Ministry of Energy and Mines
Ministry of Energy and Mines
News Article | May 16, 2017
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2017) - Aben Resources Ltd. (TSX VENTURE:ABN) (OTCBB:ABNAF) (FRANKFURT:E2L2) ("Aben" or the "Company") is pleased to provide an updated timeline and summary of the Company's exploration plans for its 100% held 23,000 hectare Forrest Kerr Gold Project, located in BC's Golden Triangle, for the 2017 field season. The Aben exploration team will arrive to site in the third week of June to begin field work that will include drill target generation, ground truth exploration and surface sampling. Aben has applied for a Multi-Year Area Based permit from the B.C. Ministry of Energy and Mines, wherein three main zones have been defined as a focus for exploration activities and subsequent drill testing in 2017. Historic drilling on the Forrest Kerr Project has encountered several high grade precious metal and base metal intercepts including: Aben has not been able to independently verify the methodology and results from historical work programs within the property boundaries. However, management believes that the historical work programs have been conducted in a professional manner and the quality of data and information produced from them are relevant. The areas of interest contain several precious and base metal occurrences within Hazelton Group rocks, which host several mineral deposits throughout the region. Widespread quartz-sericite-pyrite alteration zones indicate that a robust hydrothermal system was active and is likely related to early Jurassic intrusive bodies found in close proximity to the altered zones. The property has excellent potential to host both volcanogenic massive sulphide (VMS) mineralization similar to the historic Eskay Creek mine and transitional epithermal vein mineralization analogous to Pretivm Resources Brucejack gold mine. Exploration in 2017 will be guided with both of these depositional models in mind as Aben seeks to extend historically defined mineralization and probe for a new discovery. The Forrest Kerr Gold Property has significant potential to host precious metal mineralization in the heart of the Golden Triangle of British Columbia. The Property is host to numerous mineralized occurrences that have been defined through systematic fieldwork conducted from the late 1980's to the mid 2000's. Only limited fieldwork has been completed on the Property in the last decade, during which the area has seen major infrastructure improvements including road access and hydro-electric facilities. In addition, rapid melting rates of glaciers on the property have provided new exposures in areas that were inaccessible during previous exploration campaigns. The Golden Triangle is host to significant mineral deposits including Galore Creek, Copper Canyon, Schaft Creek, Brucejack, Snowfield, KSM, Snip, Granduc, and Red-Chris amongst others. Aben's Forrest Kerr land package is located along the Forrest Kerr Fault, immediately north of the Iskut River and extends 6 kilometers north of More Creek. The project is road accessible to its northern portion via the Galore Creek road and to its southern end via the Coast Mountain Hydro road. The Forrest Kerr Hydroelectric Facility, which supplies 195 MW of energy to the BC power grid via the 287 kV Northwest transmission line, is located in the southern portion of the property. The claims span 40 kilometers in a north-south direction over Hazelton and Stuhini Group rocks, a complex assemblage of volcanic and sedimentary sequences which host numerous significant gold deposits in B.C.'s Golden Triangle area. Cornell McDowell, P.Geo., V.P. of Exploration of Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101. Aben Resources is a Canadian gold exploration company developing projects in British Columbia's Golden Triangle, the Yukon and Saskatchewan. For further information on Aben Resources Ltd. (TSX VENTURE:ABN), visit our Company's web site at www.abenresources.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management 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 the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
News Article | May 25, 2017
Tahoe Resources Inc (CN:THO) says a legal claim by an anti-mining group in Guatemala against the Ministry of Energy and Mines (MEM) has not impacted its flagship silver mine. The claim lodged by non-government organisation CALAS against MEM this week follows Tahoe vowing in March to appeal a Canadian court ruling relating to legal action filed by claimants from Guatemala in 2014. Tahoe said CALAS had alleged MEM violated the Xinca indigenous people’s right of consultation in advance of granting the Escobal mining licence to Tahoe’s subsidiary Minera San Rafael. Tahoe CEO and president Ron Clayton said there had been hundreds of meetings and consultations dating back to 2010 and the company believed the claim was without merit. “This is an attempt by an anti-mining NGO to oppose mining and other development in Guatemala despite the many benefits that these projects bring to local communities,” he said. Escobal started commercial production in 2014 and drove Tahoe’s record cash flow and strong first quarter results, with the mine increasing silver production 17% to 5.7 million ounces at all-in sustaining costs of $8.11/oz for the quarter. MEM has 48 hours to issue a response to the Supreme Court, which is then expected to issue an initial ruling in the next four weeks. Meanwhile, Tahoe announced in March it would appeal a ruling made by the British Columbia Court of Appeal in January, which had said legal action filed against the company in 2014 by Guatemalan claimants could be heard in Canada. “While the ultimate result of the action is not expected to have a material financial impact on the company, it believes that it could have negative industry-wide implications,” Tahoe said in March, adding it would appeal the decision in Canada’s Supreme Court.
News Article | May 23, 2017
CALGARY, ALBERTA--(Marketwired - May 23, 2017) - Crown Point Energy Inc. (TSX VENTURE:CWV) ("Crown Point", the "Company" or "we") today announced its operating and financial results for the three months ended March 31, 2017. Copies of the Company's unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") filings for the three months ended March 31, 2017 are being filed with Canadian securities regulatory authorities and will be made available under the Company's profile at www.sedar.com and on the Company's website at www.crownpointenergy.com. All dollar figures are expressed in United States dollars ("USD") unless otherwise stated. In the following discussion, the three months ended March 31, 2017 may be referred to as "Q1 2017", the comparative three months ended March 31, 2016 referred to as "Q1 2016", and the previous three months ended December 31, 2016 referred to as "Q4 2016". In Q4 2016, the Company requested a two year extension of the December 31, 2016 commitment dates for drilling one exploration well on each of the Rio Cullen and La Angostura Concessions. Approval of the extension was received from both the Secretary of Energy and Governor of the Province, however the approval was not ratified prior to the Christmas recess of the Provincial Legislature on December 15, 2016. Accordingly, the Company and its partners commenced preparation of the two drilling sites (RC x-1002 in Rio Cullen and SM x-1001 in La Angostura) in late December 2016. SM x-1001 was drilled and cased in Q1 2017 and RC x-1002 commenced drilling in March 2017 and was cased in April 2017. Perforation and testing of both wells is planned to commence in June 2017. The Company fulfilled the Rio Cullen concession expenditure commitment during Q1 2017 and expects to fulfill the La Angostura concession expenditure commitment by June 30, 2017. Prospect identification and evaluation to develop additional exploitation, step out and appraisal locations on the Las Violetas Concession is ongoing. The Company has a 100% working interest in the 100,907 acre area covered by the Cerro de Los Leones ("CLL") Concession Permit, which is located in the northern portion of the Neuquén Basin in the Province of Mendoza, Argentina. In Q4 2016, the Company applied for an extension to the Period 2 exploration period which was to expire on May 21, 2017. The extension was requested to allow the Company time to acquire 234km2 of 3-D seismic and drill one exploration well. In March 2017, the Mendoza provincial government formally agreed to extend the deadline to acquire seismic until January 22, 2018 and informally agreed to extend the commitment to drill one exploration well for an unspecified period following the acquisition of seismic. The Company is seeking a partner in the CLL concession to share future capital costs and provide capital cost recovery opportunities on existing and previous capital projects. Crown Point estimates a total of $12.3 million of capital expenditures for 2017 comprised of $3.5 million of expenditures on the TDF concessions and $8.8 million of expenditures on the CLL concession (which will be reduced if the Company obtains a partner at CLL). Crown Point expects to meet these obligations, along with its other anticipated expenses, using funds flow from operations, expected proceeds from Petróleo Plus bonds as well as additional debt and/or equity financings and potential joint venture arrangements. The Company anticipates the following activities to occur during Q2 2017 and Q3 2017 at a total estimated cost of $11 million: Since December 2015, the President of Argentina, Mauricio Macri, has undertaken several measures to stabilize the Argentine economy and rebuild trust and confidence. Some of these measures include: relaxing of currency controls, reaching an agreement with holdout creditors, lifting restrictions to capital inflow/outflow, returning to the international capital markets, removing or reducing export duties, gradually removing import restrictions, correcting exchange rates and subsidies, and reestablishing relations with countries that have traditionally been Argentina's business and political partners. Recent impacts of these changes include an increase in interest rates by the Central Bank of Argentina to control inflation; a decrease in Argentina's inflation rate, although it still remains high; and a stabilization of the ARS/USD exchange rate. The Argentine government continues its efforts to attract investment in Argentina, particularly in the energy sector, and the response from foreign investors has been positive. Following his election, President Macri replaced the Secretaría de Energía with the Ministry of Energy and Mines and appointed Juan Jose Aranguren, the former CEO of Shell´s Argentine branch, as the Minister. The reorganization of Argentina's Federal Administration for Energy underlines the strategic importance of the energy industry to the Macri government. One of the first acts of the Ministry of Energy and Mines was the implementation of measures to gradually reduce subsidized natural gas and electricity residential rates over a three year period. In January 2017, at the request of the Government of Argentina, an agreement to converge the Medanito and Escalante oil prices with international Brent pricing over the coming months (the "Pricing Agreement") was signed by a majority of producers and refiners in Argentina. Under the terms of the Pricing Agreement, local refiners will pay $59.40 per bbl for Medanito crude oil and $48.30 per bbl for Escalante crude oil in January 2017 and the prices will be gradually decreased every month until they reach $55 per bbl and $47 per bbl, respectively, in July 2017. Prices in effect in July 2017 will then be applicable until December 31, 2017, when the terms of the Pricing Agreement are set to expire. The Pricing Agreement will remain in place until December 31, 2017 unless (1) the Brent price falls below $45 per bbl for ten consecutive days or (2) the Argentinian peso depreciates more than 20%, in which case the Pricing Agreement will be renegotiated. Further, the Pricing Agreement outlines that should Brent remain higher than $1.00 above the monthly Medanito floor price for ten consecutive days, the Pricing Agreement will be suspended and the Brent price will be adopted. Oil from Crown Point's TDF concessions is sold at a discount to the Medanito crude oil price. Under the terms of the Pricing Agreement and taking the discount into account, the Company expects to receive an average of $47.85 per bbl for its TDF oil in 2017. On October 6, 2016, the Ministry of Energy and Mines issued Resolution 212/2016 which specified that new prices for residential users would commence on October 7, 2016 with a 300% to 400% increase limit to prices set in the comparative period of the previous year, depending on the type of residential user, and a 500% increase limit for small and medium-sized companies. The Company expects to receive an average of $3.73 per mcf for its TDF gas in 2017. The Company's operating netback was lower in Q1 2017 as compared to Q1 2016 due primarily to a decrease in oil and gas revenue per BOE and an increase in operating costs per BOE. During Q1 2017, the Company's average daily sales volumes were 1,200 BOE per day, down 15% from 1,412 BOE per day in Q4 2016 and down 18% from 1,462 BOE per day in Q1 2016 due mainly to lower sales of inventoried volumes of oil in Q1 2017 combined with natural declines. TDF average daily production volumes for Q1 2017 were 1,298 BOE per day, down 2% from 1,329 BOE per day in Q4 2016 and down 9% from 1,421 BOE per day in Q1 2016. The decrease in Q1 2017 daily production volumes is due to the natural decline of wells. Operating costs are higher in Q1 2017 as compared to Q1 2016 due mainly to increased contract operator costs caused by increased operating activity, as well as higher costs related to company labor and supervision and access rights. G&A expenses were 2% lower in Q1 2017 compared to Q1 2016. The decrease in Q1 2017 G&A expenses is due to a reduction in staffing levels, the closing of the Calgary office and cost savings achieved in the Argentina offices. Crown Point Energy Inc. is an international oil and gas exploration and development company headquartered in Calgary, Canada, incorporated in Canada, trading on the TSX Venture Exchange and operating in South America. Crown Point's exploration and development activities are focused in two of the largest producing basins in Argentina, the Austral basin in the province of Tierra del Fuego and the Neuquén basin, in the province of Mendoza. Crown Point has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a basis for future growth. Certain Oil and Gas Disclosures: Barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (6 Mcf) to one barrel (1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil in Argentina as compared to the current price of natural gas in Argentina is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. "Mcf" means thousand cubic feet. "bbls" means barrels. "km" means kilometers. "3-D" means three dimensional. "Q2" means the second quarter. "Q3" means the third quarter. This press release also contains other industry benchmarks and terms, including "operating netbacks" (calculated on a per unit basis as oil, natural gas and natural gas liquid revenues less royalties, transportation and operating costs), which is a non-IFRS measure. Management believes this measure is a useful supplemental measure of the Company's profitability relative to commodity prices. Readers are cautioned, however, that operating netbacks should not be construed as an alternative to other terms such as net income as determined in accordance with IFRS as measures of performance. Crown Point's method of calculating this measure may differ from other companies, and accordingly, may not be comparable to similar measures used by other companies. Non-IFRS Measures: This press release contains the term "funds flow from (used by) operations" which should not be considered an alternative to, or more meaningful than, operating cash flows from (used by) operations as determined in accordance with IFRS as an indicator of the Company's performance. Funds flow from (used by) operations and funds flow from (used by) operations per share (basic and diluted) do not have any standardized meanings prescribed by IFRS and may not be comparable with the calculation of similar measures used by other entities. Management uses funds flow from (used by) operations to analyze operating performance and considers funds flow from (used by) operations to be a key measure as it demonstrates the Company's ability to generate cash necessary to fund future capital investment. Funds flow from (used by) operations per share is calculated using the basic and diluted weighted average number of shares for the period consistent with the calculations of earnings per share. A reconciliation of funds flow from (used by) operations to cash flows from (used by) operations is presented in the March 31, 2017 MD&A which will be made available under the Company's profile at www.sedar.com. Forward looking information: Certain information set forth in this document is considered forward-looking information, and necessarily involves risks and uncertainties, certain of which are beyond Crown Point's control, including: under "Operational Update - Tierra del Fuego Concession", the operations that the Company intends to conduct on certain of its TDF assets and the planned timing thereof and the benefits that the Company expects to derive therefrom; under "Operational Update - Cerro de Los Leones Concession", the operations that the Company intends to conduct on certain of its CLL assets and the expected timing thereof and the benefits that the Company expects to derive therefrom and the intention to seek a partner at CLL; under "Outlook", our estimated capital expenditures for fiscal 2017 and Q2 and Q3 2017 combined, the allocation of expenditures between our TDF and CLL concessions, the elements of our capital program for these periods, our estimates of the costs to complete the elements of the program and the timing thereof, and our expectations for how we will fund our capital programs; under "Developments in Argentina - Political and Economic Developments", our expectations for policies that the Government of Argentina will pursue going forward (including the implementation of gradual increases in natural gas prices) and their potential impact on the oil and gas industry in Argentina generally and the Company in particular; and under "Developments in Argentina - Commodity Price Developments - Crude Oil / Natural Gas", our expectations regarding the impact that the Argentine government's evolving energy policies and reforms may have on commodity prices in Argentina, including the Company's estimates with respect to its realized commodity prices for 2017. Such risks include but are not limited to: the failure to satisfy work commitments and the resulting loss of exploration and exploitation rights and, in the case of CLL, the obligation to pay the value of such unsatisfied work commitments to the provincial government; risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; risks associated with operating in Argentina, including risks of changing government regulations (including the adoption of, amendments to, or the cancellation of government incentive programs or other laws and regulations relating to commodity prices, taxation, currency controls and export restrictions, in each case that may adversely impact Crown Point), risks that new government initiatives will not have the consequences the Company believes (including the benefits to be derived therefrom), the risk that the Company may not receive any bonds in consideration of its Petróleo Plus and Gas Plus credits, expropriation/nationalization of assets, price controls on commodity prices, inability to enforce contracts in certain circumstances, the potential for a hyperinflationary economic environment, and other economic and political risks; loss of markets and other economic and industry conditions; volatility of commodity prices; currency fluctuations; imprecision of reserve estimates; environmental risks; competition from other producers; inability to retain drilling services; incorrect assessment of value of acquisitions and failure to realize the benefits therefrom; delays resulting from or inability to obtain required regulatory approvals; the lack of availability of qualified personnel or management; stock market volatility and ability to access sufficient capital from internal and external sources; and economic or industry condition changes. Actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Crown Point will derive therefrom. With respect to forward-looking information contained herein, the Company has made assumptions regarding: the impact of increasing competition; the general stability of the economic and political environment in Argentina; the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the costs of obtaining equipment and personnel to complete the Company's capital expenditure program; the ability of the operator of the projects which the Company has an interest in to operate the field in a safe, efficient and effective manner; the ability of the Company to obtain financing on acceptable terms when and if needed; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration activities; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; future oil and natural gas prices; costs of operational activities in Argentina (including in respect of the operations described herein); currency, exchange and interest rates; the regulatory framework regarding royalties, commodity price controls, import/export matters, taxes and environmental matters in Argentina; and the ability of the Company to successfully market its oil and natural gas products. Additional information on these and other factors that could affect Crown Point are included in reports on file with Canadian securities regulatory authorities, including under the heading "Risk Factors" in the Company's most recent annual information form, and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking information contained in this document are made as of the date of this document, and Crown Point does not undertake any obligation to update publicly or to revise any of the included forward looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
News Article | May 9, 2017
TORONTO, ON--(Marketwired - May 09, 2017) - GPM Metals Inc. (TSX VENTURE: GPM) (the "Company" or "GPM") commences Ground Magnetics Survey at the Pasco Project, Department of Pasco, Peru. The 100% owned Pasco claims (6,300 hectares) are located in the Central Peruvian Zinc belt, approximately 30 Km NE of the Cerro de Pasco Mine and 35km N of the Votorantim / Pan American owned Shalipayco discovery. The Pasco Project is a 6,300 hectare, district scale, greenfields, base metal discovery. These concessions had not been subjected to modern mineral exploration or drilling prior to the staking and acquisition of the properties by the Company's Peruvian Agent in 2014. The Pucara hosted style of Pb-Zn-Ag mineralization at surface, displays similar geological characteristics to the recently discovered zinc resource at Tinka Resources, Awawilca deposit, located approximately 60 kilometers to the NW in the Department of Pasco. Mineralization is hosted within a 5km by 500m zone of dolomitized limestones of the prolific Pucara Formation, at the contact with the Mitu Formation, within a regional scale anticline. Structurally, on a district scale, the mineralization is located at the intersection of a North South trending basement / basin margin structure and the North East oriented Chancay -- Cerro de Pasco Megafracture which cuts and offsets the Coastal Batholith, and forced igneous migration eastwards during the Cenozoic era. The style of mineralization is carbonate replacement, though structurally hosted Au and Cu / Au mineralization in adjacent claims suggests potential for later overprints of intrusive related mineralization. XRF analysis of the samples has defined a 4.25km by 1 km trend anomalous in Silver (20ppm to 152ppm), Lead (100ppm to 3.97%) and Zinc (1000ppm to 2.7%). Two zones highly anomalous in lead and zinc have been delineated. The southern anomaly is currently 1.2km by 500m and open to the south and the northern anomaly is 500m by 500m. Grab samples containing up to 13.3% Zinc, 19.15% Lead and 466ppm Silver were collected from relatively fresh outcrops within the system. 130 five meter long channel rock chip samples were also collected. In the southern anomaly, samples of strongly weathered and leached outcrop are noted as generally anomalous in Lead and Silver, with 75m @ 9.4ppm Silver and 4075ppm Lead in trench 1 being the best result to date. Location and sampling results are available at the Company web site link / Projects -- Peru http://www.gpmmetals.ca/node/49 (see April 14, 2016 Company press release available on SEDAR www.sedar.com). The grab samples disclosed above are selective samples and are not representative of the mineralization hosted on the Pasco Project. Soil samples were taken on a grid of 50 by 50 meters. The soil samples were taken from the B horizon at 25 to 30 cm depth from the surface. The weight of each sample was 2-3 kilograms. The soil samples were analyzed using XRF (The DELTA Handheld XRF model DCC-6000) on site. Rock Chip samples were taken in continuous channels of 30 to 75 meters long. Individual samples were 5m in length. An electric hammer was used for rock sampling. The weight of each sample was 3.5-4.5 kilograms. Rock samples were assayed at ALS Chemex Lab in Lima Peru using their ME-ICP61 (33 Elements four acid ICP-AES) method. Asesores y Consultores Mineros S.A. has completed an ESIA study which has been approved bythe Environmental Studies General Directorate, Peruvian Ministry of Energy and Mines as a prelude to a drill program. As a follow up to 2015 and 2016 mapping and surface sampling programs at the Pasco Concessions GC Ground SAC, Lima- Peru is currently undertaking a ground magnetic survey of approximately 140 line kilometers. Upon completion of this survey, the data results will be analysed and interpreted by GPM Metals to further delineate and prioritize diamond drill targets for a proposed 1st pass 2000 m drill campaign. An Exploration / Access Agreement has been signed with the commune of Huachon, and logistical support, field assistants and supply chain operate from the commune of Huachon. All scientific and technical information in this press release has been prepared under the supervision of Dan Noone, (Vice President Exploration and a Director of GPM), a "qualified person" within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Geoscientists. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a Mineral Resource at the Pasco Project to date, and it is uncertain if further exploration will result in the property being delineated being delineated as a Mineral Resource. The Company's current holdings include the district scale Walker Gossan Project, NT., Australia, a joint venture with Rio Tinto Exploration PTY Limited; and the Pasco Project, Department of Pasco, Peru. Both projects are advanced exploration properties with drill ready targets and have considerable potential host significant zinc resources. This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "might", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of GPM which have been used to develop such statements and/or information but which may prove to be incorrect. Although GPM believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as GPM can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from planned exploration and drilling activities; GPM's future plans for operational expenditures; the accuracy of the interpretations of exploration and drilling activity results; availability of financing to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which GPM has property interests; the general continuance of current industry conditions; aboriginal matters; the timely receipt of any required regulatory approvals; the ability of GPM to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which GPM has property interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which GPM has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: risks associated with the uncertainty of exploration results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and GPM's dependence on its management personnel, other participants in the property areas and/or certain other risks detailed from time-to-time in GPM's public disclosure documents, (including, without limitation, those risks identified in this news release and GPM's current management's discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and / or accuracy of this release
News Article | May 10, 2017
VANCOUVER, BC--(Marketwired - May 10, 2017) - The Association for Mineral Exploration (AME) congratulates the newly elected and re-elected Members of B.C.'s Legislative Assembly (MLAs) in the May 9 provincial election. "On behalf of AME's more than 4,000 corporate and individual members, I wish to congratulate the newly elected and re-elected Members of the Legislative Assembly of British Columbia," says Gavin C. Dirom, President & CEO of AME. "We appreciate the commitment of MLAs to support the mineral exploration and development industry that was expressed before, and during, the election campaign. AME looks forward to working with the B.C. government to take advantage of the ongoing recovery and growth in the globally competitive mineral exploration and development industry." The election follows a series of important government announcements this year that support mineral exploration and development in B.C., namely the extension of the B.C. mining flow-through share tax credit through December 31, 2017 and the expansion of the B.C. mining exploration tax credit to include costs incurred for environmental studies and community consultations. The provincial government also announced $10 million to fund Geoscience BC for two years to stimulate further investment in mineral exploration and increased funding of $18 million to the Ministry of Energy and Mines over the next three years to support mine permitting and oversight, including compliance and enforcement. AME also thanks all outgoing MLAs for their honourable service during the 40th Parliament, and looks forward to continuing a constructive relationship with the B.C. government. "We appreciated their backing of AME's policy recommendations and advocacy efforts to improve access to capital, access to geoscience and access to land, particularly from Mr. Bill Bennett as Minister of Energy and Mines who steadfastly supported the industry during turbulent times," notes Dirom. "AME looks forward to working with the next minister and all MLAs as we continue to build a strong, resilient and responsible mineral exploration and development industry for the benefit of all British Columbians." Read the positions of the B.C. Greens, B.C. Liberals and B.C. NDP on mineral exploration as provided to AME here: http://bit.ly/2oR3434. AME is the lead association for the mineral exploration and development industry based in British Columbia. Established in 1912, AME represents, advocates, protects and promotes the interests of thousands of members who are engaged in mineral exploration and development in British Columbia and throughout the world. AME encourages a safe, economically strong and environmentally responsible industry by providing clear initiatives, policies, events and tools to support its membership.
News Article | February 22, 2017
Balanced Budget to Support Mineral Explorers through Tax Credits and Investing in Permitting VICTORIA, BC--(Marketwired - February 21, 2017) - The Association for Mineral Exploration ("AME") expresses its support of the balanced 2017 budget delivered by B.C. finance minister Mike de Jong today in Victoria. "As we see initial encouraging signs of a return to investor confidence for the mineral exploration industry, it is imperative that British Columbia is competitive on a global scale and, in particular, nurtures grassroots and early-stage exploration which is vital to the long-term sustainability of the industry," says Diane Nicolson, Chair of the Board of Directors of AME. "Today's budget announcement demonstrates that the provincial government is aware of the significant contribution that mineral exploration and development makes to the province, and to its communities and families." The budget confirms the extension of the B.C. mining flow-through share tax credit through December 31, 2017 and the expansion of the B.C. mining exploration tax credit to include costs incurred for environmental studies and community consultations as announced by Premier Christy Clark on January 23 at AME's Roundup conference. Premier Clark also announced $10 million to fund Geoscience BC for two years to stimulate and attract further investment in mineral exploration. In addition, Budget 2017 includes increased funding of $18 million to the Ministry of Energy and Mines over the next three years to support mine permitting and oversight, including compliance and enforcement. "We support the increased funding of the Ministry of Energy and Mines that should improve mine permitting in all regions of the province," says Gavin C. Dirom, President & CEO of AME. "And we thank the B.C. government for its balanced 2017 budget and for confirming the extension and expansion of important tax credits that recognize mineral exploration as the lifeblood of mining," concludes Dirom. AME is the lead association for the mineral exploration and development industry based in British Columbia. Established in 1912, AME represents, advocates, protects and promotes the interests of thousands of members who are engaged in mineral exploration and development in British Columbia and throughout the world. AME encourages a safe, economically strong and environmentally responsible industry by providing clear initiatives, policies, events and tools to support its membership.
News Article | February 22, 2017
VICTORIA, BRITISH COLUMBIA--(Marketwired - Feb. 21, 2017) - The Mining Association of BC (MABC) welcomes BC Budget 2017 and commends government's commitment to reduce the PST on electricity by 50% in October 2017 and fully eliminate by April 2019. Electricity represents a significant input cost for the operation of mines in B.C., and at most sites, it is the second largest cost. As noted by the B.C. Commission on Tax Competitiveness and acknowledged by the government today, no other jurisdiction in North America levies a similar retail sales tax on electricity. Mining is an industry that sells its products at a fixed, international price, therefore effective tax structures are of utmost importance to ensure the industry remains globally competitive and continues to protect and grow jobs in B.C. "Reducing the PST on electricity in Budget 2017 and committing to the full elimination of the tax by April 2019 is an important and positive step toward improving B.C.'s competitiveness, which in turn attracts investment and protects jobs in every community in B.C.," said Karina Briño, President and CEO. "We look forward to working with government to continue efforts to improve industry competitiveness to build healthy communities across the province." MABC is also pleased and recognizes government's commitment to increase resources in Budget 2017 for mine permitting. From mine development to operation to closure, mining proponents and operators in B.C. participate in multiple regulatory processes, including environmental assessment reviews, mine permitting, mine inspections and reclamation. Permitting delays caused by a lack of resources halts private sector investment and job creation for both mining projects and operations. "The mining industry has consistently advocated for adequate resources for the Ministry of Energy and Mines to ensure we have a predictable and clear permitting process that leads to timely decisions for industry," said Briño. "As the outlook for mining continues to improve, we have the potential to grow our industry and provide family-supporting jobs across B.C., and to continue our long-standing commitment to environmental stewardship and positive partnerships with communities and First Nations," concluded Briño.
News Article | February 15, 2017
(PRLEAP.COM) February 14, 2017 - Recent announcements in Quebec and British Columbia focusing on increasing use of environmentally friendly vehicles are in complete contrast. Shop Insurance Canada (ShopInsuranceCanada.ca) says that while governments are searching for solutions in clean energy personal transport, there needs to be clearer legislation for making electric cars more appealing.In British Columbia, the government is attempting to entice customers with various incentives for buying electric and other alternate fuel vehicles. In Quebec, the province is taking a more direct and strict approach and bringing it straight to vehicle manufacturers by giving them certain targets to be met.British Columbia is encouraging customers to switch to environmentally friendly vehicles. The Minister of Energy and Mines announced an investment of $40 million to drive residents to "zero-emission vehicles, reduce greenhouse gas emissions and support investment in made-in-B.C. green technology."On Friday, Bill Bennett announced funding of $40 million for B.C.'s Clean Energy Vehicle (CEV) Program. The province is putting the funding towards developing point-of-sale purchase incentives for customers over the next three years. Specifically, the funds will focus on incentivizing the purchase of battery electric vehicles with discounts up to $5,000 and hydrogen fuel cell electric vehicles up to $6,000.In a press release, the Ministry of Energy and Mines says that the vehicle price gap announced for the CEV Program in March 2016 is still in operation. This initiative sees vehicles prices above $77,000 become ineligible for the purchase incentives.Programs funded within the $40 million amount are also under development to:"Zero-emission vehicles are clean, quiet and reliable and help drivers reduce fuel and maintenance costs and tailpipe emissions, and are a growing economic sector in the province," Bennett said in the release. "Additional funding of $40 million for the Clean Energy Vehicle Program will help make zero-emission vehicles more affordable for British Columbians and build out charging infrastructure at residences, businesses and along our roads and highways to make sure there are places to charge them up."The approach of B.C. to incentivize customers purchasing clean transport is in contrast to a recent announcement in Quebec, where car manufacturers will bear the load of making green vehicles more readily available.Quebec's new electric vehicle laws will put a strain on automakers, who will admittedly struggle to comply with the regulations. That's the view of David Adams, president of the Global Automakers of Canada , who was speaking at the Montreal Auto Show in January.Under the new law, Quebec requires car manufacturers to sell a minimum number of electric, plug-in hybrid and hydrogen fuel-cell vehicles. Beginning in 2018, 3.5 per cent of all auto sales in the province must come from these alternative fuel solutions. Furthermore, by 2025 the threshold will increase to 15.5 per cent of all vehicles.Quebec is the only province to pass such stringent regulations, which Adams describes as "very aggressive"."It's going to be a real challenge to see how we're going to find a path to get there."If we analyse both approaches, it is easy to say British Columbia is arguably being the most realistic. Industry expert, Shop Insurance Canada, says that customers will be intrigued by incentives offered by the province for buying alternate fuel vehicles. In Quebec, automakers will have a tough time to meet the demands the government has set.That said, it could be argued that B.C.'s approach is not aggressive enough. It is a start to give customers incentives, but the $40 million investment is unlikely to significantly increase alternate fuel vehicle adoption in the province."There are positives and negatives from the approaches in Quebec and B.C., but it is probably a middle ground that will ultimately find most success. Automakers certainly need to be stimulated into making alternate fuel vehicles more readily available. Regulations are obviously a way to achieve this.Equally, giving customers incentives to adopt cleaner cars is also important. We expect these incentives to grow in time and for retailers and automakers to engage with consumers more in a bid to entice them to cleaner fuels."Shop Insurance Canada is a Toronto based company that specializes in delivering the best auto insurance products to customers around Ontario and Canada. The online quoting tool uses an engine that is easy to use and accurate enough to deliver the best auto insurance quotes from over 25 of Canada's leading providers. Shop Insurance Canada also offers expert advice on the auto insurance industry, as well as guides and news to help customers find the best deal possible.Shop Insurance Canada works hard to bring all the latest insurance news to customers. We believe that understanding the industry starts with knowing what is happening day to day. Our customers and readers are hugely important to us, and we want them to get the best deals by being involved in the industry. If you have any interesting insurance topics or stories, let us know and we will be happy to consider it and write it up.Perhaps you have a funny story about your premium evaluations, or maybe a genuine worry about the state of insurance in Canada. Shop Insurance Canada wants your voice and story to be heard, so get in touch with us via our official contact page 290 Rowntree Dairy RoadWoodbridge, OntarioL4L 9J7Canada(905) 266 - 0536
News Article | February 22, 2017
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 22, 2017) - Canada Rare Earth Corp. ("Canada Rare Earth" or the "Company") (TSX VENTURE:LL) is pleased to provide an update on significant progress towards the permitting of the completed, full capability rare earth separation refinery located in Vientiane, Lao PDR (the "Refinery") described in our news releases of May 9, 2016 and November 9, 2016. On January 27th, our Chief Executive Officer and Chief Operating Officer conducted the 1st rare earth seminar ever held for the Lao PDR ("Lao") government. The working session was sponsored by the Lao Ministry of Energy and Mines and was attended by senior representatives from all Lao government ministries and departments associated with the rare earth industry including those involved with the approval process leading to the issuance of the final operating permit and then monitoring ongoing operations of the Lao Refinery. This working session was, in part, a result of visits to Lao by the Canadian Minister of Foreign Affairs, the Honourable Chrystia Freeland and the former Minister of Foreign Affairs, the Honourable Stephane Dion who discussed the Refinery, among other topics, with Laotian government officials in September 2016. The Canadian Ambassador, Donica Pottie, and other senior representatives of the Canadian Embassy responsible for the Lao People's Democratic Republic were also in attendance at the session, as was the independent environmental consultant who has studied the Refinery over a period of two years and performed the project's Environmental and Social Impact Assessment. The seminar was part of Canada Rare Earth's collaboration with the Lao government for the development of the rare earth industry within their country. Participants engaged in a wide reaching and detailed discussion of the rare earth industry and the Refinery, in particular. Importantly, the Company emphasized three key aspects of its permitting strategy: The three key aspects of our strategy were well received by the participants. The session also specifically provided a detailed view of the Refinery, its production processes and its significant and unique advantage of being the most recently constructed refinery capable of producing both heavy and light rare earth oxides ("REOs") outside of China. Other topics included an introduction to the global market for rare earths including rare earth applications; the technical and efficiency benefits derived from rare earths; global market demand and future growth; the various mineral sources of rare earths; the production process of rare earth oxides; and associated environmental protection measures. A large part of the discussion focused on the recently introduced plan of using a pre-treated, enhanced, concentrate from which both thorium and uranium are removed at a different location. Peter Shearing, Canada Rare Earth COO said, "With the newly introduced plan of using a concentrate pre-treated to remove thorium and uranium the Refinery is generally similar to other chemical processing facilities in Lao which are fully permitted, operational and expanding. Therefore we believe there are no technical barriers to successful permitting." The use of enhanced concentrate addresses the most difficult issues confronting the Lao government. Canada Rare Earth's CEO, Tracy A. Moore, explained, "the depth of the questioning and interaction at the seminar was very impressive and reinforced our confidence in the permitting process. We found the engagement was very encouraging and provided a very positive sign that attendees from the Lao government are enthusiastic to learn about rare earths and the significant economic benefits that the Refinery can bring to Lao." The Refinery is based on the design of other successful operating facilities and is therefore capable of separating concentrate into the entire spectrum of commercially traded, light and heavy rare earth elements to high levels of purity. The Refinery is intended to become a core aspect in the Canada Rare Earth's vertical integration strategy and operations. Significant and sincere interest has been generated from prospective purchasers for the Refinery's products. Once operational the Refinery will produce approximately 2.5% of the global supply of rare earth oxides. A follow-up session is being planned for March 2017 involving Canada Rare Earth, key members of the relevant Lao Ministries, including the Ministry of Energy and Mines, and the Canadian Embassy. Both Canada Rare Earth and current Refinery owner consider the rare earth working session a successful step in the permitting process and are presently revising the purchase agreement to fit with a revised schedule for receiving the final operating permit. On behalf of the Board Canada Rare Earth is developing an international integrated business within the global rare earth industry. Our key focus is to generate revenues and positive cash flow from a variety of profit centres in the rare earth production and sales chain by sourcing, adding value and selling rare earths in all stages and forms. We are in the process of establishing our own mining, concentrating and refinery capabilities in addition to working with affiliated and third party organizations. "Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections. For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.
News Article | February 16, 2017
Despite its estimated 802 trillion cubic feet (Tcf) of unproved, technically recoverable shale gas resources, Argentina’s dry natural gas production declined each year from 2006 to 2014, and the country has shifted from a net exporter of natural gas to a net importer. In 2015, natural gas production increased for the first time since 2006, as ongoing efforts to increase production from key shale gas areas in Argentina aimed to reduce its imports of natural gas. Once one of the largest natural gas exporters in South America, Argentina was a net importer of natural gas by 2008. Imports, which accounted for 23% of Argentina’s natural gas consumption in 2015, came by pipeline from countries such as Bolivia and, to a lesser extent, as liquefied natural gas (LNG) from sources such as Trinidad and Tobago. The Argentinian government hopes to stop importing LNG by 2022. Argentina is the third country in the world, after the United States and Canada, to commercially develop tight oil and shale gas. Argentina’s Vaca Muerta formation within the Neuquen Basin has an estimated 308 Tcf of technically recoverable shale gas resources. Vaca Muerta’s geologic properties have been compared to the Eagle Ford play near the Gulf of Mexico in Texas in terms of its depth, thickness, pressure, and mineral composition. More than 588 vertical and horizontal shale wells have been drilled and completed in the Vaca Muerta shale play since 2010. According to the Argentine Ministry of Energy and Mines, shale gas production reached 64.6 billion cubic feet (Bcf) at the end of 2015. Argentina’s national oil company, Yacimientos Petroleiferos Fiscales (YPF), the most active operator in the Vaca Muerta shale play, has initiated joint venture pilot project agreements with partners such as Chevron, Dow Chemical, and Petronas to further develop the play. Although Vaca Muerta may have similar geologic properties to the Eagle Ford play in the United States, the production history of the Eagle Ford may be difficult to replicate in Argentina. From 2010 to 2013, more than 10,000 wells were drilled in the Eagle Ford, and average inital production per well nearly tripled over that period. However, since 2014, the decline in world oil prices has resulted in lower upstream capital expenditures as operators prioritize their spending. While drilling costs in Argentina have declined, they are still higher than YPF’s target costs. The average drilling and completion cost of a horizontal well in Vaca Muerta was estimated to be $11.2 million as of 2015, compared to $6.5 million to $7.8 million in the Eagle Ford. Ultimately, the economic competitiveness of Argentina’s indigenous shale gas resources will depend on the costs of domestic drilling and completion and the productivity of newly drilled wells. Although Argentina has an established energy industry, the current oil and gas sector is relatively small. The highest active rig count in Argentina in recent years was 110 for its nonshale oil and gas production, compared to more than 230 dedicated shale rigs in the Eagle Ford alone in 2013. Argentina has relatively high labor and imported equipment costs, shortages of specialized shale rigs, and limited proppant capacity—factors likely to hinder efforts to quickly increase production.