North Bay Resources (NBRI) reports on project, shares hike
Posted on: September 6th, 2011Written by:
North Bay Resources (OTCBB: NBRI) saw its shares leap 8.6% to 19 cents Tuesday, on news of its latest gold mining project. More than 126,000 shares of North Bay changed hands, in contrast with an average of around 858,000.
A news release out September 6 revealed that that pre-production activities have commenced at the Ruby Mine in Sierra County, California. The following is a progress report of the work completed, ongoing, and planned as of this date.
Extensive survey work to map an expansion of the Ruby tailings areas was completed in August, and an amendment to the Reclamation Plan is in the final stages of completion. Once approved, the Company expects the expanded tailings area will provide enough capacity to support mining operations for at least another 5 to 7 years before another expansion will need to be considered.
A preliminary inspection of the electric power system has been completed by PG&E, the required deposits have been made by the Company, and PG&E has initiated its further estimation and assessment process to re-energize the powerline to the Lawry Shaft. Once power is restored to the Lawry Shaft, the hoist system will be serviced and inspected to meet MSHA safety compliance requirements.
The Company is also pleased to announce that it has received word that its EB-5 funding overseas is proceeding very well. The funding, in the amount of $7.5 million, is expected to be fully-subscribed. In the interim, the Company will be using its $5 million equity credit line with Tangiers Investors, LP to fund ongoing pre-production work at the Ruby until the EB-5 funds are released from escrow.
North Bay Resources Inc., based in Skippack, Pa., is a fully-reporting junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada.
Searchlight Mine (SRCH) jumps on test results
Posted on: September 6th, 2011Written by:
Searchlight Mine (OTCBB: SRCH) climbed 31.2% to 68.2 cents Tuesday, on word of positive results of autoclave tests. Volume for the stock topped two million shares, in contrast with a daily average of around 304,000.
A news release dated September 6 announced the results of a progress report from independent engineering firm SGS Lakefield Research Chile, S.A. (“SGS”), that proved positive for the Henderson, Nevada-based company.
SGS performed a number of autoclave tests, under various metallurgical conditions, using both pressure oxidation (“POX”) and pressure oxidative leach (“POL”) testing methodologies (see technical discussion below). Results from the optimized POX and POL tests both resulted in approximately 0.5 opt (ounces per ton) of gold extracted into solution. The optimized POX tests produced slightly less than or equal to 0.5 opt gold and the optimized POL tests produced 0.5 opt gold or slightly greater.
These results confirm the previous autoclave test results performed by the Company’s technical consultants, which yielded up to 0.5 opt of gold into solution using both of these methods.
“Results from the additional tests independently performed by SGS as well as reports received from our technical consultants are very encouraging and represent the next step in the Company’s ultimate goal of proving the economic feasibility of the Clarkdale Slag Project,” noted Martin Oring, Searchlight CEO, in the same release.
Searchlight Minerals Corp. is an exploration stage company engaged in the acquisition and exploration of mineral properties and slag reprocessing projects.
Xtreme Oil and Gas Incorporation (XTOG) basks in great drilling results, stock soars
Posted on: August 25th, 2011Written by:
Xtreme Oil and Gas Incorporation (OTCBB: XTOG) shares climbed 28.2% to 40 cents late Thursday, amid reports of excellent drilling results on its Texas property. Volume for the stock measured just over 13,000 shares.
A release out August 25 pointed to news that three new wells on the Company’s West Thrifty property in Brown County, Texas achieved a 50-90% oil cut on their initial production. An oil cut is the percentage of oil in the total fluids that are produced by the well. In addition, the Company completed acidizing all of the wells and have finalized the pressure calculations for injection in this project.
Xtreme CEO Willard G. McAndrew III was quoted in the same release as saying, “By using a targeted water-flooding methodology within our 1,200-acre Texas property, we expect to produce 50-100 barrels of oil per day from this project and there is room for an additional 60+ wells to be drilled or reworked.”
McAndrew continued, “We do not expect to maintain such high oil cut percentages when we are in full production, but these initial results are very encouraging. In addition, we are proceeding with reworking additional nearby wells to increase oil production on this project.”
Xtreme Oil & Gas, Inc. is a rapidly growing Dallas-based independent energy company engaged in the exploration, development, acquisition, and production of crude oil and natural gas with operations from properties it owns in Texas, Oklahoma, and Kansas.
Atna Resources Ltd. (ATNAF) jumps on picking up Nevada mine
Posted on: August 11th, 2011Written by:
Atna Resources Ltd. (OTCBB:ATNAF) climbed 14% to 74.16 cents Thursday, on the acquisition of the Pinson Gold Mine in Nevada. Volume for the stock was nearly 550,000 shares, compared to a daily average of less than 29,000.
A news release out August 11 spelled out some of the details of the Asset Purchase and Sale Agreement with Pinson Mining Company, a subsidiary of Barrick Gold Corporation, to acquire PMC’s 70% interest in the Pinson Mine, located in Humboldt County, Nevada. On closing, Atna will also sign a non-exclusive Ore Milling and Gold Purchase Agreement with an affiliate of PMC allowing for processing of Pinson Mine ores at Barrick’s Goldstrike processing facilities.
The same release quoted CEO James Hesketh as saying “Unlocking value from the Pinson Mine has been a stated goal for the Company. By consolidating control of this project in Atna, we believe that the Company will be able to achieve this goal. This acquisition gives Atna 100% control of a high-grade gold resource located on the prolific Getchell gold belt of northern Nevada.”
Hesketh continued, “At a cost of approximately $15.50 per gold resource ounce acquired, not including the value of lands swapped, we believe that this transaction provides significant accretive value to Atna’s shareholders. In addition to the near term gold production potential, we believe that Pinson has substantial potential for resource expansion. We also welcome Barrick as a significant new shareholder of Atna as a result of this transaction.”
This acquisition will consolidate Atna’s ownership of the mineral resources at the Pinson Mine. Atna is headquartered in Golden, Colorado.
Liberty Star Uranium and Metals Corp. (LBSR) records new find, stock leaps
Posted on: August 3rd, 2011Written by:
Liberty Star Uranium and Metals Corp. (OTCBB: LBSR) shares leapfrogged 17.7% to six cents Wednesday, on word of a new find. Volume for the stock surpassed 4.2 million shares.
A news release dated August 3 announced the detailed delimitation of a zoned series of geochemical metal anomalies over a large covered area which are interpreted to indicate a covered porphyry copper-gold-silver-moly mineral zone approximately 0.7 miles in diameter.
The geometry of the anomalous copper, gold, silver and potassium are just like the Lowell Guilbert porphyry copper model and are interpreted to indicate a buried porphyry copper system exhibiting a gold center and a copper and potassium halo surrounded by a very large gold-silver and low temperature metal halo.
Multi-element anomalies include copper, molybdenum (moly), gold, silver, lead, zinc and potassium, and other low temperature metals. These anomalies were determined through the analysis of vegetation samples conceived and developed by geochemist Dr. Herbert Hawkes over the copper mines south of Tucson in the 1950s and ’60s. Jim Briscoe and geochemist Shea Clark Smith, along with Dr. John Guilbert, refined the process at Silver Bell, AZ, in the mid-1990s, as well as at the Big Chunk Caldera, AK, in 2004 and 2005 where significant discoveries were made.
Comments CEO/Chief Geologist Briscoe, “This geochemical discovery falls squarely within the theoretical framework of the Porphyry Copper Model laid out by Liberty Star Board Director Dr. John Guilbert [in The Geology of Ore Deposits]. Of course drilling will be ultimately required to determine the character and grade of the covered mineralization giving rise to anomalous metal values at the surface.”
Colorado Rare Earths Inc. (CALY) jumps on Boeing contract
Posted on: August 2nd, 2011Written by:
Colorado Rare Earths Inc. (OTCBB: CALY) jumped 6.3% in price to $8.50, on word it had awarded a contract to the Boeing Company (NYSE: BA) for the utilization of their leading edge technology designed to identify and confirm rare earth and other mineral deposits. Volume for the stock had yet to register by late morning Tuesday; its usual daily average totaled more than 3,700 shares.
In a news release dated August, 2, company CEO Michael Parnell decalred, “Boeing’s technology will greatly expand the scope and efficiency of our exploration activities and may provide definitive profiles of individual Heavy Rare Earth Elements (HREE) as well as Light Rare Earth Elements (LREE).”
“We have worked diligently and have been extremely successful in acquiring large resource claims with a goal to commercialize our holdings for the U.S. market. Boeing’s technology should accelerate our timetable. With Boeing’s ability to expand our exploration and incorporate large-scale analysis of our claims and other possible rare-earth deposits, this contract could greatly increase our ability to become a substantial domestic supplier of rare earths for the U.S. military’s strategic requirements as well as for the green technologies sector,” Parnell added.
Colorado Rare Earths, Inc. is a mineral claims acquisition company. The Company currently focuses on rare-earth elements and owns a 100% interest in a group of Colorado, Idaho and Montana unpatented, mineral claims; the Iron Hill Property located in Gunnison County, the Wet Mountains Property located in Freemont and Custer Counties, and the Lemhi Pass District Property located in Idaho and Montana.
