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CanAm Uranium Corp. is a Nevada incorporated junior resource company focused on the strategic acquisition and development of exploration properties in well-known prolific mining areas, especially known for uranium. CanAm properties of interest are in: Canada, Southern Africa, Australia and the United States. CanAm has optioned over 136,825 acres of claims collectively within the Saskatchewan Athabasca Basin, Ontario and British Columbia, which are significant uranium mining areas. CanAm is currently drilling in the Bancroft, Ontario area. This work program consists of 1650 meters of drilling on a property that was once home to four past producing mines, producing a total of 14,862,653 lbs. U3O8 between 1956 and 1982. The 2007 CanAm exploration budget of (Cdn)$1million will include: a radiometric geophysical survey, ground proofing and mapping and follow-up trenching and sampling.
CanAm holds an option to acquire up to 80% interest in eight Bancroft Uranium Projects comprising 37 mineral claims covering an area of approximately 9,765 acres, located in the Bancroft area of Southeastern Ontario in Canada. It also has options to acquire a 100% interest in BALD and OYAMA claims covering 1,037 hectares located in the Province of British Columbia, Canada.
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Statements herein contain forward-looking statements and are subject to significant risks and uncertainties affecting results. SmallCap Sentinel/StockUpTicks.com are properties of Market Pathways Financial Relations Inc. (MP). MP provides no assurance as to the subject company's plans or ability to effect proposed actions and cannot project capabilities, intent, resources, or experience.
All information contained herein is based upon sources believed to be reliable but no representation is made as to accuracy or completeness. This report is neither a solicitation to buy nor offer to sell securities but is rather a paid advertisement provided for information purposes only and shouldn't be used as basis for any investment decision. MP isn't an investment advisor and this report isn't investment advice. MP has been paid $12,000 and will receive another $12,000 from CanAm Uranium Corp. for preparation and distribution of this report and other advertising services over a ninety day period. This constitutes a conflict of interest as to MP's ability to remain objective in its communication regarding the subject company. This constitutes a conflict of interest as to MP's ability to remain objective in its communication regarding subject companies.
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Kurt Divich, Editor
702-396-1000
Source: SmallCap Sentinel; CanAm Uranium Corp.
Tuesday, March 27, 2007
Iran president announces U.N. sanctions won't halt country’s uranium enrichment
Iran announced Sunday that it was partially suspending cooperation with the U.N. nuclear watchdog while hardline President Mahmoud Ahmadinejad said the latest U.N. sanctions would not halt the country’s uranium enrichment “even for a second.”
Iranian state TV quoted Ahmadinejad as saying the additional Security Council sanctions imposed Saturday “stem from the hostility by some powers against Iran.”
“It is not a new issue for the Iranian nation. Enemies of the Iranian nation have made a mistake this time too,” Ahmadinejad said, adding the new sanctions “will not halt Iran’s peaceful nuclear program even for a second.”
Meanwhile, government spokesman Gholam Hossein Elham said the Cabinet on Sunday decided to suspend “code 1-3 of minor arrangements of the safeguards” with the Vienna-based U.N. nuclear watchdog, the International Atomic Energy Agency.
The suspension would “continue until Iran’s nuclear case is referred back to the IAEA from the U.N Security Council,” Elham said.
Tehran’s scaling back of cooperation with the IAEA was in apparent retaliation for the sanctions unanimously approved by the Security Council over Tehran’s refusal to stop enriching uranium, a process that can be used in the production of nuclear weapons.
The West strongly suspects Iran’s nuclear activities are aimed at producing weapons though Tehran says that they are exclusively for the production of energy.
The U.N. sanctions are meant to send Tehran a strong message that its defiance will leave it increasingly isolated and open to even tougher penalties.
But Iran remains defiant. The suspension was a response to “Saturday night’s illegal and bullying resolution by Security Council,” said Elham, adding the government was acting fully within law in the move.
In New York, Iranian Foreign Minister Manouchehr Mottaki said “a few select countries don’t have the right to abuse the Security Council” and described the new sanctions as “illegal, unwarranted and unjustified.” He said they undermine the credibility of the Security Council.
Mottaki said Iran has repeatedly sought negotiations with the powers that drafted the resolution against his country: the five permanent council members – the U.S., Britain, France, Russia and China – and Germany. But he accused them of lacking the political will to reach a breakthrough.
“If this political will existed, the other side wouldn’t have imposed preconditions on the talks,” Mottaki said, referring to demands by the U.S. and its allies that Iran first halt enrichment before they engage in negotiations on its nuclear program.
Mottaki said the world has two options to proceed on the nuclear issue: continued negotiations or confrontation and the resolution was the wrong choice.
“Of course, it will have its own consequences,” he said.
In Tehran, citizens brushed off news of the latest sanctions.
“Why should we care about sanctions?” asked Ali Reza, a 21-year-old shopping for a digital camera Sunday with his girlfriend. “We’ve become accustomed to this kind of news. As long as I can remember, there have been such reports in the air.”
Saeed Laylaz, an Iranian political commentator, said that until the sanctions hit normal Iranians like Reza – and the drafters of the U.N. resolution went to great pains to point out that they did not – Iranians would continue to shrug them off.
“Neither Western people nor Iranians would benefit from such confrontation,” said Lida Anvari, who was jogging with her husband in a downtown park. Her husband nodded in agreement, and both said they were fed up with the news.
Elham said that until now, Iran’s cooperation with the IAEA went beyond requirements under the Nuclear Nonproliferation Treaty, which Iran is a signatory to. He added that Iran has in the past promptly informed the IAEA about its nuclear plans.
It was not immediately clear what the suspension of cooperation would entail.
Under Iran’s Safeguards Agreements with the IAEA, part of its commitments under the Nuclear Nonproliferation Treaty, Tehran is obligated to report to the agency six months before it introduces nuclear material of any kind into any facility.
Beyond that, Tehran has committed itself to informing the agency of any planned new nuclear construction before such construction begins – a commitment it has not always kept. For instance, Tehran delayed informing the agency three years ago that it was building tunnels in the central city of Isfahan to house parts of its uranium enrichment program.
Former U.N. nuclear inspector David Albright said Sunday’s decision could clear the path for Iran to do clandestine nuclear work related to its enrichment program – a possible pathway to nuclear arms.
Albright, whose his Washington-based Institute for Science and International Security tracks Iran’s nuclear program, said that Iran may be looking to build a “backup facility” for enrichment that would remain undetected – and safe – in case of attack by the United States or Israel.
IAEA officials were not immediately available for comment.
The new, moderately tougher sanctions on Tehran include banning Iranian arms exports, and freezing the assets of 28 people and organizations involved in Iran’s nuclear and missile programs. About a third of those are linked to the Revolutionary Guard, an elite military corps that answers to Tehran leadership.
They also ask countries to restrict travel by the individuals subject to sanctions, as well as arms sales to Iran and new financial assistance or loans to the Iranian government.
The measure also said all sanctions would be suspended if Iran halts enrichment and made clear that the country can still accept a package of economic incentives and political rewards offered last year if it complies with the council’s demands.
source news : nwherald.com
Iranian state TV quoted Ahmadinejad as saying the additional Security Council sanctions imposed Saturday “stem from the hostility by some powers against Iran.”
“It is not a new issue for the Iranian nation. Enemies of the Iranian nation have made a mistake this time too,” Ahmadinejad said, adding the new sanctions “will not halt Iran’s peaceful nuclear program even for a second.”
Meanwhile, government spokesman Gholam Hossein Elham said the Cabinet on Sunday decided to suspend “code 1-3 of minor arrangements of the safeguards” with the Vienna-based U.N. nuclear watchdog, the International Atomic Energy Agency.
The suspension would “continue until Iran’s nuclear case is referred back to the IAEA from the U.N Security Council,” Elham said.
Tehran’s scaling back of cooperation with the IAEA was in apparent retaliation for the sanctions unanimously approved by the Security Council over Tehran’s refusal to stop enriching uranium, a process that can be used in the production of nuclear weapons.
The West strongly suspects Iran’s nuclear activities are aimed at producing weapons though Tehran says that they are exclusively for the production of energy.
The U.N. sanctions are meant to send Tehran a strong message that its defiance will leave it increasingly isolated and open to even tougher penalties.
But Iran remains defiant. The suspension was a response to “Saturday night’s illegal and bullying resolution by Security Council,” said Elham, adding the government was acting fully within law in the move.
In New York, Iranian Foreign Minister Manouchehr Mottaki said “a few select countries don’t have the right to abuse the Security Council” and described the new sanctions as “illegal, unwarranted and unjustified.” He said they undermine the credibility of the Security Council.
Mottaki said Iran has repeatedly sought negotiations with the powers that drafted the resolution against his country: the five permanent council members – the U.S., Britain, France, Russia and China – and Germany. But he accused them of lacking the political will to reach a breakthrough.
“If this political will existed, the other side wouldn’t have imposed preconditions on the talks,” Mottaki said, referring to demands by the U.S. and its allies that Iran first halt enrichment before they engage in negotiations on its nuclear program.
Mottaki said the world has two options to proceed on the nuclear issue: continued negotiations or confrontation and the resolution was the wrong choice.
“Of course, it will have its own consequences,” he said.
In Tehran, citizens brushed off news of the latest sanctions.
“Why should we care about sanctions?” asked Ali Reza, a 21-year-old shopping for a digital camera Sunday with his girlfriend. “We’ve become accustomed to this kind of news. As long as I can remember, there have been such reports in the air.”
Saeed Laylaz, an Iranian political commentator, said that until the sanctions hit normal Iranians like Reza – and the drafters of the U.N. resolution went to great pains to point out that they did not – Iranians would continue to shrug them off.
“Neither Western people nor Iranians would benefit from such confrontation,” said Lida Anvari, who was jogging with her husband in a downtown park. Her husband nodded in agreement, and both said they were fed up with the news.
Elham said that until now, Iran’s cooperation with the IAEA went beyond requirements under the Nuclear Nonproliferation Treaty, which Iran is a signatory to. He added that Iran has in the past promptly informed the IAEA about its nuclear plans.
It was not immediately clear what the suspension of cooperation would entail.
Under Iran’s Safeguards Agreements with the IAEA, part of its commitments under the Nuclear Nonproliferation Treaty, Tehran is obligated to report to the agency six months before it introduces nuclear material of any kind into any facility.
Beyond that, Tehran has committed itself to informing the agency of any planned new nuclear construction before such construction begins – a commitment it has not always kept. For instance, Tehran delayed informing the agency three years ago that it was building tunnels in the central city of Isfahan to house parts of its uranium enrichment program.
Former U.N. nuclear inspector David Albright said Sunday’s decision could clear the path for Iran to do clandestine nuclear work related to its enrichment program – a possible pathway to nuclear arms.
Albright, whose his Washington-based Institute for Science and International Security tracks Iran’s nuclear program, said that Iran may be looking to build a “backup facility” for enrichment that would remain undetected – and safe – in case of attack by the United States or Israel.
IAEA officials were not immediately available for comment.
The new, moderately tougher sanctions on Tehran include banning Iranian arms exports, and freezing the assets of 28 people and organizations involved in Iran’s nuclear and missile programs. About a third of those are linked to the Revolutionary Guard, an elite military corps that answers to Tehran leadership.
They also ask countries to restrict travel by the individuals subject to sanctions, as well as arms sales to Iran and new financial assistance or loans to the Iranian government.
The measure also said all sanctions would be suspended if Iran halts enrichment and made clear that the country can still accept a package of economic incentives and political rewards offered last year if it complies with the council’s demands.
source news : nwherald.com
Buffalo Gold Encouraged by Potential Changes to Uranium Policies in Queensland, Australia
Buffalo Gold Ltd. is pleased to announce that the March 23, 2007 edition of "The Australian", Australia's national newspaper, reports that the Labor party in the state of Queensland is backing away from its long-standing ban on new uranium mines. Premier Peter Beattie confirmed that he will support uranium mining in his state after a government-commissioned report from the Sustainable Minerals Institute at the University of Queensland showed uranium mining would not threaten the state's coal industry. The report noted Queensland had uranium reserves with an in-ground value of AUS$3.2 billion. The Queensland Government is therefore poised to allow new uranium mining if the Labor Party's national conference approves a change in its policy next month.
Management of Buffalo is encouraged by this recent development as two of the company's four uranium projects, the North Maureen and the Juntala projects, are located in the Georgetown-Townsville (GTN-TSV) uranium field of northern Queensland. Both properties were vended in to Buffalo 100% by GoldFx in early 2006 with the foresight that the uranium mining ban would indeed be lifted. The GTN-TSV hosts Mega Uranium's Maureen and Ben Lomond uranium deposits as well as many prospects and other uranium occurrences. The Maureen deposit has a 1979 non-NI 43-101 compliant resource estimate from Getty Mining Pty Ltd. of 6.9 million pounds contained uranium (2.38 million tonnes @ 0.12% U3O8 with a cut-off of 0.035% U3O8). Ben Lomond has a NI 43-101 indicated resource of 1.32 million tonnes @ 0.27% U3O8 (7.9 million pounds) and inferred resource of 602,585 tonnes @ 0.21% U3O8 (2.8 million pounds) (ref: www.megauranium.com).
At the North Maureen Uranium Project, Buffalo has 4,400 square kilometres of exploration permits under application adjacent to the Maureen Deposit, with approximately 60% of these having been granted. The property shows similar magnetic signatures to Maureen. Buffalo has identified several targets to be followed up with drilling.
The 100% owned Juntala Uranium project located south of the Maureen Deposit covers approximately 700 square kilometres. A high amplitude uranium channel radiometric anomaly strikes for over 35 kilometres within the basement rocks of the Juntala Project area. Technical review of the project has highlighted the potential of the area for a sandstone-hosted roll-front uranium deposit within the package of sedimentary rocks which are in contact with the radiometric active basement. This package has over 50 kilometres of strike length of favourable sedimentary rocks.
Damien Reynolds, Buffalo's Chairman and CEO, commented that "This development will allow Buffalo to accelerate exploration of its Queensland uranium properties in order to realise the value we perceived when we acquired them in early 2006."
Mr. Mark Dugmore, VP Corporate Development for Buffalo Gold, is a qualified person for Buffalo projects and has approved the contents of this news release.
To find out more about Buffalo Gold Ltd. (CDNX:BUF-U.V - News), please visit the company website at www.buffalogold.ca.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Damien Reynolds, Chair of the Board of Directors and Chief Executive Officer
Cautionary note to U.S. investors - This news release contains information about adjacent properties on which we have no right to explore or mine. We advise US investors that the mining guidelines of the United States Securities and Exchange Commission ("SEC") strictly prohibit information of this type in documents filed with the S.E.C. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
Source: Buffalo Gold Ltd.
Management of Buffalo is encouraged by this recent development as two of the company's four uranium projects, the North Maureen and the Juntala projects, are located in the Georgetown-Townsville (GTN-TSV) uranium field of northern Queensland. Both properties were vended in to Buffalo 100% by GoldFx in early 2006 with the foresight that the uranium mining ban would indeed be lifted. The GTN-TSV hosts Mega Uranium's Maureen and Ben Lomond uranium deposits as well as many prospects and other uranium occurrences. The Maureen deposit has a 1979 non-NI 43-101 compliant resource estimate from Getty Mining Pty Ltd. of 6.9 million pounds contained uranium (2.38 million tonnes @ 0.12% U3O8 with a cut-off of 0.035% U3O8). Ben Lomond has a NI 43-101 indicated resource of 1.32 million tonnes @ 0.27% U3O8 (7.9 million pounds) and inferred resource of 602,585 tonnes @ 0.21% U3O8 (2.8 million pounds) (ref: www.megauranium.com).
At the North Maureen Uranium Project, Buffalo has 4,400 square kilometres of exploration permits under application adjacent to the Maureen Deposit, with approximately 60% of these having been granted. The property shows similar magnetic signatures to Maureen. Buffalo has identified several targets to be followed up with drilling.
The 100% owned Juntala Uranium project located south of the Maureen Deposit covers approximately 700 square kilometres. A high amplitude uranium channel radiometric anomaly strikes for over 35 kilometres within the basement rocks of the Juntala Project area. Technical review of the project has highlighted the potential of the area for a sandstone-hosted roll-front uranium deposit within the package of sedimentary rocks which are in contact with the radiometric active basement. This package has over 50 kilometres of strike length of favourable sedimentary rocks.
Damien Reynolds, Buffalo's Chairman and CEO, commented that "This development will allow Buffalo to accelerate exploration of its Queensland uranium properties in order to realise the value we perceived when we acquired them in early 2006."
Mr. Mark Dugmore, VP Corporate Development for Buffalo Gold, is a qualified person for Buffalo projects and has approved the contents of this news release.
To find out more about Buffalo Gold Ltd. (CDNX:BUF-U.V - News), please visit the company website at www.buffalogold.ca.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Damien Reynolds, Chair of the Board of Directors and Chief Executive Officer
Cautionary note to U.S. investors - This news release contains information about adjacent properties on which we have no right to explore or mine. We advise US investors that the mining guidelines of the United States Securities and Exchange Commission ("SEC") strictly prohibit information of this type in documents filed with the S.E.C. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
Source: Buffalo Gold Ltd.
Alberta Star Discovers New Uranium Targets in the Eldorado Uranium Belt and Completes Staking and Acquisition of the Uranium Mineral Claims
Alberta Star Development Corp. (the "Company") is pleased to announce that the Company has staked a number of new and highly prospective uranium targets after reviewing the results of the Company's recently completed Regional High Resolution Aeromagnetic Gradiometer-radiometric Survey over the Eldorado & Contact Lake uranium belts (NR Aug 30, 2006). The Eldorado South uranium claims consist of sixteen contiguous claims located south of the Eldorado uranium mine on the east side of Great Bear Lake, NT and 423 miles north of the city of Yellowknife, and consists of 15,055.31 hectares (37,202.32 acres). This newest property acquisition increases the size of the Eldorado & Contact lake IOCG and uranium projects to over 87,706 acres. The anomalous area of the Eldorado south uranium claims includes several large radiometric anomalies of up to 2.5 kilometers in length and suggests a potentially significant near surface uranium target. These large uranium anomalies have never been explored nor drill tested and will be an important focus of exploration by Alberta Star in 2007. The airborne geophysical survey was conducted in July and consisted of 16,708 line-kilometers at 100 meter line-spacings and was completed under hot, sunny and dry weather conditions.
This is the first High Resolution, Multi-Parameter Regional Radiometric and Magnetic survey ever conducted over the Eldorado & Contact Lake IOCG & Uranium Belt using newly developed geophysics technology. Several of the larger anomalies show uranium radiometric signatures of comparable or greater in strength, to the known zones of uranium mineralization already identified on the Company's uranium properties.
The Company will begin a detailed regional reconnaissance scale sampling and mapping program on the newly staked Eldorado south uranium claims. The Company intends to rapidly advance its uranium exploration and drilling activities in 2007 and continue with development of its strategically owned assets in the Eldorado & Contact Lake uranium and IOCG districts.
The Company made a key decision to over-fly its claim boundaries by some distance and take advantage of the unseasonably dry, hot and sunny weather, and as a result has identified several large previously undiscovered uranium anomalies in an area that has never been explored for uranium. Alberta Star's President and CEO Tim Coupland commented, "We are extremely pleased about the discovery of our new uranium targets resulting from our decision to increase the survey area. The signatures of these newly discovered uranium anomalies are large and pronounced. The Company will prepare these large uranium anomalies for drilling this spring and summer. Alberta Star remains the only mineral exploration company that has successfully completed the rigorous permitting process at the Eldorado & Contact Lake region, which includes new strictly enforced environmental safety standards for diamond drilling in the Sahtu Dene settlement region." The Company has secured three BBS-25A (71 series) for deep drilling in 2007.
THE ELDORADO URANIUM MINE - ELDORADO URANIUM DISTRICT
The Eldorado Uranium Mine formerly mined and produced 15 million pounds of uranium at an average head grade of 0.75% U308 and 8 million ounces of silver plus, copper, nickel, radium, polonium and lead at the Eldorado - Port Radium area commencing in 1933. (Normin NTGO: SENES Report 2005) The Eldorado Mine has approximately 25 miles of existing underground workings developed on fourteen levels and was formerly one of Canada's principal producers of high grade uranium pitchblende concentrates from the 1930's to the 1960's. The Echo Bay mine produced over 23,779,178 million ounces of silver at an average head grade of approximately 66 ounces per ton prior to its closure in 1982.
The Company has assembled an experienced IOCG & uranium technical team with advanced uranium exploration expertise, whom believe the Eldorado & Contact Lake district has the potential to host both Olympic Dam and volcanic hosted styles of copper, gold, and uranium deposits. The current March 26, 2007 spot price for uranium provided by the Ux Consulting Company LLC (www.uxc.com) is now $91.00 US per pound.
ALBERTA STAR DEVELOPMENT CORPORATION
Alberta Star is a Canadian mineral exploration company that identifies, acquires and finances advanced stage mineral exploration projects in Canada. The Company is committed to creating long term shareholder value through the discovery of base and precious metals and uranium.
ALLAN FELDMAN-INVESTOR RELATIONS
Investors are welcomed to contact Mr. Allan Feldman, Alberta Star's In-house Investor Relations and Corporate Communications Specialist, for all corporate updates at (604) 948-9663.
ALBERTA STAR DEVELOPMENT CORP.
Tim Coupland, President & CEO
This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans" "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. For further information investors should review the Company's filings that are available at www.sedar.com or contact Tim Coupland, President at (604) 681-3131.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.
Contacts:
Alberta Star Development Corp.
Tim Coupland
President and CEO
(604) 681-3131
(604) 801-5499 (FAX)
Website: http://www.alberta-star.com
Source: Alberta Star Development Corp.
This is the first High Resolution, Multi-Parameter Regional Radiometric and Magnetic survey ever conducted over the Eldorado & Contact Lake IOCG & Uranium Belt using newly developed geophysics technology. Several of the larger anomalies show uranium radiometric signatures of comparable or greater in strength, to the known zones of uranium mineralization already identified on the Company's uranium properties.
The Company will begin a detailed regional reconnaissance scale sampling and mapping program on the newly staked Eldorado south uranium claims. The Company intends to rapidly advance its uranium exploration and drilling activities in 2007 and continue with development of its strategically owned assets in the Eldorado & Contact Lake uranium and IOCG districts.
The Company made a key decision to over-fly its claim boundaries by some distance and take advantage of the unseasonably dry, hot and sunny weather, and as a result has identified several large previously undiscovered uranium anomalies in an area that has never been explored for uranium. Alberta Star's President and CEO Tim Coupland commented, "We are extremely pleased about the discovery of our new uranium targets resulting from our decision to increase the survey area. The signatures of these newly discovered uranium anomalies are large and pronounced. The Company will prepare these large uranium anomalies for drilling this spring and summer. Alberta Star remains the only mineral exploration company that has successfully completed the rigorous permitting process at the Eldorado & Contact Lake region, which includes new strictly enforced environmental safety standards for diamond drilling in the Sahtu Dene settlement region." The Company has secured three BBS-25A (71 series) for deep drilling in 2007.
THE ELDORADO URANIUM MINE - ELDORADO URANIUM DISTRICT
The Eldorado Uranium Mine formerly mined and produced 15 million pounds of uranium at an average head grade of 0.75% U308 and 8 million ounces of silver plus, copper, nickel, radium, polonium and lead at the Eldorado - Port Radium area commencing in 1933. (Normin NTGO: SENES Report 2005) The Eldorado Mine has approximately 25 miles of existing underground workings developed on fourteen levels and was formerly one of Canada's principal producers of high grade uranium pitchblende concentrates from the 1930's to the 1960's. The Echo Bay mine produced over 23,779,178 million ounces of silver at an average head grade of approximately 66 ounces per ton prior to its closure in 1982.
The Company has assembled an experienced IOCG & uranium technical team with advanced uranium exploration expertise, whom believe the Eldorado & Contact Lake district has the potential to host both Olympic Dam and volcanic hosted styles of copper, gold, and uranium deposits. The current March 26, 2007 spot price for uranium provided by the Ux Consulting Company LLC (www.uxc.com) is now $91.00 US per pound.
ALBERTA STAR DEVELOPMENT CORPORATION
Alberta Star is a Canadian mineral exploration company that identifies, acquires and finances advanced stage mineral exploration projects in Canada. The Company is committed to creating long term shareholder value through the discovery of base and precious metals and uranium.
ALLAN FELDMAN-INVESTOR RELATIONS
Investors are welcomed to contact Mr. Allan Feldman, Alberta Star's In-house Investor Relations and Corporate Communications Specialist, for all corporate updates at (604) 948-9663.
ALBERTA STAR DEVELOPMENT CORP.
Tim Coupland, President & CEO
This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans" "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. For further information investors should review the Company's filings that are available at www.sedar.com or contact Tim Coupland, President at (604) 681-3131.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.
Contacts:
Alberta Star Development Corp.
Tim Coupland
President and CEO
(604) 681-3131
(604) 801-5499 (FAX)
Website: http://www.alberta-star.com
Source: Alberta Star Development Corp.
Helio Resource Corp.: Uranium Potential Highlighted at Balama Project, Mozambique
Helio Resource Corp. ("Helio" or the "Company") is pleased to report that new high resolution airborne magnetic and radiometric data acquired by the Mozambique Geological Survey shows the presence of two large uranium anomalies within the Company's Balama licence, located in northern Mozambique.
The core of the largest of the two anomalies is approximately 4km long by up to 500m wide, and is located in the central northern part of the licence. The smaller of the two anomalies is located 3km to the southwest, and measures approximately 1km x 500m.
The airborne geophysical data was collected during the recent World Bank funded airborne geophysical survey of Mozambique.
Mr. P. Siegfried (B.Sc, M.Sc., MAusIMM.), one of the Company's geological consultants with extensive experience of uranium and other radioactive element exploration in southern Africa, states: "The two areas of anomalous uranium exhibit the most intense uranium response measured within the entire northern part of the country - an area of over 70 000 km2. This region has never been previously prospected for uranium.
The uranium data has been presented in 'ppm' and a maximum of 79 ppm recorded. Experience on other uranium projects in other parts of the subcontinent, shows that these 'ppm' values are generally under represented. Rock and soil sampling needs to be completed at the earliest opportunity to verify the airborne data."
Background levels from the airborne survey are generally below 5ppm Uranium.
Potential targets would include structurally controlled and sediment hosted uranium mineralisation. According to Mr. Siegfried, the two anomalous areas are related to:
1. vanadium bearing graphite schist units, and;
2. schists in contact with a late-stage highly fractionated granite. This zone can be traced for over 4 km.
A map showing the radiometric response over the Balama licence can be viewed at the Company's website at www.helioresource.com.
The next phase of work requires ground follow-up to identify the cause of the anomaly.
Helio Resource Corp., based in Windhoek, Namibia, is one of Southern Africa's leading exploration companies, specializing in project generation. Helio is actively exploring 18 prospective gold, base-metal and diamond properties in Namibia, Botswana, Mozambique and Tanzania. As part of its strategic approach to project development, Helio has worked in partnership with firms such as Teck Cominco, Boulder Mining, Indicator Minerals, and Yale Resources to advance a number of its projects. Helio is focusing on progressing the SMP project in Tanzania.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard D. Williams, P.Geo, CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Richard Williams
Helio Resource Corp.
(604) 668-8363
Email: richard@helioresource.com
Irene Dorsman
Helio Resource Corp.
(604) 668-8363
(604) 668-8366 (FAX)
Email: irene@helioresource.com
Website: www.helioresource.com
Source: Helio Resource Corp.
The core of the largest of the two anomalies is approximately 4km long by up to 500m wide, and is located in the central northern part of the licence. The smaller of the two anomalies is located 3km to the southwest, and measures approximately 1km x 500m.
The airborne geophysical data was collected during the recent World Bank funded airborne geophysical survey of Mozambique.
Mr. P. Siegfried (B.Sc, M.Sc., MAusIMM.), one of the Company's geological consultants with extensive experience of uranium and other radioactive element exploration in southern Africa, states: "The two areas of anomalous uranium exhibit the most intense uranium response measured within the entire northern part of the country - an area of over 70 000 km2. This region has never been previously prospected for uranium.
The uranium data has been presented in 'ppm' and a maximum of 79 ppm recorded. Experience on other uranium projects in other parts of the subcontinent, shows that these 'ppm' values are generally under represented. Rock and soil sampling needs to be completed at the earliest opportunity to verify the airborne data."
Background levels from the airborne survey are generally below 5ppm Uranium.
Potential targets would include structurally controlled and sediment hosted uranium mineralisation. According to Mr. Siegfried, the two anomalous areas are related to:
1. vanadium bearing graphite schist units, and;
2. schists in contact with a late-stage highly fractionated granite. This zone can be traced for over 4 km.
A map showing the radiometric response over the Balama licence can be viewed at the Company's website at www.helioresource.com.
The next phase of work requires ground follow-up to identify the cause of the anomaly.
Helio Resource Corp., based in Windhoek, Namibia, is one of Southern Africa's leading exploration companies, specializing in project generation. Helio is actively exploring 18 prospective gold, base-metal and diamond properties in Namibia, Botswana, Mozambique and Tanzania. As part of its strategic approach to project development, Helio has worked in partnership with firms such as Teck Cominco, Boulder Mining, Indicator Minerals, and Yale Resources to advance a number of its projects. Helio is focusing on progressing the SMP project in Tanzania.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard D. Williams, P.Geo, CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Richard Williams
Helio Resource Corp.
(604) 668-8363
Email: richard@helioresource.com
Irene Dorsman
Helio Resource Corp.
(604) 668-8363
(604) 668-8366 (FAX)
Email: irene@helioresource.com
Website: www.helioresource.com
Source: Helio Resource Corp.
Uranium Performance Review
With all the success stories surrounding uranium and uranium related equities recently, we thought it might be instructive to review some of your correspondent’s wins in a relative context and with a view to making go-forward determinations as far as where the returns will be had in the next leg.
A cursory analysis of the top 10 uranium related names that we have profiled over the course of roughly the last 21 months brings several interesting points to light in terms of fundamentals, promotion, sub-sectors and the performance of the metal itself – essentially, all of the ingredients driving the market.
Our top 10 performers (out of 14 total companies up to as recently as one month ago) since we jumped on the yellowcake bandwagon in the summer of 2005, including stories written all the way up to as recently as six months ago, have returned an average of 439% at their highs and 338% based on Friday’s closes.
This list includes a good mix of explorers, developers and a producer which makes the study that much more interesting.
It should be noted that in June of 2005, the spot price for yellowcake was $29/lb. At today’s price of $91/lb the metal itself has more than tripled, making it easy to understand the root cause of the mania. In reality, with the actual lack of fundamental progress in most uranium plays the metal itself would have been the safest bet over the last few years, but looking ahead there will clearly be more leverage in the equities (if they are purchased at the appropriate valuations), even if uranium can find its way into the high triple digits.
To summarize the numbers, successes were well distributed between plays at different stages of development with the edge probably going to some of our carefully selected explorers. Our more recent selections over the last six months, and not included in the list have been skewed towards value propositions higher up the food chain, as it becomes increasingly difficult to uncover value in the explorers. All four have done very well (doubles, triples), but do not make the top 10.
Despite the relatively even percentage gains shared amongst each segment and sub-sector over the last 21 months, however, we believe that this was mainly the result of the unprecedented run in the underlying metal and is beginning to change permanently.
Looking ahead, especially with the number of sub-par grass roots plays continuing to mushroom, we expect new money coming into the area, as well as existing dollar to rotate towards stories with economic pounds in the ground and access to appropriate infrastructure, those moving into production and companies operating in quality jurisdictions with real potential for permitting and realistic CAPEX’s.
That being said, exciting results through the drill bit will continue to yield major returns in this high and rising price environment, and should represent a more speculative portion of one’s investment allocation to the uranium arena, but only at cheap rather than bandwagon jumping prices.
Your correspondent has delivered numerous multi-baggers in this space to investors over the last 21 months, many of which have come in names that were not covered by anyone else at the time. But despite the fact that some of the best returns in the world have been had in uranium equities over the last few years, we think that resource sector investors would be remiss to get off the ride just yet.
Sticking with uranium is great idea, but investment dollars should probably be directed based on the above criteria in order to best position oneself from a risk/reward perspective.
source news : resourceinvestor.com
A cursory analysis of the top 10 uranium related names that we have profiled over the course of roughly the last 21 months brings several interesting points to light in terms of fundamentals, promotion, sub-sectors and the performance of the metal itself – essentially, all of the ingredients driving the market.
Our top 10 performers (out of 14 total companies up to as recently as one month ago) since we jumped on the yellowcake bandwagon in the summer of 2005, including stories written all the way up to as recently as six months ago, have returned an average of 439% at their highs and 338% based on Friday’s closes.
This list includes a good mix of explorers, developers and a producer which makes the study that much more interesting.
It should be noted that in June of 2005, the spot price for yellowcake was $29/lb. At today’s price of $91/lb the metal itself has more than tripled, making it easy to understand the root cause of the mania. In reality, with the actual lack of fundamental progress in most uranium plays the metal itself would have been the safest bet over the last few years, but looking ahead there will clearly be more leverage in the equities (if they are purchased at the appropriate valuations), even if uranium can find its way into the high triple digits.
To summarize the numbers, successes were well distributed between plays at different stages of development with the edge probably going to some of our carefully selected explorers. Our more recent selections over the last six months, and not included in the list have been skewed towards value propositions higher up the food chain, as it becomes increasingly difficult to uncover value in the explorers. All four have done very well (doubles, triples), but do not make the top 10.
Despite the relatively even percentage gains shared amongst each segment and sub-sector over the last 21 months, however, we believe that this was mainly the result of the unprecedented run in the underlying metal and is beginning to change permanently.
Looking ahead, especially with the number of sub-par grass roots plays continuing to mushroom, we expect new money coming into the area, as well as existing dollar to rotate towards stories with economic pounds in the ground and access to appropriate infrastructure, those moving into production and companies operating in quality jurisdictions with real potential for permitting and realistic CAPEX’s.
That being said, exciting results through the drill bit will continue to yield major returns in this high and rising price environment, and should represent a more speculative portion of one’s investment allocation to the uranium arena, but only at cheap rather than bandwagon jumping prices.
Your correspondent has delivered numerous multi-baggers in this space to investors over the last 21 months, many of which have come in names that were not covered by anyone else at the time. But despite the fact that some of the best returns in the world have been had in uranium equities over the last few years, we think that resource sector investors would be remiss to get off the ride just yet.
Sticking with uranium is great idea, but investment dollars should probably be directed based on the above criteria in order to best position oneself from a risk/reward perspective.
source news : resourceinvestor.com
Namibia set to be global uranium supplier
A top uranium mining company in Namibia says the country will soon supply 10 percent of the world's demand.
Rossing Uranium, a Namibia-based subsidiary of the Rio Tinto Group, which has headquarters in London and Melbourne, Australia, says Namibia will be able to supply a growing global demand for nuclear fuel as well as potential nuclear plants in Namibia.
AllAfrica.com reports Namibian Mines and Energy Minister Erkki Nghimtina was told during a recent tour of the Langer Heinrich Uranium Mine that it produced 3,711 tons of uranium oxide in 2005. The company intends to boost Namibia's share of global production to 10 percent by 2012.
The company says the mine will comply with national and international anti-proliferation regulations. Namibia has signed the nuclear nonproliferation treaty and thus will not sell any uranium to countries who have not signed it.
The price for uranium has skyrocketed in the past decade from $10 a pound to more than $80 a pound, making the increase in mining particularly economical now.
There are 30 nuclear plants being built or in the planning stages around the world now, which will greatly increase the demand for the fuel. Namibia faces a power crunch. It gets more than half from South Africa, though that will decrease as the country also faces increased demand. Namibia is looking at nuclear power to provide electricity.
source news : upi.com
Rossing Uranium, a Namibia-based subsidiary of the Rio Tinto Group, which has headquarters in London and Melbourne, Australia, says Namibia will be able to supply a growing global demand for nuclear fuel as well as potential nuclear plants in Namibia.
AllAfrica.com reports Namibian Mines and Energy Minister Erkki Nghimtina was told during a recent tour of the Langer Heinrich Uranium Mine that it produced 3,711 tons of uranium oxide in 2005. The company intends to boost Namibia's share of global production to 10 percent by 2012.
The company says the mine will comply with national and international anti-proliferation regulations. Namibia has signed the nuclear nonproliferation treaty and thus will not sell any uranium to countries who have not signed it.
The price for uranium has skyrocketed in the past decade from $10 a pound to more than $80 a pound, making the increase in mining particularly economical now.
There are 30 nuclear plants being built or in the planning stages around the world now, which will greatly increase the demand for the fuel. Namibia faces a power crunch. It gets more than half from South Africa, though that will decrease as the country also faces increased demand. Namibia is looking at nuclear power to provide electricity.
source news : upi.com
Uranium Spot Price Raised to US$95/pound
Is it springtime euphoria or March Madness? History is being made every few weeks in the uranium pricing market. Friday’s announcement by TradeTech’s Nuclear Market Review magazine, raising the weekly spot uranium price to US$95/pound, demonstrates another milestone. Soon, it won’t matter whether comparisons are made in constant U.S. dollars or inflation-adjusted currency.
This past week, three transactions were reported by NMR editor Treva Klingbiel for less than one million pounds U3O8 equivalent. Two transactions of 650 thousand pounds U3O8 equivalent contained in UF6 and one for less than 300 thousand pounds of U3O8 were completed in the past week. Material was sold for immediate and June deliveries.
“Seven buyers continue to seek over three million pounds,” according to Treva Klingbiel She added that several additional utilities have begun making preliminary inquiries about future purchases. “Buyers remain willing to pay higher prices,” Klingbiel wrote.
Perhaps higher uranium pricing prompted the transaction between Exelon (NYSE: EXC - News) and UrAsia Energy , announced this past week for 2.5 million pounds of U3O8 to be delivered to the Illinois-based utility between 2009 and 2013. The uranium will be mined at UrAsia’s Akdala and South Inkai in situ recovery operations in Kazakhstan.
NMR announced another 100 thousand pounds will be offered for sale in a sealed-bid auction next week with delivery in April. While the company was not named, nearly everyone in the uranium sector believes this unnamed company would be Mestena Uranium LLC. The private, publicity-shy company is based in Corpus Christi (Texas) and could be responsible for the spot uranium price reaching, or surpassing, the US$100/pound level sometime next week.
Given its current momentum, yellowcake or uranium oxide may someday trade on par with the price of silver. U3O8 is now priced at US$6.51/ounce (if measured in troy ounces as are silver and gold). By comparison, spot silver closed on March 23rd at US$13.13/ounce so it may take a while longer.
investar-canadian
After a strong sell-off in late February and early March, uranium stocks have exhibited durability, clawing back into higher ground. Chart courtesy of www.theinvestar.com which tracks both Canadian and Australian stocks. In the Canadian chart, 43 uranium companies – each with more than C$40 million in market capitalization comprise this weekly index. The Australian Index tracks 25 companies, which own uranium assets.
Uranium mining and exploration stocks have begun reflecting the weekly price rise in spot uranium, rebounding from the sell off in late February and early March. Many of the near-term producers don’t require $100/pound uranium to show a profit on their mining efforts, but the high price excites investors – many of whom appear to be doing a ‘New Year’s Countdown’ as spot uranium approaches US$100/pound.
We talked with Matthew Smith, who created a Canadian and Australian stock index. He is not a registered investment advisor. Smith began tracking a portfolio of 43 Canadian uranium and 25 Australian stocks as an index so that investors could quickly compare how their uranium stocks fared against his non-weighted stock index.
While Smith does not dispense investment advice, he told us, “I did not believe the uranium bull market was over.” He was referring to the recent sell off. “Bull markets never end that way,” he added. “The index rebounded accordingly, as it rose 10 percent from the bottom of the short correction, which is typical of corrections in volatile markets. We have formed a bit of support over the past 2-3 weeks and it could go higher.”
Smith believes both the Canadian and Australians stock indexes could test their all-time highs over the next two months. He explained both indexes are dependent upon developments in the sector. He cited drivers for uranium stocks would include higher remediation costs at Cigar Lake, a change in the Australian uranium mining policy, superlative drill results from exploration companies and more consolidation in the junior mining sector, especially one with a large premium attached.
Smith also invests in uranium stocks and provided us with his basket of favorite uranium stocks, which he considers the ‘least speculative’ in his portfolio. Of stocks found in his Canadian uranium index, Smith likes UR-Energy , Strathmore Minerals , SXR Uranium One , Paladin Resources and Pitchstone Exploration [TSX: PHP]. Among Australian stocks, Smith prefers PepinNini [ASX: PNN] and Berkeley Resources [ASX: BKY].
This past week, three transactions were reported by NMR editor Treva Klingbiel for less than one million pounds U3O8 equivalent. Two transactions of 650 thousand pounds U3O8 equivalent contained in UF6 and one for less than 300 thousand pounds of U3O8 were completed in the past week. Material was sold for immediate and June deliveries.
“Seven buyers continue to seek over three million pounds,” according to Treva Klingbiel She added that several additional utilities have begun making preliminary inquiries about future purchases. “Buyers remain willing to pay higher prices,” Klingbiel wrote.
Perhaps higher uranium pricing prompted the transaction between Exelon (NYSE: EXC - News) and UrAsia Energy , announced this past week for 2.5 million pounds of U3O8 to be delivered to the Illinois-based utility between 2009 and 2013. The uranium will be mined at UrAsia’s Akdala and South Inkai in situ recovery operations in Kazakhstan.
NMR announced another 100 thousand pounds will be offered for sale in a sealed-bid auction next week with delivery in April. While the company was not named, nearly everyone in the uranium sector believes this unnamed company would be Mestena Uranium LLC. The private, publicity-shy company is based in Corpus Christi (Texas) and could be responsible for the spot uranium price reaching, or surpassing, the US$100/pound level sometime next week.
Given its current momentum, yellowcake or uranium oxide may someday trade on par with the price of silver. U3O8 is now priced at US$6.51/ounce (if measured in troy ounces as are silver and gold). By comparison, spot silver closed on March 23rd at US$13.13/ounce so it may take a while longer.
investar-canadian
After a strong sell-off in late February and early March, uranium stocks have exhibited durability, clawing back into higher ground. Chart courtesy of www.theinvestar.com which tracks both Canadian and Australian stocks. In the Canadian chart, 43 uranium companies – each with more than C$40 million in market capitalization comprise this weekly index. The Australian Index tracks 25 companies, which own uranium assets.
Uranium mining and exploration stocks have begun reflecting the weekly price rise in spot uranium, rebounding from the sell off in late February and early March. Many of the near-term producers don’t require $100/pound uranium to show a profit on their mining efforts, but the high price excites investors – many of whom appear to be doing a ‘New Year’s Countdown’ as spot uranium approaches US$100/pound.
We talked with Matthew Smith, who created a Canadian and Australian stock index. He is not a registered investment advisor. Smith began tracking a portfolio of 43 Canadian uranium and 25 Australian stocks as an index so that investors could quickly compare how their uranium stocks fared against his non-weighted stock index.
While Smith does not dispense investment advice, he told us, “I did not believe the uranium bull market was over.” He was referring to the recent sell off. “Bull markets never end that way,” he added. “The index rebounded accordingly, as it rose 10 percent from the bottom of the short correction, which is typical of corrections in volatile markets. We have formed a bit of support over the past 2-3 weeks and it could go higher.”
Smith believes both the Canadian and Australians stock indexes could test their all-time highs over the next two months. He explained both indexes are dependent upon developments in the sector. He cited drivers for uranium stocks would include higher remediation costs at Cigar Lake, a change in the Australian uranium mining policy, superlative drill results from exploration companies and more consolidation in the junior mining sector, especially one with a large premium attached.
Smith also invests in uranium stocks and provided us with his basket of favorite uranium stocks, which he considers the ‘least speculative’ in his portfolio. Of stocks found in his Canadian uranium index, Smith likes UR-Energy , Strathmore Minerals , SXR Uranium One , Paladin Resources and Pitchstone Exploration [TSX: PHP]. Among Australian stocks, Smith prefers PepinNini [ASX: PNN] and Berkeley Resources [ASX: BKY].
Thursday, March 15, 2007
Polyus, Harmony speculation surfacing
WHAT does it mean when a CEO or company offers a “no comment”? It depends who’s saying it.
In the mouth of Anglo American, this is standard response to any information about itself it hasn’t rubber-stamped in its corporate communications department. In the mouth of Bernard Swanepoel, Harmony Gold’s CEO, it’s an interesting departure.
Swanepoel is not even remotely media shy. In fact, he’s used the media as much as he feels, lately, abused by it.
Consider the corporate plans he’s aired in the media. These include the potential offshore listing of Harmony Gold’s Papua New Guinea project, Hidden Valley; or the separate listing of some of Harmony’s assets through Village Main, a non-operating company he bought in 2006. Then there’s the body-blows he imparted to Gold Fields (and vice versa) during Harmony’s attempt to buy that company.
More recently, Swanepoel has spoken of plans to build a gold retreatment business, and most recently of a joint venture with Victor Vekselberg’s Renova Group to help treat Harmony’s uranium slimes at the old Randfontein Estates.
So market talk that Swanepoel might be consorting with another Russian company, Polyus Gold, needs some working through.
The speculation is that Harmony is in advanced talks with Polyus on a merger. So far, Miningmx has been unable to have the speculation firmly validated by a second source; it must therefore carry a health warning. A quick phone around of Johannesburg analysts has been met with scepticism.
Why, say analysts, would Polyus Gold, want to own Harmony’s predominantly South African assets, some of them lossmaking? Total cash costs at Polyus Gold were last recorded at $236/oz. Compare this to the $400/oz in cash costs at the Harmony Gold mines.
Bear in mind, too, that at $9.3bn, Polyus Gold has twice the market capitalisation of Harmony Gold. It’s therefore relatively highly rated paper that wouldn’t necessarily improve its rating by merging with Harmony. Polyus Gold also has a healthy pipeline of new projects it estimates will take production to 3.9 million oz by 2015. The reasons for not doing a merger far outweigh those supporting a merger.
For the record, Swanepoel won’t provide any insight, and unusually chooses to issue a “no comment” statement through a third party, which is a first in more than 10 years of communication. He might well be too busy to tackle outlandish speculation, you may argue. Well, he certainly is busy.
Harmony Gold looks like it’s edging towards some significant corporate development the details of which currently remain undisclosed. Perhaps its suits Swanepoel to be cryptic about his potential involvement with Polyus. Or there’s a possibility that while a merger is not on the cards, Harmony is quite involved with Polyus nonetheless.
Other speculation is that Polyus Gold has already bought shares in AngloGold from Anglo American. This would reprise speculation reported in the UK’s ‘The Times’ on February 18 which said Polyus Gold had approached Anglo American to buy its 41% stake in AngloGold.
Is there any connection between Harmony, Polyus and a bid for shares in AngloGold Ashanti? Perhaps Harmony has agreed to buy AngloGold’s South African mines from the Russians, helping Polyus Gold to afford some of its investment. At $4.8bn, a 41% stake in AngloGold Ashanti is considered too big a fish for Polyus.
“No comment,” said Anglo American spokesperson, Anne Dunn, when asked if the mining group had offloaded some of its shares in AngloGold Ashanti. But in a city as leaky as Johannesburg, the persistence of the rumours are worth turning over.
source news : miningmx.com
In the mouth of Anglo American, this is standard response to any information about itself it hasn’t rubber-stamped in its corporate communications department. In the mouth of Bernard Swanepoel, Harmony Gold’s CEO, it’s an interesting departure.
Swanepoel is not even remotely media shy. In fact, he’s used the media as much as he feels, lately, abused by it.
Consider the corporate plans he’s aired in the media. These include the potential offshore listing of Harmony Gold’s Papua New Guinea project, Hidden Valley; or the separate listing of some of Harmony’s assets through Village Main, a non-operating company he bought in 2006. Then there’s the body-blows he imparted to Gold Fields (and vice versa) during Harmony’s attempt to buy that company.
More recently, Swanepoel has spoken of plans to build a gold retreatment business, and most recently of a joint venture with Victor Vekselberg’s Renova Group to help treat Harmony’s uranium slimes at the old Randfontein Estates.
So market talk that Swanepoel might be consorting with another Russian company, Polyus Gold, needs some working through.
The speculation is that Harmony is in advanced talks with Polyus on a merger. So far, Miningmx has been unable to have the speculation firmly validated by a second source; it must therefore carry a health warning. A quick phone around of Johannesburg analysts has been met with scepticism.
Why, say analysts, would Polyus Gold, want to own Harmony’s predominantly South African assets, some of them lossmaking? Total cash costs at Polyus Gold were last recorded at $236/oz. Compare this to the $400/oz in cash costs at the Harmony Gold mines.
Bear in mind, too, that at $9.3bn, Polyus Gold has twice the market capitalisation of Harmony Gold. It’s therefore relatively highly rated paper that wouldn’t necessarily improve its rating by merging with Harmony. Polyus Gold also has a healthy pipeline of new projects it estimates will take production to 3.9 million oz by 2015. The reasons for not doing a merger far outweigh those supporting a merger.
For the record, Swanepoel won’t provide any insight, and unusually chooses to issue a “no comment” statement through a third party, which is a first in more than 10 years of communication. He might well be too busy to tackle outlandish speculation, you may argue. Well, he certainly is busy.
Harmony Gold looks like it’s edging towards some significant corporate development the details of which currently remain undisclosed. Perhaps its suits Swanepoel to be cryptic about his potential involvement with Polyus. Or there’s a possibility that while a merger is not on the cards, Harmony is quite involved with Polyus nonetheless.
Other speculation is that Polyus Gold has already bought shares in AngloGold from Anglo American. This would reprise speculation reported in the UK’s ‘The Times’ on February 18 which said Polyus Gold had approached Anglo American to buy its 41% stake in AngloGold.
Is there any connection between Harmony, Polyus and a bid for shares in AngloGold Ashanti? Perhaps Harmony has agreed to buy AngloGold’s South African mines from the Russians, helping Polyus Gold to afford some of its investment. At $4.8bn, a 41% stake in AngloGold Ashanti is considered too big a fish for Polyus.
“No comment,” said Anglo American spokesperson, Anne Dunn, when asked if the mining group had offloaded some of its shares in AngloGold Ashanti. But in a city as leaky as Johannesburg, the persistence of the rumours are worth turning over.
source news : miningmx.com
Senior Atomstroyexport official heads to Iran Thu. for NPP talks
The head of Russian company Atomstroyexport's department for the construction of the Bushehr NPP in southern Iran will fly to Tehran for a final round of talks Thursday, a spokesman of the project's contractor said.
"Work at the NPP [building] site is currently under way, and we hope the talks will be constructive," he said, adding that they could continue next week.
Russia's Atomstroyexport said Tehran has not financed its first nuclear power plant since mid-January, and that in the fourth quarter of 2006 the project only received 60% of the funding required, warning that the launch of the NPP and nuclear fuel deliveries could be delayed as a result.
Iran has denied the debt, accusing Russia of being pressured by the West, which is trying to force Tehran to end its nuclear program.
An aide to Atomstroyexport's chief, Sergei Novikov, said Wednesday the company was continuing work at Bushehr, although on a limited basis, but complained that Iran's statements "revealing its reluctance to pay" had deterred some subcontractors, undermining the situation further.
"Atomstroyexport has so far managed to maintain control of construction, but we are witnessing a paradox, when Russian contractors are working in spite of the Iranian customer's wishes," Novikov said.
Tehran said Wednesday it had paid Russia over $75 million and another $6 million in its national currency between October 10, 2006 and March 14, 2007, including a $12.7 million installment March 1.
However, Russia denied the payment, saying Tehran had only paid $5.1 million in January and had not transferred any money in February.
Moscow warned the plant could not go into service in September as planned, and that nuclear fuel would not be supplied to the NPP in March - six months before the launch - due to the financial problems.
The Islamic Republic, already under limited international sanctions, is facing tougher penalties from the UN Security Council over its refusal to halt the uranium enrichment that some countries fear could be used in nuclear weapons production.
Iran has insisted its nuclear program is only for electricity generation.
U.S. Deputy Secretary of Energy Clay Sell said Wednesday that Washington approved of Russia's approach to Bushehr, but would support the project only if Russian nuclear fuel shipped to the NPP was used purely for peaceful purposes, and spent fuel was returned to Russia.
source news : en.rian.ru
"Work at the NPP [building] site is currently under way, and we hope the talks will be constructive," he said, adding that they could continue next week.
Russia's Atomstroyexport said Tehran has not financed its first nuclear power plant since mid-January, and that in the fourth quarter of 2006 the project only received 60% of the funding required, warning that the launch of the NPP and nuclear fuel deliveries could be delayed as a result.
Iran has denied the debt, accusing Russia of being pressured by the West, which is trying to force Tehran to end its nuclear program.
An aide to Atomstroyexport's chief, Sergei Novikov, said Wednesday the company was continuing work at Bushehr, although on a limited basis, but complained that Iran's statements "revealing its reluctance to pay" had deterred some subcontractors, undermining the situation further.
"Atomstroyexport has so far managed to maintain control of construction, but we are witnessing a paradox, when Russian contractors are working in spite of the Iranian customer's wishes," Novikov said.
Tehran said Wednesday it had paid Russia over $75 million and another $6 million in its national currency between October 10, 2006 and March 14, 2007, including a $12.7 million installment March 1.
However, Russia denied the payment, saying Tehran had only paid $5.1 million in January and had not transferred any money in February.
Moscow warned the plant could not go into service in September as planned, and that nuclear fuel would not be supplied to the NPP in March - six months before the launch - due to the financial problems.
The Islamic Republic, already under limited international sanctions, is facing tougher penalties from the UN Security Council over its refusal to halt the uranium enrichment that some countries fear could be used in nuclear weapons production.
Iran has insisted its nuclear program is only for electricity generation.
U.S. Deputy Secretary of Energy Clay Sell said Wednesday that Washington approved of Russia's approach to Bushehr, but would support the project only if Russian nuclear fuel shipped to the NPP was used purely for peaceful purposes, and spent fuel was returned to Russia.
source news : en.rian.ru
CityView Signs Definitive Agreement on Indonesian Joint Venture: LPG Production
CityView Corporation Ltd. (OTCBB:CTVWF)(ASX:CVI)(FWB:C4Z), is pleased to announce it has concluded an agreement with PT Mitra Energy Development, an Indonesian company, to produce liquefied petroleum gas (“LPG”) in Indonesia. Demand for LPG is strong as the country is changing from kerosene to LPG. CityView will be assisted in this proposed venture by Quest Energy Middle East Limited which has, through its associates, considerable experience in LPG production.
The first step will be to form an Indonesian operating company which will negotiate with Pertamina for access to a gas supply.
About CityView Corp.
CityView Corporation Ltd. is an exploration and development company. It is management's objective to grow CityView into a significant uranium, oil and gas project by developing its interest in Angola. The Company trades on the OTCBB market under the symbol “CTVWF” and on the Australian Exchange under the symbol “CVI”. For more information, please visit the Company’s web site at: www.cityviewcorp.com
source news : home.businesswire.com
The first step will be to form an Indonesian operating company which will negotiate with Pertamina for access to a gas supply.
About CityView Corp.
CityView Corporation Ltd. is an exploration and development company. It is management's objective to grow CityView into a significant uranium, oil and gas project by developing its interest in Angola. The Company trades on the OTCBB market under the symbol “CTVWF” and on the Australian Exchange under the symbol “CVI”. For more information, please visit the Company’s web site at: www.cityviewcorp.com
source news : home.businesswire.com
Neutron Energy Announces Agreement With Juan Tafoya Land Corporation
Neutron Energy, Inc. ("Neutron" or "Company"), a privately held uranium exploration and development company, is pleased to announce it has entered into a Uranium Mining Lease and Agreement with Juan Tafoya Land Corporation. Pursuant to the mineral lease, Neutron acquired a 100% interest in fee surface and mineral rights located on the Juan Tafoya Land Grant ("Juan Tafoya Property"). Located in the Grants Uranium Region of New Mexico, the Juan Tafoya Property contains an un-mined historic resource of 15.8 million pounds of uranium.
In a separate transaction with a third party, Neutron has acquired a significant data base of geological data, technical reports and other information with respect to the Marquez Canyon Deposit located on the Juan Tafoya Property.
The Grants Uranium Region was a world premier uranium mining district, having produced over 350 million pounds of uranium. The Juan Tafoya Property, located on the eastern portion of the Grants Uranium Region, consists of approximately 4,200 acres of privately owned surface and mineral rights. During the 1970’s the property was developed by a joint venture between Long Island Lighting, a New York utility, and Bokum Resources Corporation. In addition to deposit development drilling, a shaft was sunk to a depth of 1,842 feet, a 2,200 ton per day uranium processing mill was constructed on site, and a tailings disposal site was excavated, all fully permitted. Due to the collapse in the uranium market in the early 1980’s, development was halted, the deposit remains un-mined, and the mill was dismantled in 2001. Although the mill has been removed, much of the infrastructure remains in place, including electric power, 1,800+ acre-feet of industrial-use water rights, the 1,842 shaft and previously permitted and partially completed tailings disposal site.
In keeping with Neutron’s responsible environmental and economic development policies, Neutron anticipates providing up to 450 full-time jobs, many of which are expected to be filled by local members of the Juan Tafoya Land Grant. In addition, Neutron will provide annual scholarships for qualified members of the community in the fields of geology, hydrology, environmental sciences and range and forest management. Neutron will also provide financial resources for social services and community development programs.
Neutron has initiated activities to acquire the necessary permits to commence confirmation drilling and ultimately mine and mill operating permits. It is the Company’s objective to place the project into production as soon as possible.
Neutron Energy, Inc. is an advanced uranium exploration and development company with five (5) development properties comprised of 39,500 acres in New Mexico, Wyoming and South Dakota. In addition, Neutron has in excess of 240,000 acres of exploration properties in Arizona, Wyoming, Utah and South Dakota. Neutron is recognized as having assembled one of the strongest management and technical teams of its peers in the western United States uranium sector. Neutron’s staff has been involved in the discovery, permitting and development of several uranium, gold and coal mines in the western United States and overseas which have a collective gross mineral value of more than $5 billion.
Although Neutron is currently privately held, it has commenced the process of filing registration statements with appropriate securities regulators in the United States and Canada and anticipates an initial public offering of its shares in the latter part of the third quarter of 2007, with a dual listing on the Toronto Stock Exchange and the American Stock Exchange.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
source news : webwire.com
In a separate transaction with a third party, Neutron has acquired a significant data base of geological data, technical reports and other information with respect to the Marquez Canyon Deposit located on the Juan Tafoya Property.
The Grants Uranium Region was a world premier uranium mining district, having produced over 350 million pounds of uranium. The Juan Tafoya Property, located on the eastern portion of the Grants Uranium Region, consists of approximately 4,200 acres of privately owned surface and mineral rights. During the 1970’s the property was developed by a joint venture between Long Island Lighting, a New York utility, and Bokum Resources Corporation. In addition to deposit development drilling, a shaft was sunk to a depth of 1,842 feet, a 2,200 ton per day uranium processing mill was constructed on site, and a tailings disposal site was excavated, all fully permitted. Due to the collapse in the uranium market in the early 1980’s, development was halted, the deposit remains un-mined, and the mill was dismantled in 2001. Although the mill has been removed, much of the infrastructure remains in place, including electric power, 1,800+ acre-feet of industrial-use water rights, the 1,842 shaft and previously permitted and partially completed tailings disposal site.
In keeping with Neutron’s responsible environmental and economic development policies, Neutron anticipates providing up to 450 full-time jobs, many of which are expected to be filled by local members of the Juan Tafoya Land Grant. In addition, Neutron will provide annual scholarships for qualified members of the community in the fields of geology, hydrology, environmental sciences and range and forest management. Neutron will also provide financial resources for social services and community development programs.
Neutron has initiated activities to acquire the necessary permits to commence confirmation drilling and ultimately mine and mill operating permits. It is the Company’s objective to place the project into production as soon as possible.
Neutron Energy, Inc. is an advanced uranium exploration and development company with five (5) development properties comprised of 39,500 acres in New Mexico, Wyoming and South Dakota. In addition, Neutron has in excess of 240,000 acres of exploration properties in Arizona, Wyoming, Utah and South Dakota. Neutron is recognized as having assembled one of the strongest management and technical teams of its peers in the western United States uranium sector. Neutron’s staff has been involved in the discovery, permitting and development of several uranium, gold and coal mines in the western United States and overseas which have a collective gross mineral value of more than $5 billion.
Although Neutron is currently privately held, it has commenced the process of filing registration statements with appropriate securities regulators in the United States and Canada and anticipates an initial public offering of its shares in the latter part of the third quarter of 2007, with a dual listing on the Toronto Stock Exchange and the American Stock Exchange.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
source news : webwire.com
Tomatoes Are to Iran as a Gallon of Gas Is to the US
In "The view from Tehran" on Salon, Hooman Majd reports that tomatoes, an essential ingredient of salads, stews, and kebabs in Iran, are no longer affordable to most of the Persian public, much to their despair. The rich continue to buy them in places like Tehran's trendy Bejhatabad food bazaar. But they "discuss the price they paid at dinner parties with the same seriousness they reserve for discussing. . . foreign exchange rates."
If the price of gas -- not a problem for Iranians, to whom it's 35 cents a gallon –- acts as a barometer for America's mood, Iran's national morale may be pegged to the price of tomatoes.
Thanks to the UN sanctions, Iran has seen foreign assets frozen and, due to US pressure, it's being given the cold shoulder by European banks. Meanwhile, President Ahmadinejad's promises to share oil wealth with the public have proven wildly optimistic. Thus has Iran's unemployment level reached 20% or more, nearly the level of the US Depression. Yet, writes Majd, while the public complains about Ahmadinejad, it's hardly the "prelude to the fall of an entire political system." In other words, the Islamic Republic of Iran, 30 years removed from the revolution, is in no way -- delusions of the Neocons to the contrary -- ripe for overthrow.
In fact, according to Farideh Farhi in "Keeping All Options on the Table: A Roadmap to Negotiation or War?" on Foreign Policy in Focus, Iran's political environment, while "highly contentious and fractured" is a "source of strength [emphasis added] rather than weakness, allowing for a wide range of input in the decision-making process."
In other words the tension between Ahmadinejad and the ruling Mullahs, led by Supreme Leader Ayatollah Ali Khameini, over Iran's nuclear program mirrors our checks and balances system. For all intents and purposes, Iran already has the democracy drawn up for them by the resurgent Neocons ("the dodos of Washington," according to Robert Dreyfuss, "simply too dumb to know when they are extinct"). Furthermore, writes Farhi, Ahmadinejad's other opponents, like moderate former presidents Rafsanjani and Khatami, "have shown no hesitation at all in closing ranks behind the hard-line position if they perceive the Islamic Republic or its vital interests to be at stake."
To many Iranians, the goal of the tug of war between Iran and the US over uranium enrichment, even more than the right to nuclear power, is maintaining its own elected regime. After all, the last time the US engineered regime change in Iran, we helped oust elected president Mossadegh and installed the tyrannical Shah. Iranians, explains Farhi, just want to be treated fairly.
Truth, justice, and the Iranian way of life are all well and good. But wouldn't fear of a US attack drive Iranians to pressure its government to halt uranium enrichment? Apparently not, according to Majd. Iranians, he writes, "by and large do not believe that the United States will attack Iran, mostly because they cannot envision that the White House could be. . . so foolish as to attack a country where 10-year-olds have been willing to strap grenades to their waists and run under enemy tanks [as in the Iran-Iraq war]."
They believe American saber rattling and deployment of aircraft carrier groups to the Persian Gulf are a "psychological war to frighten Iran."
Many Americans scoff at the idea that the administration would attack Iran. After all, we're overextended in Iraq. We asked Ms. Farhi if Iran, as well, is steeped in denial.
"Given lack of polling on this issue," she replied, "it is difficult to gauge exactly what the Iranian public thinks. However, anecdotal evidence suggests that after a short period of concern, which came about when there was almost daily talk of attack on Iran in the European and American press, the Iranian public doesn't think much about the issue. Iranian New Year is coming next week, and basically thinking about what may be an impending war is not a nice way of living. So my bet is that most of the Iranian public is ignoring the issue not necessarily because there is denial but out of the necessities of everyday life.
"What is significant, however, is that Majd is correct and much of the political class, particularly those with a conservative bent, thinks that only extreme irrationality would make US attack Iran. Ahmadinejad has even said in an interview that the US would not be so stupid. The Iranian military brass and hard-line newspapers have also talked about the assessment that most of what is going on is psychological war."
Ultimately, according to Farhi, unless actually invaded, what Iran has going for it "is the ability just to continue what it has been doing for nearly three decades, carry on while limping economically." In other words, as Majd says, Iranians are not "willing to forgo what they believe to be nuclear independence in order to buy cheaper tomatoes."
source news : freezerbox.com
If the price of gas -- not a problem for Iranians, to whom it's 35 cents a gallon –- acts as a barometer for America's mood, Iran's national morale may be pegged to the price of tomatoes.
Thanks to the UN sanctions, Iran has seen foreign assets frozen and, due to US pressure, it's being given the cold shoulder by European banks. Meanwhile, President Ahmadinejad's promises to share oil wealth with the public have proven wildly optimistic. Thus has Iran's unemployment level reached 20% or more, nearly the level of the US Depression. Yet, writes Majd, while the public complains about Ahmadinejad, it's hardly the "prelude to the fall of an entire political system." In other words, the Islamic Republic of Iran, 30 years removed from the revolution, is in no way -- delusions of the Neocons to the contrary -- ripe for overthrow.
In fact, according to Farideh Farhi in "Keeping All Options on the Table: A Roadmap to Negotiation or War?" on Foreign Policy in Focus, Iran's political environment, while "highly contentious and fractured" is a "source of strength [emphasis added] rather than weakness, allowing for a wide range of input in the decision-making process."
In other words the tension between Ahmadinejad and the ruling Mullahs, led by Supreme Leader Ayatollah Ali Khameini, over Iran's nuclear program mirrors our checks and balances system. For all intents and purposes, Iran already has the democracy drawn up for them by the resurgent Neocons ("the dodos of Washington," according to Robert Dreyfuss, "simply too dumb to know when they are extinct"). Furthermore, writes Farhi, Ahmadinejad's other opponents, like moderate former presidents Rafsanjani and Khatami, "have shown no hesitation at all in closing ranks behind the hard-line position if they perceive the Islamic Republic or its vital interests to be at stake."
To many Iranians, the goal of the tug of war between Iran and the US over uranium enrichment, even more than the right to nuclear power, is maintaining its own elected regime. After all, the last time the US engineered regime change in Iran, we helped oust elected president Mossadegh and installed the tyrannical Shah. Iranians, explains Farhi, just want to be treated fairly.
Truth, justice, and the Iranian way of life are all well and good. But wouldn't fear of a US attack drive Iranians to pressure its government to halt uranium enrichment? Apparently not, according to Majd. Iranians, he writes, "by and large do not believe that the United States will attack Iran, mostly because they cannot envision that the White House could be. . . so foolish as to attack a country where 10-year-olds have been willing to strap grenades to their waists and run under enemy tanks [as in the Iran-Iraq war]."
They believe American saber rattling and deployment of aircraft carrier groups to the Persian Gulf are a "psychological war to frighten Iran."
Many Americans scoff at the idea that the administration would attack Iran. After all, we're overextended in Iraq. We asked Ms. Farhi if Iran, as well, is steeped in denial.
"Given lack of polling on this issue," she replied, "it is difficult to gauge exactly what the Iranian public thinks. However, anecdotal evidence suggests that after a short period of concern, which came about when there was almost daily talk of attack on Iran in the European and American press, the Iranian public doesn't think much about the issue. Iranian New Year is coming next week, and basically thinking about what may be an impending war is not a nice way of living. So my bet is that most of the Iranian public is ignoring the issue not necessarily because there is denial but out of the necessities of everyday life.
"What is significant, however, is that Majd is correct and much of the political class, particularly those with a conservative bent, thinks that only extreme irrationality would make US attack Iran. Ahmadinejad has even said in an interview that the US would not be so stupid. The Iranian military brass and hard-line newspapers have also talked about the assessment that most of what is going on is psychological war."
Ultimately, according to Farhi, unless actually invaded, what Iran has going for it "is the ability just to continue what it has been doing for nearly three decades, carry on while limping economically." In other words, as Majd says, Iranians are not "willing to forgo what they believe to be nuclear independence in order to buy cheaper tomatoes."
source news : freezerbox.com
Fronteer Closes $60.5 Million Public Offering
Fronteer Development Group Inc. ("Fronteer" or the "Company") (TSX: FRG)(AMEX: FRG) is pleased to announce that it has completed its previously announced offering (the "Offering") pursuant to which it has issued an aggregate of 4,100,000 common shares at a price of $14.75 per share to raise gross proceeds of $60,475,000. The Offering was underwritten by a syndicate of Canadian underwriters. The Company intends to use the net proceeds from the Offering for strategic investments and for future acquisitions.
The underwriters have an over-allotment option exercisable until April 14, 2007 to purchase up to an additional 615,000 common shares at $14.75 per share to cover over-allotments and for market stabilization purposes.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. All figures in this news release are in Canadian dollars.
ABOUT FRONTEER
Fronteer is a rapidly evolving company committed to building long term value through ongoing discoveries and strategic acquisitions. There are currently nine drill rigs operating in Turkey on three projects and one drill rig operating in Mexico on two gold-silver projects. Fronteer has a prominent foothold in an emerging uranium-copper-gold district in the northern Yukon. Fronteer holds a 47.13% interest in Aurora Energy Resources (TSX: AXU).
Except for statements of historical fact contained herein, certain information presented constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual events or results to differ materially from those reflected in such forward-looking statements. Such factors include, among other things, risks related to the exploration stage of the Fronteer's projects, market fluctuations in prices of securities for exploration stage companies, uncertainties about the availability of additional financing, uncertainties related to fluctuations in uranium and gold prices and other risks and uncertainties described in the Fronteer's recent annual report on Form 20-F and reports on Form 6-K filed with or furnished to the U.S. Securities and Exchange Commission. Although Fronteer has attempted to identify important factors that could cause actual events or 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 future events and actual results could differ materially from those anticipated in such statements. Fronteer disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.
Contacts:
Fronteer Development Group Inc.
Mark O'Dea
President & CEO
(604) 632-4677 or Toll Free 1-877-632-4677
Fronteer Development Group Inc.
Sean Tetzlaff
Chief Financial Officer
(604) 632-4677 or Toll Free 1-877-632-4677
Email: info@fronteergroup.com
Website: www.fronteergroup.com
SOURCE: Fronteer Development Group Inc.
The underwriters have an over-allotment option exercisable until April 14, 2007 to purchase up to an additional 615,000 common shares at $14.75 per share to cover over-allotments and for market stabilization purposes.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. All figures in this news release are in Canadian dollars.
ABOUT FRONTEER
Fronteer is a rapidly evolving company committed to building long term value through ongoing discoveries and strategic acquisitions. There are currently nine drill rigs operating in Turkey on three projects and one drill rig operating in Mexico on two gold-silver projects. Fronteer has a prominent foothold in an emerging uranium-copper-gold district in the northern Yukon. Fronteer holds a 47.13% interest in Aurora Energy Resources (TSX: AXU).
Except for statements of historical fact contained herein, certain information presented constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual events or results to differ materially from those reflected in such forward-looking statements. Such factors include, among other things, risks related to the exploration stage of the Fronteer's projects, market fluctuations in prices of securities for exploration stage companies, uncertainties about the availability of additional financing, uncertainties related to fluctuations in uranium and gold prices and other risks and uncertainties described in the Fronteer's recent annual report on Form 20-F and reports on Form 6-K filed with or furnished to the U.S. Securities and Exchange Commission. Although Fronteer has attempted to identify important factors that could cause actual events or 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 future events and actual results could differ materially from those anticipated in such statements. Fronteer disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.
Contacts:
Fronteer Development Group Inc.
Mark O'Dea
President & CEO
(604) 632-4677 or Toll Free 1-877-632-4677
Fronteer Development Group Inc.
Sean Tetzlaff
Chief Financial Officer
(604) 632-4677 or Toll Free 1-877-632-4677
Email: info@fronteergroup.com
Website: www.fronteergroup.com
SOURCE: Fronteer Development Group Inc.
Blue Sky Uranium Enters Letter of Agreement for Projects in Colombia
Blue Sky Uranium Corp. is pleased to announce that, as part of Blue Sky's strategy to expand its exploration activity into South America, the Company has entered into two option agreements to acquire 100% interests in two uranium projects in Colombia - one project, covering 5,499 hectares, in the department of Santander and another project, covering 9,592 hectares, in the department of Norte de Santander.
Under the terms of the option agreements, Blue Sky must make staged cash payments over 4 years totaling US$414,080 on each project, with US$20,000 due on each project in the first 12 months. No payments are due until the Company completes it due diligence on tenure. Each project is subject to a 3% Yellow Cake Royalty capped at US$1,100,000. During the term of the option agreements, the Company will be required to make all annual tax payments. There are no minimum work commitments. The Company is moving to establish an operating subsidiary in Colombia and work to initiate initial work programs on the properties.
The Santander property is underlain by the Jurassic Giron Formation and has potential for hosting sandstone-type uranium mineralization. The Norte de Santander property has potential for pegmatite-hosted mineralization and is underlain by Jurassic-Cretaceous granitic rocks which cut older gneisses.
Blue Sky is a newly listed uranium exploration company led by a management and technical team with substantial experience in uranium exploration. Blue Sky is well positioned to leverage management's extensive network of contacts to rapidly grow the Company into an industry leader. Blue Sky is currently actively exploring in the Athabasca Basin in Northern Saskatchewan, and is also seeking new opportunities in the Patagonia region of Argentina. Blue Sky is a member of the Grosso Group, a resource management group with over 15 years experience in exploring South America.
ON BEHALF OF THE BOARD
Mr. Sean Hurd, President & CEO
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. Investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Contact:
Sean Hurd
Blue Sky Uranium Corp.
President & CEO
1-800-901-0058 or (604) 687-1828
(604) 687-1858 (FAX)
Website: www.blueskyuranium.com
Source: Blue Sky Uranium Corp.
Under the terms of the option agreements, Blue Sky must make staged cash payments over 4 years totaling US$414,080 on each project, with US$20,000 due on each project in the first 12 months. No payments are due until the Company completes it due diligence on tenure. Each project is subject to a 3% Yellow Cake Royalty capped at US$1,100,000. During the term of the option agreements, the Company will be required to make all annual tax payments. There are no minimum work commitments. The Company is moving to establish an operating subsidiary in Colombia and work to initiate initial work programs on the properties.
The Santander property is underlain by the Jurassic Giron Formation and has potential for hosting sandstone-type uranium mineralization. The Norte de Santander property has potential for pegmatite-hosted mineralization and is underlain by Jurassic-Cretaceous granitic rocks which cut older gneisses.
Blue Sky is a newly listed uranium exploration company led by a management and technical team with substantial experience in uranium exploration. Blue Sky is well positioned to leverage management's extensive network of contacts to rapidly grow the Company into an industry leader. Blue Sky is currently actively exploring in the Athabasca Basin in Northern Saskatchewan, and is also seeking new opportunities in the Patagonia region of Argentina. Blue Sky is a member of the Grosso Group, a resource management group with over 15 years experience in exploring South America.
ON BEHALF OF THE BOARD
Mr. Sean Hurd, President & CEO
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. Investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Contact:
Sean Hurd
Blue Sky Uranium Corp.
President & CEO
1-800-901-0058 or (604) 687-1828
(604) 687-1858 (FAX)
Website: www.blueskyuranium.com
Source: Blue Sky Uranium Corp.
Superior Diamonds Acquires Option to Explore for Uranium on Tanqueray's Baker Lake Project, Thelon Basin, Nunavut
Superior Diamonds Inc. ("Superior" or "the Company") is pleased to announce that the North Thelon Joint Venture, a 50/50 partnership with Forum Uranium Corp. has entered into a letter of intent to acquire an option to earn a 60% interest in the Baker Lake project held by Tanqueray Resources Ltd. The property is highly prospective for uranium and is nearby AREVA's Kiggavik-Sissons unconformity-style uranium deposit which is currently being evaluated for future development. The Tanqueray property has historical uranium showings of up to 2.25% U3O8 in a similar geological setting as the Kiggavik deposits. Tanqueray's 65,000 hectare property is contiguous to the North Thelon Joint Venture's 100% owned claims, comprising over 100,000 hectares in the Kiggavik area.
The Baker Lake project has several uranium showings associated with meta-sedimentary and meta-volcanic rocks that are the host rocks for the Kiggavik, End and Andrew Lake deposits which together host 130 million pounds of open-pittable uranium deposits with grades ranging from 0.28% to 0.44% U3O8 as reported by AREVA Resources Canada(1). Uranium occurrences from assessment records on Tanqueray's property report uranium values of 0.09% to 2.25% U3O8 in quartzite, quartzite breccia and graphitic schists, all of which are considered favourable host rocks for economic uranium deposits in the area. The Baker Lake project is located at the unconformity with the Thelon sandstone in a favourable structural setting.
John Paterson, President & CEO stated, "The acquisition of the Tanqueray ground adds a large prospective area to our present holdings in the Thelon Basin and will be integrated into our summer exploration program. Several historical uranium occurrences on the Tanqueray claims will be evaluated in the early stages of the exploration program. Both the 100 percent owned ground and the Tanqueray property have excellent potential to host unconformity type uranium deposits."
The North Thelon Joint Venture is a 50/50 strategic alliance between Forum Uranium Corp. and Superior Diamonds Inc., with Forum as operator, formed to explore for uranium in the prolific Thelon Basin, perhaps the most prospective Proterozoic Basin in the world outside of the Athabasca Basin in Saskatchewan and the Kombolgie Basin in Australia.
Superior and Forum have signed a letter of intent on behalf of the North Thelon Joint Venture to earn a 60% interest in uranium and diamonds on the property by issuing 300,000 shares of Forum, 300,000 shares of Superior and conducting $4 million in exploration over 5 years. 50,000 shares each of Forum and Superior will be issued upon signing of a formal option agreement and the North Thelon Joint Venture will commit to a $200,000 exploration program this year. The remaining share issuances and exploration expenditures are at the option of the North Thelon Joint Venture. The North Thelon Joint Venture also has the option to earn a further 10% interest in the property by committing to the completion of a bankable feasibility study. This agreement is subject to the parties executing a formal option agreement and acceptance of the TSX Venture Exchange.
(1) This resource estimate is historic and Superior has not verified whether it is a National Instrument 43-101 defined resource. Superior believes that the historic estimate is relevant because of the proximity of the Kiggavik-Sissons Project to the Baker Lake Project area and the presence within the area of uranium occurrences in similar host rocks. AREVA is currently evaluating the future development of the Kiggavik-Sissons Project.
About Superior Diamonds
Superior Diamonds is a junior Canadian exploration company, primarily searching for diamonds in the under-explored and highly prospective regions of the Canadian Shield within the provinces of Ontario and Quebec. Over a period of just three years, Superior's highly skilled team has defined four promising target areas through grass roots exploration, and is now focused on prioritizing these targets for drilling. To diversify risk and balance its portfolio, the Company has adopted a strategy to explore for other commodities where it has a proven track record of expertise, including uranium. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.
Forward-looking Statements
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Corporation's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Superior Diamonds Inc.
John G. Paterson
President
(604) 806-0667
(604) 688-5175 (FAX)
Superior Diamonds Inc.
Thomas F. Morris
VP Exploration
(705) 525-0992
(705) 525-7701 (FAX)
Superior Diamonds Inc.
Meghan Brown
Manager, Investor Relations
(604) 806-0667
(604) 688-5175 (FAX)
Email: info@superiordiamonds.ca
Website: http://www.superiordiamonds.ca
Source: Superior Diamonds Inc.
The Baker Lake project has several uranium showings associated with meta-sedimentary and meta-volcanic rocks that are the host rocks for the Kiggavik, End and Andrew Lake deposits which together host 130 million pounds of open-pittable uranium deposits with grades ranging from 0.28% to 0.44% U3O8 as reported by AREVA Resources Canada(1). Uranium occurrences from assessment records on Tanqueray's property report uranium values of 0.09% to 2.25% U3O8 in quartzite, quartzite breccia and graphitic schists, all of which are considered favourable host rocks for economic uranium deposits in the area. The Baker Lake project is located at the unconformity with the Thelon sandstone in a favourable structural setting.
John Paterson, President & CEO stated, "The acquisition of the Tanqueray ground adds a large prospective area to our present holdings in the Thelon Basin and will be integrated into our summer exploration program. Several historical uranium occurrences on the Tanqueray claims will be evaluated in the early stages of the exploration program. Both the 100 percent owned ground and the Tanqueray property have excellent potential to host unconformity type uranium deposits."
The North Thelon Joint Venture is a 50/50 strategic alliance between Forum Uranium Corp. and Superior Diamonds Inc., with Forum as operator, formed to explore for uranium in the prolific Thelon Basin, perhaps the most prospective Proterozoic Basin in the world outside of the Athabasca Basin in Saskatchewan and the Kombolgie Basin in Australia.
Superior and Forum have signed a letter of intent on behalf of the North Thelon Joint Venture to earn a 60% interest in uranium and diamonds on the property by issuing 300,000 shares of Forum, 300,000 shares of Superior and conducting $4 million in exploration over 5 years. 50,000 shares each of Forum and Superior will be issued upon signing of a formal option agreement and the North Thelon Joint Venture will commit to a $200,000 exploration program this year. The remaining share issuances and exploration expenditures are at the option of the North Thelon Joint Venture. The North Thelon Joint Venture also has the option to earn a further 10% interest in the property by committing to the completion of a bankable feasibility study. This agreement is subject to the parties executing a formal option agreement and acceptance of the TSX Venture Exchange.
(1) This resource estimate is historic and Superior has not verified whether it is a National Instrument 43-101 defined resource. Superior believes that the historic estimate is relevant because of the proximity of the Kiggavik-Sissons Project to the Baker Lake Project area and the presence within the area of uranium occurrences in similar host rocks. AREVA is currently evaluating the future development of the Kiggavik-Sissons Project.
About Superior Diamonds
Superior Diamonds is a junior Canadian exploration company, primarily searching for diamonds in the under-explored and highly prospective regions of the Canadian Shield within the provinces of Ontario and Quebec. Over a period of just three years, Superior's highly skilled team has defined four promising target areas through grass roots exploration, and is now focused on prioritizing these targets for drilling. To diversify risk and balance its portfolio, the Company has adopted a strategy to explore for other commodities where it has a proven track record of expertise, including uranium. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.
Forward-looking Statements
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Corporation's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Superior Diamonds Inc.
John G. Paterson
President
(604) 806-0667
(604) 688-5175 (FAX)
Superior Diamonds Inc.
Thomas F. Morris
VP Exploration
(705) 525-0992
(705) 525-7701 (FAX)
Superior Diamonds Inc.
Meghan Brown
Manager, Investor Relations
(604) 806-0667
(604) 688-5175 (FAX)
Email: info@superiordiamonds.ca
Website: http://www.superiordiamonds.ca
Source: Superior Diamonds Inc.
Uranium boosts New Star Fund of Funds
The investment manager said it demonstrated that multi-manager gave investors access to areas not usually open to them.
Ben Robinson, a spokesman for New Star, said: “A lot of people seem to see fund of funds as doing much the same as other funds but we hope this shows that this isn’t the case.”
He added that the decision to invest in uranium would not have been an ethical one. He said: “I think it is very much an investment decision to make money. But if you did look at it from an ethical basis you could probably say that it is greener than investing in other energy sources like coal.”
The price surge came as a result of the entrance of speculative buyers into the market with many claiming the prices could continue rising.
Mark Harris, head of New Star Fund of Funds, said: “This is an important long-term theme underpinned by the willingness of governments to consider alternative fuel sources, the resurgence of the nuclear industry and positive forecasts for growth in world energy demand, particularly from China and India.”
The tactical fund has 3% exposure to uranium and the cautious fund 1%, with indirect exposure across the rest of the multi-manger range.
source news : ftadviser.com
Ben Robinson, a spokesman for New Star, said: “A lot of people seem to see fund of funds as doing much the same as other funds but we hope this shows that this isn’t the case.”
He added that the decision to invest in uranium would not have been an ethical one. He said: “I think it is very much an investment decision to make money. But if you did look at it from an ethical basis you could probably say that it is greener than investing in other energy sources like coal.”
The price surge came as a result of the entrance of speculative buyers into the market with many claiming the prices could continue rising.
Mark Harris, head of New Star Fund of Funds, said: “This is an important long-term theme underpinned by the willingness of governments to consider alternative fuel sources, the resurgence of the nuclear industry and positive forecasts for growth in world energy demand, particularly from China and India.”
The tactical fund has 3% exposure to uranium and the cautious fund 1%, with indirect exposure across the rest of the multi-manger range.
source news : ftadviser.com
Pinetree Capital Ltd. Acquires Securities of Slam Exploration Ltd.
Pinetree Capital Ltd. announces that on March 14, 2007, it acquired ownership of 4,062,000 common shares (the "Common Shares") of Slam Exploration Ltd. ("Slam") and 4,062,000 share purchase warrants (each, a "Warrant") (each Warrant entitling the holder thereof to acquire one additional common share at an exercise price of $0.35 until March 14, 2009). In the event that the Warrants are fully exercised, these holdings represent approximately 11.6% of the total issued and outstanding common shares of Slam as of March 14, 2007, calculated on a partially diluted basis assuming the exercise of Warrants only. As a result of this transaction, Pinetree holds an aggregate of 5,426,000 common shares and convertible securities exercisable into an additional 5,426,000 common shares of Slam, including the 4,062,000 Warrants, which represents approximately 15.2% of the total issued and outstanding common shares of Slam as of March 14, 2007, calculated on a partially diluted basis assuming the exercise of the 5,426,000 convertible securities only.
These transactions were made for investment purposes and Pinetree could increase or decrease its investment in Slam depending on market conditions or any other relevant factor.
About Pinetree
Pinetree Capital Ltd. ("Pinetree" or the "Company"), which is publicly traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP", is a diversified investment, financial advisory and merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Oil & Gas, Uranium, Precious Metals and Base Metals.
Pinetree's investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.
source news : marketwire.com
These transactions were made for investment purposes and Pinetree could increase or decrease its investment in Slam depending on market conditions or any other relevant factor.
About Pinetree
Pinetree Capital Ltd. ("Pinetree" or the "Company"), which is publicly traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP", is a diversified investment, financial advisory and merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Oil & Gas, Uranium, Precious Metals and Base Metals.
Pinetree's investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.
source news : marketwire.com
US-India nuclear deal affecting Australia faces delay
A GROUND-BREAKING nuclear co-operation deal between India and the US, with significant policy implications for Australia, may not be examined by the world's powerful nuclear club until late this year.
It had been expected that the Nuclear Suppliers Group would consider the controversial deal at its Cape Town meeting next month, but is now looking more likely the group will consider it at a one-off meeting later this year.
The US needs backing from the group before its deal with India proceeds, and views within the 44-member organisation are mixed.
France, Russia and Britain have backed the co-operation agreement. While no formal decision has been made, Canberra is also likely to back Washington in the group, heralding a major shift in Australian policy on uranium sales.
The Bush Administration has been lobbying extensively to secure the Federal Government's endorsement for the deal, which would allow uranium sales to India despite it not being a signatory to the Treaty on the Non-Proliferation of Nuclear Weapons.
It is likely Washington will win Australia's explicit endorsement in the group if India negotiates a bilateral deal with the world's nuclear inspectorate, the International Atomic Energy Agency, subjecting its power plants to the agency's inspection regime. So far, insiders say there is little visible progress on India reaching that agreement.
Prime Minister John Howard has signalled that he is willing to consider a change in policy, but so far the Foreign Minister Alexander Downer has been more cautious, saying there are no "current" plans to change stance. Australia does not traditionally supply uranium to non-signatories of the treaty.
Any shift in Australian policy would be a boon for major Australian resources companies, which have been eyeing India's lucrative energy market.
Executives from mining giants BHP Billiton and Rio Tinto were in India late last month with Australia's Trade Minister Warren Truss as part of a large delegation of Australian business leaders.
source news : theage.com.au
It had been expected that the Nuclear Suppliers Group would consider the controversial deal at its Cape Town meeting next month, but is now looking more likely the group will consider it at a one-off meeting later this year.
The US needs backing from the group before its deal with India proceeds, and views within the 44-member organisation are mixed.
France, Russia and Britain have backed the co-operation agreement. While no formal decision has been made, Canberra is also likely to back Washington in the group, heralding a major shift in Australian policy on uranium sales.
The Bush Administration has been lobbying extensively to secure the Federal Government's endorsement for the deal, which would allow uranium sales to India despite it not being a signatory to the Treaty on the Non-Proliferation of Nuclear Weapons.
It is likely Washington will win Australia's explicit endorsement in the group if India negotiates a bilateral deal with the world's nuclear inspectorate, the International Atomic Energy Agency, subjecting its power plants to the agency's inspection regime. So far, insiders say there is little visible progress on India reaching that agreement.
Prime Minister John Howard has signalled that he is willing to consider a change in policy, but so far the Foreign Minister Alexander Downer has been more cautious, saying there are no "current" plans to change stance. Australia does not traditionally supply uranium to non-signatories of the treaty.
Any shift in Australian policy would be a boon for major Australian resources companies, which have been eyeing India's lucrative energy market.
Executives from mining giants BHP Billiton and Rio Tinto were in India late last month with Australia's Trade Minister Warren Truss as part of a large delegation of Australian business leaders.
source news : theage.com.au
Western Canada to continue to outperform as agri-boom joins energy boom, say Scotiabank economists
Strong global energy demand and continued high prices, including for natural gas, oil, uranium and biofuels, will prolong the Western economic boom, according to Scotia Economics' latest Provincial Trends report.
"Energy-related investment, especially in the oil sands, will continue to fuel the Alberta expansion, supporting the manufacturing, wholesaling and construction industries," says David Hamilton, Economist, Scotiabank. Alberta's record high employment rate, generous tax rebates and massive population inflows are also expected to underpin the strongest pace of retail sales growth in the country. Critical labour shortages and cost pressures will nonetheless slow the advance from last year.
British Columbia will also remain close to the top of the pack in 2007,
aided by facility preparations and infrastructure for the 2010 Winter
Olympics, as well as large shipping port expansions. Strong commodity prices
have spurred development of mining projects across the province. B.C.'s film
industry is prospering, while tourism should benefit from the recent easing of
the Canadian dollar and new promotion initiatives leading up to the Olympics
Games.
In Saskatchewan, agricultural industries will benefit from high grain
prices and increased biofuel demand. Strong global demand is also supporting
uranium producers, while potash output should receive a boost from sizeable
idled capacity being restored, and further expansions scheduled this year.
Meanwhile, a two per cent provincial sales tax cut, low unemployment and solid
wage gains will underpin household spending.
"Manitoba has plans to aggressively expand electricity-generating
capacity, taking advantage of its large hydroelectric potential," says
Mr. Hamilton. "Multi-year federal-provincial initiatives, including expansion
of the Red River Floodway, are beefing up Manitoba's urban, rural and
municipal infrastructure. Personal income tax cuts should support healthy
consumer spending this year, while the strength in industrial activity will
spill over to the transportation and warehousing industries."
For the third year in a row, Canada is expected to post slower output
growth. Despite the continuing solid gains in the country's resource-rich
regions, manufacturing activity remains under pressure from non-stop foreign
competition, rising input costs and a strong Canadian dollar. Meanwhile,
deteriorating affordability, largely due to higher prices, is expected to put
a chill into the housing market.
Helping to pick up the slack, capital spending will provide solid
support. Not restricted to energy- and mining-rich provinces, such as
Alberta's oil sands, Saskatchewan's uranium mines or Newfoundland & Labrador's
nickel mines and offshore oilfields, non-residential construction will remain
a key source of growth in such areas as public infrastructure, sea and airport
expansions and commercial building developments, just to name a few. The
spillover effect of construction activity should also benefit other sectors.
Services should remain robust, providing solid underlying support to output
growth, as well as employment opportunities.
From a regional perspective, growth in the Western and Atlantic regions
should outpace the national average in 2007, while Central Canada lags behind.
Newfoundland & Labrador is expected to best the other provinces as its mining
sector recovers. A slowdown in non-residential construction will moderate
growth in Alberta and B.C., although the two provinces should remain at the
top of the pack. Ontario and Quebec will likely continue to face weakness in
manufacturing amid industry restructuring.
Scotia Economics provides clients with in-depth research into the factors
shaping the outlook for Canada and the global economy, including macroeconomic
developments, currency and capital market trends, commodity and industry
performance, as well as monetary, fiscal and public policy issues.
For further information: Adrienne Warren, Scotia Economics, (416)
866-4315; David Hamilton, Scotia Economics, (416) 866-4212; Deborah Spence,
Scotiabank Public Affairs, 403-254-6830, deborah.spence@scotiabank.com; or Kim
Struthers, Scotiabank Public Affairs, (778) 327-5451,
kim.struthers@scotiabank.com
source news : newswire.ca
"Energy-related investment, especially in the oil sands, will continue to fuel the Alberta expansion, supporting the manufacturing, wholesaling and construction industries," says David Hamilton, Economist, Scotiabank. Alberta's record high employment rate, generous tax rebates and massive population inflows are also expected to underpin the strongest pace of retail sales growth in the country. Critical labour shortages and cost pressures will nonetheless slow the advance from last year.
British Columbia will also remain close to the top of the pack in 2007,
aided by facility preparations and infrastructure for the 2010 Winter
Olympics, as well as large shipping port expansions. Strong commodity prices
have spurred development of mining projects across the province. B.C.'s film
industry is prospering, while tourism should benefit from the recent easing of
the Canadian dollar and new promotion initiatives leading up to the Olympics
Games.
In Saskatchewan, agricultural industries will benefit from high grain
prices and increased biofuel demand. Strong global demand is also supporting
uranium producers, while potash output should receive a boost from sizeable
idled capacity being restored, and further expansions scheduled this year.
Meanwhile, a two per cent provincial sales tax cut, low unemployment and solid
wage gains will underpin household spending.
"Manitoba has plans to aggressively expand electricity-generating
capacity, taking advantage of its large hydroelectric potential," says
Mr. Hamilton. "Multi-year federal-provincial initiatives, including expansion
of the Red River Floodway, are beefing up Manitoba's urban, rural and
municipal infrastructure. Personal income tax cuts should support healthy
consumer spending this year, while the strength in industrial activity will
spill over to the transportation and warehousing industries."
For the third year in a row, Canada is expected to post slower output
growth. Despite the continuing solid gains in the country's resource-rich
regions, manufacturing activity remains under pressure from non-stop foreign
competition, rising input costs and a strong Canadian dollar. Meanwhile,
deteriorating affordability, largely due to higher prices, is expected to put
a chill into the housing market.
Helping to pick up the slack, capital spending will provide solid
support. Not restricted to energy- and mining-rich provinces, such as
Alberta's oil sands, Saskatchewan's uranium mines or Newfoundland & Labrador's
nickel mines and offshore oilfields, non-residential construction will remain
a key source of growth in such areas as public infrastructure, sea and airport
expansions and commercial building developments, just to name a few. The
spillover effect of construction activity should also benefit other sectors.
Services should remain robust, providing solid underlying support to output
growth, as well as employment opportunities.
From a regional perspective, growth in the Western and Atlantic regions
should outpace the national average in 2007, while Central Canada lags behind.
Newfoundland & Labrador is expected to best the other provinces as its mining
sector recovers. A slowdown in non-residential construction will moderate
growth in Alberta and B.C., although the two provinces should remain at the
top of the pack. Ontario and Quebec will likely continue to face weakness in
manufacturing amid industry restructuring.
Scotia Economics provides clients with in-depth research into the factors
shaping the outlook for Canada and the global economy, including macroeconomic
developments, currency and capital market trends, commodity and industry
performance, as well as monetary, fiscal and public policy issues.
For further information: Adrienne Warren, Scotia Economics, (416)
866-4315; David Hamilton, Scotia Economics, (416) 866-4212; Deborah Spence,
Scotiabank Public Affairs, 403-254-6830, deborah.spence@scotiabank.com; or Kim
Struthers, Scotiabank Public Affairs, (778) 327-5451,
kim.struthers@scotiabank.com
source news : newswire.ca
Capitalising on nuclear
MAJOR Australian companies are investigating how they can capitalise on the construction of nuclear power stations.
Thiess, Leightons, United Group and engineering group Bechtel are all closely watching the nuclear debate.
Some Queensland companies have been actively investigating proposals if construction of a nuclear facility is approved.
And business interest in establishing a domestic Australian nuclear industry is set to pick up if the Labor Party scraps its long-standing opposition to expanded uranium mining at its national conference next month.
Opposition Leader Kevin Rudd is pushing for the change in the face of opposition from the party's left wing, especially in Queensland.
The Courier-Mail understands the ALP's National Policy Committee retained the existing "no new" uranium mines provision in the draft platform that will go the national conference. The policy platform was adopted by the National Executive of the ALP on March 2. This means that any shift in Labor policy on uranium would have to be moved from the floor by Mr Rudd or someone acting on his behalf, setting the scene for a potentially bitter debate.
Queensland state president Ron Monaghan said Labor should back clean coal and alternative energy options.
But Mr Rudd has made it clear that relaxation of Labor's policy on uranium would not extend to it embracing nuclear power generation in Australia, an option Prime Minister John Howard wants to pursue.
No Australian company could construct a nuclear power station, needing the technology from India, Germany, France or the US – but local construction companies could easily provide vital infrastructure.
Major contractor Thiess is investigating several possibilities, employing Detzler Sulzer as the executive manager of technology.
Mr Sulzer is honorary German Consul in Queensland and has been involved in the construction of at least a dozen nuclear power plants.
While few of the major construction companies will confirm they are looking at nuclear power, observers say they would be remiss if they did not.
United Group chairman Trevor Rowe said nuclear power was a serious option for governments down the track.
source news : news.com.au
Thiess, Leightons, United Group and engineering group Bechtel are all closely watching the nuclear debate.
Some Queensland companies have been actively investigating proposals if construction of a nuclear facility is approved.
And business interest in establishing a domestic Australian nuclear industry is set to pick up if the Labor Party scraps its long-standing opposition to expanded uranium mining at its national conference next month.
Opposition Leader Kevin Rudd is pushing for the change in the face of opposition from the party's left wing, especially in Queensland.
The Courier-Mail understands the ALP's National Policy Committee retained the existing "no new" uranium mines provision in the draft platform that will go the national conference. The policy platform was adopted by the National Executive of the ALP on March 2. This means that any shift in Labor policy on uranium would have to be moved from the floor by Mr Rudd or someone acting on his behalf, setting the scene for a potentially bitter debate.
Queensland state president Ron Monaghan said Labor should back clean coal and alternative energy options.
But Mr Rudd has made it clear that relaxation of Labor's policy on uranium would not extend to it embracing nuclear power generation in Australia, an option Prime Minister John Howard wants to pursue.
No Australian company could construct a nuclear power station, needing the technology from India, Germany, France or the US – but local construction companies could easily provide vital infrastructure.
Major contractor Thiess is investigating several possibilities, employing Detzler Sulzer as the executive manager of technology.
Mr Sulzer is honorary German Consul in Queensland and has been involved in the construction of at least a dozen nuclear power plants.
While few of the major construction companies will confirm they are looking at nuclear power, observers say they would be remiss if they did not.
United Group chairman Trevor Rowe said nuclear power was a serious option for governments down the track.
source news : news.com.au
SXR’s Aflease Gold to bid for Kebble companies
The gold unit of SXR Uranium One will bid for former Brett Kebble companies JCI and Randgold & Exploration once the two have merged, creating a gold-mining company worth about R4billion ($538 million), according to sources.
The planned bid by Aflease Gold does have the the support of major shareholders of JCI and Randgold & Exploration, but it will settle claims between the two companies relating to assets worth more than R5 billion ($672 million) that were misappropriated under murdered former CEO Brett Kebble.
Aflease plans an all-stock offer to combine its South African exploration concessions with JCI’s cash and stock assets worth almost R2billion ($269 million).
source news : resourceinvestor.com
The planned bid by Aflease Gold does have the the support of major shareholders of JCI and Randgold & Exploration, but it will settle claims between the two companies relating to assets worth more than R5 billion ($672 million) that were misappropriated under murdered former CEO Brett Kebble.
Aflease plans an all-stock offer to combine its South African exploration concessions with JCI’s cash and stock assets worth almost R2billion ($269 million).
source news : resourceinvestor.com
Areva Increases Offer for REpower Shares
French nuclear power company Areva Group said Thursday it raised its offer for the shares in REpower AG it doesn't already own by more than 33 percent, topping a rival bid by Suzlon Windenergie GmbH.
The company said it is offering euro140 (US$184.82) a share, 12 percent more than Suzlon.
Areva, which is involved in the whole process of nuclear power from uranium mining to serving power stations, made an offer of euro105 (US$138.62) a share for REpower Feb. 5 in a friendly takeover offer.
Suzlon Windenergie GmbH then made an offer of euro126 (US$166.3) a share later in the month.
Areva currently owns slightly more than 30 percent of REpower's stock.
Areva shares slipped 1.3 percent to euro658.21 (US$868.96) in Paris.
Copyright 2006 Associated Press. All rights reserved.
The company said it is offering euro140 (US$184.82) a share, 12 percent more than Suzlon.
Areva, which is involved in the whole process of nuclear power from uranium mining to serving power stations, made an offer of euro105 (US$138.62) a share for REpower Feb. 5 in a friendly takeover offer.
Suzlon Windenergie GmbH then made an offer of euro126 (US$166.3) a share later in the month.
Areva currently owns slightly more than 30 percent of REpower's stock.
Areva shares slipped 1.3 percent to euro658.21 (US$868.96) in Paris.
Copyright 2006 Associated Press. All rights reserved.
Wescan-Santoy Joint Venture Reports Uranium Exploration Results- Athabasca Basin, Saskatchewan
Wescan Goldfields Inc. and its 50:50 joint venture partner, Santoy Resources Ltd. (TSX Venture Exchange - SAN) are pleased to report the progress of their uranium exploration on six joint venture project areas in Saskatchewan. Santoy is the operator of this joint venture.
Five of the areas are within the Athabasca Basin and have been flown with high resolution electromagnetic and magnetic surveys. Final interpretive results are in hand for four of these project areas. The interpretations have been prepared by Roman Tykajlo, P.Geo., a qualified person as defined under NI 43-101. All the prospecting permits have come to their two year term and the favorable areas based on geophysical surveys and historical exploration results have been protected by staking of claims. The total property package has been reduced by a net 24,746 ha. Selected maps illustrating the geophysical results will be posted on the respective websites for each of the companies.
FIR ISLAND PROJECT
Prospecting Permit 1213 has been converted to claims S-110434 to S-110346
contiguous with a prior existing claim, S-108622. Two additional claims
(S-110453 and S-110454) have been staked to the north. The property is
situated in the Black Lake area on the northeast edge of the Athabasca Basin.
The western boundary of the property covers the Black Lake fault zone, a major
northeast-trending tectonic element. The historic Nisto Uranium mine, an
unconformity style deposit, is situated immediately west of the property. The
property was investigated using a helicopter-borne time-domain Versatile
Electromagnetic (VTEM) and magnetic system operated by Geotech Ltd.
Two zones of potential graphitic meta-pelites in basement are outlined
from magnetic data along with two northwest-trending faults cross-cutting
basement stratigraphy as well as one northeast-trending fault parallel with
basement stratigraphy.
Modeling of pronounced magnetic features supports an interpretation of a
significant down drop to the east side of the Black Bay fault with potentially
200 metres or more of movement resulting in the preservation of significant
thickness of Athabasca Formation and the unconformity.
These favorable settings are the focus of exploration by JNR Resources
and UEX Corp. to the south. On this basis, the northern extension of this
favorable setting was recently acquired by the joint venture.
DOWLER LAKE PROJECT
The geologically favorable portions of Prospecting Permit 1217 have been
converted to claims S-110447 to S-110449 totaling 16,597 ha. The property is
situated on the south shore of Lake Athabasca immediately east of the
Alberta-Saskatchewan boundary. The property was covered by a MEGATEM
electromagnetic and magnetic survey system operated by Fugro Airborne Surveys
Corp. Depth to basement appears to be in the order of 500 to 900 metres based
on magnetic interpretations and drilling on the Alberta side. Aeromagnetic
responses over the property are broad and generally unsuitable for detailed
depth calculations.
The interpretation by Fugro highlighted a potentially significant,
structurally controlled trend in the decay-constant (Tau) data. These features
may result from clay alteration that could in turn be related to a
mineralizing event.
Further processing of geophysical data and a surface sampling program to
establish the presence of clay alteration has been recommended.
HAZEMPA LAKE PROJECT
The geologically favorable portions of Prospecting Permits 1210 and 1211
have been converted to claims S-110431 to S-110433 and are contiguous with
claims S-108600, S-108601 and S-108621. The project is situated in the north
central portion of the Athabasca Basin, immediately south of Engler Lake.
The project was covered by a MEGATEM electromagnetic and magnetic survey
operated by Fugro. Modeling suggests a depth to basement over the project area
in the 700 to 900 metre range. However, no drill holes to basement are
available in the immediate area to confirm this interpretation. The
geophysical surveys identified two sub-parallel north to northeast-trending
structures passing through the eastern portion of the project area. These
structures are also evident on Landsat images and from the Extech IV research
program information. No associated anomalous electromagnetic response was
evident.
Follow-up programs are recommended focusing on structural mapping and
clay alteration studies on any outcrops or boulders near or at structural
intersections.
PATTYSON LAKE PROJECT
The Pattyson Lake property of Prospecting Permits 1214 and 1215, have
been converted to claims S-110437 to S-110446. The property is situated within
the northeast sector of the Basin where the Athabasca Fm. is underlain by
basement rocks of the Mudjatic Domain, locally comprised of Aphebian age
meta-pelites and Archaen age granitoids. Public records indicate two historic
drill holes in the eastern sector of the project area. The property was
covered by a MEGATEM electromagnetic and magnetic survey.
Interpretation by Fugro includes the following comments: i) the area was
noted to be highly resistive, showing almost no conductive response from
surface material; and ii) a few weak conductive trends were noted in the
OFF-time signal. Further processing alternatives for the data have been
recommended by Fugro. A final interpretation by Roman Tykajlo is pending.
The aero-magnetic data suggests the presence of a number of splays of the
Tabbernor fault system as well as cross-cutting east-west structures.
RICHARDS LAKE PROJECT
This property consists of one claim, S-108623, situated immediately west
of Richards Lake. It was flown with a MEGATEM electromagnetic and magnetic
survey. Radioactive phosphatic boulders are reported to the east of Richards
Lake. These may have been derived from the Wolverine Formation.
This survey defined a wide, complex, east-northeast/west-southwest
structural corridor transecting the center of the project. It separates a
magnetic-high to the north from potentially graphitic lithology to the south
and forms a favourable target for uranium exploration. Depth to basement based
on magnetic processing supports a 600 to 700 metre interpretation.
Recommendations for follow-up include further processing of the
geophysical data and lithogeochemical sampling to investigate clay alteration
patterns, especially those associated with the geophysical features. A summer
field program of sampling and mapping structural features is planned.
Contingent upon obtained geochemical results, ground geophysical surveys will
also be considered.
KARPINKA LAKE PROFECT
Prospecting Permit 1218 has been converted to claims S-110428 to S-110430
covering the most favorable geological trends. The property is situated
approximately 30 km. south of the Athabasca unconformity and covers the
boundary between the Wollaston and Mudjatic Domains.
Historical exploration by Getty Minerals, Scurry Rainbow Oil and Gas and
Brascan located numerous uranium occurrences in bedrock and as mineralized
boulders. Many of these are associated with key indicator elements including
cobalt, nickel and molybdenum.
Recent exploration to the south by Forum Resources has been successful in
locating new uranium occurrences of significance on trend. Exploration further
to the north by Denison Mines is being directed at the same graphitic
conductor trends.
The joint venture is planning a drill investigation of the better
historical targets and on trends identified by our neighbors.
2007 EXPLORATION PROGRAM
An exploration budget in the order of $2,000,000 is anticipated by the
joint venture for the coming year. Diamond drilling is anticipated on the Fir
Island and Karpinka Lake projects during the current season. The Athabasca
Basin properties will all be subjected to surface sampling programs that will
focus on geophysical targets and structural features. Lithogeochemical samples
(outcrop and angular boulders) will be collected and processed for clay
alteration studies. A review of the available deep penetrating ground
geophysical procedures will be reviewed for suitability to these projects.
Line cutting and ground geophysics will be undertaken at the earliest
convenience to assist in prioritizing drill targets.
This news release has been reviewed by Mr. J. R. Allan, P.Geol., a
Qualified Person as defined by National Instrument 43-101.
Caution Regarding Forward-Looking Statements
From time to time, Wescan makes written or oral forward-looking
statements within the meaning of certain securities laws, including the "safe
harbor" provisions of the Ontario Securities Act and the United States Private
Securities Litigation Reform Act of 1995. Wescan may make such statements in
this press release, in other filings with Canadian regulators or the United
States Securities and Exchange Commission, in reports to shareholders or in
other communications. These forward-looking statements include, among others,
statements with respect to Wescan's objectives for the ensuing year, our
medium and long-term goals, and strategies to achieve those objectives and
goals, as well as statements with respect to our beliefs, plans, objectives,
expectations, anticipations, estimates and intentions. The words "may,"
"could," "should," "would," "suspect," "outlook," "believe," "plan,"
"anticipate," "estimate," "expect," "intend," and words and expressions of
similar import are intended to identify forward-looking statements. In
particular, statements regarding Wescan's future operations, future
exploration and development activities or other development plans contain
forward-looking statements.
All forward-looking statements and information are based on Wescan's
current beliefs as well as assumptions made by and information currently
available to Wescan concerning anticipated financial performance, business
prospects, strategies, regulatory developments, development plans,
exploration, development and mining activities and commitments. Although
management considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks
and uncertainties, both general and specific, and risks exist that
predictions, forecasts, projections and other forward-looking statements will
not be achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual results to
differ materially from the beliefs, plans, objectives, expectations,
anticipations, estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to, developments in
world gold markets, risks relating to fluctuations in the Canadian dollar and
other currencies relative to the US dollar, changes in exploration,
development or mining plans due to exploration results and changing budget
priorities of Wescan or its joint venture partners; the effects of competition
in the markets in which Wescan operates; the impact of changes in the laws and
regulations regulating mining exploration and development; judicial or
regulatory judgments and legal proceedings; operational and infrastructure
risks and the additional risks described in Wescan's most recently filed
annual and interim MD&A and Wescan's anticipation of and success in managing
the foregoing risks.
Wescan cautions that the foregoing list of factors that may affect future
results is not exhaustive. When relying on our forward-looking statements to
make decisions with respect to Wescan, investors and others should carefully
consider the foregoing factors and other uncertainties and potential events.
Wescan does not undertake to update any forward-looking statement, whether
written or oral, that may be made from time to time by Wescan or on our
behalf.
For further information: Darren Anderson, Investor Relations, Suite 600,
224 - 4th Avenue South, Saskatoon, Saskatchewan Canada S7K 5M5, Tel: (306)
664-2422, Fax: (306) 667-3557, Website: www.wescangoldfields.com
source news : cnw.ca
Five of the areas are within the Athabasca Basin and have been flown with high resolution electromagnetic and magnetic surveys. Final interpretive results are in hand for four of these project areas. The interpretations have been prepared by Roman Tykajlo, P.Geo., a qualified person as defined under NI 43-101. All the prospecting permits have come to their two year term and the favorable areas based on geophysical surveys and historical exploration results have been protected by staking of claims. The total property package has been reduced by a net 24,746 ha. Selected maps illustrating the geophysical results will be posted on the respective websites for each of the companies.
FIR ISLAND PROJECT
Prospecting Permit 1213 has been converted to claims S-110434 to S-110346
contiguous with a prior existing claim, S-108622. Two additional claims
(S-110453 and S-110454) have been staked to the north. The property is
situated in the Black Lake area on the northeast edge of the Athabasca Basin.
The western boundary of the property covers the Black Lake fault zone, a major
northeast-trending tectonic element. The historic Nisto Uranium mine, an
unconformity style deposit, is situated immediately west of the property. The
property was investigated using a helicopter-borne time-domain Versatile
Electromagnetic (VTEM) and magnetic system operated by Geotech Ltd.
Two zones of potential graphitic meta-pelites in basement are outlined
from magnetic data along with two northwest-trending faults cross-cutting
basement stratigraphy as well as one northeast-trending fault parallel with
basement stratigraphy.
Modeling of pronounced magnetic features supports an interpretation of a
significant down drop to the east side of the Black Bay fault with potentially
200 metres or more of movement resulting in the preservation of significant
thickness of Athabasca Formation and the unconformity.
These favorable settings are the focus of exploration by JNR Resources
and UEX Corp. to the south. On this basis, the northern extension of this
favorable setting was recently acquired by the joint venture.
DOWLER LAKE PROJECT
The geologically favorable portions of Prospecting Permit 1217 have been
converted to claims S-110447 to S-110449 totaling 16,597 ha. The property is
situated on the south shore of Lake Athabasca immediately east of the
Alberta-Saskatchewan boundary. The property was covered by a MEGATEM
electromagnetic and magnetic survey system operated by Fugro Airborne Surveys
Corp. Depth to basement appears to be in the order of 500 to 900 metres based
on magnetic interpretations and drilling on the Alberta side. Aeromagnetic
responses over the property are broad and generally unsuitable for detailed
depth calculations.
The interpretation by Fugro highlighted a potentially significant,
structurally controlled trend in the decay-constant (Tau) data. These features
may result from clay alteration that could in turn be related to a
mineralizing event.
Further processing of geophysical data and a surface sampling program to
establish the presence of clay alteration has been recommended.
HAZEMPA LAKE PROJECT
The geologically favorable portions of Prospecting Permits 1210 and 1211
have been converted to claims S-110431 to S-110433 and are contiguous with
claims S-108600, S-108601 and S-108621. The project is situated in the north
central portion of the Athabasca Basin, immediately south of Engler Lake.
The project was covered by a MEGATEM electromagnetic and magnetic survey
operated by Fugro. Modeling suggests a depth to basement over the project area
in the 700 to 900 metre range. However, no drill holes to basement are
available in the immediate area to confirm this interpretation. The
geophysical surveys identified two sub-parallel north to northeast-trending
structures passing through the eastern portion of the project area. These
structures are also evident on Landsat images and from the Extech IV research
program information. No associated anomalous electromagnetic response was
evident.
Follow-up programs are recommended focusing on structural mapping and
clay alteration studies on any outcrops or boulders near or at structural
intersections.
PATTYSON LAKE PROJECT
The Pattyson Lake property of Prospecting Permits 1214 and 1215, have
been converted to claims S-110437 to S-110446. The property is situated within
the northeast sector of the Basin where the Athabasca Fm. is underlain by
basement rocks of the Mudjatic Domain, locally comprised of Aphebian age
meta-pelites and Archaen age granitoids. Public records indicate two historic
drill holes in the eastern sector of the project area. The property was
covered by a MEGATEM electromagnetic and magnetic survey.
Interpretation by Fugro includes the following comments: i) the area was
noted to be highly resistive, showing almost no conductive response from
surface material; and ii) a few weak conductive trends were noted in the
OFF-time signal. Further processing alternatives for the data have been
recommended by Fugro. A final interpretation by Roman Tykajlo is pending.
The aero-magnetic data suggests the presence of a number of splays of the
Tabbernor fault system as well as cross-cutting east-west structures.
RICHARDS LAKE PROJECT
This property consists of one claim, S-108623, situated immediately west
of Richards Lake. It was flown with a MEGATEM electromagnetic and magnetic
survey. Radioactive phosphatic boulders are reported to the east of Richards
Lake. These may have been derived from the Wolverine Formation.
This survey defined a wide, complex, east-northeast/west-southwest
structural corridor transecting the center of the project. It separates a
magnetic-high to the north from potentially graphitic lithology to the south
and forms a favourable target for uranium exploration. Depth to basement based
on magnetic processing supports a 600 to 700 metre interpretation.
Recommendations for follow-up include further processing of the
geophysical data and lithogeochemical sampling to investigate clay alteration
patterns, especially those associated with the geophysical features. A summer
field program of sampling and mapping structural features is planned.
Contingent upon obtained geochemical results, ground geophysical surveys will
also be considered.
KARPINKA LAKE PROFECT
Prospecting Permit 1218 has been converted to claims S-110428 to S-110430
covering the most favorable geological trends. The property is situated
approximately 30 km. south of the Athabasca unconformity and covers the
boundary between the Wollaston and Mudjatic Domains.
Historical exploration by Getty Minerals, Scurry Rainbow Oil and Gas and
Brascan located numerous uranium occurrences in bedrock and as mineralized
boulders. Many of these are associated with key indicator elements including
cobalt, nickel and molybdenum.
Recent exploration to the south by Forum Resources has been successful in
locating new uranium occurrences of significance on trend. Exploration further
to the north by Denison Mines is being directed at the same graphitic
conductor trends.
The joint venture is planning a drill investigation of the better
historical targets and on trends identified by our neighbors.
2007 EXPLORATION PROGRAM
An exploration budget in the order of $2,000,000 is anticipated by the
joint venture for the coming year. Diamond drilling is anticipated on the Fir
Island and Karpinka Lake projects during the current season. The Athabasca
Basin properties will all be subjected to surface sampling programs that will
focus on geophysical targets and structural features. Lithogeochemical samples
(outcrop and angular boulders) will be collected and processed for clay
alteration studies. A review of the available deep penetrating ground
geophysical procedures will be reviewed for suitability to these projects.
Line cutting and ground geophysics will be undertaken at the earliest
convenience to assist in prioritizing drill targets.
This news release has been reviewed by Mr. J. R. Allan, P.Geol., a
Qualified Person as defined by National Instrument 43-101.
Caution Regarding Forward-Looking Statements
From time to time, Wescan makes written or oral forward-looking
statements within the meaning of certain securities laws, including the "safe
harbor" provisions of the Ontario Securities Act and the United States Private
Securities Litigation Reform Act of 1995. Wescan may make such statements in
this press release, in other filings with Canadian regulators or the United
States Securities and Exchange Commission, in reports to shareholders or in
other communications. These forward-looking statements include, among others,
statements with respect to Wescan's objectives for the ensuing year, our
medium and long-term goals, and strategies to achieve those objectives and
goals, as well as statements with respect to our beliefs, plans, objectives,
expectations, anticipations, estimates and intentions. The words "may,"
"could," "should," "would," "suspect," "outlook," "believe," "plan,"
"anticipate," "estimate," "expect," "intend," and words and expressions of
similar import are intended to identify forward-looking statements. In
particular, statements regarding Wescan's future operations, future
exploration and development activities or other development plans contain
forward-looking statements.
All forward-looking statements and information are based on Wescan's
current beliefs as well as assumptions made by and information currently
available to Wescan concerning anticipated financial performance, business
prospects, strategies, regulatory developments, development plans,
exploration, development and mining activities and commitments. Although
management considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks
and uncertainties, both general and specific, and risks exist that
predictions, forecasts, projections and other forward-looking statements will
not be achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual results to
differ materially from the beliefs, plans, objectives, expectations,
anticipations, estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to, developments in
world gold markets, risks relating to fluctuations in the Canadian dollar and
other currencies relative to the US dollar, changes in exploration,
development or mining plans due to exploration results and changing budget
priorities of Wescan or its joint venture partners; the effects of competition
in the markets in which Wescan operates; the impact of changes in the laws and
regulations regulating mining exploration and development; judicial or
regulatory judgments and legal proceedings; operational and infrastructure
risks and the additional risks described in Wescan's most recently filed
annual and interim MD&A and Wescan's anticipation of and success in managing
the foregoing risks.
Wescan cautions that the foregoing list of factors that may affect future
results is not exhaustive. When relying on our forward-looking statements to
make decisions with respect to Wescan, investors and others should carefully
consider the foregoing factors and other uncertainties and potential events.
Wescan does not undertake to update any forward-looking statement, whether
written or oral, that may be made from time to time by Wescan or on our
behalf.
For further information: Darren Anderson, Investor Relations, Suite 600,
224 - 4th Avenue South, Saskatoon, Saskatchewan Canada S7K 5M5, Tel: (306)
664-2422, Fax: (306) 667-3557, Website: www.wescangoldfields.com
source news : cnw.ca
Saturday, March 10, 2007
Estate-sale box yields uranium
A pawnbroker who discovered an ounce of uranium in a box that he bought from an estate surrendered the possibly radioactive mineral to authorities, a sheriff's spokeswoman said today.
Frank Cafaro, owner of Gold Mine Pawn in Belleview, summoned firefighters because he was concerned about the vial of uranium yellow cake, a mineral that, in large quantities, can be processed for use in nuclear reactors and enriched for weapons.
Susan Livoti, a spokeswoman for the Marion County Sheriff's Office, said there is no indication of any criminal intent.
The material was turned over to the Florida Department of Health, Bureau of Radiation Control for disposal.
Cafaro said he bought the box of crystals from an estate in Miami at least 10 years ago and had been storing it in a warehouse in Marion County.
source news : orlandosentinel.com
Frank Cafaro, owner of Gold Mine Pawn in Belleview, summoned firefighters because he was concerned about the vial of uranium yellow cake, a mineral that, in large quantities, can be processed for use in nuclear reactors and enriched for weapons.
Susan Livoti, a spokeswoman for the Marion County Sheriff's Office, said there is no indication of any criminal intent.
The material was turned over to the Florida Department of Health, Bureau of Radiation Control for disposal.
Cafaro said he bought the box of crystals from an estate in Miami at least 10 years ago and had been storing it in a warehouse in Marion County.
source news : orlandosentinel.com
Congo Authorities Say Illegal Uranium-Selling Network Dismantled
Authorities in Congo said Friday they had dismantled an undercover network that was trying to illegally sell uranium to companies registered in Britain, South Africa and the Seychelles.
Congo's Minister of Scientific Research, Sylvanus Mushi Bonane, did not name any of the companies allegedly interested in buying the uranium.
Fortunat Lumu, the director of the country's single nuclear center, was arrested Tuesday with one of his aides on suspicion of having illicitly sold uranium. Authorities have so far declined to say how much might have been sold.
The two arrested were trying to create fictitious companies to sell uranium, Bonane said, adding they were in the process of selling off the radioactive materials when they were detained.
Bonane declined to give further details, saying investigations were continuing.
In August, Congo's government denied a report in Britain's The Sunday Times that a uranium shipment left its territory in 2005 bound for Iran, saying the element was tightly controlled by international agencies. Officials declined to say if there was any connection between the arrest and the alleged 2005 shipment.
The U.N. Security Council has called on Iran to end uranium enrichment activities because of fears it could misuse the process to produce fissile material for warheads. While Iran emphasizes that it has the legal right to develop an enrichment program to generate nuclear power.
The Sunday Times said the uranium reportedly shipped from Congo bound for Iran was suspected of being extracted illegally from Congo's southeastern Shinkolobwe mine, which was closed in 1961.
Uranium from Shinkolobwe was used by the United States in the atomic bombs it dropped on Japan at the end of World War II.
Despite a presidential decree that ordered Shinkolobwe shut years ago, local diggers have continued to exploit the site, highlighting the government's weak authority beyond the capital in the aftermath of Congo's devastating 1998-2002 war.
In the past, experts, including those from the International Atomic Energy Agency, have played down the dangers of the uranium at Shinkolobwe, whose primary mineshaft was sealed after the Americans left decades ago.
Enriching the relatively small amounts of uranium found in the surrounding soil at the site to weapons-grade material would be a long and sophisticated process, they said.
AP
Congo's Minister of Scientific Research, Sylvanus Mushi Bonane, did not name any of the companies allegedly interested in buying the uranium.
Fortunat Lumu, the director of the country's single nuclear center, was arrested Tuesday with one of his aides on suspicion of having illicitly sold uranium. Authorities have so far declined to say how much might have been sold.
The two arrested were trying to create fictitious companies to sell uranium, Bonane said, adding they were in the process of selling off the radioactive materials when they were detained.
Bonane declined to give further details, saying investigations were continuing.
In August, Congo's government denied a report in Britain's The Sunday Times that a uranium shipment left its territory in 2005 bound for Iran, saying the element was tightly controlled by international agencies. Officials declined to say if there was any connection between the arrest and the alleged 2005 shipment.
The U.N. Security Council has called on Iran to end uranium enrichment activities because of fears it could misuse the process to produce fissile material for warheads. While Iran emphasizes that it has the legal right to develop an enrichment program to generate nuclear power.
The Sunday Times said the uranium reportedly shipped from Congo bound for Iran was suspected of being extracted illegally from Congo's southeastern Shinkolobwe mine, which was closed in 1961.
Uranium from Shinkolobwe was used by the United States in the atomic bombs it dropped on Japan at the end of World War II.
Despite a presidential decree that ordered Shinkolobwe shut years ago, local diggers have continued to exploit the site, highlighting the government's weak authority beyond the capital in the aftermath of Congo's devastating 1998-2002 war.
In the past, experts, including those from the International Atomic Energy Agency, have played down the dangers of the uranium at Shinkolobwe, whose primary mineshaft was sealed after the Americans left decades ago.
Enriching the relatively small amounts of uranium found in the surrounding soil at the site to weapons-grade material would be a long and sophisticated process, they said.
AP
Ounce of uranium found in pawn shop
A container of what appears to be an ounce of processed uranium turned up at a Florida pawn shop.
The owner of Gold Mine Pawn in Belleview told police the container was in a box that has been in storage for 20 years after being bought at an estate sale outside Florida, WKMG-TV in Orlando reported. The container was lead with a warning of radioactive contents.
The Marion County Fire Hazardous Materials Team took the container and planned to turn it over to the county Health Department for disposal.
The uranium was in the form of yellow cake, which became notorious when the Bush administration claimed that Saddam Hussein had been trying to buy it from the African country of Niger.
Police plan to try to locate the seller of the container to determine where the uranium came from. Investigators say that the pawn shop appears to have broken no laws.
source news : upi.com
The owner of Gold Mine Pawn in Belleview told police the container was in a box that has been in storage for 20 years after being bought at an estate sale outside Florida, WKMG-TV in Orlando reported. The container was lead with a warning of radioactive contents.
The Marion County Fire Hazardous Materials Team took the container and planned to turn it over to the county Health Department for disposal.
The uranium was in the form of yellow cake, which became notorious when the Bush administration claimed that Saddam Hussein had been trying to buy it from the African country of Niger.
Police plan to try to locate the seller of the container to determine where the uranium came from. Investigators say that the pawn shop appears to have broken no laws.
source news : upi.com
Container Holding Uranium Found At Pawn Shop
A container believed to be holding 1 ounce of uranium yellow cake was recovered at a Central Florida pawn shop on Thursday, according to authorities.
Marion County Fire Rescue officials retrieved the container with the uranium yellow cake, which is a processed form of uranium, from Gold Mine Pawn in Belleview after being called in regards to a suspicious container.
The container was a lead cylinder with markings that the contents were radioactive, according to Marion County officials.
The owner of the pawnshop said the container was kept in a box that had been in storage since being purchased from an out-of-town estate sale about 20 years ago.
Authorities said that there is no indication of any criminal intent, and state authorities will be checking into the estate sale and persons who owned the property.
The Marion County Sheriff's Office said that if will file any charges and it has closed its investigation into the incident.
Marion County Fire Hazardous Materials Team took possession of the container and will turn it over to the Department of Health, Bureau of Radiation Control, who will dispose of the contents.
Watch Local 6 News for more on this story.
Marion County Fire Rescue officials retrieved the container with the uranium yellow cake, which is a processed form of uranium, from Gold Mine Pawn in Belleview after being called in regards to a suspicious container.
The container was a lead cylinder with markings that the contents were radioactive, according to Marion County officials.
The owner of the pawnshop said the container was kept in a box that had been in storage since being purchased from an out-of-town estate sale about 20 years ago.
Authorities said that there is no indication of any criminal intent, and state authorities will be checking into the estate sale and persons who owned the property.
The Marion County Sheriff's Office said that if will file any charges and it has closed its investigation into the incident.
Marion County Fire Hazardous Materials Team took possession of the container and will turn it over to the Department of Health, Bureau of Radiation Control, who will dispose of the contents.
Watch Local 6 News for more on this story.
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