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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
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