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ALL dollars are US unless otherwise stated, and all units are metric. The subscription to IM Project News is personal an...
PERU - Andean American Gold Corp - GOLD/SILVER/COPPER .......................................................................
CHINA - Silvercorp Metals/ Yunxiang Mining Co - GOLD/ZINC/LEAD...............................................................
PREFEASIBILITY
Country: USA Owner in CANADA SILVER/GOLD/COPPER
November 8: Ventana Gold has announced an initial independe...
Initial locked cycled metallurgical tests on the sulphides from the Banana Zone show that the mineralised material is high...
Country: CANADA Owner in AUSTRALIA COAL
November 10: Coalspur Mines announces a coal resource upgrade of 297.1 Mt on its V...
Indicated Category: 73.9 million dry t at 20.57% P2O5
Inferred Category: 1,507 million dry t at 18.7% P2O5
Total 1,581 mil...
Tasman‟s 2010 drilling program at Norra Karr was very successful, intersecting REE – Zr mineralization in all 26 drill hol...
Category T Cu % Au g/t Ag g/t Co ppm *Cueq% Cu t Au oz Ag oz Co t *CuEq t
Indicated 1,913,000 2.4 0.2 4.1 366 2.7 45,000 1...
The results of statistical analysis demonstrated that the mineralised zones have a range of mean grades (from 1.61g/t Au t...
Atomic, through its 100% owned subsidiary Pacific Corporation East Africa (PCEA) has entered into a joint venture with the...
After completion of the Transaction and the Financing, Electrum's total shareholding in THEMAC will be equivalent to
appro...
the Nolans bore mine in the Northern Territory; and
the Whyalla rare earths complex in South Australia.
As at November 200...
Country: TURKEY Owner in UK GOLD
November 9: Stratex International has announced a positive development update of its Inli...
Copper Recovery vs. Concentrate Grade*
Deposit
Copper
Recovery %
Copper Concentrate
Grade %
North 90.1 25.4
East 94.8 23.6...
Additionally, the company will continue to carry out civil and infrastructure works that are critical to an expanded explo...
Beadell‟s Managing Director Peter Bowler: “We are moving rapidly towards a decision to mine at completion of the DFS at th...
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  1. 1. 1 ALL dollars are US unless otherwise stated, and all units are metric. The subscription to IM Project News is personal and the content is copyright. IM Project News should not be passed on to others, either as forwarded emails, as photocopies, or copies in any other form. Intranet subscription details are available from emma@im-mining.com Contact emma@im-mining.com INTERNATIONAL MINING PROJECT NEWS (111) November 19, 2010 News from those projects making progress towards production – more every two weeks A collection of recent starts and progress reports from around the world - updates on projects around the globe likely to be in the market for equipment and services. PREFEASIBILITY................................................................................................................................................4 USA - Ventana Gold - SILVER/GOLD/COPPER ...................................................................................................4 BOTSWANA - Hana Mining - COPPER/SILVER/MOLY........................................................................................4 REPUBLIC OF CONGO - Cape Lambert Resources - RON ORE………………………………………………………………………5 AUSTRALIA - ATW Gold Corp/ Mutiny Gold Ltd - GOLD .....................................................................................5 CANADA - Coalspur Mines – COAL………………………………………………………………………………………………………………6 PERU - Cía. de Minas Buenaventura, Minera La Zanja/ Newmont Mining/ Soc Minera El Brocal/ CEDIMIN/ Minera Yanacocha/ Soc Minera Cerro Verde - (GOLD/COPPER/MOLY/SILVER.............................................................6 NAMIBIA - Minemakers Ltd/ Union Resources/ Namibian Marine Phosphate - PHOSPHATE................................6 KYRGYZ REPUBLIC - Orsu Metals Corp/ Gold Fields - GOLD/COPPER/MOLY ....................................................7 SIERRA LEONE - Cape Lambert Resources - IRON ORE ....................................................................................7 SWEDEN - Tasman Metals - RARE EARTH ELEMENTS .....................................................................................7 BURKINA FASO - Orezone Gold Corp - GOLD...................................................................................................8 AUSTRALIA - Syndicated Metals Ltd - COPPER/GOLD ......................................................................................8 CANADA - Avalon Rare Metals - TIN/INDIUM/POLYMETALLIC .........................................................................9 LIBERIA - African Aura Mining - GOLD.............................................................................................................9 REPUBLIC OF CONGO - Zanaga Iron Ore/ Mining Project Development Congo S.A.U. - IRON ORE..................10 FEASIBILITY STAGE.........................................................................................................................................10 PERU - Jinzhao Mining Peru/ Strike Resources - IRON ORE...........................................................................10 TANZANIA - Atomic Resources/ Aspac Mining/ New Hope Corp - COAL ..........................................................10 AUSTRALIA - Hancock Coal/ Hancock Galilee/ Hancock Coal/ BHP Billiton - COAL ..........................................11 USA - Electrum Resources/ THEMAC Resources/ Marley Holdings/ Tulla Resources - COPPER/MOLYBDENUM…………………………………………………………………………………………………………………………..11 USA - Romarco Minerals - GOLD.....................................................................................................................12 AUSTRALIA - Arafura Resources Ltd - RARE EARTHS.....................................................................................12 SOUTH AFRICA - Platinum Australia Ltd / African Rainbow Minerals Platinum - PLATINUM.............................13 IVORY COAST - Perseus Mining - GOLD..........................................................................................................13 TURKEY - Stratex International - GOLD...........................................................................................................14 USA - Nevada Copper Corp - COPPER ............................................................................................................14 CHILE - Herencia Resources - ZINC/LEAD/SILVER/GOLD/COPPER.................................................................15 BRAZIL - Guyana Goldfields - GOLD................................................................................................................15 SWEDEN - Avalon Minerals - COPPER/IRON ORE ...........................................................................................16 AUSTRALIA – Endocoal - COAL......................................................................................................................16 BRAZIL - Beadell Resources - GOLD ...............................................................................................................16 CANADA - Selwyn Resources/ Selwyn Chihong Mining Ltd - ZINC/LEAD.........................................................17 CANADA - Encanto Potash Corp - POTASH....................................................................................................17 SOUTH AFRICA - Firestone Energy/Sekoko/ Exxaro - COAL ............................................................................17
  2. 2. PERU - Andean American Gold Corp - GOLD/SILVER/COPPER .......................................................................18 MALAWI - Globe Metals & Mining - URANIUM/REE.......................................................................................18 ERITREA - Chalice Gold Mines/ Eritrean National Mining Corp - GOLD..............................................................18 MALI - Ressources Robex - GOLD .................................................................................................................18 AUSTRALIA – FerrAus - IRON ORE .................................................................................................................18 KYRGYZ REPUBLIC - Manas Resources - GOLD...............................................................................................19 AUSTRALIA - Meridian Minerals/ BZ Minerals/ North West Mining and Geology Group Co - ZINC/LEAD...........20 MONGOLIA - Oyu Tolgoi LLC/ Ivanhoe Mines/ Rio Tinto - COPPER/GOLD ......................................................20 CANADA - Imperial Metals Corp - COPPER/GOLD ...........................................................................................20 AUSTRALIA - Atlas Iron/ BHP Billiton Iron Ore - IRON ORE ..............................................................................21 IN DEVELOPMENT..........................................................................................................................................21 SOUTH AFRICA - Pan African/ Phoenix Platinum Mining - PGM .......................................................................21 LESOTHO - Lucara Diamond Corp/ Mothae Diamonds - DIAMONDS ................................................................22 BOTSWANA - Discovery Metals - COPPER/SILVER..........................................................................................22 USA - Formation Metals Inc - RARE EARTHS....................................................................................................23 PERU - Bear Creek Mining Corp - SILVER ........................................................................................................23 CANADA - Mountain Province Diamonds Inc/ De Beers Canada - DIAMOND...................................................23 AUSTRALIA - WPG Resources Ltd - IRON ORE................................................................................................23 ETHOPIA - Nyota Minerals - GOLD .................................................................................................................24 GREECE - European Goldfields - GOLD ..........................................................................................................24 ERITREA -Nevsun Resources - COPPER/GOLD/ZINC/SILVER .........................................................................24 AUSTRALIA - : Reed Resources/ China Nonferrous Metal Industry’s Foreign Engineering and Construction - VANADIUM………………………………………………………………………………………………………………………………………………24 SPAIN - Ormonde Mining - TUNGSTEN ...........................................................................................................25 PANAMA - Minera Panama SA/ Inmet Mining Corp - COPPER.........................................................................25 MALAYSIA/AUSTRALIA - Lynas Corp - RARE EARTHS ....................................................................................25 SOUTH AFRICA - Keaton Energy Holdings Ltd - COAL....................................................................................25 USA – USCorp - GOLD/SILVER .......................................................................................................................26 AUSTRALIA - Gindalbie Metals - IRON ORE.....................................................................................................26 AUSTRALIA/CHINA - Galaxy Resources - LITHIUM…………………………………………………………………………………….26 ARGENTINA - Patagonia Gold - GOLD ............................................................................................................26 SOUTH AFRICA - Jubilee Platinum - PLATINUM..............................................................................................27 SOUTH KOREA - Woulfe Mining Corp - TUNGSTEN/MOLY..............................................................................27 CANADA - Potash One - POTASH..................................................................................................................27 AUSTRALIA - AngloGold Ashanti - GOLD ........................................................................................................28 CONGO - Tiger Resources - COPPER..............................................................................................................28 AUSTRALIA - Centrex Metals - IRON ORE.......................................................................................................29 TURKEY - Anatolia Minerals Development/ Anagold Madencilik Sanayi Ve Ticaret Anonim Sirketi/ Kurudere Madencili - GOLD…………………………………………………………………………………………………………………………………….29 MONGOLIA - Prophecy Resource Corp - COAL...............................................................................................30 AUSTRALIA - Sandfire Resources - COPPER/GOLD.........................................................................................30 RUSSIA - OJSC MMC Norilsk Nickel - COPPER/GOLD/IRON ORE ....................................................................30 ECUADOR - International Minerals Corp - GOLD.............................................................................................31 USA - Energy Fuels - URANIUM/VANADIUM...............................................................................................31 USA - RX Exploration - GOLD/SILVER .............................................................................................................32 USA - Augusta Resource Corp - COPPER .......................................................................................................32 CANADA - Copper Mountain Mining/ Mitsubishi Materials Corp - COPPER........................................................32 KAZAKHSTAN – Kazakhmys - COPPER/GOLD.................................................................................................32 ZAMBIA - Berkeley Mineral Resources (BMR) - LEAD/ZINC .............................................................................32 IVORY COAST - Scorpio Gold Corp - GOLD .....................................................................................................33 INTO PRODUCTION........................................................................................................................................33 IVORY COAST - Randgold Resources - GOLD..................................................................................................33 RUSSIA - Highland Gold Mining Ltd - GOLD.....................................................................................................33 RUSSIA - OJSC MMC Norilsk Nickel - NICKEL/COPPER....................................................................................34 MEXICO - Pan American Goldfields Ltd/ Minera Rio Tinto - GOLD/SILVER .......................................................34 MONGOLIA - Prophecy Resource Corp - COAL...............................................................................................34 AUSTRALIA - Range River Gold - GOLD ..........................................................................................................34 FINLAND - Endomines AB - GOLD..................................................................................................................35 USA - Uranium Energy Corp - URANIUM ........................................................................................................35 EXPANSION....................................................................................................................................................35
  3. 3. CHINA - Silvercorp Metals/ Yunxiang Mining Co - GOLD/ZINC/LEAD..............................................................35 ZIMBABWE - New Dawn Mining/ Central African Gold - GOLD.........................................................................36 MONGOLIA - SouthGobi Resources - COAL....................................................................................................36 MOZAMBIQUE - Beacon Hill Resources - COAL .............................................................................................37 MEXICO - Nyrstar/ Farallon Mining- ZINC/COPPER/LEAD/GOLD/SILVER........................................................37 PHILIPPINES - Medusa Mining Ltd - GOLD.......................................................................................................38 USA/CANADA - Stillwater Mining Co – PGM……………………………………………………………………………………………….39 AUSTRALIA - Tanami Gold NL- GOLD.............................................................................................................39 CANADA - North American Palladium- PALLADIUM........................................................................................39 AUSTRALIA - Fortescue Metals Group - GOLD.................................................................................................40 NEW PLAYERS................................................................................................................................................41 CONGO - Cape Lambert Resources/Stirling Minerals Ltd/ DMC Mining Ltd - IRON ORE ....................................41 TURKEY - Anatolia Minerals Development/ Avoca Resources Ltd/ . Alacer Gold Corp - GOLD ...........................41 SOUTH AFRICA - Royal Bafokeng Platinum - PLATINUM.................................................................................41 GHANA - PMI Gold Corp - GOLD.....................................................................................................................41 USA/CANADA - Lexam Explorations/ VG Gold Cor/ Lexam VG Gold Inc - GOLD/URANIUM ...........................42 USA/ARGENTINA/SPAIN - Renaissance Gold - PRECIOUS METALS……………………………………………………………..42 AUSTRALIA - Carabella Resources - COAL…………………………………………………………………………………………………42 MEXICO - Silvermex Resources Ltd/ Genco Resources - SILVER/GOLD..........................................................42 PROJECT PEOPLE............................................................................................................................................43
  4. 4. PREFEASIBILITY Country: USA Owner in CANADA SILVER/GOLD/COPPER November 8: Ventana Gold has announced an initial independent NI 43-101 compliant mineral resource estimate and the scoping study results for its wholly owned La Bodega gold project in the California gold district of northern Colombia. The scoping study and initial resource calculation work represent the aggregate technical analysis conducted to-date on a portion of the La Bodega and La Mascota mineralised zones that exist within Ventana‟s La Bodega project. Highlights of the report include: Average annual production for the first six full years of 347,000 gold equivalent (Au Eq) oz, which is comprised of 301,000 oz of gold, 1.4 Moz of silver and 6.9 Mlb of copper Average cash costs of $322/oz of gold for the first six full years, net of silver and copper by-product credits Pre-tax IRR of 34% Estimated start-up capital cost of $297 million Pre-tax NPV (NPV)* (5%) of $807 million Inferred mineral resource of 3.5 Moz of gold, 19.2 Moz of silver and 84.6 Mlb of copper mine life of 14 years at a planned production rate of up to 7,500 t/day Additional opportunities: resource expansion from ongoing drilling with surface exploration drills focusing on La Baja, Las Mercedes, Aserradero, and the gap area between the La Bodega and La Mascota zones resource expansion from underground drilling to explore deep extensions of the ore body past the current depth of the mineral resource Improved mineral recovery from metallurgical optimisation work conducted at a site-based pilot processing plant Increased production from further exploration and development of the known areas of mineralisation Stephen Orr, President and Chief Executive Officer of Ventana Gold: "The scoping study results and resource estimate for La Bodega demonstrate the robust economics and value this project has to offer. These results confirm our belief that the La Bodega project is one of the most exciting emerging gold deposits in South America. Concurrent with on-going exploration efforts to upgrade and expand the resource, we will now focus on completion of the feasibility to bring Ventana closer to becoming Colombia s leading precious metals producer. www.ventanagold.com Country: BOTSWANA Owner in CANADA COPPER/SILVER/MOLY November 8: Hana Mining has announced final results on the first locked cycle tests on sulphide material from the Banana zone at the Ghanzi project. The results show that the copper-silver mineralisation at the Banana Zone sulphide mineralisation is highly amenable to conventional flotation recovery technology. Ghanzi project - Banana Zone Locked Cycle Test-1 Results Concentrate Grade %, g/t Recovery % Mass Cu Ag Mo Cu Ag Mo (%) (%) (g/t) (%) (%) (%) (%) Re-Cleaner Conc. 3.29 43.55 853.57 0.73 92.75 80.58 78.28 Cleaner-scav. Tails 10.21 0.05 7.63 0.01 0.33 2.23 1.89 Rougher Tails 86.50 0.12 6.93 0.01 6.92 17.18 19.83 Head 100.00 1.55 34.87 0.03 100.00 100.00 100.00 Highlights of recent metallurgical results: Initial locked cycled tests, at a coarse grind size of 150 microns, show a copper recovery of 92.75% and a silver recovery of 80.58%. The tests also show a final concentrate grade of 43.55% copper, 853.57 g/t silver and 0.73% molybdenum. Molybdenum recoveries in the copper concentrate were highly encouraging with an average recovery of 78.28%. Metallurgical work on applying conventional flotation technology on oxide and transitional material from the Banana Zone and sulphide material from the Chalcocite Zone is ongoing. Given the encouraging recoveries and concentrate grades of the molybdenum, Hana will look at the feasibility of producing a saleable molybdenum concentrate. The test data will be used to develop a process flow sheet, to identify further testing requirements, and to develop capital and operating costs for the PEA - which is scheduled to be completed by the end of 2010. Banana Zone Sulphide Composite Zones Hole-ID From (m) To (m) Total (m) New Discovery HA-99-DM 93 120 27 New Discovery HA-100-DM 76 150 74 South Limb HA-103-DM 115 122 7 Northeast Fold HA-105-DM 148 160 12 Total 120 In the Banana Zone, sulphide composite bornite and chalcocite represent 95% of the copper mineralisation. Approximately 80% of the copper minerals are liberated at a coarse grind size of 150 microns, while copper minerals which are not liberated are associated with hard silicates and phyllosilicates.
  5. 5. Initial locked cycled metallurgical tests on the sulphides from the Banana Zone show that the mineralised material is highly amenable to conventional flotation methods resulting in a copper recovery of 92.75%, and a silver recovery of 80.58%. The testing also showed that conventional flotation can produce a relatively high grade concentrate, with average grades of 43.55% copper and 853.57 g/t silver. For comparison, most conventional copper sulphide mining and milling operations produce a product with concentrate grades of 25% to 30% copper. Highly encouraging results were also received on the contained molybdenum which showed a molybdenum recovery of 78.28% with the bulk concentrate grade of 0.73% molybdenum. Given the encouraging molybdenum results, Hana will move forward with additional work to evaluate the viability of producing a separate molybdenum concentrate. Results are not expected to be available until sometime in 2011. The following engineering and consultation activities are ongoing to fulfil the goal of completion of a PEA by Q4 2010: Preliminary mine open pit modelling has been carried out using the April 2010 resource. A revised model will be completed after the 2010 drilling has been incorporated; A NI 43-101 compliant resource estimate for the Banana and Chalcocite Zones is expected to be released soon; Metallurgical (column leaching) results are expected to be available by the end of the year; The Ghanzi project is located in the centre of the Kalahari Copper Belt in north western Botswana. Hana Mining‟s most recent NI 43-101 compliant resource estimate for the Ghanzi project has an inferred mineral resource of 3.9 billion lb of copper and 62.1 Moz of silver from 177 Mt. This mineral resource estimate consists of 73.5 Mt grading 1.5% Cu and 19 g/t Ag in the Banana Zone, 13.4 Mt grading 1.7% Cu and 12 g/t Ag in Zone 5, 6.3 Mt grading 1.5% Cu and 7 g/t Ag in Zone 6; all at a cut-off grade of 0.75% Cu. Also included is 83.6 Mt grading 0.46% Cu and 3.6 g/t Ag at a cut-off grade of 0.30% in the Chalcocite Zone. www.hanamining.com Country: REPUBLIC OF CONGO Owner in AUSTRALIA IRON ORE November 9: Cape Lambert Resources announces Davis Tube Recovery (DTR) results from magnetite mineralisation at its 80% owned Mayoko iron ore project in the Republic of Congo (ROC). The company has previously advised the market of the results of the Phase 1 drill program (18 diamond holes for 3,687 m) (ASX Announcement, September 14 2010), which included magnetite banded iron formation (BIF) occurring in two lenses varying from 50 to 200 m thick and extending to more than 300 m below surface over the full 7 km strike length of the Mount Lekoumou and Mount Mipoundi prospects. The company has received DTR results for six composite samples representing weathered BIF and Magnetite BIF. DTR testing has been conducted at two 80% passing grind sizes, being 73 and 67 micron. The DTR results show the Magnetite BIF at Mayoko can be beneficiated into a concentrate grading 68-70% Fe, 3-5% SiO2, 0.2-0.4% Al2O3, <0.05% S and 0.006-0.02% P with a mass recovery to concentrate of 40-45%. This is a high-grade concentrate, which may be suitable as a direct reduction feed stock. Executive Chairman, Tony Sage: "whilst the immediate development plan for Mayoko was based on the DSO cap and Enriched BIF, these results demonstrate the underlying magnetite mineralisation also has significant value and would underpin a substantial project mine life". Mayoko has the potential to be a world class iron ore deposit, with an exploration target size of up to 1,000 Mt of predominantly itabirite iron mineralisation. It is located in the southwest region of the ROC and is 2.2 km from the bulk haulage rail line which connects Mayoko to the wharf of Pointe Noire. Unlike many other resource projects operating in West Africa, the Mayoko project has secured crucial access to both rail and port facilities for the transport of iron ore from the project to market. This capitalisation of local infrastructure gives the Mayoko project significant advantage over other projects in the province. www.capelam.com.au Country: AUSTRALIA Owner in AUSTRALIA GOLD November 9: ATW Gold Corp has provided an update on the company's Gullewa gold project (Gullewa) in Western Australia. The company's partner, Mutiny Gold Ltd recently completed its drill program on the Gullewa gold project's Deflector deposit. The program consisted of 41 holes totalling 3,461 m of RC drilling and was completed to upgrade the existing resource by converting part of the Indicated resource to a Measured resource. Assay results are expected by late November 2010 and the resource upgrade is expected to be completed by mid-December 2010. Mutiny's work on the Deflector Scoping study is continuing and expected to be complete before the end of the year. Gullewa is located 450 km north of Perth, in the Yalgoo mineral fields of Western Australia. Gullewa is a 550 km2 property that hosts several gold deposits of various size and grade, the most significant being the Deflector gold-copper deposit which contains total resources of 3.3 Mt @ 5.4 g/t Au and 0.76% Cu for 560,000 oz Au and 25,000 t Cu of which Measured and Indicated resources total 1.7 Mt @ 4.7 g/t Au and 1.03% Cu for 230,000 oz of Au and 17,000 t of Cu. Category T Au (g/t) Au (oz) Cu (%) Cu (t) Ag (g/t) Ag (oz) Measured Indicated Measured and Indicated Inferred Totals 535,000 1,200,000 1,700,000 1,600,000 3,300,000 3.9 4.3 4.2 6.5 5.4 67,000 160,000 230,000 330,000 560,000 1.18 0.96 1.03 0.48 0.76 6,300 11,000 17,000 8,000 25,000 8.0 6.3 6.9 3.0 5.2 140,000 240,000 380,000 200,000 580,000 Mutiny plans to commence production with an open pit mining operation at the Deflector deposit, followed by underground mining after two years. The payback period from the open pit operations is estimated to be eight months based on previous mine studies. It is intended that the ore will be processed at the existing Gullewa mill, following modifications to allow the treatment of copper- gold ores. Mutiny also plans to process gold concentrate from its White Well deposit near Cue at the Gullewa mill. www.atwgold.com
  6. 6. Country: CANADA Owner in AUSTRALIA COAL November 10: Coalspur Mines announces a coal resource upgrade of 297.1 Mt on its Vista coal project (VCP) in Alberta, Canada ahead of the release of the company‟s PFS on the project. This increases the total coal resource to 1,370 Mt. Managing Director and CEO, Gene Wusaty: “The upgrade is a further testament to the size and quality of the Vista coal project and places the resource base of Coalspur in the top tier of emerging global coal developers. This upgraded resource will be incorporated into the final mine planning being conducted on the project in the PFS and we are excited about the potential of developing one of the largest export coal project in North America”. Table 1: JORC Coal Resources The VCP upgrade estimate has been based on the following: Addition of recently obtained historical drill hole information into the geological database Addition of the Silkstone seam which underlies the McPherson Seam in the central part of the deposit. The Silkstone seam historical drilling indicates three coal plies with an aggregate thickness of up to 4.5m Reinterpretation and modelling of the merged boundary areas of the Hinton East, Hinton West, Z-Block and McLeod River North leases which now form the VCP Reinterpretation of all coal seam splits and partings. The resource estimate has been completed in accordance with the JORC Code (2004) and NI 43-101. The company‟s coal resources now total over 1,370 Mt of low sulphur, high volatile bituminous, export quality thermal coal with the VCP resource accounting for 1,200 Mt and the Vista South coal project accounting for 168.3 Mt. Further resource drilling programs are currently underway to expand the resource over the large 32,000 ha coal lease position in the Hinton region of West Central Alberta. The VCP resource of 1,202.8 Mt is comprised of Measured resources of 588.9 Mt, Indicated resources of 331.6 Mt, and Inferred resources of 282.3 Mt. The resource is defined from four coal seams (Val D‟or, McLeod, McPherson and Silkstone) that have a cumulative coal thickness of approximately 28 m. The four coal seams which comprise the coal resource have a dip to the northeast ranging from 4–15o , which has resulted in the resource being defined within a10.11:1 strip ratio pit (modelled using a 20:1 incremental cut-off strip ratio). Included into the VCP geological model are 15 rotary and diamond drill holes (totalling 6,580 m) previously drilled by various operators between 1981 and 2008, comprising two diamond drill holes (totalling 118 m) and 13 rotary drill holes (totalling 6,462 m). The modelled pit uses 45° walls and was set up such that only coal within the company‟s leases is mined and uses a minimum mineable seam thickness of 0.5 m and a minimum removable parting thickness of 0.3 m (partings less than 0.3m are included with the coal seam). Coal quality characteristics are based upon drilling and washability studies completed to date. Expected yields are ~ 54% which produces a low sulphur, 5,800 kcal/kg GAR product which is currently in high demand in the Asia Pacific export thermal coal market. www.coalspur.com Country: PERU Owner in PERU GOLD/COPPER/MOLY/SILVER November 10: Cía. de Minas Buenaventura, Peru's top precious metals producer, plans to bring the porphyry copper/molybdenum/gold/silver Cerro Castrejón to prefeasibility, MinerAndina.e reports. It is located 5 km from the firm's new La Zanja gold/silver mine. Cerro Castrejon has been one of Minas Buenaventura's main exploration targets in the third quarter of 2010, with $0.9 million invested from a total of $7.1 million allocated for exploration efforts company-wide during that period. MinerAndina.e says "In this manner, Buenaventura increases its inventory of base metal resources in the Cajamarca region including those of Castrejon, and prepares itself for the exploitation of sulphides in Minas Conga and its symbolic participation in Yanacocha by the end of 2014 or beginning of 2015. It also has plans to bring the La Cueva and Cerro Campana targets of copper/molybdenum sulphides to prefeasibility stage, a matter that corresponds to the jurisdiction of La Zanja's operator, Minera La Zanja." Cerro Castrejon has an Inferred primary sulphide resource of 48 Mt @ 0.33% Cu and 0.13% Mo, in addition to 49,000 oz of gold in mixed oxides. The project, which covers an area of 32,070 ha, is located within the concession area of Minera La Zanja (53.06% Buenaventura and 46.94% Newmont Mining, in the Pulan district, Santa Cruz de Succhabamba province, Cajamarca department. La Zanja started production this year and should achieve an average annual production of 100,000 oz of gold from 2011, during an estimated mine life of five years. There are two oxide gold deposits: San Pedro Sur and Pampa Verde with reserves of 400,000 oz and 309,000 oz, respectively. Besides La Zanja, Minas Buenaventura also has a majority stake in Soc Minera El Brocal and CEDIMIN, and is a minority shareholder in Minera Yanacocha (43.65%) and in Soc Minera Cerro Verde (19.26%), ranked third among Peru's copper producers. Buenaventura's mines in operation are: Orcopampa, Poracota, Uchucchacua, Antapite, Julcani and Recuperada. The company's net income was $174.1 million, according to its third quarter 2010 report which was presented last month. This represents a climb of 17% compared to that of the same period of last year ($ 148.5 million), due mainly to an increase of profits by 54% in its operations in spite of a reduction of 29% in the contribution made by Yanacocha. The company's net sales were around $265.9 million, an increase of 24% with respect to the same quarter of last year. Income from royalties, however, went down by 14%, to some $14 million. www.buenaventura.com Country: NAMIBIA Owner in AUSTRALIA PHOSPHATE November 11: Joint venture partners Minemakers Ltd, 42.5%, Union Resources, 42.5%, and Tungeni Investments,15%, are pleased to announce the results of the scoping study by the joint venture company, Namibian Marine Phosphate (NMP) for the Sandpiper/Meob Marine phosphate project. Operating costs have been estimated at $57.76/t FOB Walvis Bay for an operation on beneficiated material, ramping up to 3 Mt/y and start-up capital costs are estimated as $144 million. The beneficiated material is indicated to be suitable for marketing to fertiliser producers and for the manufacturer of phosphoric acid by the joint venture.
  7. 7. Indicated Category: 73.9 million dry t at 20.57% P2O5 Inferred Category: 1,507 million dry t at 18.7% P2O5 Total 1,581 million dry t at 18.8% P2O5 The JV considers there is a reasonable exploration target of an additional 1,000 - 2,000 Mt in the grade range of 18 – 21% P2O5. The scoping study incorporates a ramp up to 3 Mt/y of beneficiated product by year 3 of operation. The economics show potential for an operation lasting over a century. The financial highlights from the scoping study base case study over the first 25 years of project operation are summarised as follows: scoping study base case Financial Model 25 years Saleable Rock phosphate 3 Mt/y Cash Operating Costs, FOB Walvis Bay $57.76/t Capital Costs (Years 1-3) $144M Capital Costs per tonne $7.65.t NPV @ 10% discount rate $312M NPV @ 15% discount rate $133M IRR 25.5% Processing test work has indicated that through conventional sizing, screening and attrition processes the mined material can be concentrated to 28% P2O5 and, in addition, attrition test work also showed a partial removal of the contaminant gangue including iron (Fe), magnesium (Mg), aluminium (Al) and insoluble matter into the slimes. Chemical test work completed to date shows that the Namibian rock concentrate can be used to make either Phosphoric Acid or Single Super phosphate (SSP). The positive results of the scoping study show the project‟s economics and long life production potential and indicate that NMP and its shareholders should progress the project rapidly through to completion of a feasibility study beginning at the start of 2011. www.minemakers.com.au; www.unionresources.com.au Country: KYRGYZ REPUBLIC Owner in UK GOLD/COPPER/MOLY November 11: Orsu Metals Corp has announced the positive results of a scoping study for the Tadybulak gold-copper- molybdenum porphyry deposit at its Talas joint venture project in the Kyrgyz Republic. Gold Fields, through its subsidiary Gold Fields Orogen Holding, has a 60% interest in the Talas joint venture company, whilst Orsu retains a 40% interest in the Talas project. Gold Fields is the project manager. The Taldybulak scoping study establishes key design criteria for an open pit mine scenario with a 15 Mt/y processing facility for average annual recovery of 242,000 oz gold and 137,600 (dry) t of copper concentrate and 1,880 (dry) t of molybdenum concentrate via conventional communition and floatation process flow sheets at estimated initial capital expenditures of about $516 million. Taldybulak has been the primary focus of exploration and mineral resource development within the Talas project licence area. The Talas project is located 250 km west of the Kyrgyz capital of Bishkek. The SAMREC Code resource contains 127 Mt in the indicated category, which is comprised of 2.6 Moz gold at 0.64 g/t, 477 Mlb copper at 0.17%, and 29.4 Mlb molybdenum at 0.01%, and 296 Mt in the Inferred category, which is comprised of 3.71 Moz gold at 0.40 g/t, 1,098 Mlb copper at 0.17%, and 69.2 Mlb molybdenum at 0.01%. Preliminary metallurgical test work indicated that the recovery of gold, copper and molybdenum should be possible using a conventional communition and flotation process. Based on metallurgical test work results, a conceptual process flow sheet has been developed consisting of crushing, grinding and bulk flotation to produce a gold-copper-molybdenum concentrate. The concentrate would then undergo a further flotation stage to produce both a copper-gold concentrate and a molybdenum concentrate. In this scenario some copper must be present in order to recover any other elements, therefore any Standard Mining Unit containing some gold but zero copper would not be profitable to treat. Due to the polymetallic nature of the Taldybulak ores, material that is profitable to treat is not simply based on a single element cut-off grade. www.orsumetals.com Country: SIERRA LEONE Owner in AUSTRALIA IRON ORE November 12: Cape Lambert Resources continues to advance its wholly owned Marampa iron ore project in Sierra Leone, West Africa, towards a possible late 2012 production start-up, with the company announcing a maiden JORC compliant Inferred mineral resource at the Marampa project of 197 Mt at 28.5% Fe (above a 15% Fe lower cut-off). The Marampa project is a hematite iron ore project uniquely leveraged to a rapid and low risk pathway to production, via existing rail and port infrastructure that is currently being refurbished (refer ASX announcements 6 April 2010 and 15 October 2010). Tony Sage, Executive Chairman of Cape Lambert: “We have made rapid progress in the past twelve months and with five rigs now drilling at site, we expect to accelerate the timing of our first resource update, scheduled for the March 2011 quarter, at which time the bulk of the rail and port infrastructure refurbishment associated with the project will be completed.” “With this substantial maiden JORC resource complete, we will now be able to finalise a scoping study looking at a proposed initial development rate of 2-5 Mt/y, from late 2012, with the maiden JORC resource providing for a mine life in the order of 20 years at 2 Mt/y concentrate production, with significant resource growth to follow.” “In addition, the metallurgical test work has shown that the hematite resource can be upgraded to a sinter fines or blast furnace pellet feed product, at a coarse grind size using mature, low risk magnetic separation,” www.capelam.com.au Country: SWEDEN Owner in CANADA RARE EARTH ELEMENTS November 16: Tasman Metals has begun metallurgical testing on material from its 100% owned Norra Karr heavy rare earth element (REE) – zirconium (Zr) project in Sweden. SGS Minerals Services has been contracted to undertake a program of advanced mineralogical characterisation, concentrate preparation and hydrometallurgical testing on a 100 kg sample. This metallurgical study is the first comprehensive work to be undertaken on the Norra Karr project, and is anticipated to generate a first phase of reportable results during the first quarter 2011.
  8. 8. Tasman‟s 2010 drilling program at Norra Karr was very successful, intersecting REE – Zr mineralization in all 26 drill holes on five sections over 800 m strike length to a vertical depth of approximately 110 m. Numerous holes were terminated in mineralisation, and all sections remain open at depth. Tasman has retained Pincock Allen Holt to provide a first time NI 43-101 compliant mineral resource estimate on the Norra Karr project, which is expected during November 2010. Mineralogical characterisation will focus on identifying the presence and abundance of REE bearing minerals using Qemscan and electron microprobe technology. REE bearing minerals identified to date include eudialyte plus lesser britholite, rosenbuschite and mosandrite. Metallurgical test work shall focus on the preparation of an REE mineral concentrate applying gravity, magnetic, electromagnetic and flotation procedures with a view to determining the most efficient and effective method for future processing. The REE mineral concentrate will then be subjected to various hydrometallurgical techniques, to identify possible extraction methods. SGS Minerals Services was chosen as the preferred research partner for this work due to its “strong global reputation and extensive experience in REE processing, including recent work on projects with similar processing characteristics to Norra Karr,” Tasman explains. The company shall be supported by Les Heymann, a highly experienced consulting metallurgist with extensive experience in REE processing including building and operating REE plants within China. “The start of metallurgical testing is a significant milestone for both Tasman and the Norra Karr project” said Mark Saxon, Tasman‟s President & CEO. “Our senior REE consultant Dr Tony Mariano has completed the first phase of mineral identification and bench scale concentrate preparation, which encouraged us to advance to the next stage. We now look forward to learning more from Les Heymann and the team at SGS Minerals Services. Both the imminent NI 43-101 compliant resource statement and the metallurgical results will put Norra Karr on the map as a potential REE source within Europe.” Norra Karr demonstrates a range of features that may facilitate near term development: Excellent infrastructure, with roads, power and water at site and active rail and port facilities in close proximity Sweden is a mining friendly jurisdiction. Large mines operate within 90 km of the site, providing a skilled local work force and mining related contractors Numerous intersections of mineralisation are greater than 100 m true thickness, which begin at surface and remain open at depth, suggesting a significant mineralised volume plus amenability to shallow open pit mining An unusually high proportion of high value heavy rare earth oxides (HREO). Using a 0.4% TREO cutoff on data from Tasman‟s 26 drill holes, the weighted average of HREO/TREO exceeds 50%. An unusually high proportion of yttrium and dysprosium, two rare earth elements in scarce supply with strong demand. Data from Tasman‟s drilling show Dy2O3/TREO averages 4.8% and Y2O3/TREO averages 34.6% Work by Dr Tony Mariano suggest REE‟s are concentrated in one mineral only, allowing focused metallurgical research and potentially simplified processing Norra Karr is unusually low in uranium and thorium relative to peer company projects. The site will not require any special permitting or monitoring for radioactivity, and transport of concentrates will not require radioactive permitting. Uranium and thorium average 14 ppm and 8 ppm respectively. Sweden is the home of REEs, many of which were first discovered in a quarry in the village of Ytterby, near Stockholm. REE consumption is growing, being essential in the production of hybrid/electric cars, solar panels, wind turbines, compact fluorescent lighting, high-energy magnets, mobile phones and computers. Tasman hold numerous claims and claim applications across mining friendly regions in Scandinavia with potential for REEs, and is well placed as the European Union is actively supporting policies to promote the domestic supply of REE‟s to secure high-tech industry. www.tasmanmetals.com Country: BURKINA FASO Owner in CANADA GOLD November 16: Orezone Gold Corp has started an extensive 120,000 m drill program to further infill and expand gold resources at its wholly owned Bomboré project in Burkina Faso, West Africa. Indicated resources of 1.6 Moz and Inferred resources of 1.9 Moz grading an average of 0.9 g/t are contained within optimised open pit shells using current economic and technical parameters. Over 80% of the resources are located in the top 80 m from surface. Since drilling only averages 60 m deep to date, there is immediate potential to add more resources by drilling beneath and along strike of the current resources. The first of several planned core rigs has recently started drilling which will focus on expanding and testing the continuity of the sulphide resources at depths between 60 to 120 m. The first results from the new drilling are expected to be reported before year end. To date, the company has secured three core rigs and one RC rig and additional core rigs will be required to complete the 120,000 m program. In January 2011 the RC rig is expected to commence an infill and expansion drill program focused on the surface oxide resources in conjunction with the deeper sulphide core drilling program. To assist with the expansion drill program of the surface oxide resources, the company has just completed a high-resolution airborne geophysical survey over the entire Bomboré gold project. A PEA of the project is already underway to study both heap leach and CIL plant scenarios and is expected to be completed in Q1 2011. www.orezone.com Country: AUSTRALIA Owner in AUSTRALIA COPPER/GOLD November 17: Syndicated Metals Ltd has completed a substantial upgrade of the previous mineral resource estimates for its Barbara copper-gold deposit contained within the broader Mount Remarkable project area in the Mount Isa region of Northwest Queensland. Resources By Classification - Copper Zone - 1% Cu cut-off Category T Cu % Au g/t Ag g/t Co ppm *Cueq% Cu t Au oz Ag oz Co t *CuEq t Indicated 3,778,00 0 1.6 0.2 2.7 265 1.8 59,000 18,000 328,000 1,000 68,000 Inferred 1,552,00 0 1.1 0.1 2.0 272 1.3 17,000 6,000 102,000 400 20,000 Total 5,331,00 0 1.4 0.1 2.5 267 1.7 76,000 25,000 430,000 1,400 89,000
  9. 9. Category T Cu % Au g/t Ag g/t Co ppm *Cueq% Cu t Au oz Ag oz Co t *CuEq t Indicated 1,913,000 2.4 0.2 4.1 366 2.7 45,000 14,000 249,000 700 52,000 Inferred 686,000 1.5 0.2 2.9 297 1.8 10,000 4,000 64,000 200 12,000 Total 2,598,000 2.1 0.2 3.7 348 2.5 56,000 17,000 312,000 900 64,000 Approximately 2% of the resource has been classified as either oxide or transitional material. Preliminary metallurgical studies have indicated that the sulphide copper mineralisation at Barbara is amenable to conventional flotation and extraction processes with acceptable recovery of copper to concentrate and concentrate grade being achieved. The near surface copper mineralisation could be amenable to shallow, low-cost open pit mining with the higher grade material below the limits of an open pit potentially recoverable by underground mining methods. Syndicated listed on the ASX in December 2007 and has since generated a significant metal resource inventory in the Mount Isa region comprising its interests in the Barbara (copper-gold) and Kalman South (molybdenum-rhenium-copper-gold) deposits. The Mount Remarkable project (including the Barbara copper deposit) comprises a group of mostly contiguous tenements covering over 1100 square km. The project tenements are located about 60 km northeast of Mount Isa within close proximity to existing infrastructure and are considered prospective for copper-gold and sediment hosted lead-zinc-silver style mineralisation. Historical uranium prospects are also present within the tenements. www.syndicatedmetals.com.au Country: CANADA Owner in CANADA TIN/INDIUM/POLYMETALLIC November 17: Avalon Rare Metals has provided a progress report on its 2010 work programs on the East Kemptville tin- indium project. These programs involved 1) continuing evaluation of the development potential of historical tin resources on the company's Special Licence at the past-producing East Kemptville mine and 2) a grass-roots exploration program on the company's neighbouring Ike's Ridge tin indium prospect. A work program proposal was submitted to the government of Nova Scotia and Rio Algom, the holder of surface tenure at the East Kemptville mine site, to access the site to carry out sampling. In the meantime, the company applied for, and received, a 12 month extension of time to complete the expenditure obligations under the Special Licence which total about $1.5 million. A $500,000 grass roots exploration program was carried out in 2010 program to test targets for additional tin / rare metal resources on the company's 100% owned, 12,520 acre Ikes Ridge property, neighbouring the company's East Kemptville Special Licence. Three promising target areas, Gardners Meadow (GM), Ikes Ridge (IK) and the Northeast Extension (NE) Area were identified from regional compilation, prospecting and geochemical sampling work. All are located within 6 km of the East Kemptville mine property. The most encouraging results were obtained from the Gardners Meadow Area where coincident geochemical and geophysical targets returned several 0.10 to 3.00 m wide zones of highly anomalous, polymetallic, tin-indium mineralisation associated with weakly developed zones of quartz-sulphide veining and alteration in meta-sedimentary rocks. The best individual assay returned 0.26% tin. 0.96% zinc, 0.12% copper, 3 g/t silver and 22 ppm indium across 1.75 m. Narrow, semi-massive sulphide mineralisation (mainly pyrrhotite) encountered in the drilling explains the IP responses. The model was to test for a mineralised East Kemptville style granite at depth but no definitive evidence for such a body was observed, although it could still exist at greater depths. The Ikes Ridge area produced similar narrow intersections in two of the three holes, ranging from 0.3 to 0.8 m assaying 0.12 to 0.26% tin associated with greisen style sulphide mineralisation at the granite sedimentary contact. The third hole at Ikes Ridge intersected a barren shear zone. Three drill holes, NE-10-01 to 03, were completed to the northeast of the East Kemptville mine, referred to as the Northeast Extension area. The holes were targeted on IP and geochemical anomalies on trend with the known deposits. No significant tin mineralisation was intersected in these holes, but hole NE-10-03 did encountered numerous low grade zinc intercepts including 0.121% Zn over 2.2m and 0.255% Zn over 1.1m. This suggests potential for additional East Kemptville style mineralisation in the area. There are no immediate plans for further drilling on the Ike's Ridge property while additional compilation and target definition work is completed. www.avalonraremetals.com Country: LIBERIA Owner in UK GOLD November 17: African Aura Mining has announced the results of an independent mineral resource estimate for the company's wholly owned New Liberty gold project located in western Liberia. The PEA of the New Liberty mine is expected to be complete by the end of 2010. Luis da Silva, Chief Executive of African Aura:"The resource estimate offers the opportunity to achieve our objective of developing an open pit gold mine with the potential to produce roughly 100,000 oz/y. We are particularly pleased with the much higher grade of 4.17 g/t for the 751,000 oz in the indicated category, all of which are within an open pit depth of 200 m from surface. New Liberty remains open at depth and we anticipate that substantial further resources may be defined by deeper drilling in future.” The total resource estimate of 1.51 Moz of gold grading 3.78 g/t is comprised of 5.59 Mt grading 4.17 g/t (for 751,000 oz) in the indicated category and 7.04 Mt grading 3.40 g/t (for 762,000 oz) in the inferred category. The indicated resource has been projected to an approximate depth of 200 m below surface. The inferred resource remains open down dip and open along strike. New Liberty NI 43-101 mineral resources Zone Indicated Inferred T Au T Au (Kt) (g/t) (KOz) (Kt) (g/t) (KOz) Larjor 1637 4.37 230 2109 3.5 234 Latiff 1080 5.03 175 380 4.2 51 Kinjor 1449 4.26 198 2310 3.8 280 Marvoe 1433 3.21 148 2230 2.8 198 Total 5599 4.17 751 7040 3.4 762
  10. 10. The results of statistical analysis demonstrated that the mineralised zones have a range of mean grades (from 1.61g/t Au to 6.47g/t Au), but the corresponding coefficients of variation fall within a relatively narrow window (1.18 -- 1.53). Some of the gold may be recoverable by a gravity method, suggesting potential for pre-concentration of the sample prior to leaching. The 2006 work confirmed the responsiveness to gravity recovery, suggesting that greater than 50% gravity recovery is achievable, and an overall recovery of 93% can be obtained by a combination of gravity and carbon-in-leach (CIL) processes. The best drill intersect from New Liberty is currently 8.45 g/t Au over 37m from 55m depth and the deposit, which crops out at surface, remains open at depth. Metallurgical testwork undertaken by the company on drill core from New Liberty has indicated a non-refractory ore with excellent expected recoveries of up to 93%. New Liberty is one of a series of gold deposits, including the Ndablama and Weaju prospects, located within the company's 457km2 'Class A' 25 year renewable Mining Licence. www.african-aura.com Country: REPUBLIC OF CONGO Owner in REPUBLIC OF CONGO IRON ORE November 18: Zanaga Iron Ore has announced a placing of new and existing shares which has raised gross proceeds of £62.1 million ($100 million). The placing of the shares will raise £31.06 million ($50 million), before expenses. Zanaga Iron Ore is focused on the management, development and construction of a world class iron ore project, located in the south west of the Republic of Congo (Congo Brazzaville). Zanaga owns, through its wholly owned subsidiary Jumelles Ltd, 100% of Mining Project Development Congo S.A.U. which owns two exclusive exploration licences, each covering 500 km², the Zanaga-Madzoumou Exploration Licence and the Zanaga-Bambama Exploration Licence (Zanaga Exploration Licences). The company has a large scale mineral resource of approximately 3,340 Mt at an average grade of 32.8% FeT. This is comprised of 843 Mt of haematitic itabirite with an average grade of 38.5% FeT and 2,490 Mt of magnetite with an average grade of 30.82% Fe. This resource has been defined as a result of drilling that has taken place on only 25 km of an indicated 47 km strike of magnetite mineralisation. The Zanaga project has targeted annual output at 45 Mt/y of iron ore concentrate once full capacity is reached. Based on metallurgical test work to date, the company is targeting production of two high quality products, namely: a 65% Fe sinter product and a 67% Fe concentrate product, both with low deleterious elements. The company has reached an advanced stage of exploration with a prefeasibility study (PFS) on the Zanaga project expected to be finalised by the end of Q1 2011. Following completion of the PFS, the company aims to commence a bankable study (FS) before moving towards construction and production. www.zanagairon.com FEASIBILITY STAGE Country: PERU Owner in CHINA IRON ORE November 5: Jinzhao Mining Peru, operator of the Pampa de Pongo iron project, located in the Arequipa region, plans to drill about 50 holes (40,000 m), to further delineate the resource, Deputy General Manager, Xiaouang Tang, told MinerAndina.e. This drilling campaign will also allow for the gathering of information necessary to conclude prefeasibility and feasibility studies in 2011. This project is considered the second largest of its kind in Peru, after the Apurimac project. Apurimac is operated by the junior miner Strike Resources in the Apurímac region. "The semi-detailed Environmental Impact Assessment approved by the Ministry of Energy and Mines gives us the permit to drill up to 100 holes in Pampa de Pongo, but we will only carry out 50. What we are doing in Pampa de Pongo is a study that combines the prefeasibility and the feasibility," stated Tang, who added that Jinzhao will start the EIA following the completion of the feasibility study. The EIA is scheduled for completion by 2012. He said that Jinzhao has been optimising the preliminary economic assessment which was developed in 2008 by the previous project operator, junior firm Cardero Resources. He stated that the Chinese company holds a different technical opinion than that of Cardero in that study. For example, the benefit of implementing an open-pit operation rather than a large-scale underground mining operation as was proposed by the Canadian company. The Chinese company is also contemplating to reduce the capacity of the project. Cardero proposed a production of 24 Mt/y of concentrates, but Jinzhao deems it more feasible to produce 10 Mt. The Pampa de Pongo project is located in the district of Bella Union, province of Caraveli, Arequipa región, over an effective area of 3,019 ha. This iron oxide/copper/gold (IOCG) type deposit was discovered by Rio Tinto in 1994; acquired by Cardero Resources in 2008 and subsequently sold to the Chinese mining company, Nanjinzhao Group Co, the parent company of Jinzhao Mining Peru, for $200 million. Country: TANZANIA Owner in AUSTRALIA COAL November 6: Atomic Resources has entered into an agreement to raise A$5 million in a placement. The subscriber to the placement is Aspac Mining, an entity owned and managed by Graeme Robertson. As a term of the placement, and in recognition of his extensive coal industry experience, the board of Atomic Resources has invited Robertson to accept an appointment as a non executive chairman of the company. He has been a very strong supporter of the company and its plans to develop a major thermal coal mining operation in the southwest region of Tanzania. He has been responsible for pioneering and managing world class mining, energy and transport infrastructure operations throughout Africa, Australia and the Asia- Pacific region. He was CEO and developer of the largest open-pit coal mine in the Southern Hemisphere, PT Adaro Indonesia, and is a former Managing Director of New Hope Corp (1987 – 2005). In 2010, Robertson was awarded the Coaltrans Lifetime Achievement Award for his contribution to the coal industry. The funds raised will be used to fund a near-surface drilling and exploration program at the Mbuyura/Mkapa and Mbalawala coalfields in the Ngaka Coal Basin, commencing in December 2010 and will enable Atomic to commence small-scale coal mining before the end of this calendar year. The Ngaka thermal coal project is Atomic Resources‟ most advanced and exciting development project. The Ngaka coalfields are situated in the resource-rich western minerals province of Tanzania, approximately 600 km from the major port city of Dar Es Salaam.
  11. 11. Atomic, through its 100% owned subsidiary Pacific Corporation East Africa (PCEA) has entered into a joint venture with the Tanzanian Government (Tancoal - PCEA 70%/Tanzanian Government 30%) to conduct a Bankable Feasibility Study into the development of a thermal coal mining operation at Ngaka and the development of a 400 MW power station, using proven clean coal gasification technology, at the Ngaka mine site. The electricity produced by the proposed power station at Ngaka will increase Tanzania‟s national power supply by approximately 40% and is considered to be a vitally important “nation building project” by the Tanzanian Government. Ngaka has a JORC-compliant resource of 179 Mt of thermal coal. Additional coal resources may be identified in the future through further exploration at Ngaka and at the recently granted concessions in the nearby Mbuyura and Mkapa coal fields. Initial coal production of 1 Mt/y for the first two to three years will increase to 2 Mt/y once the power station becomes operational. Coal that is not sold to the power station will be available for sale to other customers in Tanzania and for export to markets in Africa and Asia. Mining at Ngaka is expected to commence within 12 months of the completion of the BFS. The BFS started in May 2009 and is expected to be completed soon. It will focus on three strategic components: Mining of thermal coal for on-site power generation and export Development and project financing for a coal gasification plant and 400Mw power station using coal gasification technology Development of a private public partnership with TANESCO (the Tanzanian Governments electrical authority) for the construction of power transmission lines to connect the Ngaka project to the Tanzanian power grid. www.atomicresources.com.au Country: AUSTRALIA Owner in AUSTRALIA COAL WorleyParsons and Ausenco have won a significant contract to manage the delivery of Hancock Coal's A$7.5 billion Alpha Coal Project in Queensland. WorleyParsons and Ausenco will provide program management services to the project in a 50% joint venture throughout the next four years. Hancock Coal and Hancock Galilee are focused on the Alpha Coal and Kevin's Corner Projects in the Galilee Basin. The projects include development of two adjacent 30 Mt/y thermal coal mines. In the 1970s, resource exploration started in the Galilee Basin, which was considered to be uneconomic due to the lack of associated infrastructure on Australia's east coast. Now, some 30 years later, with more developed rail and port infrastructure coupled with the global demand for coal fired power, there is an exciting opportunity for this area of regional Queensland. This project includes associated port and rail infrastructure. Each mine has an expected life of 30-plus years. The Alpha Coal and Kevin's Corner projects moved into the Bankable Feasibility Study (BFS) phase earlier this year. This work is continuing along with the Environmental Impact Statement (EIS) studies currently being undertaken for both projects. In April, the North Queensland Bulk Ports Corporation (NQBP) announced the awarding of Preferred Developer status to Hancock Coal and BHP Billiton for two major expansions at the Port of Abbot Point. The preferred developers were chosen following a competitive process whereby they were able to demonstrate that they offer the best opportunity to optimise the use of the land and achieve the best tonnage throughput. The Queensland Government endorsed the proposals from the two companies to build two new coal terminals at Abbot Point to export an estimated 110 Mt/y of coal. On the July 2 2010, Premier Anna Bligh announced the Declaration by the Coordinator-General of the proposed Hancock rail corridor, an essential milestone towards the Alpha coal mine. The corridor has been declared an Infrastructure Facility of Significance (IFS). The proposed 495 km standard gauge railway will run from Hancock's Alpha mine to the Port at Abbot Point. The Kevin's Corner mine will also use the railway. The approval was significant in that it can only be sought by projects which meet the strict definition of an infrastructure facility and also have the potential to contribute to the State through economic growth and job creation. The port and rail infrastructure associated with the Hancock projects will directly contribute to the State's economy. The development of the Hancock railway from the Alpha and Kevin's Corner projects to Abbot Point near Bowen is an integral requirement for the development of the mines. In September, Hancock Coal started work on a temporary bulk coal sample project at its Alpha coal tenement approximately 60 km northwest of the town of Alpha. The bulk sample project plays an important role in securing the long-term viability of the two proposed future coal projects. Hancock's Bulk Sample Project will extract up to 450,000 t of thermal coal from the bulk sample pit site near Alpha, with the first stage being 120,000 t. As part of the project, Hancock will wash the coal prior to export. Hancock's current plan is for the transportation of coal by truck from Alpha to an offsite coal preparation plant near Blackwater for washing, before trucking to an en route rail loading facility for rail transport to the coal terminal near Gladstone. The road transportation component of the project will take approximately four months starting early in 2011. All loads will be covered as an added measure. The transportation by road will only apply to the Bulk Sample Project. Future projects, Alpha Coal and Kevin's Corner operations will rely on the proposed Alpha to Abbot Point railway line. Paul Mulder, Managing Director of Hancock Coal announced the appointment of Thiess as the Bulk Sample Pit operator, and Wagners as the transport contractor. "Both companies place safety and the environment as key priorities" he said. www.hancockcoal.com.au Country: USA Owner in AUSTRALIA/CANADA COPPER/MOLYBDENUM November 9: Electrum Resources notes the announcement made by THEMAC Resources regarding a C$10.2 million financing of THEMAC by Marley Holdings, THEMAC's majority shareholder. Marley (or its affiliate Tulla Resources) is to purchase 40,000,000 units of THEMAC, each unit consisting of one common share and one common share purchase warran. The financing is expected to enable completion of the purchase by THEMAC of Electrum's exclusive option over a 100% interest in the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA and to provide funding for the exercise of the Option thereafter. The proceeds of the Financing will also fund ongoing feasibility, permitting and other development work at the Copper Flat project.
  12. 12. After completion of the Transaction and the Financing, Electrum's total shareholding in THEMAC will be equivalent to approximately 20% of THEMAC' issued common shares. Following the exercise of Electrum's warrants along with all warrants and options held by other parties, the company's interest in THEMAC would be approximately 22%. Patrick Harford, Managing Director of Electrum: "Completion of the Transaction will give Electrum a significant shareholding in THEMAC, which will as a result of the Financing be well funded to continue advancing the Copper Flat project through feasibility and permitting with the objective of returning the project to production as soon as possible." A preliminary economic assessment was completed for the Copper Flat project by SRK Consulting (US), Inc. in June, 2010 with robust results despite exclusion of gold and silver from economic model: Mine life of 17 years and payback 1.75 years from start of production NPV (6%) $144 million; initial capital $179 million Average annual production of 36 Mlb copper and 628,000 lb molybdenum over first 14 years with average production of 15 Mlb/y copper and 335,000 lb/y molybdenum over a further 3-4 years Life-of-mine operating costs $1.41/lb copper, excluding gold and silver credits The PEA was based on copper and molybdenum only (copper at $3/lb and molybdenum at $12/lb), with gold and silver to be brought to account in financial model as soon as possible SRK Consulting (US) mineral resource estimate, May 6, 2010 Classification Mt Cu (%) Cu (Mlb) Mo (%) Mo (Mlb) Indicated 97.05 0.303 645 0.010 21.4 Inferred 41.7 0.240 222 0.006 5.6 Reported at a cutoff grade of 0.12% Cu contained within a potentially Marley Holdings is controlled by Kevin Maloney, a director of THEMAC and founder of The MAC Services Group, Australia's largest listed provider of remote area mining accommodation and services. Electrum Resources is a mineral and renewable energy development company with interests in Argentina, the USA, Indonesia, Thailand and Australia. Its interests in Argentina include the Sierra de las Minas and Los Aquirres gold/base metal projects, at which it is pursuing a exploration oriented around high-grade, smaller tonnage targets potentially suitable for progression towards early mining. www.electrum-resources.com Country: USA Owner in CANADA GOLD November 9: Romarco Minerals is a gold development company focused on production in the US and Mexico. Its flagship project is the Haile gold mine in South Carolina which is currently in the process of a feasibility study and continued exploration drilling. The Pinos Gold District in Mexico is a high grade epithermal vein district in the advanced exploration stage. Romarco has successfully drilled and condemned the current proposed tailings location for Haile (Duckwood). The tailings area itself will encompass 510 acres of a more than 1,000 acre continuous land parcel. With successful condemnation drilling for a tailings location Romarco is now moving into the final phases of the feasibility study including mine modelling and planning, operating and capital cost estimations, cash flow analysis and final permit applications. With the increase in the drill rig fleet from six to nine rigs, the company will resume primarily drilling for ore. Romarco also recently held a groundbreaking ceremony to mark the construction start of an analytical and metallurgical lab at Haile. The laboratory will be seeking independent accreditation and will transition to the operating lab on production. While third-party check assays and verifications will remain critical, the completion of the lab will allow greatly reduced turnaround time for assays. Rudy Carter, Lancaster County Council Chairman stated, "The residents of Lancaster County and Lancaster County Council are excited about the continued progress being made at the Haile gold mine. The people of Lancaster County are fully supportive of the mine reopening and this new $5 million lab and creation of additional jobs is further proof of Haile's commitment to Lancaster County. We welcome this new facility and look forward to a long and prosperous relationship with the company in Lancaster County." M3 Engineering and Technology is providing the design and engineering services for the project. Compass Development is providing construction management services for the project. The facility is expected to be completed by June 2011. Charlie Foote, a former senior assayer at Kennecott's Ridgeway mine, has been employed by Romarco as the Senior Lab Coordinator and Romarco is actively recruiting for the chemist and metallurgist positions. The road to the assay lab will be named Rex Outzen Road in memory of Romarco's first Chief Operating Officer who passed away in 2008. The TSX has granted conditional approval for the listing of Romarco's shares. The company is in the process of co-ordinating the arrangements for listing on the TSX and de-listing from the TSX-V. www.romarco.com Country: AUSTRALIA Owner in AUSTRALIA RARE EARTHS November 10: Arafura Resources Ltd has entered into a contractual arrangement with Parsons Brinckerhoff to join Arafura‟s existing staff and create the larger integrated client team now required for the management of the completion of the engineering aspects of its BFS. With the recent decision on the Whyalla site location, for the Rare Earths Complex, Arafura is on track to complete the BFS for the Nolans project in Q4 2011. The remaining engineering work on the BFS will gather together all previous bodies of work and advance and finalise the engineering and project definition to a level where the information will be ready for project financing. Arafura will be approaching “first tier” process consulting/EPCM organisations to complete the study program as their study contractor. Parsons Brinckerhoff will bring project management systems and processes as well as personnel into the company‟s project team to help manage the study contractor during this final phase of the study. Arafura‟s Managing Director and CEO, Dr Steve Ward: “Our recent successful capital raising has provided the funds for us to drive forward with our Nolans project plan at full pace.” Arafura Resources will, in the next few years, become a long term supplier of rare earth oxides, phosphoric acid, uranium oxide and gypsum from its wholly owned Nolans project. The Nolans project comprises operations at two sites within Australia:
  13. 13. the Nolans bore mine in the Northern Territory; and the Whyalla rare earths complex in South Australia. As at November 2008, total identified resources for Nolans Bore are as follows: Nolans Bore Resource Classification Mt REO% REO (kt) P2O5% U3O8Ib/t Measured 5.1 3.2 167 13.5 0.57 Indicated 12.3 2.8 350 13.4 0.43 Inferred 12.8 2.6 333 12.2 0.40 TOTAL 30.3 2.8 850 12.9 0.44 www.arafuraresources.com.au Country: SOUTH AFRICA Owner in UK/AUSTRALIA PLATINUM November 9: Platinum Australia Ltd has announced the results from the recently completed DFS report for the Kalahari platinum (Kalplats) project, located in the north-west province of South Africa, 330 km west of Johannesburg. The DFS report shows the project to be commercially and technically viable and able to generate a return of ~25% on the base case assumptions based on mining seven of the eight known deposits. The DFS report has been submitted to African Rainbow Minerals Platinum for their consideration. The key results from the study are as follows: The project would deliver a return of 24.5% on the Base Case or 27.8% at current prices; The project would achieve a pre tax NPV10 of $79 million on the Base case or $108 million at current prices; The project would generate a net cash flow (undiscounted) of US$211 Million on the Base Case or $267 million at current prices; Initial Capital Cost of the project would be $150 million; Cash Operating Cost of $415/oz 3E (platinum + palladium + gold) concentrate produced on the Base Case or $462/oz 3E at current prices; The project would produce 992,000 oz 3E over a 9 year operating life from open pit mining of seven deposits, Crater, Orion, Crux, Sirius, Mira, Serpens North and Vela; Construction power from Eskom would be available in 2011, while permanent power would be available in 2014; PLA Managing Director John Lewins: “The results of the Kalplats DFS show that a project based on seven of the eight known deposits would achieve an IRR of almost 25% at the Base Case and almost 28% at Current (October 2010) prices. In addition the study is based on only the Measured and Indicated high grade resource, which equates to 1.55 Moz 3E, the balance of 1.75 Moz 3E being in the Inferred category”. www.platinumaus.com.au Country: IVORY COAST Owner in AUSTRALIA GOLD November 9: Perseus Mining has announced details of its feasibility study for the Sissingue deposit which forms part of the company‟s Tengrela gold project (TGP) in Côte d‟Ivoire. In summary, the FS confirms the robust project economics of the TGP as well as the upside potential that exists from ongoing resource definition drilling. Highlights of the Tengrela FS; Initial Probable ore reserve of 657,000oz of gold (using $950 gold price pit design). Production of 340,000 oz (3.5 Mt at 3.3 g/t) of gold in first two years of a six year mine life. Cash costs (C1) in the first two years of $421/oz, with mine life average cash costs of $505/oz. EBITDA of $221 million for first two years of production at $1,100 gold price. Start-up capital cost of $115 million paid back in 14 months at $1,100 gold price. Plan to advance as fast as practicable, targeting first gold pour Q4 2012. Ongoing aggressive drilling will provide resource growth and extend mine life – next upgrade scheduled for Q1 2011 Mark Calderwood, Managing Director: “The robust outcome of the FS has provided Perseus with the basis for a decision to proceed with project permitting and construction planning for the Sissingue deposit on the Tengrela Gold project. Even at a gold price under $900/oz, the FS provides a payback period under two years.” “Perseus now has combined reserves of 2.79 Moz between the TGP and the Central Ashanti Gold project (CAGP) in Ghana and we are anticipating another significant reserve upgrade for the CAGP in December 2010.” “Though Measured and Indicated resources were limited as a function of drilling density, we fast tracked the Sissingue FS to enable an early start to be made to the approval process and planning. Assuming that site construction can begin in 12 months, we would expect production to commence in Q4 2012.” “We are confident that with further drilling we will convert existing Inferred mineral resources to the Indicated category during Q1 2011, thereby potentially adding a further 200,000 oz to the $950/oz pit shell model. In addition, extensional drilling following up on recent drill hits is likely to further expand our inventory of mineral Resources and, ultimately, reserves.” “Also, increasing the drilling density in the high grade zones within the existing Indicated resource envelope may provide the statistical grounds to increase the top cut that has been applied to drill results, potentially allowing us to include some of the 280,000 oz (or 40%) of the gold top cut out of the mineral resource used in the calculation of stage 1 and 2 ore reserves.” www.perseusmining.com
  14. 14. Country: TURKEY Owner in UK GOLD November 9: Stratex International has announced a positive development update of its Inlice and Altyntepe gold projects located in Turkey, which are being advanced with its joint venture partner NTF Insaat Ticaret Ltd Sti (NTF) with a target of first gold production by Q1 2012. Highlights include; Feasibility study at the Inlice gold project will be finalised by January 2011 Preliminary open pit planning, waste storage, plant design and related cost calculations now well advanced Inlice Exploration Licence now converted to Operation Licence, clearing the way to commence the permitting process immediately after completion of the Environmental Impact Assessment report Metallurgical test work at Inlice demonstrates leach recoveries of 85% to greater than <90% for oxide material Early indications of good leach recoveries from talus material overlying bedrock resource Initial mine production planned at 1,000 t/day with leach-heap capacity designed for 1 Mt - option to increase to 3 Mt to allow for increased production High-grade oxide material at Altyntepe confirmed with best intersections of 43.00 m averaging 5.39 g/t gold and 41.00 m averaging 3.08 g/t gold Stratex International‟s CEO Bob Foster: “As the feasibility study at our Inlice gold project draws close to conclusion we are one step closer to establishing ourselves as a gold producer in Turkey to take optimum advantage of the high gold price whilst minimising capital costs. The very positive leaching results reported here, together with the results of the other technical studies, will enable the financial modelling of this project to be completed and the final report submitted in January 2011. The ongoing EIA study is due to be completed by June 2011. Following completion of the permitting process, the processing plant will be constructed within three months, which will see Stratex move into gold production at Inlice in early 2012. “Following completion of the preliminary resource drilling of the Extension Ridge Zone at Altyntepe, we are now well placed to revise and upgrade the previously identified resources of this much larger oxide-gold project, with a view to commencing the full feasibility study in early 2011. The development of the Inlice and Altyntepe gold projects, which contain a current combined oxide Au resource of about 570,000 oz, is being funded by the company‟s joint venture partner NTF through NS Madencilik Sanayi Ticaret Anonim Sti (NS Madencilik), the joint-venture development company 45% owned by Stratex. The previously reported resource for the Inlice project comprises 262,300 oz Au using a geologically well defined cut-off grade of 0.1 g/t Au. The open pit, in situ, oxide resource was 944,495 t grading 2.29 g/t Au for 69,324 oz but this resource is currently being revised as an integral part of the feasibility study. At Altintepe, the oxide resource currently stands at 472,318 oz Au, comprising 13,098,137 t grading 1.12 g/t Au in all categories at a cut-off of 0.2 g/t Au and including 8.3 Mt grading 1.48 g/t Au. However this will be revised in the light of the new drilling results reported below. Inlice 200 kg bulk samples of gold-bearing oxide material from the main Ana Zone, have been subjected to leach tests to determine the leach characteristics of both oxide and underlying mixed oxide-sulphide (transition) material. Results indicate recoveries of 85% to greater than 90% for oxide material crushed to -19 mm, and more than 60% for mixed oxide-sulphide material. Design criteria for both the mine and the processing plant are essentially complete and are based on an initial operational capacity of 1,000 t/day. The pit design comprises two pits, one on the Ana West Zone and a second on the nearby Ana East Zone, the two being separated by what has been named in the past as the „Gap Zone‟, a 150 m-wide low-lying area underlain by relatively high-grade gold-in-sulphide material that might be exploited at a later date. The leach heap will initially be constructed to contain 1 Mt of material but is being designed such that it can easily be expanded to contain up to 3 Mt. Altyntepe Drilling of the Extension Ridge Zone has now been completed with the focus on the oxide material that caps the low ridge. Although the drilling invariably intersected underlying sulphide material, sometimes over significant lengths (for example 34.50 m @ 1.20 g/t Au in ER-DD-11), the programme was designed to provide data for estimation of the oxide-gold resource that has the potential to be readily exploited using the same heap-leaching technology planned for the Inlice project. The high grade oxide-gold intersections returned by holes ER-DD-07 and ER-DD-10 demonstrate the presence of a high-grade core to the Extension Ridge Zone that was first highlighted by the results released in an RNS dated 26 August 2010: ER-DD-01: 37.90 m from surface averaging 6.17 g/t Au ER-DD-02: 17.00 m averaging from surface averaging 3.47 g/t Au www.stratexexploration.com Country: USA Owner in USA COPPER November 9: Nevada Copper Corp has announced the results of latest feasibility level metallurgical test work on its Pumpkin Hollow project ore composites. These results, which confirm the preliminary metallurgical test work disclosed in a January 2010 PEA, will be incorporated into a DFS which is anticipated for completion by June 30, 2011. Preliminary work on the DFS is expected to begin within a week. The results on composite samples from the four ore zones indicate uncomplicated metallurgy and ores with a moderate work index that can produce gold and silver-bearing, high grade copper flotation concentrates with high copper recoveries and a relatively coarse primary grind.
  15. 15. Copper Recovery vs. Concentrate Grade* Deposit Copper Recovery % Copper Concentrate Grade % North 90.1 25.4 East 94.8 23.6 South 85.4 28.5 E2 93.5 30.3 * Optimum results based on maximising net smelter return. Nevada Copper's Executive Vice President, Robert McKnight: "The project is capable of producing a high-quality saleable copper concentrate and we expect to be able to secure a very favourable off-take agreement for this product going forward." The primary metallic minerals include chalcopyrite, pyrite and magnetite, with magnetite representing 20-30% of the total content of three of the four composites. The process flow sheet is conventional, with primary and secondary crushing followed a SAG/ball mill and rougher and cleaner copper concentrate flotation and regrind circuits. Use of high pressure grinding roll (HPGR) technology will be investigated as an alternative to the SAG mill for reduced power consumption. Because the E2 and South deposits are elevated in pyrite, the facility will also incorporate a pyrite flotation circuit in order to recover, thicken, filter and ultimately sequester this mineral, to reduce acid generation potential. www.nevadacopper.com Country: CHILE Owner in UK ZINC/LEAD/SILVER/GOLD/COPPER November 10: Herencia Resources has provided an update on the Paguanta project in northern Chile. The Paguanta project, which is 70% owned and managed by Herencia, comprises the Patricia JORC-compliant zinc-lead-silver-gold mineral resource, the Doris high grade copper/silver target and the La Rosa porphyry-copper prospect, all located within the same granted mining tenements. The company has updated the economic model for the Paguanta project using spot commodity prices for zinc, lead and silver as at 5 November 2010. The result, using the assumptions set out below and the existing 1.66 Mt mining inventory, is a NPV of $90.4 million. Given the projects significant potential for tonnage increases, as demonstrated by the positive results from the 2010 drill program, two sensitivity cases were prepared based on the upside potential for the project, assuming additional tonnage was identified by further drilling: Post-feasibility study case (6 years @ 400,000 t/y = 2.4Mt) NPV(8%) = $139.5 million Upside case (8.25 years @ 400,000 t/y = 3.3 Mt) NPV(8%) = $184.9 million The post-feasibility study case assumes an additional 740,000 t are added to the mining inventory in 2011 and the upside case assumes that the current mining inventory of 1.66 Mt is doubled. Key assumptions include: 100% project value Discount rate of 8% Throughput - 400,000 t/y Capital cost - $56 million Operating costs increased to reflect 400,000 t/y throughput Zinc price - $1.12/lb ($2,468/t) Lead price - $1.13/lb ($2,490/t) Silver price - $26.78/oz Assumed gold revenue (0.26g/t at 50% recovery and $1000/oz) Doris Update: The company is currently obtaining submissions from leading geophysical survey companies in Chile in relation to a geophysical program over Doris. At this stage it is planned to undertake the fieldwork in December this year, subject to crew availability. Currently, surface geological investigation continues on site with breccia zones, stockworks and quartz outcrops recently mapped at La Rosa. The company is working closely with selected consultants in relation to the proposed feasibility study. The goal is to finalise the scope and cost by month end. Managing Director Michael Bohm: “This significant increase to project NPV is a function of increased tonnage, increased grade and improved commodity prices. What is also significant is the sensitivity to tonnage upside, particularly given the mineralisation remains open at depth, along strike, and with new high grade veins awaiting potential expansion. It is worth noting that we added significantly to both the resource base and the NPV in 2010, with only 5,700 m of drilling." www.herenciaresources.com Country: BRAZIL Owner in CANADA GOLD November 10: Guyana Goldfields has announced that, due to the identification of several additional mineralised zones at Aurora and the nearby Sulphur Rose discovery (Aranka), the feasibility study which was scheduled for completion by year end will be deferred. These discoveries are sufficiently significant that their integration into the feasibility study may have a materially positive impact and must be evaluated. Accordingly, the planned 2011 drilling programs will be significantly expanded. Since March 24, 2010, the DFS drill cut-off date, an additional 36,748 m of drilling has been completed at Aurora, enabling significant growth of the three newest zones identified within the Golden Square Mile. These zones have been tested with forty- three drill holes and remain open along strike and at depth. The discovery and further confirmation of these zones significantly increases known gold mineralisation within the bounds of the Aurora gold project area. The DFS will be modified to include the following; Infill drilling within the Golden Square Mile completed from March 24, 2010 (the current feasibility study cut-off date), to the end of June 2011 (the new feasibility study cut-off date), will be included in a new resource estimate to be completed by the end of August 2011 A mine plan to include the three zones mentioned above plus assessment of any additional new zones discovered before the end of June 2011 Assessment of the Sulphur Rose discovery feasibility study completed in Q4 2011
  16. 16. Additionally, the company will continue to carry out civil and infrastructure works that are critical to an expanded exploration effort and mine construction. Below are some of the key objectives and milestones for the remainder of 2010 and 2011; Examine merits of early construction of an underground portal and access ramp to allow for earlier underground access and additional underground exploration drilling Complete the Hydropower feasibility study and assess its potential inclusion in the overall feasibility study Complete negotiations with the government on the mineral Agreement and obtain the Mining License for the Aurora gold project Guyana Goldfields is dedicating an estimated $25-30 million for exploration in 2011 to advance both drilling programs at Aurora and Aranka. www.guygold.com Country: SWEDEN Owner in AUSTRALIA COPPER/IRON ORE November 11: Avalon Minerals has begun a major new resource extension drilling program at its wholly owned Viscaria copper-iron project in Northern Sweden. The objective of the drilling is to convert previously established exploration targets to JORC reportable resources and to increase Avalon‟s overall JORC reported resource inventory, which comprises more than 66.2 Mt of both VMS and skarn-type mineralisation for 601,000 t of contained copper and 2.4 Mt of contained iron. In addition, a major new regional exploration program has started targeting a number of high priority areas within Avalon‟s tenure in the broader Kiruna region. The resource expansion and regional exploration programmes will run in parallel with the BFS into the development of the Viscaria project. Drilling started at D Zone on 11 November 2010 with the aim of delineating JORC reported resources in this area, where Avalon has previously established an exploration target of 30-50 Mt at 0.5% to 1.0% Cu and 25% to 35% Fe. This area is located to the south of the main mineralised zones at Viscaria. Drilling will initially comprise both percussion and diamond drilling to define the copper and magnetite content of the D Zone South at a drill spacing of 800 m. The drill programme is expected to take approximately three months to complete. Further diamond rigs are currently being mobilised to the Viscaria site to commence resource definition drilling at the northern end of D Zone, A Zone and B Zone over the established resource area. Resource definition drilling in these areas will continue through the rest of 2010 and into the first half of 2011. The planned drilling program comprises roughly 30,000 m and is aimed at increasing open pittable material from 15 Mt to 25 to 35 Mt to support the development case defined in the recently completed PFS of 3M t/y for 10 years, on which the Viscaria BFS will be based. This target of 25 - 35 Mt of open pittable material is an interim target only. Avalon‟s contiguous tenure in the Kiruna area contains several high priority targets identified from the recently acquired geochemical maps of the area. These areas have not been subject to detailed exploration for several reasons. Firstly, prior to 1995 it was not possible for foreign companies to control mining projects in Sweden. Secondly, the Swedish mining industry has generally restricted its exploration activities over the past 20-30 years to brownfields and near mine exploration. Kurravarra Kurravarra is approximately 10km north of Viscaria and is a 20km long target with overlying copper and magnetite geochemistry. The Kurravarra target is located in a geologically similar environment to the Viscaria project area (66.2 Mt @ 0.9% Cu resource including 9 Mt @ 0.6% Cu and 27% Fe). Vittangijarvi Vittangijarvi is 25 km north-west of Viscaria and is a large area (about 10 km by 6 km) of geochemical copper anomalism over greenstone rocks of a similar age to Viscaria. The area has evidence of numerous, small-scale, alluvial copper mining operations, and hosts several large scale magnetite rich horizons adjacent to a large granite intrusion. Karkejaure Karkejaure is a large (8 km by 7 km) granodiorite intrusion 50 km north of Viscaria. It carries a very large magnetic and gravity anomaly, and wide alteration halo of magnetite iron. Karkejaure is considered prospective for large scale iron oxide-copper- gold type mineralisation. Kallojankka Kallojankka is 10 km north-west of Viscaria. The prospect covers a 5 km by 2 km zone of anomalous geochemical copper mineralisation in greenstone rocks within the Kiruna shear zone to the north-east of the operating Kiruna mine. It is targeted for VMS style copper and base metal mineralisation related to the nearby granite intrusion. www.avalonminerals.com.au Country: AUSTRALIA Owner in AUSTRALIA COAL November 12: Endocoal is focused on the exploration and development of hard-coking, thermal and PCI coal projects in the Bowen Basin. Its current tenement package includes over 5,000 km2 in the highly prized Bowen Basin region of Queensland and are immediately adjacent to many existing coal producing mines. To date six of Endocoal's 10 tenements have been granted by the Queensland Department of Mines and Energy which will position the company well for the future. In addition Endocoal has registered six of its tenements, spanning approximately 2,800 km2 for the potential development of Underground Coal Gasification (UCG). Endocoal's strategy is to develop at least two new high quality coal mines over the next three years. www.endocoal.com.au Country: BRAZIL Owner in AUSTRALIA GOLD November 12: Beadell Resources has announced that JORC resources at the Tucano project have increased by 48% to 4.3 Moz. Global JORC resources for Tucano now total 90.4 Mt @ 1.5 g/t for 4.3 Moz of gold at a 0.5 g/t cut off, comprising 19.5 Mt @ 1.5 g/t gold for 1.0 Moz of oxide which will form the main ore source for the first 3 to 4 years of the operation followed by the primary ore which comprises a resource of 63.6 Mt @ 1.5 g/t for 3.1 Moz of gold. The global resource comprises Measured resources from stockpiles of 7.4 Mt @ 0.8 g/t gold for 0.18 Moz. Total Indicated resources for Tucano are 40.1 Mt @ 1.5 g/t for 2.0 Moz and total Inferred resources are 42.9 Mt @ 1.6 g/t for 2.2 Moz. All resource models have been handed over for mining optimisation work to be completed by the end of this year as part of the DFS, culminating in the release of a maiden JORC reserve.
  17. 17. Beadell‟s Managing Director Peter Bowler: “We are moving rapidly towards a decision to mine at completion of the DFS at the start of next year and look forward to joining the ranks of mid tier gold producers by early 2012” The Urucum deposit is the largest of the known gold deposits at Tucano forming a 3 km long zone of mineralisation hosted in sheared and sulphidised BIF. Total resources for Urucum are 48.8 Mt @ 1.6 g/t for 2.5 Moz, significant oxide mineralisation exists along the 3 km strike length totalling 7.7 Mt @ 1.3 g/t for 0.3 Moz. The primary ore, totalling 41 Mt @ 1.6 g/t for 2.2 Moz, has been drilled to roughly 500 m below surface where ore grade intercepts remain completely open at depth. Taperaba AB is the southernmost deposit along the main 7 km long north-trending mineralised BIF. Total resources for Tapereba AB are 25.3 Mt @ 1.5 g/t for 1.2 Moz of gold. Total oxide resources for Taperaba AB stand at 6.7 Mt @ 1.7 g/t for 0.4 Moz of gold with underlying fresh rock primary resources of 18.6 Mt @ 1.4 g/t for 0.8 Moz of gold. A high grade zone referred to as the Trough zone forms a central lode to the broader deposit where extremely high grade results have been reported recently including 10.4 m @ 25.6 g/t gold and 10.3 m @ 23 g/t gold. At Tap AB 1 a gently west- dipping lode with very low strip ratio exists where recently reported approximate true width results included 33 m @ 4.3 g/t gold from 4 m and 19 m @ 4.5 g/t gold from 3 m. Total resources for Tapereba C are 6.5 Mt @ 1.2 g/t for 0.3 Moz of gold. The deposit has a deep weathering profile and is dominated by oxide mineralisation. Tapereba D – 2.4 Mt @ 1.2 g/t gold for 0.1 Moz Duck Head – 0.1 Mt @ 17.1 g/t gold for 63,000 oz Stockpiles – 7.4 Mt @ 0.8 g/t gold for 0.2 Moz A large inventory of spent ore and low grade stock piles adjacent to the plant site are an important source of ore for future processing. Total resources for spent ore and low grade stock piles are 5.8 Mt @ 0.8 g/t gold for 140, 000 oz and 1.5 Mt @ 0.9 g/t for 44,000 oz respectively. Metallurgical test work completed on these stock piles indicates excellent recoveries averaging 90% for the spent ore. www.beadellresources.com.au Country: CANADA Owner in CANADA ZINC/LEAD November 12: Selwyn Resources has announced that Selwyn Chihong Mining Ltd (SCML) has reimbursed Selwyn C$7.44 million for the second tranche of Selwyn project pre-development program expenditures incurred. Selwyn has received an aggregate C$12.52 million for its project expenditures. With receipt of these funds, Selwyn has C$9.8 million in working capital to fund its ongoing corporate and administrative expenses and no debt. The ongoing exploration and development of the Selwyn project will be funded by the joint venture. The newly formed Selwyn Chihong Mining Ltd. joint venture company is carrying out the C$89 million exploration and development program that started in June 2010 in support of the completion of a feasibility study and permitting activities. Selwyn's focus is the exploration and development of the Selwyn project in eastern Yukon and Northwest Territories with its joint venture partner Yunnan Chihong Zinc and Germanium Co. The mineral resource at the Selwyn project stands at 154.35 Mt grading 5.35% zinc and 1.86% lead of Indicated resources, and 234.15 Mt grading 4.54% zinc and 1.41% lead of Inferred resources.www.selwynresources.com Country: CANADA Owner in CANADA POTASH November 12: Saskatchewan First nations are making a push to get involved in the lucrative potash industry. The Muskowekwan First Nation has signed an agreement with Vancouver based Encanto Potash Corp to develop a mine on its land northeast of Regina. Chief Reg Bellegarde: "It is good for our community, it is good for our First Nation, and it's good for our future." The mine would cover a 43,000 acre region, creating almost 300 jobs and generating a 3% royalty for the First Nation. "Our government funding through contributions is not meeting the needs, so our focus is our own source of revenue. The best way is to partner with industry." Members of the First Nation still need to approve the venture through a vote, and a feasibility study needs to be done, but Encanto is confident this project can be a success. Encanto President and C.E.O. James Walchuck: "There's six holes surrounding it that tell us that there's potash at fairly good grades, and then we have two holes telling us that it's as good or better than the existing mines right now." Encanto was created to work with First Nations peoples in Saskatchewan to assist them in developing potash resources on their lands. It is focused on exploring for potash in five southeast Saskatchewan prospects, working with the Chacachas, Day Star, Muskowekwan, Muscowpetung and Ochapowace First Nations. At the Muskowekwan project initial assays returned values greater than 25% K2O or 40% KCl over mineable widths in two separate potash beds. The company plans to drill four infill holes at Muskowekwan for its initial resources calculation due in Q1 2011. Seismic results from an extensive 3D program at Muskowekwan are currently available. www.encantopotash.com/muskowekwan Country: SOUTH AFRICA Owner in SOUTH AFRICA/AUSTRALIA COAL November 12: The Firestone Energy/Sekoko Joint Venture has made tremendous progress in development of the Waterberg coal project adjacent to the 30 year old Exxaro Grootegeluk coal mine in the Limpopo region of South Africa. The DFS has been completed and signed offtake expected by December 2010. The current open-pit mine has a 21-year mine life with a very low strip ratio of overburden to saleable coal strip ratio of 2 to 1 and only 6.4% of the total coal gross tonnes in situ (August 2010 resource update) will be mined within this initial pit, so the coal seams are still open in all directions, and six coal seams are still under the first stage 70 m deep pit floor. Submission has been made of the Mining Rights application, Social Labour Plans and the Environmental Impact Assessment scoping report. The Water Use Licence Authority (WULA) will be completed by end of November 2010 followed by the submission of the Environmental Management Program (EMP) before the end of December 2010. Completed site visits by the Department of Water Affairs, the Department of Environment and Tourism and the Department of Local Economic Development Environment and Tourism revealed no issues, and gives the company confidence that its application for both WULA and EMP will be accepted with minimal or no queries expected.

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