News Article | February 18, 2017
TORONTO, ONTARIO--(Marketwired - Feb. 17, 2017) - Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE:UGD) would like to update shareholders on the status of its exploration concession application in respect of its flagship Neita Property in the Dominican Republic. The current exploration concession on the Neita Property is due to expire on March 7, 2017. In February 2016, the Company was granted the second of two one-year extensions on the existing exploration concession by the Ministry of Energy and Mines of the Dominican Republic (the "Ministry"). These extensions are permitted under Articles 31 and 41 of the Dominican Republic Mining Law No. 146. The Company is required to apply for a new exploration concession at the end of the current period but has the exclusive right to apply in advance of the expiry of the current concession. In October 2016, Joseph Del Campo, the Interim President and CEO of Unigold, met with representatives of the Ministry to provide notice that the Company would be applying for a new exploration concession on the Neita Property, which would be for a new three-year term with two optional extensions of one year each as allowed under Mining Law No. 146. The Ministry requested that Unigold submit such application by the end of 2016. On November 21, 2016, the Company submitted to the Ministry a complete and valid application for the new exploration concession, receipt of which has been acknowledged by the Ministry. On January 23, 2017, members of Unigold's management and legal counsel met with representatives of the Ministry to discuss the status of the application. In attendance from the Ministry were the Vice-Minister, a legal consultant to the Ministry and the General Mines Director. At this meeting, there was a discussion as to whether Unigold could again apply for an exploration concession or whether Unigold needed to apply for an exploitation concession. Since neither a scoping study nor an economic analysis has been completed on the Neita Property, Unigold is not in a position to apply for an exploitation concession. The Vice-Minister requested that the General Mines Director proceed with the technical evaluation of the application and provide input to the Ministry so that the Ministry could grant its decision. The ultimate authority to grant the concession resides with the Minister of Energy and Mines. On February 6, 2017, the Company directly received from the General Mines Director a letter stating (translated into English from Spanish): "The privilege of applying for a new mining concession within the terms of article 16 of Rule No. 207-98 for application of the Mining Law No. 147/71, has already been utilized by the company Unigold Resources, Inc., when it applied for the "NEITA FASE I" on March 18th, 2011. We hereby inform [Unigold] that the area occupied by the "NEITA FASE I" concession will be freed once the expiration date of the concession arrives... from that moment forth we will be able to receive or inscribe a new concession application over said area." Since the receipt of this letter, Unigold has appealed the General Mines Director decision and has been working with its legal counsel in the Dominican Republic to gain an understanding of the legal effect of the letter received from the General Mines Director, including arranging a meeting this morning between its legal counsel and the Vice-Minister. The Vice-Minister was unable to provide additional clarity on the legal effect of the above-referenced letter but indicated that the Ministry was continuing to assess the application of Unigold. As stated earlier, the Minister of Energy and Mines, not the General Mines Director, has the authority to make the final decision regarding the granting of any concession. The Company is awaiting the final decision from the Ministry. The Company believes it has complied with all technical and legal aspects of applicable law relating to the application. Nevertheless, Unigold advises investors to use caution in the trading of the Company's securities until such time as notice is received from the Ministry regarding the final status of the concession application for the Neita Property. The Company anticipates receiving this final decision by mid-March, 2017. Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995. 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.
News Article | November 10, 2016
CARDSTON, ALBERTA--(Marketwired - Nov. 9, 2016) - American Creek Resources Ltd. (TSX VENTURE:AMK) ("American Creek") is pleased to report that it has purchased the Bear River property ("the Property") located near Stewart in the "Golden Triangle" of northern British Columbia from Acme Resources Inc. The 475 hectare Property is located approximately 8 km northeast of Stewart along highway 37A and is immediately adjacent to American Creek's recently acquired Dunwell property package that includes the historic Dunwell mine. The Bear River property lies within the Portland Canal Fissure Zone which has hosted several high-grade lead/silver/gold deposits including the historic Portland and Dunwell mines. Several occurrences of gold and silver mineralization hosted in epithermal quartz veins and gold with massive sulphides in altered volcanics have been documented on the Property. The principle target is the Hill Top Zone, covering an area 500m by 300m which consists mainly of silicified and pyritized volcanic, sedimentary and intrusive rocks. An IP survey on this zone identified an area of high chargeability confirming the presence of a large amount of sulphides in a silicified area. Soil sampling confirmed the IP results. The contiguous land position including the Bear River, Silvershot and Dunwell property package now spans some 1,560 hectares covering a significant portion of the rich Portland Canal Fissure Zone which lies in "One of the most important mineral trends of northwestern British Columbia extending from near the town of Stewart north to the Treaty Glacier" - Nelson / Kyba, British Columbia Geological Survey, Ministry of Energy and Mines, 2014. The Property is being purchased for the total price of 800,000 common shares of American Creek. The deemed price of the shares is $0.065 for total value of $52,000 The shares issued under this agreement will be subject to a statutory 4 month hold period. This agreement is subject to approval by the TSX Venture Exchange. American Creek is a Canadian junior mineral exploration company focused on the acquisition, exploration and development of mineral deposits within the Province of British Columbia, Canada. In addition to this new acquisition, the corporation has a portfolio of gold and silver properties in various regions of the province: Information relating to the Corporation is available on its website at www.americancreek.com 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.
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 | December 9, 2016
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 9, 2016) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) Further to the Company's news release of October 3, 2016, Condor reports that Compañia Minera Casapalca S.A. ("Casapalca") have instructed their drilling contractor to mobilize a drill rig to the Ocros project, and the drill rig has now arrived on site. The initial "Iniciación de Actividades", filed in late September, was required to be re-filed with the Peruvian Ministry of Energy and Mines ("MEM"). Correspondence from MEM with their observations on the Iniciación de Actividades was received in early November, and since receipt, the Company and Casapalca worked diligently to remedy and/or clarify the noted observations. The primary concern was whether the drilling activities were being conducted by Casapalca (Casapalca have an option to earn up to a 70% interest in the project), or by Condor's 85% owned subsidiary, the owner of the Ocros concessions. The Iniciación de Actividades must be accepted by the MEM prior to commencement of the drill program, and we expect this acceptance shortly. As previously announced, the Ocros project is permitted for up to twenty-four drill holes. Proposed drill hole locations can be found on our website at http://www.condorresources.com/i/maps/OCROS-PROPOSED-DRILLHOLES-SEPT-2016.jpg. The objective of this drill program is test the continuity of the mineralization over an approximate area of 1.5 square kilometres centered around the adits of the historic Eldorado mine, where the mineralization has been confirmed by systematic sampling on two levels, and over 325m on each level (refer to our July 7, 2015 news release). To the best of the Company's knowledge, exploratory diamond drilling has never been completed on the copper porphyry system in the area of the adits. Condor is an explorer and project generator focused exclusively on Peru, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team. ON BEHALF OF THE BOARD Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements. 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 news release.
News Article | November 25, 2016
Prospecting near the Superior showing, showing gossanous iron oxide derived from sulphide mineralization. To view the image, please click on the following link: http://www.accesswire.com/uploads/14109_image1.jpg The first phase was a whole rock/grab sampling program that took place in September 2016. All samples were collected largely in the south part of the Treasure Mountain Silver Project. Results to be released when received. A second program was initiated in October 2016. Fifty-one whole rock/grab samples were collected and results will be released when received. These samples were collected because of visible mineralization and proximity to known mineralization as recorded in the BC minfile data base, such as the Lucky Todd, Superior, and Rio Grande. The Superior and Lucky Todd minfile occurrences are described as pyrite and traces of chalcopyrite in narrow seams along fractures in a quartz porphyritic dike. A previously reported sample taken across a 1.5 meter zone in the Superior showing assayed 0.69 g/T. gold. The Rio Grande minfile describes mineralization as a zone containing narrow stringers 2.5 to 10 cm wide. A chip sample across the zone assayed 14 g/T silver, and 1.2% zinc. Auger recovering samples from bedrock at approximate depth of 3.5 M To view the image, please click on the following link: http://www.accesswire.com/uploads/14109_image2.jpg The third program, involving a three man crew and an auger on a five ton truck was carried out in mid-November. Thirty two Auger holes were completed and reclaimed. Samples collected were submitted and results are pending. The deep soil sampling covered a transect of the Treasure Mountain Silver Project claim block from the north east corner of the property to the boundary with the Nicola Mine property and south east along the contact with that property. It was designed to gather data where there is minimal outcrop but in the same general area as the mine itself and minfile occurrences such as the aforementioned Lucky Todd, Superior and Rio Grande. The soil sampling process was significantly enhanced by using a mechanized truck mounted auger that was capable of penetrating through overburden and glacial till. This process enabled samples to be recovered deeper in the soil horizon nearer the soil bedrock interface and will provide useful data further focussing exploration in the 2017 field season. During the enhanced soil sampling program prospecting was also conducted near the Superior minfile showing, rock samples were taken and also submitted for analysis. In conjunction with the sampling program a drone with aerial photography capabilities was used to enhance the understanding of the topography of less accessible areas. All samples were submitted to ALS laboratories for base and precious metal analyses. To view the image, please click on the following link: http://www.accesswire.com/uploads/14109_image3.png Based on the results of the 2015 and 2016 sampling data, and past historical exploration an aggressive trenching and drill program is planned for the 2017 field season. Permitting for diamond drill sites and trenches, is now in place. Ximen's Treasure mountain silver Project covers historically prospective ground in the Similkameen and New Westminster Mining Divisions. The Project is adjacent to Nicola Mining Inc.'s Treasure Mountain Property, site of the previous opertaing Treasure Mountain Silver-Lead-Zinc Mine which exploited polymetallic veins. The Project occurs within the Intermontane Tectonic Belt, which hosts numerous porphyry copper and copper-gold deposits. The project covers approximately 9500 hectares and hosts seven gold, silver, lead, zinc and / or copper occurrences in various regions as reported in B.C. Ministry of Energy and Mines MINFILE database. These include gold-quartz vein, polymetallic vein and porphyry type occurrences. Some of these mineral occurrences have an associated historic underground workings. Ximen decided at the beginning of 2016 to divest itself of its non-core assets and focus its efforts on its key asset the Brett Gold Project outside Vernon BC. Work completed this year at the Treasure Mountain Silver project was to advance the project to a stage where a partner could take over the project and continue with the opportunity. Drill and trenching targets are now in place and permits secured for the 2017 field season. On behalf of the Board of Directors, "Christopher R. Anderson" Christopher R. Anderson, President, CEO and Director Ximen Mining Corp. owns 100 percent interest in all three of its precious metal projects. Ximen`s two Gold projects, The Gold Drop Project and Brett Gold Project are located in southern British Columbia. Ximen also owns the Treasure Mountain Silver project adjacent to the past producing Huldra Silver Mine. Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, in the USA under the symbol XXMMF, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN with the number as A1W2EG This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. 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.
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 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.
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 | March 3, 2017
TORONTO, ONTARIO--(Marketwired - March 2, 2017) - Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE:UGD) would like to update shareholders on the status of its exploration concession application in respect of its flagship Neita Property in the Dominican Republic. Unigold received notice today that the Ministry of Energy and Mines (the "Ministry") of the Dominican Republic has upheld Unigold's exclusive right to reapply for the Neita exploration concession pursuant to the provisions of the Mining Law and the rules of application of the Mining Law. Consequently no other applications for the concession will be considered. The Company expects to receive a final decision upon the completion of the evaluation of its application. While the Ministry has not given any indicative timing for the completion of the process, the Company is optimistic that it may receive the final decision within the next couple of months. Unigold is encouraged by the speed, professionalism and openness that Ministry representatives demonstrated throughout the past few weeks. The Company continues to believe that the Dominican Republic is a premier destination for mineral exploration in terms of government transparency, mineral wealth, stable government, open economic borders, trained workforce and installed infrastructure. Unigold continues to advise investors to use caution in the trading of the Company's securities until such time as notice is received from the Ministry regarding the final status of the application for Neita. Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995. 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.