 25 kilometres south of the Emba Derho copper-zinc-gold-silver deposit. Several gossans trend north-northeast for over a 1.2 kilometre strike length with an average width of 10 metres and about 35 metres deep. A recent (2009) Sunridge trenching program in which 87 samples were taken, returned 28 gold values of over 0.2g/t and the best values were 10.67g/t over 14.7m, 2.3g/t over 8m and 1.79 g/t over 13.3m.
Gold mineralization that has been identified in a one kilometre shear zone running parallel and about 100 metres west of the Kodadu gossans will also be drill tested. Geological mapping has shown the zone to be approximately 30 metres wide and historic gold values from trenches sampled by a previous operator are reported as 3.85g/t over 50m; 2.05g/t over 50m; and 11.87g/t over 8m.
Qualified Person
Mr. Michael J. Hopley is the Qualified Person who approved the technical information contained in this news release.
About Sunridge:
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal deposits on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 175 million shares outstanding and trades on the TSX Venture Exchange under the symbol SGC. For additional information on the Company and its projects please view the slide show on our website at www.sunridgegold.com or call Greg Davis at the numbers listed below.
SUNRIDGE GOLD CORP.
"Michael Hopley"
Michael Hopley, President and Chief Executive Officer
For further information contact:
Greg Davis, VP Business Development
Email: greg@sunridgegold.com
Tel: 604-688-1263 (direct)
VMS Ventures Updates Progress at the Reed Copper Project Near Snow Lake, Manitoba: Construction on Schedule
01/09/2013
Download this Press Release (PDF 35 KB)
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2013) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures" or the "Company") is pleased to report on developments at the Reed copper project near Snow Lake, Manitoba. Reed is a high grade copper deposit scheduled to begin production in the fourth quarter of 2013. VMS Ventures owns 30% and is carried to production. HudBay Minerals (TSX:HBM)(NYSE:HBM) ("Hudbay") owns 70% and is the Operator.
VMS Ventures COO Neil Richardson , states: "Important progress was made over the last quarter of 2012 with the completion of necessary infrastructure for underground development. We are particularly pleased that the Reed project has completed much of the difficult near surface phase of underground work, including the completion of approximately 72 metres of lateral development in 2012."
The Reed project is within the planned budget and schedule towards production in the fourth quarter of 2013. As of the end of 2012, the team worked 294 days without a lost time accident, including the critical activity on the project to ensure the decline is well supported near its entrance by installing bolts, screen, arches, spilings and shotcrete.
Hudbay and VMS Ventures have invested $19.7 million on the project to November 30, 2012 and have entered into an additional $17.8 million in commitments for the project. Capital expenditures at Reed are expected to total approximately $44 million in 2013.
The Environmental Act license application for Reed has been submitted to the provincial government. Mining at the Reed Copper Project is expected to begin by the fourth quarter of 2013, and is anticipated to ramp up to full production of approximately 1,300 tonnes per day by the first quarter of 2014.
2012 Q4 Project Highlights:
The ramp had advanced 72 metres and the shop and warehouse was 75% complete with the steel siding in progress. The mine rescue trailer was set-up and training is continuing. The winterization is on-going and site preparation is now complete for the development of the escape and ventilation raises. The ramp is expected to progress at a rate of 4 metres of advance per day for the remainder of the project.
We invite you to view the latest pictures of the development at the Reed Copper Deposit on our website at: http://vmsventures.com/Projects/Manitoba-Properties/VMSHudBayJointVentures/VMS-Ventures---HudBay-Joint-Venture-Project/default.aspx.
About VMS Ventures Inc.:
VMS Ventures Inc. is focused primarily on acquiring, exploring and developing copper-zinc-gold-silver massive sulphide deposits in the Flin Flon-Snow Lake VMS Belt of Manitoba. The Company's VMS project property portfolio consists of the Reed copper project, which is subject to a 70-30 JV with HudBay Minerals and is scheduled for production in Q3- 2013, Copper Project, McClarty Lake Project, Sails Lake Project, Puella Bay Project and Morton Lake Project. Outside of the Snow Lake camp, the Company holds massive sulphide prospective properties near the past producing Fox Lake and Ruttan copper-zinc mines, near the communities of Lynn Lake and Leaf Rapids in northern Manitoba. These properties are located in the mining friendly province of Manitoba, Canada. The Company also has optioned three properties in the Sudbury mining camp. They are Terra Incognita, Golden Pine and Black Creek.
VMS Ventures owns approximately 21M shares of North American Nickel Inc. (TSX VENTURE:NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com.
Forward Looking Statement
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. VMS Ventures Inc. undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal , B.Sc., President
VMS Ventures Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VMS Ventures Inc.
Evan Sleeman
Director
(604) 986-2020 or Toll Free: 1-866-816-0118
www.vmsventures.com
Contact:
Ring of Fire mining prospects empower Canada’s most disenfranchised natives
Heather Scoffield,
Thursday, December 20, 2012 1:14 PM
MARTEN FALLS, Ont. - For Christmas, Chief Eli Moonias received a Toronto Maple Leafs jersey autographed by Wendel Clark.
His remote northern Ontario community of Marten Falls got 50 turkeys and a visit from Santa, laden with children's gifts.
And in March, the 61-year-old chief will be granted his wish of travelling to China – if he can get his passport in time.
They're all gifts from mining companies who need the chief's support to develop what could be a world-class base-metal discovery.
Moonias's community sits next to what has become known as the Ring of Fire. Marten Falls is a small, fly-in reserve — just three streets of houses for about 300 people at the junction of the Albany and Ogoki rivers. It's in the middle of one of the only forests in the world that has never been touched by industry, an area that hosts six of Canada's biggest rivers.
When trapping for furs lost its lustre several decades ago, nothing replaced it in Marten Falls.
Unless the residents are working for the band office or a government-run social service, they're almost certainly unemployed — and more often than not, addicted to prescription painkillers at the expense of putting food on the table for their families.
Never have they felt more empowered.
"If you don't reassure me, that's when I say No," Moonias says in an interview at the band's resource office, wallpapered with maps and surveys.
About 130 kilometres to the north of the reserve, multinational miner Cliffs Natural Resources wants to develop a huge chromite mine to make a key ingredient in stainless steel. The firm brought Marten Falls the Christmas turkeys.
Next door, Toronto-based Noront Resources wants to mine nickel and other base metals. Noront employees chipped together to bring the Leafs shirt, Santa and an entertainment troupe of breakdancers.
Co-operation from First Nations is essential for both companies, and for anyone else wanting to do business in the remote James Bay lowlands.
"The leverage is there because it's our territory," Moonias says bluntly. "The industry needs us on side to go ahead."
Demand for commodities is expected to stay relatively strong over the coming 20 years, reflecting the growth of the middle class in emerging markets, especially China. But the super-cycle can't last forever, so the companies want to get their permits and workforces lined up within a few years.
Politically, the stakes are even higher. The Ontario government is dealing with a shrunken manufacturing base. The province wants to diversify its economy and envisions tens of thousands of jobs from many mines in the James Bay lowlands.
Ottawa is equally invested. Prime Minister Stephen Harper has made "responsible resource development" a central tenet of his government, completely overhauling legislation and government operations to spur investment in extractive industries.
At the same time, public pressure to improve the standard of living on reserves is soaring. Native activists are taking to the streets to demand a larger say in natural resource development and government policy-making.
Harper's reputation depends on him pulling it off. He has just put cabinet minister Tony Clement in charge of the Ring of Fire file to make sure it happens.
For the first time in modern history, some of the most isolated, destitute First Nations communities in Canada have something that the rest of the world wants. Badly.
"This is the only chance we will have to make history right," says Charlie Okeese, a counsellor and former chief of the Fort Hope First Nation, a community larger than Marten Falls but farther away from the prime mining targets.
"If we don't get this right, we can never correct it."
First Nations don't have an official veto over resource development. But as controversy over the Northern Gateway pipeline to the West Coast and opposition to some oilsands development shows, winning their consent makes for a much smoother ride.
For Noront, the Christmas presents are a gesture of goodwill from the company's employees to possible future employees. It's a fraction of the social outreach Noront has taken on to promote education, training and mining, says Kaitlyn Ferris, the company's corporate responsibility manager, as she wrapped up a Christmas trip to Webequie, Ont., another aboriginal community.
So far in the Ring of Fire, no one has issued a flat-out No. But aboriginal communities haven't said Yes either.
The Webequie First Nation is probably closest to saying Yes, although it didn't start out that way.
"We've always lived peacefully in a remote community. There was no industry. Suddenly, there was a staking rush in our community," said Chief Cornelius Wabasse, attending a Christmas feast for band members living in Thunder Bay, Ont.
Dozens of exploration companies flooded to the area about five or six years ago, staking claims, setting up camps, even building airstrips without informing First Nations who consider the vast land theirs.
After the companies were reined in by the Ontario government, Webequie had time to take a deep breath.
"At first we didn't want them here. But as time went by and we understood, we started to realize there may be opportunities," Wabasse said.
Given the unemployment and severe social challenges of his reserve, Webequie First Nation needs to give serious consideration to anyone who may bring a solution, the chief said.
That does not mean a green light for the miners, at least not yet.
"We're trying to figure out how we're going to fit into this."
On the other side of the spectrum, the community of Neskantaga has spoken out against the miners. Last summer, Chief Peter Moonias said he would sacrifice his own life if need be, to block construction of a bridge over the Attawapiskat River.
But he was opposing the proposed route of a road to the mining site and the lack of consultation with First Nations, and has not opposed the mines themselves.
In Marten Falls, band members are on the fence, assuming they will see substantial economic benefits but worried about the environmental effects of mining.
"I feel OK with it," says Paul Achneepineskum, a 61-year-old father of 12 and a band counsellor in Marten Falls.
He was actually born in the Ring of Fire and spent his childhood trapping and hunting for years in that area. He is wistful for that lifestyle — but doesn't wish it on his children.
"I think about it sometimes," he says, hesitating. "The reason I think about it is, we were always hungry when we were kids."
The Ring of Fire won't do him much good, he says. But if his children can figure out a way to get a decent education, then the mining development should help them.
Asked if he has a Christmas wish, he says: "I want all our children to finish their education and go work in the Ring of Fire area."
Note to readers: This is a corrected story. A previous version misspelled Wendel Clark's first name.
Read it on Global News: Global News | Ring of Fire mining prospects empower Canada’s most disenfranchised natives
TORONTO, ONTARIO--(Marketwire - Dec. 18, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) is pleased to announce that it has completed the second tranche of a brokered private placement financing (the "Private Placement") for proceeds of $1,577,538, bringing the total proceeds for the financing as initially announced on October 30, 2012 to $3,211,538. The Private Placement was completed by Laurentian Bank Securities Inc. and its selling group members (together, the "Agent").
The second tranche of the Private Placement consisted of 10,856,800 of "Quebec Flow-Through Units" (each, a "QFT Unit") at a price of $0.125 per QFT Unit and 1,916,856 of "National Flow-Through Units" (each, a "NFT Unit") at a price of $0.115 per NFT Unit. Each QFT Unit and NFT Unit consists of one "flow-through" common share of the Company and one half of one (1/2) non-transferable common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one additional common share of the Company (a "Warrant Share") at a price of $0.18 for a period of 18 months from the completion of the Private Placement.
The Company paid the Agent a cash commission equal to 7% of the gross proceeds raised on portions of the Private Placement. In addition, the Agent received compensation options entitling the Agent to 274,669 common shares with an exercise price equal to $0.18 per compensation option. Each compensation option entitles the holder to purchase one common share of the Company and will be exercisable for a period of 18 months from the completion of the Private Placement. In addition, the Company paid certain arm's length finders an aggregate of $61,800 in fees and issued certain arm's length finders an aggregate of 494,400 compensation options.
The proceeds from the sale of the QFT Units and NFT Units will be used principally for exploration and drilling on its Cadillac Break property group in Val d'Or, Quebec. Focus will be on step-out drilling on its Akasaba gold-copper project on which it has had considerable success enlarging through drilling throughout recent months.
All securities are subject to a four month hold period expiring on April 19, 2013. The Private Placement is subject to the final acceptance of the TSX Venture Exchange.
Further information about the Company is available on the Company's website, www.azx.ca, or our social media sites listed below:
Facebook: https://www.facebook.com/AlexandriaMinerals
Twitter: https://twitter.com/azxmineralscorp
YouTube: http://www.youtube.com/AlexandriaMinerals
Flickr: http://www.flickr.com/alexandriaminerals/
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest portfolio of properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. The Company is currently focused on advancing its Akasaba project. Agnico-Eagle Mines Ltd., with two producing gold mines in the region, owns roughly 10% of the Company.
WARNING: This News Release may contain forward-looking statements including but not limited to comments regarding Exchange approval of the Private Placement, completion of the Private Placement, the use of proceeds of the Private Placement, the timing, content, and outcome of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Alexandria Minerals Corporation relies upon litigation protection for forward-looking statements.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Alexandria Minerals Corporation
Andreas Curkovic
Investor Relations
(416) 577-9927
Alexandria Minerals Corporation
Eric Owens
President/CEO
(416) 363-9372
info@azx.ca
www.azx.ca
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2012) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS" or the "Company") is pleased to announce plans for a 2013 winter drilling program on its 100% owned Manitoba properties.
Neil Richardson, VMS Ventures COO states: "We have many quality targets this winter, but we are particularly excited to get the drills turning on our newly acquired Reed East and Reed West properties. We consider them highly prospective as they cover a large area of the same volcanic rock package that hosts our high grade Reed Copper Deposit and Reed North base metal occurrences. VMS deposits tend to occur in clusters, within a specific package of these types of volcanic rocks."
Diamond drilling is scheduled to begin in February and is expected to continue through April. Plans call for a budget of approximately $1.2 million which includes drilling 3,000 to 3,400 metres in 16 to 20 diamond drill holes. All target areas are within the Flin Flon - Snow Lake VMS greenstone belt of Manitoba.
Reed East and Reed West are adjacent to our Joint Venture property with Hudbay Minerals, which hosts the Reed Copper Deposit, currently being developed into a mine. These properties include targets with coincident Mobile Metal Ion (MMI) zinc anomalies and VTEM anomalies.
The other winter 2013 targets on VMS Ventures' 100% owned properties vary in their specific characteristics, but all are associated with geophysical EM conductors generally with associated magnetic anomalies and within interpreted volcanic host rocks. More detail will be provided on these targets in the New Year.
Applications for drill permits have been submitted to the Manitoba government. After drilling is concluded, holes with favourable mineralization, alteration or geology, will be surveyed with down the hole TEM using Koop Geotechnical. Koop will utilize borehole pulse electromagnetic equipment manufactured by Crone Geophysics.
Qualified Person
All technical information in this release has been reviewed by Dr. Mark Fedikow, P.Geo, who is the Qualified Person for the Company and Vice President of Exploration and Technical Services, VMS Ventures Inc.
To view "Figure 1 - Reed East - West location", please visit the following link: http://media3.marketwire.com/docs/vms-1205-fig1.pdf
About VMS Ventures Inc:
VMS Ventures Inc. is focused primarily on acquiring, exploring and developing copper-zinc-gold-silver massive sulphide deposits in the Flin Flon-Snow Lake VMS Belt of Manitoba. The Company's VMS project property portfolio consists of the Reed Lake Mine, which is subject to a 70-30 JV with HudBay Minerals and is scheduled for production in Q3- 2013, Copper Project, McClarty Lake Project, Sails Lake Project, Puella Bay Project and Morton Lake Project. Outside of the Snow Lake camp, the Company holds massive sulphide prospective properties near the past producing Fox Lake and Ruttan copper-zinc mines, near the communities of Lynn Lake and Leaf Rapids in northern Manitoba. These properties are located in the mining friendly province of Manitoba, Canada. The Company also has optioned three properties in the Sudbury mining camp. They are Terra Incognita, Golden Pine and Black Creek.
VMS Ventures owns approximately 21M shares of North American Nickel Inc. (TSX VENTURE:NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com.
Forward-Looking Statement
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. VMS Ventures Inc. undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal, B.Sc., President
VMS Ventures Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VMS Ventures Inc.
Evan Sleeman
Director
(604) 986-2020 or Toll Free: 1-866-816-0118
www.vmsventures.com