Platinum Group Metals Ltd. (AMEX:PLG) announced that it has approved a budget for $100m for the construction of the WBJV Project 1 Platinum Mine. The budget has also been unanimously approved by the Board of Maseve Investments 11 Pty Ltd. "Maseve", the WBJV operating company where Platinum Group holds the right to increase its interest to 74% and Wesizwe Platinum (WEZ-JSE) holds a 26% interest.
Platinum Group Metals, Ltd. engages in the exploration and development of mineral properties in Canada and the Republic of South Africa. The company primarily explores for platinum resources. Platinum Group controls interest in the Agnew Lake Property located west of Sudbury, Ontario, Canada, as well as holds mineral rights in the Bushveld Igneous Complex of South Africa. The company was founded in 2000 and is headquartered in Vancouver, Canada.
Allied Nevada Gold Corp. (AMEX:ANV) is pleased to provide the results of recent drilling at it's wholly owned Hasbrouck Mountain property, located 5 miles south of Tonopah, Nevada. Highlights from this drilling include 75 meters grading 1.53 g/t AuEq (1.05 g/t Au(2) and 27.4 g/t Ag), 50 meters grading 2.2 g/t AuEq (2.03 g/t Au and 9.7 g/t Ag) and 55 meters grading 1.03 g/t AuEq (0.69 g/t Au and 19.7 g/t Ag)."We recommenced drilling at Hasbrouck in September following the encouraging results of the first phase of drilling in early 2010. We now have two core drills on site with a goal of completing a year end resource calculation, expected to be issued in February of 2011," commented Dave Flint, Vice President, Exploration for Allied Nevada. "Management is working to drive Hasbrouck forward with a preliminary economic assessment in early 2011 as we continue to advance properties in our project pipeline."
Allied Nevada Gold Corp., together with its subsidiaries, engages in the evaluation, acquisition, exploration, and advancement of gold exploration and development projects in the State of Nevada. It principally operates the Hycroft Mine, an open pit, heap leach gold mine containing silver as a byproduct of the gold recovery process located in Nevada. The company?s exploration properties portfolio also consists of the Maverick Springs, Mountain View, Hasbrouck, Three Hills, Wildcat, and Pony Creek/ Elliot Dome.
Douglas Lake Minerals Inc. (OTC:DLKM)
Douglas Lake Minerals Inc. recently announced that DLKM has recently received approval from its Board of Directors to both enter into and immediately close upon the terms and conditions of a certain Mineral Property Acquisition Agreement (the "Acquisition Agreement"), with IPP Gold Ltd. ("IPP Gold"), to acquire a 100% interest in four prospecting licences (the "PLs"), totaling approximately 800 square kilometres, located in the Handeni District of Tanzania and which are owned or controlled by IPP Gold and its affiliates.
Harp Sangha, CEO of DLKM, stated: "This new Acquisition Agreement with IPP Gold represents a significant step forward for the Company. Along with our new partners at IPP Gold, we will map out our new strategy and course of action over the coming weeks and months. The Handeni District has become alive with activity since the extraordinary drilling results from Canaco Resources have placed this region on the world stage. We plan to focus our energy and resources on the exploration and potential development of this new acquisition. Our aim is to direct Douglas Lake down a path towards success."
On September 13, 2010 Canaco announced significant new exploration developments including the identification of important new parallel trends of gold mineralization and discovery of a new mineralized zone five kilometres W/NW of the Magambazi Gold Discovery. Early results from the regional exploration on the Handeni Gold Trend indicate the work program has already made significant progress in identifying new gold targets and upgrading the potential of previously identified gold zones. Over the past month, the regional program has included over 3000 metres of Reverse Circulation ("RC") drilling, approximately 10,000 metres of reconnaissance Rotary Air Blast ("RAB") drilling, a detailed airborne survey, detailed mapping of some of the key target areas defined to date and geochemical interpretation. The Handeni Gold trend is now recognized as consisting of at least two, parallel gold trends with a combined strike length of over 15 kilometres.
In April 2010, TD Newcrest, A Division of TD Securities, initiated coverage of Canaco Resources and announced a speculative buy recommendation with a $1.25 target price. They now believe that $175/oz is an appropriate resource multiple given the forecast high grade/low cost nature of the ounces discovered to date by Canaco. They have revised their target price to $6 per share and maintain their speculative buy rating.
Douglas Lake Minerals Inc. offers gold mining and exploration services. DLKM is based in Surrey, Canada.
To learn more about DLKM visit: http://www.douglaslakeminerals.com
Majestic Gold Corp. recently announced the results of an updated resource estimate on its Song Jiagou Mine.
As part of the ongoing assessment on the Song Jiagou Mine, Wardrop Engineering Inc. has revised their previous resource estimate (NR 23 April, 2010) as a result of the revision to the contract mining costs (NR 30 September 2010) which allowed cut-off grades to be reduced from 0.40 g/t to 0.30 g/t and warranted a revision of the block model.
Subsequent to the initial resource estimate, Wardrop determined that rotating the block model perpendicular to drilling direction was the most favorable orientation to evaluate the deposit and to calculate the revised resource. The new cut-off grade and the re-orientation of the model significantly increased the overall size of the resource and the contained ounces of gold in both the inferred and indicated categories.
The most significant changes from the previous estimate are:
- Increase in Indicated tonnes by 35.34% to 33,739,586 tonnes
- Increase in Indicated contained gold by 24.09% to 1,244,211 ounces
- Increase in Inferred tonnes by 37.96% to 38,812,054 tonnes
- Increase in Inferred contained gold by 7.48% to 1,830,576 ounces
The increase in the size of the resource from 53 to 72.5 million tonnes will very significantly reduce the strip ratios to be used as Majestic continues its engineering studies on the Song Jiagou mine. Wardrop will move forward now to re-evaluate a production pit design.
Majestic continues to work with Wardrop and its sister company, Tetra Tech (Beijing) Consultancy Company Limited, (both subsidiaries of Terta Tech Inc.) to complete a Preliminary Economic Assessment, concurrent with the required Chinese Geological and Engineering studies required to apply for increased production levels at Song Jiagou. The results of these studies will ultimately culminate in a Pre-feasibility report.
The geological and technical information contained in this news release has been reviewed and approved by Greg Mosher, P. Eng, of Wardrop Engineering, and Mike Hibbitts, P.Geo., who are qualified persons under the definitions established by National Instrument 43- 101.
Majestic Gold Corp. engages in the exploration and development of mineral properties in China. Majestic focuses on its gold project located in the prolific gold region of Song Jiagou in eastern Shandong Province. Majestic is headquartered in Vancouver, Canada.
To learn more about Majestic visit: http://www.majesticgold.net
India Globalization Capital, Inc. (AMEX:IGC) recently announced the signing of a Memorandum of Understanding ("MOU") with Kommu Venkateshwara Metal Miners (KVM) to establish a mine and export facility in Andhra Pradesh, India.Ram Mukunda, CEO, commented, "IGC, through its subsidiaries in India, has customers in China, operations at ports and experience with mining, transportation and shipping ore from India to China. We have consistently articulated a plan to vertically integrate our iron ore business to maximize our margins. This joint venture represents a significant step to realize this plan at a modest capital cost."
India Globalization Capital, Inc., through its subsidiaries, operates as an integrated infrastructure company in India and China. It engages in the execution of civil construction, structural engineering projects, and trading primarily in the Indian states of Kerala, Karnataka, Assam, and Tamil Nadu. The company primarily involves in highway and heavy construction, mining and quarrying, and construction and maintenance of high temperature plants, including cement and steel plants.
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