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Not sure if this has been noted before. A new hub leader appears to have been appointed by AGORACOM and we should all hope that it is a true Kodiak IR that can provide us all with their first hand insight on Kodiak (instead of hub participants peridiocally calling and passing along updates). Maybe peoples questions could simply be presented straight out of this hub?
Again welcome to the hub "Kodiak IR"!
Noront Resources reports exploration update at McFauld's Lake Project, James Bay Lowlands
Nov. 3, 2009
Download this document: notpr-2009.10.03.pdf (pdf, 233849)
Toronto, Ontario, November 3, 2009. Noront Resources Ltd. (“Noront” or the “Company”) (TSX Venture: NOT) is pleased to report on recent exploration activities at the McFauld’s Lake Property located within the Ring of Fire mineral district in the James Bay Lowlands.
- Drilling continues to increase resources at the Eagle’s Nest deposit;
- Drilling has commenced at AT-12 to follow up new geophysical targets;
- NI-43-101 report and initial chromite resource estimate of Blackbird deposit is on schedule;
- Drilling on the Freewest-Noront joint venture has been stopped due to disappointing results.
Noront’s President and CEO, Wes Hanson, states: “We are continuing to significantly increase the size of the Eagle’s Nest deposit with strong nickel, copper, platinum and palladium values throughout the 1,000 vertical metres tested to date. The mineralization remains open along strike (X axis) and down dip (Z axis). The thickness (Y axis) of the mineralized zone ranges from several metres to more than 60 metres. We are pleased to provide an up to date, three dimensional model of the Eagle’s Nest deposit which demonstrates the significantincrease in thesize of this deposit in the past three months.” Mr. Hanson also adds “We were disappointed in the recent visual results from our joint venture project known as the “Bulls Eye” target. Based on the visual results, Noront will not be contributing further exploration funds for this target.”
Please refer to Noront’s website to view an animation of the Eagle’s Nest mineralization as defined by holes released to date http://norontresources.com/find/id/25/Mc
EXPLORATION UPDATE:
Eagle’s Nest (Ni-Cu-PGE)
The mineralization at Eagle’s Nest is contained within a vertical zone (Z axis) which, has been defined to a depth of 1,000 metres. The zone has a strike length (N-S or X axis) up to 200 metres and a width (E-W or Y axis) of up to 60 metres. The geometry of the zone is ribbon like and has relatively subtle variations in the strike length and width along the vertical axis, which has made defining the zone relatively easy in recent months.
Currently four drills are defining the extents of the mineralization at Eagle’s Nest. Two drills are dedicated towards extending the mineralization to the 1,500 metre elevation. The remaining two drills are focused on defining the strike and thickness of the mineralization down to 1,000 metres.
A fifth drill has recently been moved to AT12 to test geophysical targets resulting from analysis of the newly completed bore hole electromagnetic (“BHEM”) surveys.
The exploration objective at Eagle’s Nest remains on delineating the deposit along strike, at depth and to understand the distribution of the massive and net-textured mineralization styles. Drilling through the winter campaign will continue to test the potential for extending the mineralization to approximately twice the current depth.
Assay results from recently drilled holes have been slower to come in due to the increase in sampling activity. Results will be released once they have successfully passed Noront’s Quality Assurance/Quality Control (“QA/QC”), protocols and there are a sufficient number of holes for which results are available to warrant a press release. Noront does not release results on a hole-by-hole basis.
All drill holes are surveyed using borehole electromagnetic surveys to assist with targeting holes within the mineralized zone. To date, results of the surveys have been very effective at indicating where our holes have intersected the mineralized zone and in which directions there is strong continuity.
AT12 (Ni-Cu-PGE)
Drilling at our AT12 target has resumed following a review of new geophysical survey data whichindicated a strong target sub-parallel to previous drilling. This suggests that the original drilling may have been improperly oriented to intersect the zone. Lack of down hole survey data from the original AT-12 drilling has introduced a level of complexity to the interpretation of the AT-12 results. Recently, directional surveys have been completed on critical holes in the AT 12 area to assist in the interpretation of the drilling and BHEM. The new drilling will test the target at right angles to the trend of the interpreted anomaly.
Blackbird (Chromite)
Resource modeling of the Blackbird deposit is on schedule and the company expects to release Canada’s first NI 43-101 resource estimate for chromite during this quarter. Micon International is completing the work on the modeling and technical report with guidance from Noront’s geology team and our chromite specialist from South Africa.
Triple J (Gold)
Currently Noront is reviewing regional geological information to trace the structure thatis believed to host the Triple J gold zone, which is adjacent to the Blackbird and Eagle 2 deposits. A re-sampling campaign of all intervals, which intersected the interpreted structure, is underway. Updated results will be released, as they become available and future exploration plans including a drilling program will be evaluated once all information is compiled and reviewed.
Bulls Eye Target - Freewest Joint Venture
Noront also reports that drilling has stopped at our Freewest joint venture “Bulls Eye” target. The initial hole confirmed that the geophysical anomaly was a result of banded iron formation and has no potential to host nickel-copper mineralization. No further work is planned on this target at this time.
Regional Compilation
Noront is currently in the process of compiling geological information and reviewing all geophysical data for the Ring of Fire, focusing on new targets within our regional land package of approximately 1,200 square kilometers. This review will identify new opportunities for additional mineralization in the Ring of Fire and top ranked targets will be tested in the winter campaign.
Jeremy Niemi, Noront’s Vice President Geology notes; “Drilling at Eagle’s Nest aggressively continues with four drills testing the limits of the mineralization. Our team has developed an efficient and successful approach to defining the mineralization and expanding our understanding of this system. We believe that our ramped up exploration efforts at AT12, and on our other targets in the Ring of Fire, will be a direct benefit of these efforts.”
Freewest Offer
Noront’s offer for Freewest Resources remains the only offer to date. Our offer of 0.25 of a Noront share for every one (1) Freewest share remains outstanding and continues to represent a full and fair offer for Freewest.
Noront continues to believe that the consolidation of the Ring of Fire will result in the use of mutual infrastructure to allow for prudent management of shareholder equity, which willin turn, create value for all stakeholders in the Ring of Fire.
We urge Freewest shareholders to tender their shares prior to the expiry date of November 18, 2009.
Wes Hanson, Noront’s CEO states: “If you, like I, believe in the long-term potential of the Ring of Fire, then Noront’s share exchange offer for Freewest is the only offer that will allow Freewest shareholders to benefit from existing and future discoveries.”
For more information on the Freewest Offer, please visit Noront’s website at www.norontresources.com or contact the Investor Relations Department at Noront at 416 367 1444. Ext 126
To tender your Freewest shares, please contact;
Laurel Hill at Laurel Hill Advisory Group
North American Toll Free Phone: 1-888-882-6742
Email: assistance@laurelhillag.com
Outside North America, Banks and Brokers Call Collect: 1-416-637-4661
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program is in effect for the Eagle’s Nestproject which includes grouping samples into batches of 35 into which are added 2 certified reference material standards, 2 field and pulp duplicates also form part of the QC program. It can be said with confidence that all assays are reported in this Press Release have passed the strict quality control guidelines as set out by Noront’s independent Qualified Person (“IQP”).
All samples reported upon herein were completed by Activation Labs (Actlabs) of Ancaster, Ontario. The samples submitted to Actlabs were analyzed for multi-elements, including Ni and Cu using a four acid digestion and by ICP analysis. The samples that received base metal values greater than the upper limit for the method underwent further analysis using ICP-OES. For the Au, Pd and Pt, the assay methodology was Fire Assay on a 30 gram aliquot with an ICP finish. Silver was analyzed using a 3-acid digest with an ICP analysis. For more information on assay methodology please visit the Activation Laboratories Ltd. Website at http://www.actlabsint.com.
Preparation of any drillresults have been supervised by Noront’s senior management including Jeremy Niemi, P.Geo. Vice President, Geology, who is a Qualified Person under Canadian Securities Administratorsguidelines. At the current stage of exploration there is insufficient drilling to determine the extent of continuity of the mineralization required to define a mineral resource for all mineralization at the Eagle’s Nest. Noront anticipates delivering an updated mineral resource in second half of 2010.
About Noront:
Noront Resources is focused on its significant and multiple, high-grade nickel-copper-platinum-palladium, chromite and vanadium discoveries in an area known as the "Ring of Fire”, an emerging multi-metals district located in the James Bay Lowlands of Ontario, Canada. Noront is the dominant land holder at the Ring of Fire and continues to delineate and prove up its discoveries with NI 43-101 technical and economic reports and an aggressive and well financed drill plan for the remainder of 2009 and 2010. All material information on Noront can be found on the Company’s website at www.norontresources.com or at SEDAR at www.sedar.com
For further information please contact Joanne Jobin, Vice President Corporate Communications at (416) 367-1444 ext 126, or visit Noront’s website at: http://www.norontresources.com.
Wesley (Wes) Hanson
Chief Executive Officer
FORWARD LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company’s businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “planning”, “planned”, “expects” or “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “does not anticipate”, or “belief”, or describes a “goal”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although Noront has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither 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.
Associated Documents
Eagle's Nest
Download File: Eagles_Nest.mov (mov, 3.5 MB)
Poor Drill Results (?) can certainly be debated.
Table below reflects BB09-01 intersected some gold in the core sample between 60.9 and 185.5 metres. The Sep 14, 2009 news release only highlighted that BB09-01 intersected 1.7 metres grading 10.35 gpt gold (0.30 opt) including 0.5 metres grading 32 gpt gold (0.93 opt).
With varying degrees of gold found within this 120 metres, it most certainly shouldn't be looked at as simply something that is a point of interest.
BRENBAR PROJECT
BB09-01
60.9
61.9
1.0
2.38
BB09-01
139.4
140.4
1.0
3.25
BB09-01
147.4
148.3
0.9
5.85
BB09-01
183.8
185.5
1.7
10.35
including
184.4
184.9
0.5
32.00
Kodiak Exploration Ltd. was pleased to announce that it entered into an option agreement with Kirrin Resources Inc. (TSX Venture: KYM) ("Kirrin") allowing Kirrin to earn up to a 70% interest in Kodiak’s Otish Basin uranium prospects located in Québec, Canada. Kirrin could earn an initial 51% interest in the Otish Basin portfolio by spending $2.8 million on exploration by December 31, 2012, and earn a further 19% interest by spending a further $1.5 million by December 31, 2015, making an aggregate commitment for a 70% interest of $4.3 million. Kirrin would be the operator of the project. Upon Kirrin fulfilling its earn-in obligations, the parties would form a 70:30 joint venture. Agree that their optioning of 70% if Kirrin spend 4.3 million was disappointing but they would still retain 30% if that amount was spent; and if Kirrin spent that much they would most likely be onto something. Strateco's continued progress in the area is a good sign even though they may only end up with 30% seeing that Kodiak would not have spent anything. There is also a probability that the property is returned if Kirrin doesn't spend 2.8 m over the next 3 years.
Also agree that Kodiak has rightfully redirected their energy focus in Athabasca Basin which would seem to reflect that they think it was the more probable property for discovery.
Strateco Resources Inc.: Significant Increase in Indicated Resources and Grade at Matoush
Thu Sep 17, 8:54 AM
MONTREAL, QUEBEC--(Marketwire - Sept. 17, 2009) - Strateco Resources Inc. ("Strateco")(TSX: RSC.TO)(OTCBB: SRSIF.OB)(FRANKFURT:RF9) is pleased to announce that the indicated mineral resources at its Matoush property has doubled in the past 12 months to reach 436,000 tonnes grading 0.78% U3O8 containing 7.46 million pounds U3O8.
Wholly-owned by Strateco, the Matoush property lies 300 km north of Chibougamau in Quebec's Otish Mountains.
Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) has updated the NI 43-101-compliant resource estimate for the Matoush project based on drill results available as of September 1st, 2009 and using similar methods as applied in the previous estimate (Scott Wilson RPA, Sept. 2008). At a cut-off grade of 0.10% U3O8, the indicated mineral resources are now estimated at 436,000 tonnes grading 0.78% U3O8 containing 7.46 million pounds U3O8, and the inferred mineral resources are estimated at 1.16 million tonnes grading 0.50% U3O8 containing 12.78 million pounds U3O8. These resources lie in the AM-15, MT-34 and MT-22 zones, and extend over a strike-length of 1.4 km. The Matoush structure has been traced 11 km to the south and 2.5 km to the north.
The increase in the indicated resources from 3.73 million pounds grading 0.67% U3O8 (Scott Wilson RPA, Sept. 2008) to 7.46 million pounds at 0.78% U3O8 is significant. The indicated resources for the MT-34 zone, which lies in the upper part of the ACF-4 stratigraphic unit, is now estimated at 174,000 tonnes grading 0.89% U3O8 containing 3.42 million pounds U3O8. It should be noted that no indicated resources have yet been estimated for the MT-22 zone due to the current drill hole spacing, which is about 50 metres by 50 metres. This zone will be drilled at a tighter spacing during the underground exploration program.
Mineral reserves have not been estimated for the Matoush project.
Table 1 - Mineral Resource Estimate for Matoush - September 1, 2009Pounds
Tonnes Grade U3O8
(x 1,000) (% U3O8) (x 1,000)
--------------------------------------------------------------------------
Indicated
AM-15 262 0.70 4,039
MT-34 174 0.89 3,420
--------------------------------------------------------------------------
Total Indicated 436 0.78 7,458Inferred
AM-15 33 0.34 249
MT-22 822 0.53 9,526
MT-34 302 0.45 3,003
--------------------------------------------------------------------------
Total Inferred 1,157 0.50 12,777Notes:
1. CIM Definition Standards have been followed for classification of
Mineral Resources.
2. The cut-off grade of 0.1% U3O8 was estimated using a U3O8 price of
US$75/lb and assumed operating costs.
3. High U3O8 grades were cut to 9%.
4. The Mineral Resource estimate uses drill hole data available as of
September 1, 2009.
5. Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
6. Totals may not sum correctly due to rounding.
The new estimate confirms that Matoush is a robust deposit, relatively insensitive to cut-off grades between 0.05% and 0.2% U3O8.
Table 2 - Mineral Resource Estimate for Matoush - Different Cut-off GradesPounds
Cut-off Grade Tonnes Grade U3O8
(% U3O8) (x 1,000) (% U3O8) (x 1,000)
--------------------------------------------------------------------------
Indicated
AM-15 0.3 190 0.89 3,709
0.2 230 0.77 3,925
0.1 262 0.70 4,039
0.05 264 0.69 4,043
--------------------------------------------------------------------------
MT-34 0.3 139 1.05 3,238
0.2 168 0.92 3,393
0.1 174 0.89 3,420
0.05 174 0.89 3,420
--------------------------------------------------------------------------
Total Indicated 0.3 329 0.96 6,947
0.2 398 0.83 7,318
0.1 436 0.78 7,458
0.05 438 0.77 7,463
--------------------------------------------------------------------------
Inferred
AM-15 0.3 20 0.48 209
0.2 22 0.46 221
0.1 33 0.34 249
0.05 65 0.24 339
--------------------------------------------------------------------------
MT-22 0.3 509 0.72 8,082
0.2 686 0.60 9,067
0.1 822 0.53 9,526
0.05 964 0.47 9,918
--------------------------------------------------------------------------
MT-34 0.3 136 0.80 2,395
0.2 167 0.70 2,570
0.1 302 0.45 3,003
0.05 429 0.34 3,211
--------------------------------------------------------------------------
Total Inferred 0.3 665 0.73 10,686
0.2 875 0.61 11,858
0.1 1,157 0.50 12,777
0.05 1,458 0.42 13,468
Management is also pleased to announce that it has increased its 2009 surface exploration program from 30,000 metres to 35,000 metres of drilling.
The 2009 drilling program is ongoing, with two drills working on the property. One of these is assigned to systematic drilling on a 200-metre grid to locate new mineralized zones in the southern extension of the MT-34 zone, in the upper part of the ACF-4 stratigraphic unit. The two most recent holes confirmed mineralization to the south. Hole MT-09-035, drilled 1.0 km south of the edge of the current mineral resources, intersected the mineralized zone over 2.9 metres grading 0.12% eU3O8, lying characteristically at the contact of the Matoush fault. Hole MT-09-036 was drilled 200 metres further south from MT-09-035, and intersected a 4.7 -metre section of mineralization grading 0.26% eU3O8 (see longitudinal sections at www.stratecoinc.com).
These results confirm the enormous potential for increasing the resource on the Matoush and Eclat properties over a 11.1 km distance along the Matoush fault, to the south of the mineralized envelope hosting the resources. As previously reported, two holes drilled 200 metres apart, last winter in the upper part of the ACF-4 (EC-09-05 and EC-09-06) more than 6 km south of Hole MT-09-036 returned very good results (0.12% eU3O8 over 2.6 metres and 0.11% eU3O8 over 2.1 metres).
The second drill is presently carrying out a 2,000-metre program on the Pacific Bay property, adjacent to Matoush, where Strateco holds an option to acquire a 60% interest (see Pacific Bay's news release dated September 8, 2009, at www.pacificbayminerals.com).
Guy Hebert, President and CEO of Strateco, stated: "The Otish Mountains area of Quebec is on its way to becoming a major uranium mining camp, and our Matoush project is the heart of this. When we acquired the property in 2006, no mineral resource had been identified, and we had set ourselves the goal of delineating 15 to 20 million pounds of U3O8 to justify commercial production of 2 million pounds U3O8 per year for 8 to 10 years. We reached that resource goal very quickly. Furthermore, the mineralization on the Matoush property has one of the highest average grades in the world outside of the Athabasca Basin, if not the highest, without the problems associated with that area.
Given the currently-available information and the drilling program presently underway, which will likely exceed 120,000 metres over the next two years focused on the Matoush structure, our objective is now to determine the possibility of reaching 60 million pounds of U3O8.
The environmental studies required to build the mill and tailing ponds are scheduled to begin in 2010. The mill production capacity will be decided based on the resources outlined in 2011. The objective is now to sustain a minimum potential production of 4 million pounds of U3O8 per year.
Due to the growth in mineral resources and grade and the reduction of various estimated operating costs, the scoping study done in the fall of 2008 will be updated in the coming months. We expect the estimated production costs of US$27.33 per pound of U3O8 to lower."
Strateco is eligible for exploration tax credits equal to about 50% of surface exploration expenses up until the Matoush property enters the commercial production phase.
This press release has been read and approved by Jean-Pierre Lachance, geol., Executive Vice President of Strateco Resources Inc. and David A. Ross, P.Geo, Senior Consulting Geologist at Scott Wilson Roscoe Postle Associates Inc. who are the qualified persons as defined under National Instrument 43-101.
This news release contains forward-looking statements subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct, and actual results and future events could differ materially from those implied by such statements. These risks and uncertainties are discussed in the annual report filed with the securities commissions of Alberta, British Columbia, Ontario and Quebec and in the 10-K annual report filed with the US Securities and Exchange Commission.
CAUTIONARY NOTE TO U.S. INVESTORS -The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this press release, such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.
Assets
30-Apr-09
30-Apr-08
Current
Cash and Cash Equivalents
$355,011
$326,585
Marketable Securities (Note 3)
2,375,084
166,217
Accounts Receivable (Note 7)
652,450
Sales Taxes Refundable
116,492
16,176
Accrued Mining Duty Receivable
50,050
31,284
Accrued Exploration Tax Credits Receivable
112,226
58,667
Prepaid Expenses
3,981
6,375
Total Current Assets
3,012,844
1,257,754
NOTE 3 – MARKETABLE SECURITIES
The Company has investments in marketable securities which have been classified as available for sale.
2009
2009
Champion Minerals Inc., at fair market value
42,000
-
Uracan Resources Ltd., at fair market value
57,750
56,000
Probe Mines Ltd., at fair market value
5,050
29,795
Diadem Resources Ltd., at fair market value
284
922
Bonaventure Enterprises Inc., at fair market value
1,750
14,000
Nebu Minerals Ltd., at fair market value
15,750
28,000
RT Minerals Inc., at fair market value
2,500
37,500
7013833 Canada Inc., private company
2,250,000
-
2,375,084
166,217
The difference between the fair value and the cost of marketable securities has been recorded in
accumulated other comprehensive income.
Champion Minerals Inc.
During the year, the Company received 50% of the 300,000 common shares of Champion Minerals Inc. pursuant to an option agreement to sell 65% of its 50% interest in 15 iron properties which are part of the Mt. Reed/Mt. Wright property. The quoted market price of Champion Minerals Inc. was $0.28 as at April 30, 2009. The Company disposed 50,000 common shares in the period subsequent to April 30, 2009 at $0.29 per share for $14,500.
Uracan Resources Ltd.
The Company received 50% of the 350,000 common shares of Uracan Resources Ltd. in consideration for its 50% ownership interest in the Johan Beetz property. The quoted market price of the shares of Uracan Resources Ltd. was $0.33 as at April 30, 2009 (2008: $0.32).
Probe Mines Ltd.
The Company received 100,000 common shares of Probe Mines Ltd. pursuant to an option agreement to sell its 100% interest in the McFaulds/Fancamp property in Ontario, consisting of 4 mineral claims.
During 2007, the Company sold 49,500 shares. The quoted market price of the remaining 50,500 shares was $0.10 as at April 30, 2009 (2008: $0.59).
Diadem Exploration Inc.
The Company received an ownership interest in 23,790 first preferred shares of Diadem Exploration Inc. in consideration for its 50% ownership interest in 102 claims in the Otish Mountain region of Quebec. The Company previously received a 100% ownership interest in 2,990 of the first preferred shares and a 50% joint ownership interest in the remaining 20,800 shares.
Diadem Exploration Inc. is a 100% subsidiary of Diadem Resources Ltd., a Canadian public company.
The shares in Diadem Exploration Inc. were exchanged into shares of Diadem Resources Ltd. at the option of Diadem Resources Ltd., at an exchange price of $1.888. The Company now holds a 100% interest in 1,584 common shares and a 50% interest in 11,017 common shares. The quoted market price of the shares of Diadem Resources Ltd. was $0.04 as at April 30, 2009 (2008: $0.13).
Bonaventure Enterprises Inc.
The Company received 50% of the 100,000 common shares of Bonaventure Enterprises Inc. pursuant to an option agreement to sell its 50% interest in the Baie Comeau property. The quoted market price of the shares of Bonaventure Enterprises Inc. was $0.035 as at April 30, 2009 (2008: $0.28).
Nebu Minerals Ltd.
The Company received 50% of the 350,000 common shares of Nebu Minerals Ltd. pursuant to an option agreement to sell its 50% interest in the George River property. The quoted market price of the shares of Nebu Minerals Ltd. was $0.09 as at April 30, 2009(2008: $0.16).
RT Minerals Inc.
The Company received 50% of the 500,000 common shares of RT Minerals Inc. pursuant to an option agreement to sell its 50% interest in the Godbout claims, part of the Baie Comeau property.
During the year, RT Minerals Inc. became a public company and the estimated market price of the shares of RT Minerals Inc. was $0.01 as at April 30, 2009. (2008: $0.15)
7013833 Canada Inc.
The Company received 1,500,000 redeemable face value fully paid non-assessable shares of 7013833 Canada Inc., pursuant to an option agreement to sell its 100% interest in the Lac La Blache property.
The preferred shares are secured by the property and will pay a 5% annual dividend.
The Company received a further 50% of 1,500,000 redeemable face value fully paid non-assessable shares of 7013833 Canada Inc., pursuant to an option agreement to sell its 50% interest in the Consolidated Morrison and Hanna properties. The preferred shares are secured by the property and will pay a 5% annual dividend. Also see Note 5 (d).
On February 23, 2009, Argex Silver Capital Inc. (“Argex”) entered into an acquisition agreement to acquire all of the assets of 7013833 Canada Inc. As per this agreement and the subsequent qualifying transaction, the preferred shares have a redeemable face value of $1.00 per preferred share. The qualifying transaction was filed by Argex on May 11, 2009 whereby the total redeemable face value of the preferred shares will be convertible into common shares of Argex at the fair value price of Argex.