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.
Tuesday, March 27, 2007
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.
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