Not a surprise whatsoever as I’ve been stating for the past few days that $FB is waaaaayyy too overvalued here.
I don’t mind trading the action given the volume and volatility we will see in the next few weeks …. but not a hold from here at these prices.
Underwriters now have a real problem on their hand by having to defend $38 …. and all the buying at that level came in from them …. but they can’t defend indefinitely.
Regards,
George
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Golden Minerals Announces High Grade Resource Estimate for Velardena Property in Durango, Mexico
Ticker Symbol: U:NYSE U:AUMN C:AUM
GOLDEN, CO – (Marketwire) – 05/18/12
Golden Minerals Company (“Golden Minerals” or the “Company”) (NYSE Amex: AUMN) (TSX: AUM) is pleased to announce the results of a Canadian National Instrument 43-101 (“NI 43-101″) compliant mineral resource estimate for the Velardeña Operations in Mexico which was received yesterday, May 17th. The resource estimate has been prepared under the direct supervision of Robert Sanderfur, PE, of the firm of Chlumsky, Armbrust and Meyer (CAM).
The new resource estimate demonstrates significantly higher grades (approximately 50% on a gold/silver equivalent basis) than previous estimates.
The CAM measured, indicated and inferred resource estimate, which does not include the San Diego property, is shown in the following table:
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Classification Tonnes Gold Silver Gold Silver Silver
(M) (g/t) (g/t) Ounces Ounces Equivalent
(M) (M) Ounces (M)
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Measured & 2.3 3.46 195 0.3 14.6 27.6
Indicated
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Inferred 3.1 3.33 159 0.3 15.8 32.3
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The CAM resource used a gold price of $1255.12 per troy ounce and a silver price of $23.28 per troy ounce, and a cutoff grade of a net smelter return (NSR) of $120.00 per troy ounce.
The measured and indicated resource at Velardeña is 2.3 million tonnes at grades of 3.46 grams per tonne of gold and 195 grams per tonne of silver which at a 50:1 gold to silver equivalent ratio totals 27.6 million ounces. Previous estimates had greater tonnes at significantly lower grades and slightly higher total ounces.
The measured and indicated resource remains relatively the same after two years of mining which indicates that the Company has been able to develop new measured and indicated resources to replace those mined. The Company and CAM believe that this rate of replacement is likely to continue in the future, and that this deposit is similar to other epithermal vein systems where it is not cost effective or practical to drill the entire resource base.
Jeffrey G Clevenger, President and CEO, commented, “Golden Minerals is fortunate to have a near term cash generating project in this current down turn for the junior sector. Higher grades identified with our new resource estimate at Velardeña will only facilitate our goals of becoming financially self sufficient.”
The new estimate of inferred is reduced from previous estimates as a result of a conservative strict geostatistical approach for classifying the inferred category. The new CAM inferred resource estimate for contained ounces of gold and silver is 0.3 million and 15.8 million ounces respectively, compared to 1.4 million and 63.8 million respectively in the previous estimate.
CAM also provided the following conceptual estimate of the exploration potential of additional mineralized zones, most of which were included in the previous estimate of inferred resources.
The range of potential is as shown below:
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Range Tonnes (M) Gold (g/t) Silver (g/t)
----------------------------------------------------------------------------
High 27.9 3.4 210
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Low 10.5 2.3 140
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The exploration potential was calculated on the basis of similar parameters to that of the previous estimate for inferred resources. Potential must be stated as a range and there is much greater uncertainty in tonnage than grade. Uncertainty in grade is in the order of + or – 20%.
The potential quantity and grade shown in the table above is conceptual in nature. Insufficient exploration has been completed at this stage to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Robert Sandefur, PE, the CAM geostatistician responsible for the new resource estimate, and qualified person, commented that “The CAM calculation of the range of potential appears to be similar to previous estimates of inferred resource and there is greater upside potential to the high number than downside potential to the low number.”
About Golden Minerals
Golden Minerals is a Delaware corporation based in Golden, Colorado, primarily engaged in the ramp-up and expansion of existing production at the Velardeña Operations in Mexico and advancement of the evaluation stage El Quevar project in Argentina.
Review by Qualified Person, Quality Control and Reports
The mineral resource estimate was prepared by the consulting firm of Chlumsky, Armbrust & Meyer, under the supervision of Robert Sandefur, Professional Engineer, and a Qualified Person as defined by NI 43-101, who is independent of Golden Minerals. The mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions and Guidelines, prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council on December 11, 2005.
A NI 43-101 Technical Report supporting disclosure of this mineral resource will be filed by Golden Minerals on SEDAR within 45 days of this press release.
Cautionary Note to U.S. Investors concerning Estimates of Measured, Indicated and Inferred Resources
This press release uses the terms “measured resources,” “indicated resources” and “inferred resources” which are defined in, and required to be disclosed by, NI 43-101. We advise U.S. investors that these terms are not recognized by the United States Securities and Exchange Commission (the “SEC”). The estimation of measured resources and indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. Mineral resources are not mineral reserves, and U.S. investors are cautioned not to assume that measured mineral resources or indicated mineral resource will be converted into reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically mineable, or will be upgraded into measured or indicated mineral resources.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and applicable Canadian securities laws, including statements regarding forecasts of production from the Velardeña Operations and estimates of measured, indicated and inferred resources, as well as estimates of the exploration potential of additional mineralized zones. These statements are subject to risks and uncertainties, including unexpected events at the Velardeña Operations, including further delays in obtaining the underground mobile mining equipment from El Quevar, or in completing installation of the bulk flotation process at the oxide plant; operational changes or problems; variations in ore grade and relative amounts, grades and metallurgical characteristics of oxide and sulfide ores; delays or failure in receiving required board or government approvals or permits; technical, permitting, mining, metallurgical or processing issues; failure to achieve anticipated increases in production and improvements in head grades, recoveries and concentrate production and quality at the Velardeña Operations; problems that delay or reduce mine development; delays in or failure to realize anticipated benefits of plant optimization efforts; timing and availability of external funding on acceptable terms to construct expanded production facilities; changes in and unfavorable interpretations of geologic, metallurgical, mining or processing information; failure to realize anticipated gold production increases from the addition of the bulk flotation process being installed at the oxide plant; failure to realize anticipated production increases from the anticipated increase in mine development; loss of and inability to adequately replace skilled mining and management personnel; possible disputes with customers or joint venture partners; failure of undeveloped ore or veins to meet expectations; volatility or other changes in the U.S. and Canadian securities markets; availability and cost of materials, supplies and electrical power required for mining operations and exploration; fluctuations in silver, gold, zinc and lead prices, costs and general economic conditions; changes in political conditions, tax, environmental and other laws, diminution of physical safety of employees in Mexico, and other conditions in the countries in which the Company operates. Additional risks relating to Golden Minerals Company may be found in the periodic and current reports filed with the Securities Exchange Commission by Golden Minerals Company, including the Annual Report on Form 10-K for the year ended December 31, 2011.
For additional information please visit http://www.goldenminerals.com/ or contact:
Golden Minerals Company
Jerry W. Danni
Executive Vice President
VANCOUVER, May 16, 2012 /PRNewswire/ – Yukon-Nevada Gold Corp. (TSX: YNG) (Frankfurt Xetra Exchange: NG6) (the “Company”) today announced its financial and operational results for the first quarter ended March 31, 2012. This information should be read in conjunction with the Company’s condensed consolidated interim financial statements, including the notes thereto, and Management’s Discussion and Analysis. All dollar amounts are expressed in United States Dollars unless otherwise specified.
Highlights for the three-month period ended March 31, 2012 include:
Jerritt Canyon
On January 6, 2012 Jerritt Canyon commenced an extended, scheduled shut down to perform significant maintenance and overhaul of key areas on the mill. This included completing construction of a new drying facility, reconfiguring the conveying system in fine crushing, and installation of a new Distributed Control System (“DCS”) for the entire plant. Commissioning of the new components commenced on January 23, 2012 and continued through February 1, 2012 with the first day of production with both roasters operating on February 3, 2012.
Subsequent to the February 2012 re-start, production from the mill was less than expected for the remainder of the first quarter, averaging 1,400 tons per day which resulted in total production of 11,659 ounces during February and March 2012. The underperformance was a result of problems encountered during commissioning of the new DCS system and calibration of instrumentation, dryer bag-house, and the dryer burner. Troubleshooting and instrument calibration took approximately six weeks to complete. Additional issues were encountered with the new bag-house fans and pukers which were rectified by mid-February and have operated properly since.
In early March, additional issues with the new ore dryer and bucket elevator were identified. The Company is currently working with the ore dryer manufacturer and has put in procedures to mitigate the impact of the ore dryer issues until a permanent solution can be put in place. With the identification and rectification of these issues, the newly commissioned equipment is operational and is expected to achieve targeted average production of over 3,600 tons per day in the second quarter of 2012.
During the quarter Small Mine Development, LLC (“SMD”) delivered 91,265 tons to the mill, containing an estimated 9,096 ounces, from the Smith mine during the three months ended March 31, 2012. The deliveries in the quarter averaged 960 tons a day as SMD continues towards a production of 1,200 tons per day targeted for the second quarter of 2012.
At the Company operated SSX-Steer underground mining complex, the Company continued to ramp up the production rates delivering 26,305 tons containing an estimated 2,988 ounces during the three months ended March 31, 2012; an increase from the previous quarter’s delivery of 9,051 containing an estimated 1,117 ounces. Delivery of additional key equipment at SSX-Steer included three underground trucks and two drill jumbo’s. In the second quarter of 2012, delivery is expected for one new drill jumbo, one new bolter, and four new haul trucks equipped with boxes especially designed for hauling backfill. After receipt of this equipment the operation will be fully outfitted and ore production is expected to be at 1,200 tons per day.
A total of 11 underground diamond drill holes totaling 10,332 feet were completed in Zone 4 at Smith Mine in the first Quarter of 2012. Assays are in progress.
Ketza River
A meeting between Ketza River Holdings and Kaska First Nations was held in Ross River on March 21, 2012 where a Socio-Economic Participation Agreement was officially signed. Both Graham Dickson, Senior Vice President Acquisitions and Corporate Development, and Chief Jack Caesar, signed the document at this public event.
As well, the Company submitted an exploration plan for 2012 to the Mining Recorder on March 31, 2012 that included proposed sites for drilling and Yukon Environmental and Socio-economic Assessment Board (“YESAB”) activities. The 2012 drilling program will focus on three areas: some expansion drilling in the known resource areas including Penguin and Lab-Hoodoo; exploration drilling in the north part of the claim block; and continued drilling in the southern part of the claim block.
Outlook
In achieving the targeted production rate of 150,000 ounces of gold under steady state operations, the Company is focusing on ramping up production from the SSX-Steer mine which will be complete towards the end of the second quarter with the delivery of the remaining underground trucks and other equipment. As well, the Company will continue to process available stockpiles and receive ore from the Smith mine at an increasing rate. Longer term the Company is looking at profitable opportunities to acquire mineable assets in the area and process third party ore under a toll milling arrangement. The Company will also continue building the necessary infrastructure and making equipment purchases in order to open a third mine on the property, Starvation Canyon, located on the south end of Jerritt Canyon.
The surface exploration program in 2011 has identified a number of areas of interest and proven the viability of the East and West Mahala resources which lie between the Smith and the SSX-Steer mine. Additional survey work in the Starvation area has identified further areas of interest that will need to be explored in the 2012 drill program as well. These results have largely been incorporated into a new reserve up date that the Company released on April 27, 2012 which can be found on our website here: http://www.yukon-nevadagold.com/i/pdf/Jerritt_43-101_Technical_Report_YE2011.pdf
In the Yukon, the Company is continuing to work through question and answer phase of the Yukon Environmental and Socio-economic Assessment process with the YESAB. Should the permitting be approved on a timely basis (within 12 months of submission) the Company will be able to commence construction of the planned tailings facility and commence mining upon its completion.
In April the Company announced that it had initiated a process to explore and evaluate potential strategic alternatives to maximize shareholder value. As part of the Strategic Review, the Company and its Financial Advisors have undertaken a comprehensive analysis and evaluation of the prospects and options available to the Company, which may include a sale, business combination, joint venture, merger, acquisition, strategic investment or other alternatives identified by the Company or the Financial Advisors. The Strategic Review is progressing in a timely fashion and results/conclusions will be reported as required.
Yukon-Nevada Gold Corp. is a North American gold producer in the business of discovering, developing and operating gold deposits. The Company holds a diverse portfolio of gold, silver, zinc and copper properties in the Yukon Territory and British Columbia in Canada and in Nevada in the United States. The Company’s focus has been on the acquisition and development of late stage development and operating properties with gold as the primary target. Continued growth will occur by increasing or initiating production from the Company’s existing properties.
If you would like to receive press releases via email please contact nicole@yngc.ca and specify “Yukon-Nevada Gold Corp. releases” in the subject line.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
WARNING: The Company relies upon litigation protection for “forward-looking” statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE Yukon-Nevada Gold Corp.
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VAL-D’OR, QUEBEC, CANADA — (Marketwire) — 05/16/12 — Metanor Resources Inc. (“Metanor”) (TSX VENTURE:MTO) is pleased to provide a new update of its exploration work at the Bachelor project.
Metanor continues underground drilling of the “Main” and “B”, veins from the level 15 of the Bachelor Lake mine. To date, 20 holes totaling 6,370 meters of drilling were completed. These drill holes targeted areas to further increase the resource aiming at known extensions of the “Main” veins and “B” between the 14th and 15th levels.
Recently, a second drill was put into operation. This drill located on the 13th level is targeting the lateral extensions of the “Main” and “B” veins between the 12th and 14th levels to provide supporting information for the continued mine development on these levels. To date, 3 drill holes totaling 320 meters of drilling were completed on level 13.
The following table summarizes the most significant intersections obtained since the publication of the last press release (REF.: February 29, 2012) :
--------------------------------------------------------------------------- Drill Hole From(M) To(M) Width (m)(i) Grade g/T Zone --------------------------------------------------------------------------- 13-001 48.04 48.25 0.21 4.16 C-2 --------------------------------------------------------------------------- 13-001 56.24 56.45 0.21 16.00 C-1 --------------------------------------------------------------------------- 13-001 80.62 84.70 4.08 26.36 Main --------------------------------------------------------------------------- 15-001 237.74 245.52 7.78 0.22 B --------------------------------------------------------------------------- 15-002 232.92 239.29 6.37 1.60 B --------------------------------------------------------------------------- 15-004 226.62 229.97 3.35 3.40 Main --------------------------------------------------------------------------- 15-004 236.04 238.48 2.44 6.50 B --------------------------------------------------------------------------- 15-005 216.92 222.56 5.64 17.24 Main --------------------------------------------------------------------------- 15-008 207.42 215.40 7.98 0.68 Main --------------------------------------------------------------------------- 15-008 239.60 243.84 4.24 1.03 B --------------------------------------------------------------------------- 15-010 242.19 246.52 4.33 6.74 B --------------------------------------------------------------------------- 15-012 246.92 248.41 1.49 8.25 B --------------------------------------------------------------------------- 15-013 235.55 239.24 3.69 4.49 Main --------------------------------------------------------------------------- 15-014 239.11 244.70 5.59 4.37 Main --------------------------------------------------------------------------- 15-014 268.50 276.83 8.33 5.31 B --------------------------------------------------------------------------- 15-015 183.87 190.88 5.52 3.84 Main --------------------------------------------------------------------------- 15-015 259.23 264.57 5.34 2.07 B --------------------------------------------------------------------------- 15-016 232.71 233.69 0.98 7.63 Main --------------------------------------------------------------------------- 15-016 249.42 255.15 5.73 16.81 B --------------------------------------------------------------------------- 15-017A 201.78 206.12 4.34 4.67 Main --------------------------------------------------------------------------- 15-017A 268.62 270.99 2.37 5.02 B --------------------------------------------------------------------------- ((i))All intercepts represent the true core length
Metanor is very encouraged by the results achieved to date in its efforts to increase the resource at its Bachelor Lake mine project. It is now planned to maintain permanently the presence of at least two drill rigs underground in order to continue to achieve the following objectives: Further increase the resource and continue the development of the mining project into production.
In addition, in the third quarter, Metanor intends to initiate a series of drill holes to probe the Bachelor deposit up to 1,000 feet below 15 (level 15 is located 2,300 feet below the surface) since the recent drillings confirm the deposit is open at depth.
The true width is approximately 80-90% of the core length obtained in diamond drill holes. The samples were assayed by fire-assay at the Metanor assay lab. The quality control program of the assay results (QA QC) adopted by Metanor includes a minimum of 10% of controlled assays being conducted as well as verification by an independent external assay lab.
About Metanor
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient exploration, and development of it properties. Maintaining a low risk profile through a strong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor’s management team.
Qualified Person
Pascal Hamelin, P.Eng, Vice-president of Operations, is the Qualified Person under NI 43-101 responsible for reviewing and approving the technical information contained in this news release.
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
226,639,754 outstanding shares
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Ronald Perry, Vice-President
514-262-8286
rperry@metanor.ca