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El Nino Options the Kasala Project to MMG Limited

Posted by AGORACOM-JC at 8:40 AM on Tuesday, May 20th, 2014

  • ELN entered into an Option Agreement with MMG Limited to acquire 100% of ELN’s 70% interest in Infinity Resources Sprl, the joint venture company that owns the Kasala permits.
  • USD$6,000,000.00; consisting of an initial payment of $250,000 on the Satisfaction Date; Three annual payments of $916,666.00 for a total of USD$3,000,000 and additional USD$3,000,000.00 to exercise the option to acquire a 100% of ELN’s 70% interest.
  • MMG to pay a non-refundable US$350,000 for the exclusive right to acquire ELN’s 70% interest
  • Over the three year period, MMG must incur a total of USD$15,000,000 in exploration expenditures
  • ELN will retain a 1.5% NSR
  • MMG is one of the world`s largest producers of zinc and also produces significant amounts of copper, lead, gold and silver.
  • MMG Limited owns and operates the Kinsevere high-grade copper mine located approximately 30 km from ELN’s Kasala project
  • Kasala is one of the newest copper discoveries in the Central African Copper Belt. Kasala’s mineralized zone is open to the North, South and West and to depth; ~ 600m long/400m wide/30m thick

VANCOUVER, May 20, 2014 /CNW/ – El Niño Ventures Inc. (“ELN”) (TSX.V: ELN) (OTCQX: ELNOF) (Frankfurt: E7Q) is pleased to announce that it has entered into an Option Agreement (the “Agreement”) with MMG Limited (“MMG”), whereby MMG can acquire ELN`s 70% interest in the Kasala copper project in the Democratic Republic of the Congo (DRC) for a total consideration of USD$6,000,000.00.

Option Agreement

As consideration for the exclusive right to acquire El Nino`s 70% interest in Infinity Resources Sprl, the joint venture company that owns the Kasala permits, MMG has agreed to pay a non-refundable USD$350,000. Under the terms of the Agreement, once certain conditions have been satisfied (the “Satisfaction Date”), in order to maintain the option, MMG:

1. Is required to make staged payments of up to a total USD$3,000,000 consisting of an initial payment of $250,000 on the Satisfaction Date and three annual payments of $916,666; and
2. Must incur a total of USD$15,000,000 in exploration expenditures over the three option year period.

If MMG exercises the option, the consideration payable by MMG to ELN is;

3. USD$6,000,000 less the amounts set out above to maintain the Option (up to a total USD$3,000,000); plus
4. 1.5% NSR.

Harry Barr, Chairman and CEO, stated “We are very pleased to have concluded an agreement with MMG Limited that will return immediate and long term value to our shareholders. Management has fought long and hard to secure all of the assets of its Joint Venture Company, Infinity Resources Sprl, and in particular the Kasala Permits. The recent overwhelming success in winning our claims against GCP Group in the International Arbitration hearing has provided management with the opportunity to negotiate this Agreement with MMG. We would like to thank all of our shareholders for their patience and support over this very difficult period. With a commitment to an extensive exploration program, your company will finally have the opportunity to fully realize the potential for the Kasala project”

About MMG Limited:

MMG Limited, headquartered in Melbourne, Australia, is a global resources company which explores, develops and mines base metal deposits around the world (for more information please visit MMG’s website). MMG is one of the world`s largest producers of zinc, copper, lead, gold and silver. MMG’s major shareholder is China Minmetals Nonferrous Metals Co. Ltd. (CMN), a subsidiary of China Minmetals Corporation (CMC). CMC is one of China’s major multinational state-owned enterprises. It is a diversified company with businesses in metals trading, ferrous and non-ferrous metals production, finance, real estate and logistics.

In Africa, MMG Limited owns and operates the Kinsevere high-grade copper mine located in the Katanga Province of the Democratic Republic of Congo (DRC). The Kinsevere Mine is approximately 30 km from ELN`s Kasala project with both located in a region renowned for copper and cobalt deposits of exceptional quality. With the completion of the Stage 2 project in 2011 – a $400 million solvent-extraction and electro-winning (SX-EW) plant – the Kinsevere Mine has a nameplate capacity of 60,000 tonnes of copper cathode per year. In the first quarter 2014 Kinsevere achieved a quarterly production record, producing 16,848 tonnes of copper cathode. The Kinsevere Mine also achieved quarterly records in processing and sales in the first quarter of 2014.

About the Kasala Project

One of the newest copper discoveries in the Central African Copper Belt, El Niño Ventures’ Kasala prospect is located approximately 70 kilometres northwest of Lubumbashi, Democratic Republic of Congo’s second largest city and the center of the country’s massive copper/cobalt mining industry. The Central African Copper Belt contains over 10% of the world’s copper and 34% of the world’s cobalt. The Kasala project permits are located close to the Kinsevere Mine, which is expected to produce 60,000 tonnes of copper annually for the next 13 years.

The Kasala Block A was the subject of the Company’s 2008 drill campaign. 35 Reverse Circulation (R.C.) drill holes totaling 3,336 metres and 15 diamond drill holes totaling 2,584 metres were completed on the Kasala Block (A) leading to the discovery of substantial copper mineralization.

Significant Assay results for Kasala Block (A) are:

  • Hole MDB023: 80m @ 1.42% Cu from 17m downhole; includes 29m @ 2.82% Cu and 5m @ 4.11% Cu
  • Hole MDB027: 91m @ 1.16% Cu from 9m downhole; includes 22m @ 3.28% Cu and 5m @ 4.39% Cu
  • Hole MDBDD0011b: 91m @ 1.19% Cu from 54m downhole; includes 10m @ 6.7% Cu
  • Hole MDBDD0019: 22m @ 3.28% Cu from 125m downhole; includes 7m @ 7.02% Cu (sulphide)

The Kasala project has an excellent infrastructure and is ideally situated within 20 km of the national highway (a hard-surfaced all-weather road) and is also within 30 km of a rail line linking the mining centers of the Copper Belt. A high-tension electrical transmission line is located 12 km west of the projects’ boundaries. The assay results from the earlier drill programs confirm the presence of significant mineralization within the Kasala Main Zone with the potential for significant expansion of the mineralized zone, based on the results from an IP Survey completed in early 2009 which identified copper oxide mineralization at and near surface; sulphide mineralization at depth.

Kasala Prospect mineralization zone is open to expansion by drilling to the north, south and west, and to depth. As drilled, the Kasala Prospect oxide zone measures about 600m long x 400m wide x 30m thick. It is very important to note that many 2008 drill holes ended in copper oxide mineralization and to note that adjacent blocks are under‐explored (Figure 1).

A 4,071 soil geochemical sampling program was undertaken to test numerous targets south and east of the Kasala Blocks A, B and C and expand upon the area of soil geochemistry coverage on the exploration permit. Sampling had commenced in December 2009 and was completed in late January 2010; chemical analysis of the soil samples was completed by late February 2010. The sampling utilized Quality Alliance and Quality Control protocols established during previous soil geochemical sampling programs on the project.

Figure 1. Plan view of drill collar locations in Kasala prospect area (adapted from 2008 drill report by Allan Lines). The main mineralized zone projected to surface is shaded red. Collar locations labelled MDB are reverse circulation holes. Collar locations labelled MDBDD are diamond drill holes. Note that the mineralized zone is open to expansion by drilling to the north, south and west.
(http://www.elninoventures.com/i/maps/051214ELN-map1.jpg)

Figure 2. High grade oxide drill core Kasala Project & Sulfide drill core at depth on Kasala
(http://www.elninoventures.com/i/maps/051214ELN-map1.jpg)

The sampling program identified three new copper-in-soil anomalies (Figure 3) which warrant additional investigation. The presence of a narrow (150 to 200 metres in width) anomalous zone exceeding 1,200 metres in length was identified approximately 2 kilometres southeast of Kasala Block A. This copper-in-soil anomaly corresponds to a Total Count radiometric anomaly (identified during the Company’s 2007 airborne geophysical program), which is believed to result from potassic alteration of rocks of the Roan Supergroup in contact with rocks of the Kundelungu Supergroup.

A second anomaly in the northeast of the survey area is of a lower order of copper mineralization but, notably, shows a high degree of correlation with the western terminus of a strong Total Count radiometric anomaly which exceeds 3 kilometres in length (Block B). The third new copper-in-soil anomaly is being referred to as the Kasala Western Extension (Block C). It is immediately west and south of Kasala Block A. Kasala Western Extension is a high order copper anomaly with a known length of approximately 550 metres. It is felt that these additional radiometric anomalies may represent important targets for additional exploration programs.

Figure 3. Map showing copper-in-soil values for El Niño Ventures Inc’s soil geochemical sampling program. This program has identified three new copper-in-soil anomalies which are considered significant targets for further evaluation.
(http://www.elninoventures.com/i/maps/051214ELN-map5.jpg)

About other ELN’s Research Permits in the DRC:

El Nino currently holds a 70 % interest in four well located Research Permits, accessible by road from the town of Lubumbashi in southern Congo. Each Permit is partially underlain by the highly prospective Roan Formation which hosts most of the important copper deposits in this area. The accompanying map shows the general location of the licences, as well as the location of the known principal targets delineated on permit 5217 and the focus of the drilling to date. Between 2007 and 2011, EL Nino Venture Inc., as operators of the project carried out several phases of exploration on these permits. Details of the exploration programs are demonstrated in table below;

Exploration Programs from 2007 to 2010

Year/Date PR5214 (Kasala) PR5215 (Copper Mountain) PR5216 PR5217 (Copper Mountain)
2007-July Remote Sensing Remote Sensing Remote Sensing Remote Sensing
2007 Sep-Oct Airborne Gamma
Ray Spectrometer
& magnetic
gradient surveys		 Airborne Gamma
Ray Spectrometer
& magnetic
gradient surveys		 Airborne Gamma
Ray Spectrometer
& magnetic
gradient surveys		 Airborne Gamma Ray
Spectrometer & magnetic
gradient surveys
2007 Oct-Nov 80 holes 6266 metres RC
drilling
2007-2008 Dec- June 2235 Soil Samples 1244 Soil Samples 4777 Soil Samples
2008 Jan- May 2068 Soil Samples
2008 June-July 32 holes 1995
metres RC Drilling		 3215 metres RC Drilling
2008 July to September 56 holes 5883
metres RC Drilling
20 Holes 3583.6
metres Diamond
Drilling
2008 September Pole-Dipole IP
survey
2009-2010 Dec – Jan 4071 Soil Samples

(http://www.elninoventures.com/i/maps/051214ELN-map2.jpg)

In 2007 ELN completed 6266 metres of RC drilling across 80 holes. One of the highlights of the 2007 drilling program was the intersection of > %3 copper over 10 metres (see below).

Three RC holes drilled on Location Anomaly 3 returned the following intercepts:

  • Hole ANCU001: 10m @ 3.51% Cu from 12m below surface (including 4m @ 7.24% Cu from 15m)
  • Hole ANCU003: 10m @ 0.25% Cu from 20m below surface
  • Hole ANCU004: 5m @ 1.88% Cu from 20m below surface

Figure 4. Location of Permits in relation to Lubumbashi (PR 5214 is Kasala)
(http://www.elninoventures.com/i/maps/051214ELN-map3.jpg)

Figure 5. 2007 and 2008 Drill hole location map Kasala and PR-5217 Projects
(http://www.elninoventures.com/i/maps/051214ELN-map3.jpg)

El Nino would like to acknowledge our joint venture partner, Mr. Hassan Sabra, who has worked continually within the framework of the Joint Venture to advance the Kasala project and tirelessly with El Nino to secure the assets of Infinity Resources Sprl.

About El Niño Ventures Inc. Bathurst Projects, New Brunswick, Canada

ELN has two active projects in the Bathurst Mining Camp: Murray Brook and the Bathurst Option Joint Venture. A recent consolidation resulted in the Company having 30.6 million shares Issued & Outstanding with a current market capitalization of approx. $2.0 million.

Murray Brook Project

The Murray Brook Project is located 60 km west of Bathurst, in the northwest part of the Bathurst Mining Camp(Figure 6). The Murray Brook deposit is a zinc-lead-copper-silver massive sulphide which is the subject of a recently completed Preliminary Economic Assessment. The project is supported by excellent infrastructure including paved roads, grid electricity and communities to provide goods, services and skilled labour. ELN and Votorantim Metals Canada (VMC) currently own 100% of the Murray Brook Project with VMC acting as the operator. VMC controls 65% and ELN controls 35%.

Figure 6- Murray Brook Project and Camel Back property location map, Bathurst Mining Camp, New Brunswick
(http://www.elninoventures.com/i/maps/051214ELN-map4.jpg)

To date, more than 28,000 metres of drilling has been completed on the Murray Brook Project. The first NI43-101 mineral resource estimation and the first metallurgical results were published in press releases dated February 2012and January 2013, respectively. On June 5, 2013 a positive Preliminary Economic Assessment was announced (see news release). The results of the PEA demonstrate the potential technical and economic viability of establishing a new mine and mill complex on the Murray Brook property. The projected cash flows indicate an after-tax NPV at a 5% discount rate of $96.4 million, an IRR of 11.4%, and a payback period of 5.4 years (see news release). The NI43-101 Technical Report is filed on SEDAR and also available on the ELN website (http://www.elninoventures.com).

Qualified Persons Statement

This news release has been reviewed and approved for technical contents of the BOJV and Murray Brook projects byWilliam Stone, Ph.D., P.Geo. and a Qualified Person under the provisions of National Instrument 43-101. The information in this Press Release that relates to Exploration Results for the Kasala Project is based on information compiled and reviewed by Ali Hassanalizadeh Msc., P.Geo. and a Qualified Person under the provisions of National Instrument 43-101. Mr. Hassanalizadeh has relied on Mr. Benoit M. Violette, P. Geo., consulting geologist and the Qualified Person under NI‐43‐101.

On Behalf of the Board of Directors,

(signed)

Harry Barr
Chairman & CEO
El Niño Ventures Inc.

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.

Cautionary Note Regarding Forward Looking Statements. This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.

SOURCE El Nino Ventures Inc.

For further information:

Tel: +1 604 685 1870 Fax: +1 604 685 8045
Email: [email protected] or visit www.elninoventures.com
650-555 West 12th Avenue, City Square, West Tower, Vancouver, B.C., Canada, V5Z 3X7

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Garibaldi hits silver and gold in Mexico, hunts copper in BC

Posted by AGORACOM-JC at 2:33 PM on Friday, May 16th, 2014

VANCOUVER – Ten years of developing and permitting new technology, staking ground, flying surveys, mapping, sampling, and finally identifying drill targets is starting to pay off for Garibaldi Resources (TSXV: GGI), which hit a near-surface intercept 2,010 grams silver per tonne over 7 metres in the first hole to test the Silver Eagle target at the company’s Rodadero North project in Sonora state, Mexico.

Garibaldi staked the Rodadero project based on the results of hyperspectral remote sensing surveys, which maps mineralogy based on spectral signatures. It is a well-established technique in the exploration world, but the basic version only sees 12 wavelengths. That only outlines basic structures.

Garibaldi took the technique to the next level through a partnership with satellite data provider Macdonald Dettwiller.

“They said to us, ‘We’ve got this hyperspectral spectrometer, so you can take those 12 bands and expand it out to 127 bands and look at the specific mineralogical units,'” said Steve Regoci, president and CEO of Garibaldi. It took another two-plus years to put the concept into action because of design requirements and cross-border permitting, but in 2007 Garibaldi got out and overflew swaths of Mexico in areas they thought were prospective.

“In an arid place like Mexico, in the hottest time of the year when all the vegetation dies, you’re looking right down at the surface and every single mineral known to man has a certain exact spectra – it’s just like a barcode at the supermarket,” said Regoci.

Based on those barcodes, Garibaldo initially staked 300,000 hectares of ground, including the 54,000-hectare Rodadero North property. Through more surveying combined with on-the-ground prospecting, Garibaldi gradually cut Rodadero North down to 6,800 hectares. More importantly, the company identified eight high-priority exploration targets on the never-before-drilled property.

Then it came time to start testing targets, or eliminating targets as Regoci likes to put it.

“Silver Eagle definitely wasn’t our best target but it happened to be road-accessible, so it was the cheapest to go and eliminate,” said Regoci. “But it didn’t really eliminate itself. So we started a second hole that we’re going to re-enter after we get some hydraulics refurbished on the drill rig. You don’t walk away from an intersection like that.”

Garibaldi’s targeting system also led it to some good gold intercepts in the first holes ever drilled at its La Patilla property, in Sinaloa state. Five of six holes spread along 75 metres of prospective strike at La Patilla returned gold. The best intercept rang in at 30 metres grading 3.1 grams gold, starting 11 metres downhole and including 8.5 metres of 10.4 grams gold.

Other results include 38.9 metres grading 0.8 gram gold from surface, 13.7 metres grading 0.9 gram gold from 4 metres depth, and 10.8 metres averaging 1.9 grams gold from 35 metres depth.

Garibaldi is also preparing for a first-pass drill program at its Iris project, which is in Chihuahua state adjacent to Agnico Eagle Mines‘ (TSX: AEM) Pinos Altos mine and Minera Frisco‘s Ocampo mine.

Mexico is one half of the Garibaldi story. The other half is closer to the company’s head office in Vancouver: Garibaldi is exploring a set of properties in the Sheslay Valley, west of Dease Lake in northwest British Columbia.

“In BC we just really liked these properties – we liked the geology and the location,” Regoci said. “A couple times we thought we might lose them but we just kept our feet moving and now the time for this area has come. This is a brand new emerging mining camp.”

Explorers have long poked and prodded about in the Sheslay Valley, but interest in the area really ramped up in mid-2013 when Prosper Gold (TSXV: PGX) inked a deal to earn an 80% stake in the Sheslay project from Firesteel Resources (TSXV: FTR). Prosper is the new vehicle for the team that discovered the Blackwater gold deposit in south-central BC; for that discovery their company, Richfield Ventures, attracted a $500-million takeover from New Gold (TSX: NGD).

“That management group — they’re highly respected guys — they came up here and said, ‘OK, we’ve looked for three years globally and this is the best project we could get bang for our buck,'” said Regoci. So far Prosper has only drilled twin holes, to confirm earlier results, but nevertheless intercepts like 334 metres grading 0.35% copper, 0.11 gram gold, and 0.84 gram silver attracted market attention.

Prosper’s ground borders Garibaldi’s project to the north. Kitty-corner to the northeast is Doubleview Capital‘s (TSXV: DBV) Hat project, where one of the first holes returned 313 metres grading 0.22% copper, 0.18 gram gold, and 0.85 gram silver.

Garibaldi’s ground already hosts known porphyry occurrences at it west end, in an area known as Grizzly West, and in recent weeks the company identified a new porphyry zone 3 km to the south that it haslabeled West Kaketsa.

“What’s happening is we are all establishing this porphyry corridor here,” said Regoci. “I just think this whole area is going to take off. Galore Creek is nearby and it is something like 18 separate porphyries.”

Unlike Galore Creek, the nearby Teck Resources (TSX: TCK.B; NYSE: TCK) project that hosts one of the world’s largest undeveloped copper-gold-silver deposits, Sheslay Valley offers reasonable access and weather. Garibaldi is in talks with Prosper and Doubleview about rehabilitating an old road that runs right into the area. In terms of weather, its location east of the Coast Mountains means the Sheslay gets far less snow than Galore, which is on the west side.

Garibaldi plans to spend the next few months completing a first sweep of the 262 sq. km Grizzly property. The company is permitting 14 fly camps to support a 60-day mapping and sampling campaign. Once that is complete Regoci hopes to have identified some clear targets to drill before the summer is over.

Garibaldi has just enough money to fund its plans. The company has less than $1 million in the bank but it also has 1.5 million shares of Paramount Gold and Silver (TSX: PXG), part of a payment Paramount made to Garibaldi in exchange for the hyperspectral data Garibaldi gathered when it overflew Paramount’s San Miguel project while flying its own adjacent ground.

“It’s been ten years that we’ve been working to get where we are today. It’s hard to believe it’s been ten years but a good five years of that was really challenged by the global financial crisis, so survival in itself has been a challenge,” said Regoci. “Luckily, because we did the Paramount deal at the bottom of the market in 2009, we haven’t had to do a financing since 2009 because we can slowly sell that holding.”

Now that the work has generated a list of targets, Regoci is excited for the future.

“Every little target isn’t going to be a deposit, but we’re not in that broad-scale exploration phase anymore,” he said. “These are focused targets and we’re going to go at it systematically. I think we’ve got a good shot.”

Garibaldi’s share price gained 4¢ on the Rodadero North drill results to close at 26¢. The company has a 52-week trading range of 4¢ to 27¢ and has 58 million shares outstanding.

Source: http://www.northernminer.com/news/garibaldi-hits-silver-and-gold-in-mexico-hunts-copper-in-bc/1003067940/r42s4q0slWw0qBx4380M2vx/?ref=enews_NM&utm_source=NM&utm_medium=email&utm_campaign=NM-EN05162014#sthash.ppIGOM0t.LajUHesz.dpuf

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St-Georges Provides Corporate Update

Posted by AGORACOM-JC at 2:45 PM on Tuesday, May 6th, 2014

 

Montreal, Quebec / May 6, 2014 / St-Georges Platinum and Base Metals Ltd. (OTCQX: SXOOF) (CSE: SX) (FSE: 85G1) would like to inform its shareholders and stakeholders about the progress of its operations. The Company would also like to inform its shareholders that it filed its annual financial statements and management’s discussion and analysis or MD&A on April 30, 2014, for the period ended December 31, 2013. The financial statements and MD&A are available on SEDAR at the address www.sedar.com under St-Georges Platinum.

Zambian Projects

The Company entered into a binding agreement to acquire two Copper-Cobalt-Gold projects in Zambia on February 5, 2014. The initial agreement called for a 90-day due diligence to expire at midnight Eastern Standard Time on May 5, 2014. Due diligence is progressing at a good pace with most of the title verification completed. Geological and Metallurgical testing will take additional time. St-Georges’ technical team has adopted a sceptical approach in reviewing the recent production data due to the high numbers and especially very high copper and cobalt grades reported to the Company by the operator on site. The Company had expected to rely on independent third party visit reports to conclude the due diligence but, in light of the current situation, management has decided to send a team on site later this month or in the early part of the month of June. Management also plans to acquire 500 metric tonnes of production mineral concentrate from the current Mwinilunga production in order to independently verify the grades and conduct metallurgical testing. Large portion of this bulk test will be conducted by AGAT Laboratories in Canada. The company also plans to hire two local mining engineers in the month of May to help with this due diligence effort. Finally, independent laboratory testing of the shipped material, and selected grab samples taken along the reef structure on Mwinilunga are expected this month and the Company will release more details about the progress of the due diligence conducted on site later this month.

The Company expects to conclude its due diligence no later than June 30, 2014 and would like to put the agreement to a shareholders vote at a Shareholders meeting as soon as the due diligence has been completed. The acquisition would be finalized right after a positive vote at the Shareholder Meeting expected in August 2014.

On May 5, 2014, the Company signed an amendment to the February 5, 2014 binding term sheet agreement that extends the due diligence period option until June 30, 2014 and the proposed closing date to no later than August 31, 2014.

Other Corporate Matters

Metallurgical Extraction Technologies Subsidiary

On December 3, 2013 the Company announced that it had entered into an option agreement with Allied Nickel in order to acquire a North American Exclusive License for Patented Technologies controlled by Allied. Lack of financial resources and time constraints caused by the acquisition of the Zambian projects limited the abilities of the Company to conduct a satisfactory due diligence on the technologies at stake. Allied informed the Company that they are willing to negotiate new terms or a new agreement with St-Georges but no details have been communicated as yet. St-Georges consider that there is no current agreement for the time being and it is evaluating other avenues to advance its intentions to build a metallurgical and processing technologies division.

Highlights from the Audited Financial Statements for the year ended December 31, 2013

  • — Total assets of the Company as at December 31, 2013 were $1,428,804 following a write down of $6,796,442 to recognize an impairment in the value of its Quebec mining exploration and evaluation assets.– Shareholders’ equity in St-Georges was $270,675 as at December 31, 2013.– As at December 31, 2013 St-Georges had negative working capital of $493,533 compared to negative working capital at December 31, 2012 of $1,672,027.

    — As at April 30, 2014, the Company had 28,448,661 common shares issued and outstanding. At the closing price of $0.125 on that date, the market capitalization of St-Georges was $3,556,083.

According to Vivian Doyle-Kelly, Chief Financial Officer of the Company, “2013 was a year of transition as St-Georges addressed its management structure and balance sheet in order to position itself to develop its strategic vision and take advantage of opportunities which it has identified”

About the Zambian Projects

The Mwinilunga Copper-Cobalt-Gold Project. Covering 740 hectares (7.4 km2) , the project is located close to the Angola and DRC borders and is in the vicinity of CopperZone and Vale Inco’s Luamata Joint-Venture Project. Current small scale punctual production of 3,000 tonnes of Copper Concentrate (15%) per month on the mining license will be consolidated under St-Georges’ control at closing of the transaction, and will be managed under a service agreement to be finalized before the end of the due diligence period.

The Shongwa IOCG & Nickel Project. Covers an area of 72,600 hectares (726 Km2) and is located approximately 60 km northwest of the town of Kasempa. There is a current JORC Definitive Feasibility Study (DFS) in place and the Company plans to verify and integrate the historical and JORC information into new NI 43-101 reports, and is currently evaluating the level of work required. The Company further expects to initiate work on a NI 43-101 compliant Preliminary Economic Assessment Study (PEA) later in 2014 or early 2015, conditional to the closing of the acquisition transaction.

Mr. Joel Scodnick, P.Geo. St-Georges’ Vice-President Exploration is a Qualified Person as defined by NI 43-101 and has reviewed and verified the scientific and technical mining disclosure contained in this news release.

ON BEHALF OF THE BOARD OF DIRECTORS

Frank Dumas

Director & Executive Chairman

About St-Georges

St-Georges is a vertically integrated Platinum-Palladium-Gold, Copper-Cobalt & Nickel Explorer and Developer. Headquartered in Montreal, the Company’s stock is listed on the CSE under the symbol SX, on the OTCQX under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1. For additional information, please visit our website at www.stgeorgesplatinum.com

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

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Garibaldi Signs Option to Buy Two B.C. Cu-Au Properties

Posted by AGORACOM-JC at 4:43 PM on Thursday, May 1st, 2014

GARIBALDI EXPANDS NORTHWEST B.C. PRESENCE

Recognizing the extraordinary mineral wealth potential and dynamic pace of development in northwest British Columbia, Garibaldi Resources Corp. has acquired two highly prospective copper-gold porphyry properties within the Stikine arch to complement its flagship Grizzly project in the prolific Sheslay Valley district.

“The rapid progress at Sheslay, combined with mining and infrastructure developments regionally, accelerated our plans to target and capture more exceptional ground within the Stikine Arch at the bottom of the market cycle,” stated Steve Regoci, President and CEO of Garibaldi. “This gives our shareholders a very strategic leveraged opportunity for the future while we focus immediately and vigorously on unlocking the value of the Grizzly.”

“Garibaldi’s early bird strategy of selectively acquiring exciting key prospects exhibiting particular mineralogical features has consistently paid dividends for our shareholders,” Regoci continued. “This is evidenced by the acquisition and sale of the Temoris project in Mexico, plus the acquisition, expansion and accelerating exploration of our dominant land position, the largest of any junior, within the copper-gold porphyry rich Sheslay Valley corridor. The addition of Red Lion and Mount Saint Mary to the Garibaldi property portfolio emphasizes our confidence in a vibrant and exciting future for mining in this part of the province.”

Red Lion

The Red Lion prospect, comprising 35 sq. km, is located 60 km south of AuRico Gold’s Kemess mine and adjoins the Kiska Metals’ Kliyul Cu-Au porphyry project under option to Teck Resources Ltd. The Red Lion shows extremely strong Cu-Au stream sediment geochemistry in both Government Regional Geochemical Survey responses and follow-up proprietary surveys. Access and infrastructure at Red Lion are excellent with the powerline to the Kemess South mine only three km away.

Mount Sister Mary (MSM)

The MSM prospect, comprising 58 sq. km, is located approximately 50 km northeast of Imperial Metals’ Red Chris mine and is underlain by similar Triassic and Jurassic volcanic and plutonic rocks. Government Regional Geochemical Survey responses confirm prior assessment work in which at least eight Cu-Ag-Au showings have been documented on the property.

Option Terms

Both the Red Lion and the MSM properties were acquired from one vendor by way of a 4-year option agreement to purchase a 100% interest on the following terms: $18,500 CDN and 75,000 shares within 10 days of TSX Venture approval. Garibaldi will issue 150,000 common shares in each of the first three years of the option and 500,000 shares in the fourth year. The vendor retains a 2% NSR, half of which Garibaldi may purchase at any time for $2,000,000 CDN.

Shares Issued For Hat East and Hat East 2 Claims – Sheslay Valley

Garibaldi has issued the vendor 100,000 common shares of the Company pursuant to a property purchase agreement dated January 27, 2014, between the Company and an arms-length party for the Hat East and Hat East 2 claims comprising 1,653 hectares (see Garibaldi news release January 31, 2014). The shares are subject to applicable hold periods and may not be traded until July 10, 2014.

Corporate Fact Sheet

To view the updated Fact Sheet for Garibaldi Resources, please visit the following URL: http://www.garibaldiresources.com/i/pdf/GGI-FactSheet-April2014.pdf

Qualified Person

Carl von Einsiedel, P.Geo., a non-independent geological consultant and a Qualified Person as defined by NI-43-101, has reviewed this news release and approved the content thereof.

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CLIENT FEATURE: (LBSR: OTCQB) Liberty Star Uranium & Metals, Small Caps Are BACK!

Posted by AGORACOM-JC at 11:59 AM on Wednesday, February 19th, 2014

Liberty Star Uranium & Metals Corp. (LBSR: OTCQB) is an Arizona-based mineral exploration company engaged in the acquisition and exploration of mineral properties in the states of Arizona and Alaska. Currently the company controls properties totaling approximately 26,011 acres (about 41 square miles) which are located over what management considers some of North America’s richest mineralized regions for copper, gold, silver, molybdenum (moly), and uranium.

Arizona

The Tombstone Super Project (TSP) hosts Liberty Star’s premiere multi target property: Hay Mountain. The TSP initially consisted of 33 unpatented federal lode mining claims over a projected covered porphyry copper mineral center in Cochise County, Arizona. In 2011 and 2012 more USBLM claims and Arizona Mining Exploration Permits were added after Chief Geologist James Briscoe discovered a large multimodal anomaly over a large covered porphyry copper mineral center within the larger TSP area. Currently, the TSP entails 14.67 square miles of claimed lands with Hay Mountain covering 13.45 square miles of the claim area. The entire claim area has undergone formal review by SRK Consulting. SRK produced three separate NI 43-101 compliant technical reports (technical reports per USSEC) which recommended further exploration for copper, gold, moly and other metals.

The company received the final draft ZTEM report from Geotech Ltd. ZTEM electromagnetic measurement data has been carefully analyzed by Geotech’s Chief Geophysicist Jean Legault, P. Geo, P. Eng. Among the report’s findings:

1. There are as many as 10 meaningful targets within the Hay Mountain Project area.

2. Hay Mountain contains a major anomaly centered on the geochem anomaly reported by Liberty Star (NR 127).

From the “Executive Summary” Summary Interpretation Report on a Helicopter-Borne
Z-Axis Tipper Electromagnetic (ZTEM) and Aeromagnetic Geophysical Survey:
The Hay Mountain Project Tombstone Mining District, Cochise County, Arizona
For: Liberty Star Uranium & Metals Corp.:

“The Hay Mountain Property is mainly underlain by a thick sequence of Paleozoic quartzite, limestone and siltstones, but potentially hosts buried porphyry copper deposits at structural intersections and under basin-fill formations. There is additional potential for polymetallic carbonate-hosted replacement deposits (CRD), as well as shallow chalcocite blanket porphyry type deposits and also skarn type porphyry copper deposits. Previous soil and vegetation geochemical surveys have identified a coincident Au-Pb-Cu anomaly and larger Mo-halo in the center of the property. The objective of the ZTEM surveys is to identify favourable magnetic and resistivity signatures related to potentially more deeply buried porphyry copper, CRD/skarn and chalcocite replacement deposits at Hay Mountain. The Magnetic surveys have determined that Hay Mountain hosts a large dominant magnetic high that lies buried below the Paleozoic sediments is centered over the Liberty Star geochemical anomaly and remains open to the south…As many as ten (10) magnetic anomalies have been defined.”

Company CEO/Chief Geologist Jim Briscoe’s summary: “Geotech’s Chief Geophysicist Jean Legault and I met for more than 12 hours in three sessions of four hours each over the last 10 days through GoToMeeting, me in Tucson and Legault in Canada, so we could look at the same images at the same time to interpret the ZTEM data. With my geological expertise in the Tombstone area and his geophysical expertise on copper anomalies all over the world, we came to the same conclusion that there is substantial evidence that the Hay Mountain area needs to be drilled. While I had five targets in mind, the ZTEM report indicated 10. I am pleased that the evidence continues to be mutually reinforcing that we may be looking at a major porphyry copper structure. The next step is drilling. We have a detailed cost analysis and will plot drill sites according to what we are seeing with the ZTEM. Once funding is secured, we will drill ASAP.”



The Company maintains claims on two other claim blocks in Arizona: The East Silver Bell Porphyry Copper Project is within the Silver Bell Mining District located northwest of Tucson, Arizona. Liberty Star’s North Pipes Super Project comprises 417 standard Federal lode mining claims covering over 38,000 acres in numerous blocks targeting breccia pipe hosted uranium deposits. The breccia pipes are part of the large uranium bearing breccia pipe terrain which occurs on the Arizona Strip lying just south of the Utah border.

 

East Silver Bell Porphyry Copper Project is within the Silver Bell Mining District located northwest of Tucson, Arizona. Asarco Mining LLC with joint venture partner Mitsui Mining of Japan currently operates open pit copper mines in the area. Asarco has a solvent extraction (SXEW) plant approximately 4 1/2 miles to the west of the East Silver Bell Project property line. Liberty Star’s property, within the same mining district, includes 26 unpatented lode mining claims covering a previously unrecognized porphyry copper center. Two mining companies had some interest in the area during the late 1990s but relinquished the ground despite revealing enriched copper in one hole and substantial amounts of leached capping in all other holes, an indicator for porphyry copper deposits. Stagnant copper prices contributed to the abandonment of the ground prior to the identification of any ore body. The claims currently are within the Ironwood National Monument, which was established after the claims were staked.

Alaska

Through our wholly owned subsidiary, Big Chunk Corp., Liberty Star holds claims to the Big Chunk Super Project (BCSP), covering approximately 101 square miles in southwestern Alaska, targeting copper, gold and molybdenum. The Big Chunk lands are within nine miles the Pebble property, which promises to be among the richest mining districts in the world for copper, gold and moly for decades to come.

Hub On AGORACOM / Corporate Website

 

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AGORACOM Welcomes (SX: CSE) St. Georges Platinum and Base Metals

Posted by AGORACOM-JC at 10:00 AM on Thursday, February 13th, 2014

SX: CSE

St-Georges Platinum & Base Metals Ltd. is a junior Platinum, Palladium, Rhodium, Copper, Cobalt and Nickel explorer with projects in the Province of Quebec, Canada. Headquartered in Montreal, the Company’s stock is listed on the CSE under the symbol SX, the OTCQX under the symbol SXOOF and the Berlin Stock Exchange under the symbol 85G.

The company owns the Villebon Copper-Nickel and PGEs property in Abitibi and a 100% interest in the Julie and Isoukustouc Nickel-Copper-PGEs projects.

It also owns a 100% interest in ten North Shore properties that constitute the Manicouagan constellation which are explored for Nickel, Copper, Platinum, Palladium and Graphite and 50% equity interest in 6 properties explored for graphite with Amseco Exploration, all the latter being on Quebec’s North Shore near the deep-seaport town of Baie-Comeau.

Isoukoustouc Complex:

St-Georges Platinum expanded the Isoukoustouc and Julie properties by staking an additional 238 claims to its 57 mining claims. In addition, 13,185 hectares have been added to approximately 34 sq. Km in the Isoukoustouc Nickel Trend.

Manic-3, Mathilda & B-40

(Copper, Nickel, Palladium, Cobalt)

Lac Julie: 124 km northwest of the town of Baie-Comeau, Quebec

(Average assay values of 0.33 wt. % Cu and 1.78 wt. % N)

Manicouagan Constellation:

A prospective grass root target for PGE’s with limited historical work. Additional claims might be added or withdrawn from this group of properties in the coming year as the Company plans to improve this holding.

Villebon:

St Georges owns a 70% interest in the core portion of the Villebon property situated less than 2 km east of the Provincial Highway #117, and 45 km south-east of Val d’Or .
The company entered into a binding agreement to acquire 100% of two mineral mining projects in the Kasempa and Mwinilunga Districts in Western Zambia.

Shongwa Project (Kasempa District)

The Shongwa IOCG & Nickel project is located in Northwestern Zambia. The project area lies approximately 60km northwest of the town of Kasempa in northwest Zambia. The area is poorly developed with only minor trails away from the gravel Kasempa-Kaoma road link. The area consists of forested and relatively flat covered plains with some rolling hills and some permanent watercourses. Minor areas of habitation and subsistence farming exist to the south of Shongwa.

The Large Scale Prospecting License (LPL) 14817-HQ-LPL covers an area of 726 square km. It was recently converted into 3 mining licenses covering the same total territory.

The Shongwa project is the site of one of the oldest known deposits in Zambia dating back to the fourth century. Since the rediscovery of these ancient workings in 1899, the area has been mined intermittently for the recovery of high-grade copper ore. From 1903 until 1914, copper was recovered by underground mining of high-grade veins, followed by hand sorting and direct smelting. Mining activities terminated with the onset of World War 1.

Hub On AGORACOM / Corporate Website

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Oz Minerals to Potentially Earn 90% Interest in Copaquire for $90M Payment To Int’l PBX Ventures *Client*

Posted by AGORACOM-JC at 2:54 PM on Wednesday, January 2nd, 2013

             

Terry Lynch, President of International PBX Ventures Ltd. Goes Beyond the Press Release to discuss PBX Signing JV option agreement to allow OZ Minerals to earn a 90% interest in Copaquire by making cash payments of $90 million and drilling up to 30,000 meters.

OZ Minerals Now Drilling Multiple Targets

The Copaquire project is one of the most unique copper-moly projects in all of South America containing both high grade molybdenum and copper. A molybdenum rich core (Cerro Moly) surrounded by a large porphyry copper system (Sulfato) with grades of up to 2% copper.

Corporate Website / Hub On AGORACOM

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Donner Metals Ltd.: Mcleod Zone Extended Up-Dip: Exploration Drilling Intersects 2.83% Copper, 13.09 g/t Silver and 0.13 g/t Gold Over 19.35 Metres

Posted by AGORACOM-JC at 9:20 AM on Wednesday, September 19th, 2012

VANCOUVER, BRITISH COLUMBIA–(Sept. 19, 2012) – Mr. Harvey Keats, Chief Executive Officer of Donner Metals Ltd. (TSX VENTURE:DON)(FRANKFURT:D4M) reports on exploration results for drilling conducted in the vicinity of the Bracemac-McLeod Deposit and within the 4,737 square kilometre Matagami Project as reported to the Company by partner and project operator Xstrata Canada Corporation-Xstrata Zinc Canada Division (“Xstrata Zinc”). Renewed exploration diamond drilling up-dip from the McLeod Zone has discovered new copper mineralization within a laterally extensive chlorite alteration zone, including 2.83% copper over 19.35 metres intersected in hole MCL-12-16, drilled 45 metres up-dip from previous drilling on the McLeod Zone. Two drills are currently active on the project.

Results from each area are described below and assay results are listed in the attached Table 1. To view Table 1 and a longitudinal cross section, please visit the following link: http://media3.marketwire.com/docs/don919ei.pdf.

McLeod Up-Dip

A broad zone of mineralized chlorite alteration (“Pipe” alteration) with copper-bearing massive and semi-massive sulphides was intersected up-dip from current Mineral Reserves in the McLeod Zone. Eleven diamond drill holes were targeted on the Key Tuffite horizon at an average spacing of approximately 50 metres and covering an area measuring approximately 200 by 200 metres along the up-dip trend of the McLeod alteration system (Figure 1). This system is now known to extend over 1.4 kilometres in length and 400 metres in width. It hosts Proven and Probable Mineral Reserves in the McLeod Zone, Indicated Mineral Resources in the Copper Stringer Zone and Inferred Mineral Resources in both the McLeod Deep and West McLeod zones. Mineralization reported below is new and extends the known mineralization within the up-dip portion of this trend. Significant exploration potential remains to be investigated in the McLeod alteration system and adjacent to its known sulfide deposits.

Diamond drill holes MCL-12-15 and MCL-12-16 intersected sulphide mineralization at the Key Tuffite horizon over appreciable drilled widths along the southeastern margin of the McLeod alteration trend. MCL-12-15 returned 0.16% zinc, 2.06% copper, 7.00 g/t silver and 0.07 g/t gold over 4.00 metres. MCL-12-16, located 47 metres down- dip from MCL-12-15 and 45 metres up-dip from previous McLeod Zone drilling, intersected 0.14% zinc, 2.83% copper, 13.09 g/t silver and 0.13 g/t gold over 19.35 metres. MCL-12-14 was drilled a further 62 metres up-dip from MCL-12-15 and returned stringer mineralization in the hanging wall to the Key Tuffite. Drill hole MCL-12-18, drilled 33 metres southwest and down-dip from MCL-12-16, intersected weak chalcopyrite stringers intermittently over 11.6 metres in the immediate footwall to the Key Tuffite. Mineralization encountered in holes MCL-12-15 and MCL-12-16 remains to be investigated to the southeast.

In the Key Tuffite horizon immediately northwest of the intersections listed above, diamond drill holes MCL-12-08, MCL-12-09, and MCL-12-11 intersected significant copper values over narrow widths, while drill hole MCL-12-12 intersected 0.50% zinc, 2.13% copper, 7.19 g/t silver and 0.17 g/t gold over 7.00 metres. Drill hole MCL-12-09 also intersected a mineralized sequence within the Pipe alteration in the hanging wall above the Key Tuffite. Drill holes MCL-12-13 and MCL-12-14 intersected minor amounts of sulphide mineralization within Pipe alteration zones. Hole MCL-12-17 was drilled laterally across the alteration trend specifically to test a vertically-dipping, north-south trending structure. It intersected a felsic dyke at the Key Tuffite horizon.

Bracemac: Underground Exploration

Three exploration drill holes were completed from underground development that accesses the Bracemac Main Zone. The program was designed to test the Key Tuffite horizon in the vicinity of historical drill hole DDH-33EXT, which intersected well-mineralized Key Tuffite over 3 metres, including massive sulphides that graded 38.09% zinc over 0.15 metres. The location of this intersection is 350 metres northwest of the Bracemac KT Zone in an area where drill spacing is on the order of 100 to 360 metres. Drill hole UBRC-048 and UBRC-048A intersected the Key Tuffite 120 metres southeast of DDH-33EXT where they encountered sulphide mineralization and chlorite alteration at the Key Tuffite. UBRC-048 intersected massive, semi-massive and stringer sulphides (pyrite and lesser sphalerite) from 195.70 to 198.60 metres and similar stringer and laminated sulphides from 207.00 to 213.70 metres. Chlorite alteration with both disseminated and stringer sphalerite occurred in both the hanging wall and footwall to these intervals. UBRC-048A was drilled 6 metres southeast of UBRC-048 and intersected the Key Tuffite, containing stringer and laminated pyrite and sphalerite, from 194.5 to 202.8 metres. Rocks in the footwall to this interval exhibited well-developed chlorite alteration and disseminated sphalerite. Drill hole UBRC-049 intersected disseminated sphalerite mineralization over 0.3 metres. This intersection is located 20 metres northeast of DDH- 33EXT at the Key Tuffite. There is remaining exploration potential in the vicinity of the Bracemac zones at both the Key Tuffite and the Bracemac stratigraphic levels.

Galinée 14 Area

Two diamond drill holes were completed at the Galin̩e 14 Prospect located 6.5 kilometres southeast of the Bracemac-McLeod mine. Both holes intersected significant widths of Pipe alteration within the Key Tuffite РWatson Lake sequence with one hole returning the first appreciable sign of sulphide mineralization. Drill hole GAL14-12-10 returned 1.00% zinc, 0.15% copper, 0.66 g/t silver and 0.01 g/t gold over 7.50 metres within the alteration package. Drill hole GAL14-12-11 intersected unmineralized Pipe alteration. The Galin̩e 14 alteration system is one of the largest areas of continuous Pipe alteration in the Matagami Camp and it remains open for further investigation.

Rivière Allard

One drill hole was completed in the Rivière Allard area in the Central Camp Joint Venture area approximately 11 kilometres from the Matagami Lake Mill. Drill hole RA-12-11 intersected mineralized intermediate intrusions within a mineralized andesite pyroclastic unit at the target horizon. Mineralization consists of disseminated and stringer pyrite, pyrrhotite, magnetite, sphalerite and chalcopyrite.

PD2 Area

Two diamond drill holes were completed on the PD2 property in the West Camp JV area. These holes are located 17.5 kilometres west of the Matagami Lake Mill. Drill hole PD2-12-38 intersected granodiorite intruded into a sequence of andesite volcanic rocks. Drill hole PD2-12-39 intersected a rhyolite sequence intruded by felsic and intermediate rocks 1.6 kilometres to the southeast of PD2-12-38. The occurrence of felsic rocks in this area was previously unknown and provides a package of new stratigraphy worth further investigation.

CAV Area

One drill hole was completed as a stratigraphic test in the southern part of the West Camp JV area, 15 kilometres southwest of the Matagami Lake Mill. This drill hole intersected magnetic gabbroic anorthosite typical of the Bell River Complex.

SUPPLEMENTARY INFORMATION

The Bracemac-McLeod deposit contains Proven and Probable Mineral Reserves of 3.7 million tonnes grading 9.60% zinc, 1.26% copper, 28.25 g/t silver and 0.43 g/t gold. Inferred Mineral Resources of 2.6 million tonnes grading 8.79% zinc, 1.31% copper, 38.84 g/t silver and 1.06 g/t gold are located in proximity to the Mineral Reserves. The Company is a fully vested partner with Xstrata Canada Corporation in the extensive Matagami base metal camp located in the Abitibi region of Québec. This joint venture partnership covers six joint venture areas (“the Matagami Project”) governing 4,737 square kilometres of prime stratigraphy, which has yielded high-grade base metal production since 1963. Xstrata Zinc is the project operator for the Matagami Project, including the Bracemac-McLeod Mine. Additional information is available at www.donnermetals.com.

Xstrata Zinc is the project operator for the Matagami Project and all of the respective joint ventures. As operator, Xstrata Zinc is responsible for the execution of all development, production and exploration programs on the property. This includes resource evaluation, sampling, submittal of samples for assay, assay verification, metallurgical evaluation and QA/QC. Sample preparation and assaying are conducted by ALS Chemex-Chimitec, of Val-d’Or, Québec (zinc, copper and silver by atomic absorption, and gold by standard fire assay procedures).

Robin Adair (VP of Exploration) is a Qualified Person for Donner Metals Ltd. and is responsible for the technical information reported in this news release.

ON BEHALF OF THE BOARD OF DONNER METALS LTD

Harvey Keats, Chief Executive Officer

FOR FURTHER INFORMATION PLEASE CONTACT:

Andrea Magee
Donner Metals Ltd.
(604) 683-0564 or Toll Free: 1-800-909-8311
(604) 602-9311 (FAX)
[email protected]
www.donnermetals.com

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Donner Metals Bracemac-Mcleod Continues on Target

Posted by AGORACOM-JC at 9:52 AM on Wednesday, September 5th, 2012

VANCOUVER, BRITISH COLUMBIA–(Sept. 5, 2012) – Mr. Harvey Keats, Chief Executive Officer of Donner Metals Ltd. (“Donner Metals” or the “Company”) (TSX VENTURE:DON)(FRANKFURT:D4M), is pleased to provide an update on the development for the Bracemac-McLeod Mine as reported to the Company by partner and project operator Xstrata Canada Corporation-Xstrata Zinc Canada Division (“Xstrata Zinc”).

Multi-face development continues on 9 fronts and total lateral development now stands at 5,550 metres. Mine pre-production activities should be completed by year-end and the initial production is on schedule to begin in the first quarter of 2013. The project is tracking on budget, with the contingency allocated to the additional ball mill. The status of project development at Bracemac-McLeod is summarized as follows:

Surface:

Site administration facilities and infrastructure Existing
Matagami mill infrastructure (upgraded in 2007-2008) Existing
Tailings facility Existing
Railroad and highway (zinc and copper concentrate shipping) Existing
Haulage road to Matagami mill Complete
Ramp portal Complete
Stockpile and waste rock pads Complete
Service access road to portal Complete
Power, water service and mine water line to treatment facilities Complete
Power and access to vent/fill raise sites Complete
Electrical substation at Bracemac Complete
Communication tower at Bracemac Complete
Permanent surface mine dewatering pumping station Complete
Remaining Perseverance personnel relocation to Matagami Lake complex Complete
Surface garage and support buildings (to be augmented by Perseverance buildings) Complete
Perseverance office building transfer In progress
Perseverance garage transfer In progress
Permanent parking lot In progress
Mill and tailing capacity increase In progress
Additional ball mill to increase grinding capacity In progress

Underground:

Ramp to Bracemac area and underground power supply at Bracemac Complete
Fill raise construction Complete
Temporary ventilation in fill raise Complete
Temporary heating units relocated from Perseverance to Bracemac Complete
Underground powder magazine and cap magazine Complete
Underground electrical substation Complete
Equipment purchase and transfer from the Perseverance Mine Ongoing
Underground garage at Bracemac In progress
Vent raise construction In progress
Underground dewatering system In progress
Underground storage #1 Complete
Underground storage #2 and #3 In progress
Refuge station #1 and #2 Complete
Refuge station #3 In progress
Ramps to McLeod zone In progress
Multi-face development to Bracemac ore lenses In progress
Definition diamond drilling at Bracemac In progress

Donner Metals’ CEO Harvey Keats commented on the progress made and ongoing construction saying, “As can be seen from the details of the project development, both on the surface and underground, Bracemac-McLeod is poised to replace the Perseverance Mine in feeding the Matagami mill.”

SUPPLEMENTARY INFORMATION

The Bracemac-McLeod deposit contains Proven and Probable Mineral Reserves of 3.7 million tonnes grading 9.60% zinc, 1.26% copper, 28.25g/t silver and 0.43g/t gold. Inferred Mineral Resources of 2.6 million tonnes grading 8.79% zinc, 1.31% copper, 38.84g/t silver and 1.06g/t gold are located in proximity to the Mineral Reserves.

The Company is a fully vested partner with Xstrata Canada Corporation in the extensive Matagami base metal camp located in the Abitibi region of Québec. This joint venture partnership covers six joint venture areas (“the Matagami Project”) governing 4,737 square kilometres of prime stratigraphy, which has yielded high-grade base metal production since 1963. Xstrata Zinc is the project operator for the Matagami Project, including the Bracemac-McLeod Mine. Additional information is available at www.donnermetals.com.

Robin Adair (VP of Exploration) is a Qualified Person for Donner Metals Ltd. and is responsible for the technical information reported in this news release.

ON BEHALF OF THE BOARD OF DONNER METALS LTD.

Harvey Keats, Chief Executive Officer

Cautionary Statement:

Certain phrases in this news release are “forward-looking statements”. Forward-looking statements are identified by wording such as “should be,” and “is on schedule.” Such statements are applicable specifically to the Bracemac-McLeod Deposit in relation to: 1) the possible future completion of development as scheduled under the current development plan, 2) mining/production in relation to the current mining plan and 3) future planned exploration activities. Such statements also pertain to the completion of the project within context of the budget as defined in the feasibility study completed by Xstrata Canada Corporation – Xstrata Zinc Canada Division and Genivar Limited Partnership in 2010. With respect to future production, and the commencement thereof, from the Bracemac-McLeod deposit, the forward looking statements are in the context of the feasibility study completed by Xstrata Canada Corporation – Xstrata Zinc Canada Division and Genivar Limited Partnership in 2010 as posted under the Company’s profile at www.sedar.com. “Forward-looking statements” involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Further discussion of “forward looking statements” and “future oriented financial information” and the risks inherent to mineral exploration and development, in relation to Donner’s activities, can be found on the Company’s website at www.donnermetals.com. The reader is cautioned not to place any undue reliance on any forward-looking statement.

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.

Contact Information

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Donner Metals: President’s Message to Shareholders

Posted by AGORACOM-JC at 10:23 AM on Tuesday, August 28th, 2012

   Donner Metals: President’s Message to Shareholders
Message du président aux actionnaires

Donner Metals: Message du président aux actionnaires

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