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News Article | November 11, 2016
Site: www.marketwired.com

ST. PETER PORT, GUERNSEY--(Marketwired - Nov. 11, 2016) - Avnel Gold Mining Limited ("Avnel" or the "Company") (TSX:AVK) is reporting that it has filed its unaudited Condensed Interim Consolidated Financial Statements and the related Management Discussion & Analysis ("MD&A") for the three-month and nine month periods ended September 30, 2016 on SEDAR. A positive feasibility study for the Kalana Main Project (the "Feasibility Study") has been completed and the related Environmental and Social Impact Assessment ("ESIA") and associated Environmental and Social Management Plan ("ESMP") have been approved by the Malian authorities. The approval of the ESIA was the key government approval required to advance the Kalana Main Project towards construction as the Kalana Exploitation Permit was awarded to Avnel in 2003 with an initial term of 30 years plus two ten year extentions. The only significant government approval required to develop new mines on the permit is an ESIA and the associated ESMP. The ESIA has been prepared to conform to the requirements of the International Finance Corporation's Performance Standards, the World Bank Group's Environmental, Health, and Safety guidelines, and other financial institutions that are signatories to the Equator Principles. The Company continues to advance the Kalana Main Project towards a construction decision through its 80% ownership in Société d'Exploitation des Mines d'Or de Kalana, S.A. ("SOMIKA"). Discussions are progressing with banks and other financial institutions to provide financing for the development of the Kalana Main Project. Cost optimisation analysis continued in the period on the construction costs of the Kalana Main Project. The Company anticipates that the Kalana Main Project will be sufficiently advanced to consider a construction decision in 2017, subject to the availability of adequate financing on a timely basis. With respect to operations at the small, Soviet-era, underground Kalana Mine, gold production in the nine months to September 30, 2016 was 7,181 ounces. The Company forecasts gold production of 9,000 ounces for the full year of 2016. The Company continues to sustain operations to partially offset the cost of providing underground access to facilitate due diligence activities necessary to secure mine development financing. The continued operation of the mine also helps to maintain socio-economic stability in the local community in compliance with World Bank Equatorial principles and Malian laws. The continued operation of the underground mine also helps to maintain socio-economic stability in the local community as the workforce prepares to transition to activities related to the construction and operation of the proposed Kalana Main Mine. The Company intends to sustain operations for as long as economically feasible and safe to do so, without incurring any significant capital expenditures, until such a time as the Company is able to evaluate development options for the Kalana Main Project. In preparation for the approval to commence construction of the Kalana Main Project, a number of activities have progressed during the third quarter 2016. Although the lateral near-surface extents of the Kalana Main deposit seem to have been fairly well defined, the company believes that the deposit could be improved in grade and quality in the deepest part of both the reserve and resource pits. Indeed the drop in ore grade (from 3.1 to 2.5g/t Au) and the strong increasing of the strip ratio observed in the DFS stage 12 (reserve pit) as well as in the deep resource (not yet included into reserve), are both interpreted as being the result of 1) the less dense drilling pattern at depth; 2) the decreasing of the average DDH core diameter and subsequent sample size and 3) the lack of large RCH sample alternating with cored samples. These 3 factors cannot be entirely managed from surface and an in-pit infill exploration drilling campaign has been designed. There is also significant regional exploration potential. Avnel's exploration team has dedicated significant resources to the evaluation of regional exploration prospects outside of the Kalana Main area. This initial work is based upon historical data carried out by others, regional work conducted by Avnel and the IAMGOLD Corporation, and the Company's field surveys of active and historical orpaillage. This work, which is still ongoing, is used to prioritise targets for future exploration. An advanced geochemical survey, started in October 2016, has been designed to improve the knowledge on 3 to 5 high priority prospects, which are at the grassroots level in our exploration pipeline. A high-priority exploration project for the Company is the Kalanako deposit. The deep weathering profile at Kalanako displays a potential free digging high-grade ore satellite located less than 3 km northeast of the Kalana Main Project proposed mill site. The Kalanako deposit currently has an Inferred in-situ resource of 0.38 Mt grading 5.55 g/t Au, containing 0.07 Moz of gold. The March 2015 Kalanako Mineral Resource Statement was completed by Denny Jones Pty Ltd, at a cut-off grade of 0.9 g/t Au based upon information from 46 diamond drill holes (9,661m) and 232 RC drill holes (24,952m); no local estimates for internal or external dilution. The current Kalanako maiden mineral resource is based on a wide drill spacing (75m x 25m). Several mineralized trends have been established from RC and diamond drilling at Kalanako, resulting in a single northwest-southeast corridor of 1,500 meters by 250 meters. These mineralized zones are less than 10 meters thick and appear to be steeply dipping, often contain high-grade intercepts near surface. New drilling is expected to start mid-November 2016. This RC infill drilling campaign of 7,000m to 9,000m has been designed to improve grade continuity infilling the in-pit resource to upgrade resource classification and, using historical data as a guide, to increase the total amount of resources drilling the mineralised zones between these resource pits. The infill drilling programme will be focused on saprolite and saprock weathered domains, a depth considerably deeper than observed at Kalana Main (drillhole depth of 75-175 meters). Please refer to the press release dated October 17, 2016 for further details. Total revenue increased to $8,925,000 in the nine months to September 30, 2016, from $8,746,000 in the nine months to September 30, 2015. The increase in revenue is a result of a 6% increase in the realised average sales price of gold from $1,183 per ounce in the nine months to September 30, 2015, to $1,258 per ounce in the nine months to September 30, 2016. The increase in revenue was partly offset by a 4% decrease ounces sold from 7,376 ounces in the nine months to September 30, 2015 to 7,079 ounces in the nine months to September 30, 2016. Total expenses reduced slightly from $12,034,000 in the nine months to September 30, 2015 to $11,949,000 in the nine months to September 30, 2015. Exploration costs expensed was $392,000 in the nine months to September 2016, compared to nil in the nine months to September 2015. Operating costs per ounce of gold sold for the nine months to September 30, 2016 reduced from $1,092 per ounce to $1,053 per ounce, which is attributable to lower operating costs in the current period relative to the comparative period. Avnel recorded a net loss of $720,000 ($0.002 attributable profit per share to parent) for the nine months ended September 30, 2016, compared to a net loss of $1,581,000 ($0.001 attributable loss per share to parent) in the nine months to September 30, 2015. Included in the nine months to September 30, 2016 is a profit on the fair value of derivative financial instruments of $2,428,000, compared to a profit of $1,897,000 in the nine months of 2015, arising from a change in the fair value of warrants outstanding and exercised. The fair value accounting gains and losses reported have no cash effect on the Company. As compared to the interim consolidated statement of financial position as at December 31, 2015, Avnel's cash and cash equivalents as at September 30, 2016 decreased by $2,798,000, from $7,211,000 to $4,413,000. The decrease was the result of cash provided in operations of $2,621,000 and cash used in investing activities of $1,056,000, that was partly offset by the exercise of warrants and options $873,000. The Company had working capital of $6,861,000 as at September 30, 2016, compared to working capital of $8,803,000 as at December 31, 2015. Total assets decreased from $27,958,000 as at December 31, 2015 to $25,710,000 at September 30, 2016. Total non-current liabilities reduced from $8,062,000 as at December 31, 2015 to $3,495,000 at September 30, 2016, mainly due to value of the outstanding warrants moving from a non-current liability to a current liability. The fair value of these derivative financial instruments has no cash effect on the Company. Total stockholders' equity increased to $34,798,000 as at September 30, 2016 from $32,738,000 as at December 31, 2015. Avnel Gold is a TSX-listed gold mining, exploration and development company with operations in south-western Mali in West Africa. The Company's strategic objective is to develop the Kalana Main Project into an open-pit mining operation through its 80% ownership in SOMIKA. A secondary objective of the Company is to explore the remainder of the 387 km2 Kalana Exploitation Permit to discover new mineral deposits. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release. This news release includes certain "forward-looking statements". All statements, other than statements of historical fact, included in this release, including the future plans and objectives of Avnel Gold, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Avnel Gold's expectations include, among others, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and silver, as well as those factors discussed in the section entitled "Risk Factors" in Avnel Gold's most recently completed Annual Information Form, which is available on SEDAR (www.sedar.com). Although Avnel Gold has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Except where indicated, the disclosure contained or incorporated into this news release of an economic, scientific or technical nature, has been summarised or extracted from the National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant technical report titled "NI43-101 Technical Report on Kalana Main Project", dated effective 1 April 2016 (the "Kalana Technical Report"), prepared by Snowden Mining Industry Consultants (Pty) Ltd. ("Snowden"), Denny Jones Ltd ("Denny Jones"), DRA Projects SA (Pty) Ltd ("DRA") and Epoch Resources (Pty) Ltd ("Epoch Resources"). The Kalana Technical Report was prepared under the supervision of Mr. Allan Earl (Executive Consultant - Mining Engineering of Snowden), Mr. Ivor Jones (Executive Consultant - Applied Geosciences of Denny Jones), Mr. Glenn Bezuidenhout (Principal Process Engineer of DRA), Mr. Sybrand van der Spuy (Civil Engineer of DRA), Mr. Guy Wiid (Principal Consultant - Tailings and Waste Rock Facilities of Epoch Resources), and Mr. Stephanus (Fanie) Coetzee (Principal Consultant - Environmental and Social of Epoch Resources), all of whom are independent "Qualified Persons" as such term is defined in NI 43-101. Readers should consult the Kalana Technical Report to obtain further particulars regarding the Kalana Project, which contains the Kalana Main Project, the Kalana Mine, plus a number of mineral exploration prospects. The Company filed the Kalana Technical Report in support of the Feasibility Study and the ESIA on SEDAR on May 6, 2016. Avnel's condensed interim consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board ("IASB") and the accounting policies adopted in accordance with IFRS. Management uses both IFRS and non-IFRS measures to monitor and assess the operating performance of the Company's operations. Management uses certain non-IFRS performance measures to provide additional information, as the Company believes that certain investors use these measures to assess gold mining companies. These non-IFRS performance measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS performance measures do not have standardised definition under IFRS and therefore may not be comparable to similar measures presented by other organizations: "Cost per Tonne Milled" is calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. Management uses this measure as a possible indication of the mining and processing efficiency of the mine. "Cash Operating Cost" is calculated as reported production costs, which includes costs such as mining, processing, administration, non-site costs (transport and refining of metals, and community and environmental), less royalties paid. These costs are then divided by the number of ounces produced to arrive at "Cash Operating Cost per Ounce Produced" and are divided by the number of ounces sold to arrive at "Cash Operating Cost per Ounce Sold", after taking into account certain inventory movements. These terms are commonly used by gold mining companies to assess the level of gross margin available to the company, typically by subtracting Cash Operating per Ounce Sold from the average per ounce price realised during the period. These terms are also often used as an indication of a mining company's ability to generate cash flow from operations. "On-site All-in Sustaining Cost" is defined in the PEA by Snowden as mine site cash operating costs, which includes costs such as mining, processing, administration, but excludes non-site costs (transport and refining of metals and royalties), plus sustaining capital costs, which includes community, environmental, and closure costs. These costs are then divided by the number of ounces of expected production to arrive at "On-site All-in Sustaining Cost per Ounce".


SAINT PETER PORT, GUERNSEY--(Marketwired - Feb. 13, 2017) - Avnel Gold Mining Limited ("Avnel" or the "Company") (TSX:AVK) is pleased to report the first results of the 2016 Kalanako drilling programme with the receipt of the first batch of assays. The drill programme objective is to provide additional information in support of an updated Mineral Resource Estimate for its Kalanako prospect in south-western Mali, West Africa. Howard Miller, Avnel's Chairman and CEO stated, "I am pleased to report that we have received the first batches of assays from the 2016 drilling programme successfully concluded at the Kalanako deposit. The Kalanako current maiden mineral resource is based on a wide drill spacing (75m x 25m). The RC infill drilling campaign has been designed to improve the grade/tonnage continuity inside and outside the March 2015 resource pit shells. Inside the South-East Resource pits, the first results received are encouraging and should support the conversion of a meaningful portion of our Inferred Resource into the Measured and Indicated categories. Outside the existing resource pits, although not all of the extension drilling was fruitful, the first batch results show high grade mineralisation has been intercepted in the Central and Central-South zones. These results have been obtained in a portion of the previous block models that reported no economic resource," said Mr. Miller. The results reported in this news release reflect the first batch of assays from 21 holes over 2,173m, from a total programme of 82 holes over 8,635m. This first batch represents nearly one-quarter of the total drill programme (holes RC204 to RC225). Maps of the general layout of the drill programme, the location of individual drill holes and significant intersections is provided in figures 1 and 2 near the end of this news release. Drill holes for the entire historical drill programme, including IAMGOLD's 2010 to 2012 and Avnel's 2016 drill programmes, and geophysical gradient IP are respectively presented in figures 2 and 3. Select composite assays and related drill hole information from this first batch is presented in the tables at the end of this news release. The majority of the assays reported in this news release are from the South-East and Central-South zones of the deposit. Results reported in the existing MRE pit shells are encouraging and should support the conversion of a large part of the Inferred Resource into Measured or Indicated categories. High grade results reported outside the existing MRE pit shells provide a significant opportunity to improve known mineralisation into large portions of the bock model that were not classified as resources. Significant intervals (>25g/t.m) from the South-East zone (inside the 2015 resources pit shells): Significant intervals (>25g/t.m) from the South-East zone (outside the 2015 resources pit shells): A summary of select composite assays and drill hole information from the 2016 drilling campaign are presented in tables 1 and 2, respectively. Located less than 3 km northeast of the Kalana Main Project and the milling facilities proposed in the OFS-DFS, the Kalanako prospect is an old area of traditional mining activity (Figure 2). Several mineralised trends have been established from RC and diamond drilling at Kalanako, resulting in a single northwest-southeast corridor of 1,500 meters by 250 meters. These mineralised zones are typically less than 10-20 meters wide and appear to be steeply dipping to the East, often contain high-grade intercepts near surface (i.e. in the weathered zone). The depth of saprolite and saprock is between 70 m and 130 m, much deeper than that observed at the Kalana deposit. Diamond drilling at Kalanako intersected numerous high strain zones, packets of densely laminated quartz veins or vein stockwork with sulphides and locally highly altered and mineralised felsic intrusive rocks. Mineralisation is associated with these felsic intrusive rocks or quartz stockwork that occur along northwest-southeast striking shear zones, parallel or less than 10° in azimuth from the main IP boundary between a low and a high IP gradient domain (Figure 3). The March 2015 MRE for the Kalanako deposit was based upon information from 46 diamond drill holes and 232 RC drillholes. Historical drill-hole intersection were independently summarised and press-released in October 2016. The Kalanako Mineral Resource Statement completed by Denny Jones (Pty) Limited, has been reported above a cut-off grade of 0.9 g/t Au, and is summarised as follow: An infill drilling programme of 8,635 meters has been successfully achieved in December 2016, on time and on budget and with an excellent productivity and safety record (no Lost Time Injury). This programme was focused on Kalanako's saprolite and saprock weathered domains, a depth considerably deeper than observed at Kalana Main (drillhole depth of 50-175 meters). Targets of the Kalanako drilling campaign: A large part of the Kalanako prospect remains undrilled. The drilled portion of Kalanako located at the central part of a 5 km long geophysical structure (figure 3) defined as a contact between low and high IP gradient domains. Kalanako is open on strike. Some large collapses above old artisanal underground developments in the north and more modern artisanal pits in the south, highlights the continuity of the mineralisation along the main northwest-southeast structure. Future drilling campaigns would target extensions along strike following our low-risk infill programme. In addition to the resource defined at Kalana, we see significant potential to add satellite deposits on our existing permit. A potential opportunity exists that would allow us to increase the production profile outlined in the DFS-OFS. The mill proposed in our DFS-OFS can process 25% more saprolite ore than fresh rock due to the relative ease of processing saprolite through the crushing and grinding circuit. In keeping with our corporate strategy, as we progress into construction we plan on continuing to add to the quantity and quality our mineral inventory through exploration work focusing on the soft saprolite high grade ore with the aim to increase planned gold production and reduce our total cash cost per ounce using satellite targets to supplement Kalana. The high-grade and close proximity makes Kalanako our highest priority advanced stage exploration target. It has the potential to become a high-grade open-pit satellite deposit delivering additional ore to the operation proposed in the DFS-OFS. As a supplemental deposit to Kalana Main, Kalanako could help extend the mine life or increase average gold production. As Avnel commences construction on Kalana Main we will be accelerating our regional geology programme to progress our portfolio of exploration targets. To date, only 3 of our 30 targets have been partially drill tested. Exploration work is being conducted to evaluate and rank our premier targets. Exploration programmes are conducted under the supervision of Dr. Olivier Féménias, EurGeol 1115, Avnel's Vice-President, Geology. Dr. Féménias, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. Strict sampling and QA/QC protocol are followed, including the insertion of standards, blanks, and duplicates on a regular basis as well as laboratory visit by senior geologists. Sample intervals are usually 1.0 m. Samples are prepared on site and collected by BIGS Global Burkina SARL ("BIGS Global") and transported to Ouagadougou in Burkina Faso for analysis. Analytical method is a 2-kilogram bottle-roll cyanidation using a LeachWELL catalyst. The leach residues from all samples with a grade in excess of 0.1 g/t Au were prepared by BIGS Global and split to 50 grams and then analysed by standard Fire Assay. Composites presented in the assay results tables include intervals with a grade x thickness equal or greater than 5 grams of gold per tonne x metre ("g/t.m") with a minimum grade of 0.65 g/t Au over a 1 m minimum width with a maximum internal dilution of 3 m. No assays results were capped. Due to the exploratory nature of this programme the true width of the mineralisation has not been reported. The intersections presented herein may not represent the true width of mineralisation. Avnel Gold is a TSX-listed gold mining, exploration and development company with operations in south-western Mali in West Africa. The Company's focus is to develop its 80%-owned Kalana Main Project from a small underground mine into a low-cost, open pit mining operation. The Company is also advancing exploration on several nearby satellite deposits on the 387 km2 30-year Kalana Exploitation Permit. On January 9, 2017, the Company reported the results of an Optimized Feasibility Study ("OFS") prepared by Snowden Mining Industry Consultants. The OFS outlines an 18-year open-pit mine life at the Kalana Main Project recovering 1.82 million ounces of gold at an average "all-in sustaining cost" of $561 per ounce over the first five years of steady state production and $730 per ounce over the life of mine with an initial capital cost of $171 million. Utilising a gold price of $1,200 per ounce and a 5% discount rate, the DFS reported a net present value ("NPV") of $321 million after-tax and imputed interest, and an internal rate of return ("IRR") of 50% on a 100% project basis. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release. This news release includes certain "forward-looking statements". All statements, other than statements of historical fact, included in this release, including the future plans and objectives of Avnel Gold, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Avnel Gold's expectations include, among others, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and silver, as well as those factors discussed in the section entitled "Risk Factors" in Avnel Gold's most recently completed Annual Information Form, which is available on SEDAR (www.sedar.com). Although Avnel Gold has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Except where indicated, the disclosure contained or incorporated into this news release of an economic, scientific or technical nature, has been summarised or extracted from the National Instrument 43-101 - Standards of Disclosure for Mineral Projects("NI43-101") compliant technical report titled "NI43-101 Technical Report on Kalana Main Project", dated effective 30 March 2016 (the "Kalana Technical Report"), prepared by Snowden Mining Industry Consultants (Pty) Ltd. ("Snowden"), Denny Jones Ltd ("Denny Jones"), DRA Projects SA (Pty) Ltd ("DRA") and Epoch Resources (Pty) Ltd ("Epoch Resources"). The Kalana Technical Report was prepared under the supervision of Mr. Allan Earl (Executive Consultant - Mining Engineering of Snowden), Mr. Ivor Jones (Executive Consultant - Applied Geosciences of Denny Jones (Pty) Limited), Mr. Glenn Bezuidenhout (Principal Process Engineer of DRA), Mr. Sybrand van der Spuy (Civil Engineer of DRA), Mr. Guy Wiid (Principal Consultant -Tailings and Waste Rock Facilities of Epoch Resources), and Mr. Stephanus (Fanie) Coetzee (Principal Consultant -Environmental and Social of Epoch Resources), all of whom are independent "Qualified Persons" as such term is defined in NI 43-101. Readers should consult the Kalana Technical Report to obtain further particulars regarding the Kalana Project, which contains the Kalana Main Project, the Kalana Mine, plus a number of mineral exploration prospects. The Company filed the Kalana Technical Report in support of the Feasibility Study and the ESIA on SEDAR on May 6, 2016. Table 1: Kalanako Drilling - Select Composite Intervals Includes intervals >5 g/t.m, cut-of grade of 0.65 g/t Au, maximum 3m of internal dilution, no assay are capped To view Figure 1: Kalanako mineralisations, 2016 campaign drilling pattern and batch 1 significant intercepts (>5g/t.m), please visit the following link: http://media3.marketwire.com/docs/Significant%20intersections.jpg To view Figure 2: Kalanako mineralisations, drilling pattern, maiden resource pit shells and Historical Traditional mining footprint, please visit the following link: http://media3.marketwire.com/docs/Historical%20traditional.jpg To view Figure 3: Induced Polarisation (IP) gradient map highlighting the structural location of the Kalanako prospect and the area drilled to date, please visit the following link: http://media3.marketwire.com/docs/IP%20gradient.jpg


News Article | November 10, 2016
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 9, 2016) - Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT:D7Q1) ("Monument" or the "Company") is pleased to announce Proven and Probable Mineral Reserves at its 100% owned Selinsing operating gold mine, including the adjacent Buffalo Reef deposit in Pahang State, Malaysia. All Mineral Reserves and Mineral Resources were estimated by Snowden Mining Industry Consultants Pty Ltd ("Snowden") as Independent qualified person defined under NI 43-101 standards. The complete NI 43-101 Technical Report as a result of the Pre-Feasibility Study is expected to be filed shortly under www.sedar.com. The President and CEO Robert Baldock commented, "We are excited to see that the new NI 43-101 Mineral Reserve allows Selinsing Gold Mine to operate with sustainable production for years to come. The Company has adopted the bio-leaching approach as its economic baseline for the sulphide gold production while continuing its Intec test works. We expect the economics to be further optimized by the potential of Intec technology and other alternatives with large sulphide exploration potential." The Mineral Reserves were estimated at June 30, 2016, and comprise 235 koz of gold from 3,882 kilotonnes (kt) of ore at a diluted grade of 1.88 grams of gold per tonne (g/t) from the Selinsing and Buffalo Reef/Felda deposits, along with a further 44 koz of gold from 2,335 kt of ore from stockpiles at a grade of 0.59 g/t Au. The total Mineral Reserve is 279 koz of gold from 6,217 kt of ore at a grade of 1.40 g/t Au. The Probable Mineral Reserves are within newly estimated Indicated Resources of 200 koz of gold from 3,220 kt of material at a grade of 1.93 g/t Au at the Selinsing deposit, and 240 koz of gold from 4,330 kt of material at a grade of 1.73 g/t Au at the Buffalo Reef/Felda deposit. Indicated Mineral Resources are inclusive of Probable Mineral Reserves. The Proven Mineral Reserves comprise entirely Measured Mineral Resources from stockpiles of 44 koz of gold from 2,335 kt at a grade of 0.59 g/t Au. The Inferred Resource at Selinsing is an additional 65 koz of gold from 550 kt of material at a grade of 3.67 g/t Au, whereas for Buffalo Reef/Felda the Inferred Resource is an additional 212 koz of gold from 3,810 kt of material at a grade of 1.74 g/t Au. The tables below (1, 2, 3 and 4) summarize the newly estimated Mineral Reserves and Mineral Resources by area and ore type, all expressed in metric tonnes and Troy ounces (1 ounce = 31.1035 g). A map showing the area locations as follows (Figure 1): To view Figure 1. Location Map of Selinsing and Buffalo Reef Properties, please visit: http://media3.marketwire.com/docs/1075677_fig1.pdf. The updated Mineral Reserve was estimated using an average gold price of US$1,255 per ounce. To identify the Selinsing and Buffalo Reef Ore Reserve a process of: ore dilution application, Whittle pit optimization, staged pit design, production scheduling and mine cost analysis was undertaken. Significant sulphide Mineral Reserves were identified following a metallurgical engineering investigation by Lycopodium Minerals Pty Ltd. The mining method is conventional open pit drill and blast, load and haul on a 2.5 m mining flitch with a 10 m high blasting bench, reflective of semi-selective mining. The excavator bucket size of 2.3 m3 is matched to this selectivity. A waste ore stripping ratio of approximately 6 was identified for mining. Overall, block dilution has reduced the recovered ounces by approximately 10% and marginally increased the ore tonnage processed. Estimated Mineral Resources were limited to within a pit shell based on a gold price of US$1,776/oz to define the potential for identification of Mineral Resources. Mining and stockpiling of Buffalo Reef oxide material started in November 2012 and processing of this material at the Selinsing processing plant commenced in early March 2013. Mineral Reserves were then estimated by Snowden Mining Industry Consultants as shown in Table 1. Table 1. Selinsing and Buffalo Reef/Felda Mineral Reserves as at June 30, 2016 Snowden has verified the drill hole data used to support the technical and scientific information in this news release, including the sampling, sample security, analytical techniques, original assay certificates, and Quality Assurance/Quality Control procedures and has determined that CIM and NI 43-101 Industry Standards have been sufficiently followed. Snowden constructed a 3D model of the mineralized bodies using modeling software and estimated the June 30, 2016 Selinsing and Buffalo Reef/Felda Resources and Reserves. Table 2 Selinsing Mineral Resource statement, reported inclusive of Mineral Reserves, depleted for mining to end of June 2016 Table 3 Buffalo Reef/Felda Mineral Resource statement, reported inclusive of Mineral Reserves, depleted for mining to end of June 2016 Exploration at Selinsing and Buffalo Reef primarily comprised diamond and RC drilling. In addition trenching, channel samples and pit mapping were also used to help guide exploration works. Assays received up to the cut-off date of February 24, 2016 were considered for modelling. The majority of drill holes have been accurately collar surveyed and most of diamond holes have been surveyed downhole. Sample recovery for diamond drilling conducted by Monument at both Selinsing and Buffalo Reef can be considered good and should provide samples suitable for resource estimation. Half core diamond samples and riffle split RC samples formed the bulk of the samples used in the resource modelling. The majority of samples were analyzed for gold, arsenic, silver and antimony. Gold was analyzed primarily by fire assay using a 50 g charge with an atomic absorption spectroscopy (AAS) finish. The RC and diamond drilling completed by Monument after 2007 includes independent QAQC samples with the sample batches, the results of which show reasonable precision and analytical accuracy have been achieved. Assay data in the database have been verified by Snowden with a random selection of original lab reports, with no major discrepancies identified. The drillhole logging and assay data was used as the main basis for the geological interpretation. The gold mineralization was interpreted on 20m spaced east-west sections as a series of wireframe solids, based on a nominal threshold of 0.15 g/t Au along with the geological logging. The drillhole data was composited downhole prior to running the estimation process using a 1.5 m compositing interval to minimize any bias due to sample length. Variograms have been modelled and the gold grade estimated by ordinary kriging with top-cuts as appropriate for the Buffalo Reef/Felda deposits, whereas for the Selinsing deposit, due to the strongly skewed nature of the gold grades, multiple indicator kriging (MIK) was used to estimate the block gold grades. A parent block size of 10 mE by 20 mN by 2.5 mRL was used to construct a block model for the Selinsing deposit, whereas an 8 mE by 20 mN by 2.5 mRL parent block size was used for the Buffalo Reef/Felda deposit. A slightly smaller block size of 8 mE was selected for Buffalo Reef due to the more selective nature of the geological interpretation and to ensure reasonable volume resolution. A three-pass search strategy was utilized for all grade estimates with the same search neighborhood parameters applied to all domains. Over 2,600 bulk density measurements were taken by Monument in the Selinsing and Buffalo Reef/Felda deposits using the Archimedes Principle, with wax-coating used to account for the porosity. Default bulk density values were assigned to the model blocks based on the oxidation state, separately for waste and mineralized zones. The Mineral Resource estimate has been validated against the input samples, and classified as a combination of Indicated and Inferred Resources in accordance with CIM guidelines. The Mineral Resources have been depleted for all mining as at the end of June 2016. Mineral Reserves for the stockpiles, based on end of month surveyed volumes and grade control during mining informing the grade, at the Selinsing Project (including ore mined from the Selinsing and Buffalo Reef pits), as at the end of June 2016, are summarized in Table 4. The stockpile resources are classified as Measured Resources in their entirety with a 100% conversion of the stockpile Measured Resources to Proven Mineral Reserves; as such, Table 4 also applies for the stockpile Measured Resource statement. Table 4 Stockpile Proven Mineral Reserves, as at end of June 2016 The updated mineral resource estimate incorporates a new property-wide resource block model, which includes a total of 126 new surface diamond and RC drilling results for 18,639.8m at Selinsing since the last resource estimate completed in 2012. In the same period, a total of 522 drill holes were completed for 47,673.4 m at the Buffalo Reef deposit, including the Felda area. Drill hole assays received as of February 24, 2016 were used in this Resource and Reserve update along with the June 30, 2016 mine face positions as surveyed by Monument. Exploration has continued at Selinsing and Buffalo Reef after June 2016, focused on defining mineralization at depth below the existing pits, within gap zones in between the known resources that contain little drill hole information, and to convert inferred materials to indicated and/or measured materials. Also metallurgical drilling has been completed, aiming to get sulphide material to be used in metallurgical testwork. The 2016 Selinsing and Buffalo Reef/Felda Mineral Resources were estimated by John Graindorge, an employee of Snowden, who is the independent Qualified Person for the June 30, 2016 Mineral Resources as defined by NI 43-101. The 2016 Selinsing and Buffalo Reef Mineral Reserves were estimated by Frank Blanchfield, an employee of Snowden, who is the independent Qualified Person for the June 30, 2016 Mineral Reserves as defined by NI 43-101. Snowden is preparing an updated NI 43-101 Technical Report entitled "Selinsing Gold Mine and Buffalo Reef project" which will include these new resource and reserve results. The Phase IV plant expansion is required to process refractory sulfide materials. The flotation-bioleach sulphide treatment process has been reviewed and used for Phase IV plant expansion by Snowden in its upcoming NI43-101 technical report, based on Monument's estimated EPCM (Engineering, Procurement, Construction and Management) expenditure and "Selinsing Phase IV PFS Capex and Opex Revision" recently produced by Lycopodium with a significant reduction in capital and operation expenditure from the original cost that is described in the existing NI43-101 Technical Report produced by Practical Mining and filed on SEDAR in May 2013. The Phase IV plant and mining expansion, as estimated in the NI 43-101 Technical Report, has a capital cost of US$39.5 million dollars, provides a US $23.1M NPV, and 34.8% rate of return. The Selinsing Gold Mine was originally developed on the basis of treating oxide ore via conventional crushing and ball milling followed by gravity recovery of free gold and cyanidation of gravity concentrate. Gravity tails are subjected to conventional CIL. Final gold recovery from carbon strip solution and gravity concentrate leach solution is by electrowinning onto stainless steel cathodes. In 2009 mining operations commenced at Selinsing. Since then, Monument developed an open pit mine and construction of a 1,200 tpd gold treatment plant in three phases. During 2011, Monument Mining Limited (MML) engaged Inspectorate Exploration and Mining Services Ltd of Vancouver (Inspectorate), Canada to carry out a metallurgical test program on a selection of diamond drill core material collected from the Buffalo Reef deposit at its Selinsing operation in Malaysia. The gold extraction from sulphides at Selinsing has been assessed in the engineering study ultimately prepared for MML by Lycopodium of Brisbane, Australia and reported by Lycopodium in "Selinsing Phase IV Study", February 2013. The Mineral Resources and Mineral Reserves identified above have been estimated in accordance with the standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Council in November 2010, as amended, and prescribed by the Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects. John Graindorge and Frank Blanchfield, of Snowden Mining Industry Consultants, have reviewed and approved the contents of this news release, and are the independent Qualified Persons for this news release. Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects including the Mengapur Polymetallic Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs approximately 240 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities. The Company has also been seeking potential opportunities for larger resources in other countries. FOR FURTHER INFORMATION visit the company web site at www.monumentmining.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 news release contains forward-looking information and forward-looking statements about Monument (together referred to herein as "forward-looking statements"). Forward-looking statements are statements that are not historical facts and include statements regarding: expected operations, mining and processing rates at the Company's Selinsing gold mine; exploration and development plans for the Selinsing and Buffalo Reef projects; costs, timing, value and rate of return for the Phase IV plant expansion; and other plans and expectations of the Company described herein. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks and certain other factors include: the Company's expectations in connection with its exploration, development and expansion projects; the impact of general business and economic conditions; changes in project parameters as plans continue to be refined; costs of future activities; capital and operating expenditures; success of exploration activities; the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations; mining or processing issues; currency exchange rates; government regulation of mining operations; environmental risks; general economic factors and other factors that may be beyond the control of Monument. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including the risks factors listed above, other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company, which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except as required by applicable securities laws.


News Article | December 16, 2016
Site: www.marketwired.com

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Macarthur Minerals Limited (TSX VENTURE: MMS) (the "Company" or "Macarthur Minerals") is pleased to announce that the Company is receiving renewed corporate interest in its two iron ore projects in Western Australia with recovery of the iron ore price from its historic lows of US$38.30(1) (approximately A$53) a tonne in December 2015 to a spot price today to US$82 (A$111) a tonne(2). The Ularring Hematite Project is a "shovel ready" project as it has full State and Australian Government environmental approvals to develop an iron ore mine and associated infrastructure. "There is real potential for our iron ore assets to again add considerable market value in the future, with the Company having previously spent over $60 million to develop them, including the hematite project to a "shovel ready" stage. Our advanced iron ore projects for hematite and magnetite remain very valuable assets, which in 2011, gave the Company a market capitalisation of approximately C$165 million. Both iron ore projects are located within 100 kilometres of a railway line, which currently transports iron ore to export facilities at the Port of Esperance in southern Western Australia. We are now observing good indications that the price of iron ore has recovered from its 2015 low of US$38.30 per tonne to a spot price today of US$82 per tonne with the advantage of a favourable exchange rate due to deprecation of the Australian dollar against US dollar." Macarthur Minerals' Iron Ore Projects are located on mining tenements covering approximately 62km2 located 175 km northwest of Kalgoorlie in Western Australia (Figure 1 and Figure 2). Within the tenements, at least 35 km strike extent of outcropping banded iron formation ("BIF") occurs as low ridges, surrounded by intensely weathered and mostly unexposed granites, basalts and ultramafic rocks. The Iron Ore Projects consist of two distinct mineral projects: The Company has been maintaining the core Iron Ore Projects' assets and they remain valuable assets. There is real potential for the Iron Ore Projects to add significant value with the recovery of global iron ore markets. Macarthur Minerals' early focus from 2005 to 2009 was upon the exploration for iron ore mineralisation and the estimation of Mineral Resources for magnetite iron ore. From 2010 the focus shifted to the exploration and delineation of Mineral Resources and Ore Reserves for hematite mineralisation. Exploration of the Iron Ore Projects since 2005 included geological mapping, geophysical surveying, auger sampling of pisolite targets and reverse circulation percussion ("RCP") drilling of magnetite ore targets. Since July 2006 Macarthur Minerals has drilled 1,841 RCP drill holes (142,443 m) and 49 diamond holes (4,170 m) targeting iron mineralisation associated with BIF units. Analytical data for mineralised portions of Macarthur's RCP holes include XRF assay results and Davis Tube Recovery ("DTR") tests, which measure the proportion of sample extractable by magnetic separation from fresh BIF samples containing magnetite mineralisation. Material concentrated by the DTR tests was assayed by XRF methods for iron and other elements of interest. The outcropping geology of the Iron Ore Project area is comprised of a combination of un-altered silica-rich BIFs and altered, enriched hematite / goethite BIFs. The un-altered silica-rich BIFs have been targeted for magnetite mineralisation, an iron mineral species (Fe O ) with strong magnetic properties, making it amenable for separation from the crushed and ground ore by magnetic separation techniques. The hematite / goethite mineralisation is a product of weathering of the top 50 m (on average) of BIF strata, and the leaching out of silica and alteration of magnetite to hematite (Fe O ) and goethite, a hydrous (water bearing) form of hematite. Hematite is weakly magnetic, and requires a different ore processing route to that of magnetite. For this reason the magnetite and hematite/goethite mineralised deposits were separated into two projects, because they require different infrastructure and ore processing routes and hence the impost of different anticipated costs of development. Macarthur Minerals has grouped the hematite / goethite deposits into the Ularring Hematite Project, and the magnetite deposits into the Moonshine Magnetite Project. Exploration at both Ularring Hematite and Moonshine Magnetite projects has been sufficient to allow the estimation of Mineral Resources for both projects. The Ularring Hematite Project's Mineral Resource consists of Indicated 54.46 Mt @ 47.2% Fe and Inferred 25.99Mt @ 45.4% Fe(3). Macarthur Minerals published a Pre-Feasibility Study in 2012, reporting Mineral Reserves(4). The Company has received approval to develop an iron ore mine for the Ularring Hematite Project and associated infrastructure at the project location under the Environmental Protection Act 1986 and the Environmental and Biodiversity Conservation Act 1999. The Inferred Mineral Resource estimate for the Moonshine Magnetite Project was initially prepared by CSA Global Pty Ltd(5) and was updated by Snowden Mining Industry Consultants, with an Inferred Mineral Resource consisting of 1,316 Mt @ 30.1% Fe(6). A Preliminary Assessment Report was prepared on the Moonshine Magnetite Project by Snowden Mining Industry Consultants in 2011(7). The Company has one of the largest lithium hard rock acreage packages in Australia, covering an area of 2,138 square kilometres (528,311 acres) across the Pilbara, Ravensthorpe and the Yalgoo/Edah regions of Western Australia. Initial reconnaissance across the Company's acreage has been encouraging, including initial assay results from rock chips of up to 3.75% lithium (Li O) received at the Yalgoo Lithium Project (see the Company's announcement dated October 12, 2016). The previously announced Australian Securities Exchange ("ASX") Initial Public Offering ("IPO") of the Company's Australian lithium and iron ore projects, is well advanced. Macarthur Minerals will maintain majority ownership and control of the ASX IPO listed entity. The board of Macarthur Minerals believes that an ASX IPO of its Australian subsidiaries, which hold its Australian 'hard rock' lithium and iron ore projects, will provide improved price realisation for those projects more consistent with its ASX listed peers. The Company's wholly owned subsidiary, Macarthur Lithium Nevada Limited, will continue to advance the Stonewall Lithium Project, located in Nevada. Mr David Williams, a member of the Australian Institute of Geoscientists, is a part-time employee of CSA Global Pty Ltd and is a Qualified Person as defined in National Instrument 43-101. Mr Williams has reviewed and approved the technical information in relation to the Iron Ore Projects contained in this news release. Mr Ralph Porter, a member of the Australian Institute of Geoscientists, is a full-time employee of CSA Global Pty Ltd and is a Qualified Person as defined in National Instrument 43-101. Mr Porter has reviewed and approved the technical information in relation to Macarthur's lithium acreage (excluding any technical information under the Stonewall Project) contained in this news release. Macarthur Minerals Limited is an exploration and development company that is focused on identifying and developing high grade lithium and counter cyclical investments, with significant lithium exploration interest in Australia and Nevada. In addition, Macarthur has two iron ore projects in Western Australia; the Ularring hematite project and the Moonshine magnetite project. On behalf of the Board of Directors, 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. Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things, the timely receipt of required approvals, the reliability of information, including historical mineral resource or mineral reserve estimates, prepared and/or published by third parties that are referenced in this press release or was otherwise relied upon by the Company in preparing this press release. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in exchange rates and certain commodity prices, uncertainties related to mineral title in the project, unforeseen technology changes that results in a reduction in iron ore demand or substitution by other metals or materials, the discovery of new large low cost deposits of iron ore, uncertainty in successfully returning the project into full operation, and the general level of global economic activity. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. (1) Jasmine Ng, 'Iron ore sheds 4.3pc on week, ending at record low', Australian Financial Review, Dec 12, 2015.


THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Macarthur Minerals Limited (TSX VENTURE: MMS) (the "Company" or "Macarthur Minerals") is pleased to announce that it has entered into a non exclusive mandate with the Tulshyan Group to raise up to A$200 million with an initial tranche of A$50 million to develop the Company's Ularring hematite iron ore project located in Western Australia. The Tulshyan Group made a strategic investment in the Company in January this year. The Tulshyan Group, based in Singapore, is one of the largest recyclers of scrap steel in the world, has a significant shipping business with a fleet of over 30 ships and is expanding its commercial aircraft leasing business. The Tulshyan Group has significant experience in sales, marketing of steel and iron ore and access to capital for potential development of the Company's Western Australian iron ore projects. "Macarthur Minerals is pleased to be working with Tulshyan Group to raise funds to develop the Company's Ularring hematite project. Tulshyan brings to Macarthur significant experience in shipping, sales, marketing of steel and iron ore and has access to capital to assist in potential development of the Company's Western Australian iron ore projects. We are now observing good indications that the price of iron ore has recovered from its 2015 low of US$38.301 per tonne to a spot price today of US$92.232 per tonne with the advantage of a favourable exchange rate due to deprecation of the Australian dollar against US dollar." Macarthur Minerals' iron ore projects are located on mining tenements covering approximately 62km2 located 175 km northwest of Kalgoorlie in Western Australia (Figure 1 and Figure 2). Within the tenements, at least 35 km strike extent of outcropping banded iron formation ("BIF") occurs as low ridges, surrounded by intensely weathered and mostly unexposed granites, basalts and ultramafic rocks. The Iron Ore Projects consist of two distinct mineral projects: The Company has been maintaining the core iron ore projects' assets and they remain valuable assets having previously spent over $60 million to develop them. There is real potential for the iron ore projects to add significant value with the recovery of global iron ore markets. Since July 2006 Macarthur Minerals has drilled 1,841 reverse circulation percussion drill holes (142,443 metres) and 49 diamond holes (4,170 metres) targeting iron mineralisation associated with BIF units. Exploration at both Ularring hematite and Moonshine magnetite projects has been sufficient to allow the estimation of Mineral Resources for both projects. The Ularring hematite project's Mineral Resource consists of Indicated 54.46 Mt @ 47.2% Fe and Inferred 25.99Mt @ 45.4% Fe3. Macarthur Minerals published a Pre-Feasibility Study in 2012, reporting Mineral Reserves4. The Company has received approval to develop an iron ore mine for the Ularring hematite project and associated infrastructure at the project location under the Environmental Protection Act 1986 and the Environmental and Biodiversity Conservation Act 1999. The Inferred Mineral Resource estimate for the Moonshine Magnetite Project was initially prepared by CSA Global Pty Ltd5 and was updated by Snowden Mining Industry Consultants, with an Inferred Mineral Resource consisting of 1,316 Mt @ 30.1% Fe6. A Preliminary Assessment Report was prepared on the Moonshine magnetite project by Snowden Mining Industry Consultants in 20117. The Company, through its 100% owned subsidiary, Macarthur Australia Limited (MAL), has entered into a mandate with Jewel Bright Limited, part of the Tulshyan Group. Jewel Bright Limited will raise up to A$200 million via various tranches to fund the Ularring hematite project, for a 10% fee on monies raised, a specified amount of options in MAL and other conditions. Mr David Williams, a member of the Australian Institute of Geoscientists, is a part-time employee of CSA Global Pty Ltd and is a Qualified Person as defined in National Instrument 43-101. Mr Williams has reviewed and approved the technical information in relation to the Iron Ore Projects contained in this news release. The Tulshyan Group (Singapore), which has been in business for 33 years, is established in four main businesses; ship owning, ship recycling, aircraft leasing and diversified real estate. The Tulshyan Group operates a fleet of over 30 ships, which consists of tankers and specialised vessels. Tulshyan is one of the largest recyclers of ships in the world. The Tulshyan Group has expanded to commercial aircraft leasing, recently having purchased a new A320-200 and a new Boeing 737-800. The aircraft are leased on long term leases to first class airlines. Tulshyan is also in the process of negotiating the purchase of another 5 young aircrafts. Macarthur Minerals Limited is an exploration and development company that is focused on identifying and developing high grade lithium and counter cyclical investments, with significant lithium exploration interest in Australia and Nevada. In addition, Macarthur has two iron ore projects in Western Australia; the Ularring hematite project and the Moonshine magnetite project. MACARTHUR will be attending the 2017 Prospectors and Developers Association of Canada (PDAC) International Convention and Investors Exchange in Toronto, March 5-8 at the Metro Toronto Convention Centre. We invite you to meet the Macarthur team at Booth #2344. The conference will provide current and prospective shareholders an opportunity to speak with management about the Company's recent developments. On behalf of the Board of Directors, 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. Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things, the timely receipt of required approvals, the reliability of information, including historical mineral resource or mineral reserve estimates, prepared and/or published by third parties that are referenced in this press release or was otherwise relied upon by the Company in preparing this press release. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in exchange rates and certain commodity prices, uncertainties related to mineral title in the project, unforeseen technology changes that results in a reduction in iron ore demand or substitution by other metals or materials, the discovery of new large low cost deposits of iron ore, uncertainty in successfully returning the project into full operation, and the general level of global economic activity. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. 1 Jasmine Ng, 'Iron ore sheds 4.3pc on week, ending at record low', Australian Financial Review, Dec 12, 2015.


Su B.,CAS Institute of Geology and Geophysics | Su B.,University of Chinese Academy of Sciences | Zhang H.,CAS Institute of Geology and Geophysics | Tang Y.,CAS Institute of Geology and Geophysics | And 4 more authors.
International Journal of Earth Sciences | Year: 2011

Garnet-bearing mantle peridotites, occurring as either xenoliths in volcanic rocks or lenses/massifs in high-pressure and ultrahigh-pressure terrenes within orogens, preserve a record of deep lithospheric mantle processes. The garnet peridotite xenoliths record chemical equilibrium conditions of garnet-bearing mineral assemblage at temperatures (T) ranging from ~700 to 1,400°C and pressures (P) > 1.6-8.9 GPa, corresponding to depths of ~52-270 km. A characteristic mineral paragenesis includes Cr-bearing pyropic garnet (64-86 mol% pyrope; 0-10 wt% Cr2O3), Cr-rich diopside (0.5-3.5 wt% Cr2O3), Al-poor orthopyroxene (0-5 wt% Al2O3), high-Cr spinel (Cr/(Cr + Al) × 100 atomic ratio = 2-86) and olivine (88-94 mol% forsterite). In some cases, partial melting, re-equilibration involving garnet-breakdown, deformation, and mantle metasomatism by kimberlitic and/or carbonatitic melt percolations are documented. Isotope model ages of Archean and Proterozoic are ubiquitous, but Phanerozoic model ages are less common. In contrast, the orogenic peridotites were subjected to ultrahigh-pressure (UHP) metamorphism at temperature ranging from ~700 to 950°C and pressure >3.5-5.0 GPa, corresponding to depths of >110-150 km. The petrologic comparisons between 231 garnet peridotite xenoliths and 198 orogenic garnet peridotites revealed that (1) bulk-rock REE (rare earth element) concentrations in xenoliths are relatively high, (2) clinopyroxene and garnet in orogenic garnet peridotites show a highly fractionated REE pattern and Ce-negative anomaly, respectively, (3) Fo contents of olivines for off-cratonic xenolith are in turn lower than those of orogenic garnet and cratonic xenolith but mg-number of garnet for orogenic is less than that of off-cratonic and on-cratonic xenolith, (4) Al2O3, Cr2O3, CaO and Cr# of pyroxenes and chemical compositions of whole rocks are very different between these garnet peridotites, (5) orogenic garnet peridotites are characterized by low T and high P, off-cratonic by high T and low P, and cratonic by medium T and high P and (6) garnet peridotite xenoliths are of Archean or Proterozoic origin, whereas most of orogenic garnet peridotites are of Phanerozoic origin. Taking account of tectonic settings, a new orogenic garnet peridotite exhumation model, crust-mantle material mixing process, is proposed. The composition of lithospheric mantle is additionally constrained by comparisons and compiling of the off-cratonic, on-cratonic and orogenic garnet peridotite. © 2010 Springer-Verlag.


News Article | October 28, 2016
Site: www.marketwired.com

ST. PETER PORT, GUERNSEY--(Marketwired - Oct. 25, 2016) - Avnel Gold Mining Limited ("Avnel" or the "Company") (TSX:AVK) is pleased to announce that Mrs. Anne-Séverine Le Doaré has been appointed with effect from October 25, 2016 to the Board of Directors and to serve on the Sole Committee of the Board. "The Board of Directors is pleased to have retained the services of Mrs. Le Doaré with her long experience and deep understanding of the fiscal and legal regime in the Republic of Mali dating back to 1997," stated Howard Miller, Avnel's Chairman and CEO. "Mrs. Le Doaré's expertise with SYSCOA and OHADA and the fact that the weight of Avnel's activities are governed by these Francophone West African systems will add depth to the Sole Committee sitting as the Audit Committee. "After playing a vital and key role in Avnel since its inception at the time of the privatisation tender in October 2001, Mr. Anthony Bousfield, who resigned today, will be sadly missed. On behalf of the company I'd like to express our gratitude for the long and intensive involvement that Mr. Bousfield has had with Avnel and its Kalana project in Mali. He has added wisdom and insight to our project and governance. We wish him well in his retirement," added Mr. Miller. A brief biography of Mrs. Anne-Séverine Le Doaré is provided below. Mrs. Anne-Séverine Le Doaré is a lawyer registered at the Paris and Luxembourg (Liste IV) Bar with 14 years of experience in tax and mining. After graduating in international and public law in Paris (Paris X Nanterre 1997) and in private law (Toulouse I 1999) she joined the private banking sector with Fortis Bank dedicated to Africa. In 2001, she entered the law firm Lette & Lette partners in Paris as a lawyer and was admitted to the Paris Bar in 2004. She worked with the late Catherine Paul Reynaud in the mining department of that law firm and in particular on the financing of the Sadiola mine in 1997. She has been involved with Avnel since it was awarded the Kalana Exploitation Permit in December 2002 pursuant to the international privatization. Mrs. Le Doaré founded her own law firm in 2007 and since that date has continued to work as a legal advisor to Avnel on various issues. Her office in Paris is associated with the Lartigue Tournois & Associes Law firm. Avnel Gold is a TSX-listed gold mining, exploration and development company with operations in south-western Mali in West Africa. The Company's focus is to develop its 80%-owned Kalana Main Project from a small underground mine into a low-cost, open-pit mining operation. The Company is also advancing several nearby satellite deposits on the 387 km2 30-year Kalana Exploitation Permit. On March 30, 2016, the Company reported a Mineral Reserve estimate and the results of a Definitive Feasibility Study ("DFS") prepared by Snowden Mining Industry Consultants. The DFS outlines an 18-year open-pit mine life at the Kalana Main Project recovering 1.82 million ounces of gold at an average "all-in sustaining cost" of $595 per ounce over the first five years of steady state production and $784 per ounce over the life of the mine with an initial capital cost of $196 million. Using a gold price of $1,200 per ounce and a 5% discount rate, the DFS reported a net present value ("NPV") of $257 million after-tax and imputed interest, and an internal rate of return ("IRR") of 38% on a 100% project basis. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.


News Article | December 8, 2016
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 8, 2016) - Fortuna Silver Mines Inc. (NYSE:FSM)(TSX:FVI) - Mr. Jorge A. Ganoza, President, CEO and Director of Fortuna, is pleased to announce the appointment of Mr. Alfredo Sillau to the Board of Directors of the Company. Mr. Sillau is Managing Partner, CEO and Director of Faro Capital, an investment management firm that manages private equity and real estate funds. Previously, Alfredo headed the business development in Peru for Compass Group, a regional investment management firm, until late 2011. As CEO of Compass, Mr. Sillau actively took part in the structuring, promoting and management of investment funds with approximately US$500 million in assets under management. Mr. Sillau is a Harvard graduate and board member of Cosapi S.A., the second largest engineering and construction firm in Peru, and of Pecsa S.A., a company that operates gas stations in Peru. Mr. Ganoza also announces that the company has promoted Mr. Eric Chapman, Corporate Head of Technical Services of Fortuna, to the new position of Vice President of Technical Services effective January 1, 2017. Mr. Chapman is a resource geologist with 15 years' experience in the mining industry who has provided technical guidance to Fortuna since 2011. Prior to joining the company, Eric was a Senior Consultant to Snowden Mining Industry Consultants working on a variety of mine and exploration projects in Africa and the Americas. Mr. Chapman has a B.Sc. in Geology from the University of Southampton in the UK, and an M.Sc. in Mining Geology from the Camborne School of Mines. Eric is a Qualified Person as defined by NI 43-101, being a Chartered Geologist (C.Geol) of the Geological Society of London and a Professional Geoscientist (P.Geo) of the Association of Professional Engineers and Geoscientists of British Columbia. Simon Ridgway, Chairman of the Board of Fortuna, commented, "I want to extend a warm welcome to Alfredo and look forward to his contributions." Mr. Ridgway continued, "Exciting times for Fortuna as we continue diligently working towards a construction decision next year on the Lindero gold Project located in the Salta Province, Argentina." Fortuna is a growth oriented, precious and base metals producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma silver Mine in southern Peru, the San Jose silver-gold Mine in Mexico and the Lindero gold Project in Argentina. The company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas. For more information, please visit our website at www.fortunasilver.com. ON BEHALF OF THE BOARD This news release contains forward looking statements which constitute "forward looking information" within the meaning of applicable Canadian securities legislation and "forward looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward looking Statements"). All statements included herein, other than statements of historical fact, are Forward looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward looking Statements. The Forward looking Statements in this news release include, without limitation, statements about the Company's plans for its mines and mineral properties; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; the future financial or operating performance of the Company; and proposed expenditures. Often, but not always, these Forward looking Statements can be identified by the use of words such as "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations. Forward looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in prices for silver and other metals; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the Company's plans for its mines and mineral properties; mine production costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's current mineral resource and reserve estimates; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward looking Statements.


Ben-Awuah E.,Snowden Mining Industry Consultants | Elkington T.,Snowden Mining Industry Consultants | Askari-Nasab H.,University of Alberta | Blanchfield F.,Snowden Mining Industry Consultants
Journal of Environmental Informatics | Year: 2015

Mine planning for oil sands involves the integration of waste management into the long term production planning process. This ensures that while ore is provided for the processing plant, sufficient in-pit tailings containment areas are made available as dedicated disposal areas for backfilling. This enables the creation of a trafficable landscape at the earliest opportunity to facilitate progressive reclamation. Apart from being a regulatory requirement, this integration impacts directly on the profitability and sustainability of oil sands mining operations. This paper introduces a mixed integer linear programming mine planning framework that seeks to simultaneously determine the production schedule, dyke construction schedule and the backfilling schedule. Different waste management strategies were also investigated. The model generated a practical, smooth and uniform schedule for ore, dyke material and backfilling activities. The results show that for the case studies considered, increasing the number of in-pit tailings cells reduces the net present value of the mine as a result of a reduced operational flexibility. However, this strategy makes in-pit tailings storage areas available earlier in the mine life, and ensures an efficient use of in-pit storage areas required for sustainable operations. © 2015 ISEIS All rights reserved.

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