NYBob
13 years ago
NovaGold and Copper Canyon Agree to Plan of Arrangement Transaction
Mar. 7, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- NovaGold Resources Inc. (TSX:NG)(NYSE Amex:NG) ("NovaGold") and Copper Canyon Resources Ltd. (TSX VENTURE:CPY) ("Copper Canyon") announced today that they have entered into a binding letter agreement providing for NovaGold to acquire all of the outstanding common shares of Copper Canyon by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (Alberta).
Under the Arrangement, Copper Canyon shareholders will receive common shares of NovaGold on the basis of 0.0735 of a NovaGold common share for each common share of Copper Canyon, plus one common share of a newly incorporated company ("SpinCo") for every four Copper Canyon common shares. SpinCo will hold substantially all of Copper Canyon's assets other than certain cash and Copper Canyon's 40% joint venture interest in the Copper Canyon copper-gold-silver property.
The NovaGold share consideration being offered represents an effective purchase price of C$1.05 per Copper Canyon common share based on the 20-day volume-weighted average price of NovaGold common shares on the Toronto Stock Exchange ("TSX") for the period ending March 4, 2011. The NovaGold share consideration being offered represents a 28.7% premium to the 20-day volume-weighted average price of Copper Canyon common shares on the TSX Venture Exchange ("TSX-V") ending March 4, 2011 and a 150.0% premium based on the closing price of the Copper Canyon common shares on the TSX-V on December 17, 2010, the last trading day prior to NovaGold's announcement of its intention to make an offer for Copper Canyon.
The boards of directors of both NovaGold and Copper Canyon have unanimously approved the transaction. The board of directors of Copper Canyon, acting on the recommendation of its special committee of independent directors, after consultation with Copper Canyon's financial and legal advisors, has determined that the transaction is fair and in the best interests of Copper Canyon and its shareholders. Primary Capital Inc. has provided a fairness opinion to the Copper Canyon board advising that the transaction is fair, from a financial perspective, to the Copper Canyon shareholders other than NovaGold. Copper Canyon's board of directors unanimously recommends that Copper Canyon shareholders vote in favor of the proposed Arrangement.
"We are pleased to have reached agreement with Copper Canyon on a proposed transaction," said Rick Van Nieuwenhuyse, President and CEO of NovaGold. "We believe the acquisition of Copper Canyon shares in accordance with the Arrangement will benefit the shareholders of both NovaGold and Copper Canyon."
Tim Termuende, Copper Canyon's President and CEO, commented: "We are very pleased with the outcome of our negotiations with NovaGold. In addition, the creation of a new exploration company gives Copper Canyon shareholders the ability to participate in additional growth opportunities during a robust bull market commodities cycle."
Summary of the Transaction
While the letter agreement is binding, it contemplates the execution of definitive agreements and the completion of the Arrangement is subject to various other conditions, including approval of Copper Canyon securityholders, approval of the Arrangement by the Alberta court, regulatory approvals including the approval of the TSX and TSX-V and customary closing conditions for a transaction of this nature. NovaGold has agreed to allow its offer to Copper Canyon shareholders dated January 18, 2011 to expire, and both NovaGold and Copper Canyon have agreed to withdraw their respective applications to the British Columbia Securities Commission ("BCSC") and cancel the BCSC hearing scheduled for March 10, 2011. Under the terms of the letter agreement, Copper Canyon has agreed to hold in abeyance its Notice of Civil Claim against NovaGold and NovaGold Canada Inc. filed March 1, 2011 in the British Columbia Supreme Court and has agreed to dismiss the Notice of Civil Claim upon completion of the Arrangement or in the event the Arrangement Agreement is terminated in certain circumstances.
Under the terms of the letter agreement, Copper Canyon has also agreed that it will not solicit or otherwise participate in any discussions regarding any merger or other business combination or sale of its common shares or material assets until a definitive agreement has been entered into or the letter agreement is terminated in accordance with its terms. NovaGold and Copper Canyon have agreed to work diligently and in good faith to sign definitive agreements as soon as is practicable.
The definitive agreements will contain customary representations, warranties and covenants for transactions of this type, but will not provide for a due diligence review of Copper Canyon by NovaGold. The Arrangement Agreement will provide for a C$2,000,000 break fee which would be payable by Copper Canyon to NovaGold in certain customary events such as withdrawal by the Copper Canyon board of directors of support for the Arrangement, if the Copper Canyon board of directors accepts or recommends an alternative transaction, if Copper Canyon enters into an alternative transaction within 12 months of termination of the Arrangement, if Copper Canyon breaches certain non-solicitation covenants or if Copper Canyon fails to timely convene a securityholders' meeting to consider the Arrangement. Each of the directors and officers of Copper Canyon have entered into, or are expected to enter into, voting support agreements with NovaGold under which they will agree to vote in favor of the Arrangement. In addition, Copper Canyon has agreed to use commercially reasonable efforts to have certain shareholders enter into voting support agreements.
SpinCo and Related Transactions
Upon entering into the definitive agreements, NovaGold will make available to Copper Canyon a loan of up to C$0.5 million (the "NovaGold Loan") to be advanced to Copper Canyon to pay for operating expenses (but not for transaction expenses).
At the effective time of the Arrangement, Copper Canyon will transfer to SpinCo substantially all of Copper Canyon's assets other than certain cash and its 40% interest in the Copper Canyon property. This includes its interests in the Harrison Lake (Abo) Gold Property, the Severance Project and the Kiwi Project (collectively, the "Transferred Exploration Properties") as well as all share positions in other companies held by Copper Canyon, including 50,000 common shares of NovaGold and any other related information, data and contracts. SpinCo will assume the associated liabilities of the Transferred Exploration Properties as well as the outstanding balance under the NovaGold Loan.
At or immediately prior to the effective time of the Arrangement, NovaGold will subscribe for common shares of Copper Canyon, for an aggregate subscription price of C$2.5 million less the outstanding balance of the NovaGold Loan. This cash amount will be transferred by Copper Canyon to SpinCo. Immediately following the effective time, NovaGold will own, directly or indirectly, 9.9% of the issued and outstanding shares of SpinCo.
Full details of the transaction will be included in an information circular to be mailed to Copper Canyon shareholders in accordance with applicable securities laws. The transaction is expected to close in May 2011.
Advisors and Counsel
NovaGold's financial advisor is TD Securities Inc. Its legal advisors are Blake, Cassels & Graydon LLP in Canada and Dorsey & Whitney LLP in the United States. Copper Canyon's financial advisor is Primary Capital Inc. McLeod & Company acted as counsel, and Fraser Milner Casgrain LLP acted as special counsel to Copper Canyon.
About NovaGold
NovaGold is a precious metals company engaged in the exploration and development of mineral properties in Alaska, U.S.A. and British Columbia, Canada. NovaGold is focused on advancing its two core properties, Donlin Creek and Galore Creek, with the objective of becoming a low-cost million-ounce-a-year gold producer, and offers superior leverage to gold with one of the largest reserve/resource bases of any junior or mid-tier gold company. NovaGold has a strong track record of expanding deposits through exploration success and forging collaborative partnerships, both with local communities and with major mining companies. The Donlin Creek project in Alaska, one of the world's largest undeveloped gold deposits, is held by a limited liability company owned equally by NovaGold and Barrick Gold U.S. Inc. The Galore Creek project in British Columbia, a large copper-gold-silver deposit, is held by a partnership owned equally by NovaGold and Teck Resources Limited. NovaGold also owns a 100% interest in the high-grade Ambler copper-zinc-gold-silver deposit in northern Alaska and has other earlier-stage exploration properties. NovaGold trades on the TSX and NYSE-AMEX under the symbol NG. More information is available at www.novagold.net or by emailing info@novagold.net.
About Copper Canyon
Copper Canyon was created by way of a plan of arrangement on June 9, 2006. Shareholders of Eagle Plains Resources Ltd. (TSX VENTURE:EPL) approved the plan of arrangement to reorganize the company's mineral property assets in an effort to maximize shareholder value. Under the terms of the plan of arrangement, three of Eagle Plain's projects: Copper Canyon, Severance and Abo (Harrison) Gold, were transferred into Copper Canyon.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, plans for and intentions with respect to the business combination with Copper Canyon, are forward-looking statements. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from NovaGold's expectations include uncertainty as to the completion of the business combination with Copper Canyon in accordance with the terms and conditions of the definitive agreements; the accuracy of management's assessment of the effects of the successful completion of the Arrangement; the timing and prospects for Copper Canyon shareholder acceptance of the Arrangement and the implementation thereof; the satisfaction of any conditions to an Arrangement; uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for continued cooperation with NovaGold in the exploration and development of the Galore Creek property; the need for cooperation of government agencies and native groups in the development and operation of properties; the need to obtain permits and governmental approvals; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases; fluctuations in metal prices and currency exchange rates; the outcome of litigation pending against the company; and other risk and uncertainties disclosed in NovaGold's Annual Information Form for the year ended November 30, 2010, filed with the Canadian securities regulatory authorities, and NovaGold's annual report on Form 40-F filed with the United States Securities and Exchange Commission and in other NovaGold reports and documents filed with applicable securities regulatory authorities from time to time. NovaGold's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. NovaGold assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
NovaGold Contacts
Rhylin Bailie
Director, Communications & Investor Relations
604-669-6227 or 1-866-669-6227
NovaGold Resources Inc.
VP & Chief Financial Officer
604-669-6227 or 1-866-669-6227
http://tmx.quotemedia.com/article.php?newsid=39283922&qm_symbol=CPY
NYBob
15 years ago
Copper Canyon/Bling Sign Letter of Intent for Abo Gold Project
Thu Sep 3, 12:58 PM
http://ca.news.finance.yahoo.com/s/03092009/34/biz-f-business-wire-copper-canyon-bling-sign-letter-intent-abo-gold.html
CRANBROOK, British Columbia--(BUSINESS WIRE)--Copper Canyon Resources Ltd. (CPY: TSX-V) and Bling Capital Corp. (BLI.P:TSX-V) have entered into a letter of intent, dated effective September 1st, 2009 whereby Bling proposes to acquire an interest in the Abo (Harrison Gold) mineral exploration property, currently held 100% by CPY.
Pursuant to the terms of the Letter of Intent, subject to completion of satisfactory due diligence, execution of a formal agreement, the satisfaction of certain closing conditions and receipt of applicable regulatory approvals, Bling intends to acquire from Copper Canyon a 100% interest in the Abo Gold (Harrison Gold) Properties. Under terms of the LOI, Bling will issue to Copper Canyon up to a total of 750,000 common shares in equal instalments of 150,000 shares over a period of five (5) years, the first issuance being upon the closing of the transaction, as well as up to $100,000 in cash, paid in equal instalments of $20,000 over five (5) years, the first payment being upon the closing of the transaction. The shares will be subject to the escrow requirements of the Exchange, if applicable.
In addition, pursuant to the terms of the LOI, Copper Canyon will retain a 1% net smelter return on all metals discovered on the Property. The definitive terms of the NSR will be contained in a royalty agreement to be entered into by the parties at or prior to the closing of the acquisition.
The Property
The Abo Gold (Harrison Gold) property project is located 5km north of Harrison Lake, British Columbia.
The property area has been held or optioned by various operations since the early 1970’s including Abo Resources, Kerr Addison Mines Ltd and Bema International Resources. Exploration work includes mapping, soil sampling, ground based geophysics, 444m of underground development work and a total of 13,856m (45,448’) of diamond drilling. Barry Price, P.Geo, in 2002 prepared a National Instrument 43-101 compliant resource estimate that outlines an indicated resource on the property of 1.845 million tones grading 2.79 g/t Au containing 165,000 ounces of gold and an inferred resource of 0.6 million tones grading 2.8 g/t Au containing 55,000 ounces of gold in the Jenner and Portal zones, which are open to depth.
About Copper Canyon
Copper Canyon Resources was created by way of a Plan of Arrangement on June 9, 2006. Shareholders of Eagle Plains Resources Ltd. approved the plan to reorganize the Company’s mineral property assets in an effort to maximize shareholder value. Under the terms of the arrangement, three of Eagle Plains’ projects: Copper Canyon, Severance and Abo (Harrison) Gold, were transferred into Copper Canyon on a one-for-one share basis.
On behalf of the Board of Directors
Signed
“Tim J. Termuende”
President and CEO
For further information, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@copcanyon.com or visit our website at http://www.copcanyon.com
Cautionary Note Regarding Forward-Looking Statements
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and, therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Copper Canyon
Mike Labach, 1 866 HUNT ORE (486 8673)
mgl@copcanyon.com
http://www.copcanyon.com
NYBob
15 years ago
Eagle Plains/Prize Mining Execute Joint-Venture Agreement to Produce Gold at Yellowjacket
Monday April 6, 2009, 9:30 am EDT
http://finance.yahoo.com/news/Eagle-PlainsPrize-Mining-bw-14857268.html
CRANBROOK, British Columbia--(BUSINESS WIRE)--Eagle Plains Resources Ltd. (EPL:TSX-V) and Prize Mining Corp. (PRZ:TSX-V) jointly announce that the companies have executed a formal agreement (subject to regulatory approval) whereby the two parties will form a joint-venture to immediately facilitate the production of gold and conduct further exploration and development of the Yellowjacket Zone on the Atlin Gold Property, located 9 kilometers east of Atlin, in north-western British Columbia.
Under terms of the agreement, Eagle Plains will purchase a 40% interest in the project by providing $2,000,000 CDN in working capital, effective at closing of the agreement. These funds will be used to clear existing liens and obligations on the Property, in addition to completing upgrades of the existing mill facility and covering costs related to engineering, permitting and environmental compliance. Eagle Plains will in turn receive 60% of all proceeds of production up to $2,000,000, at which time it will revert to a 40/60 working interest. Eagle Plains will have the option of increasing its working interest to 60% by making payments to Prize totaling $2,000,000 by the sixth anniversary of the agreement. It is expected that commercial production activity will commence by the third quarter of 2009.
Yellowjacket Zone History
The Yellowjacket Zone of the Atlin Gold Property is accessible year-round by all-weather road. The claims lie along the Pine Creek valley which is an historic and continuing placer gold producing area. Basic supplies and material to support mining activity can be readily sourced out of Atlin, and specialty services may be secured in Whitehorse, Yukon, located 180 kilometres north via Highway 7 and the Alaska Highway. Hydro-electric power has been recently established to within three kilometres of the property boundary.
The Atlin placer camp ranks as the second largest producer of placer gold in the province. Mining has been the economic mainstay for the town of Atlin since the discovery of gold on Pine Creek in 1897. The mineralized zone at Yellowjacket underlies significant historical surface disturbance. Downstream topographical features have rendered Pine Creek a “low-value” fish habitat.
Gold mineralization at Yellowjacket consists of coarse gold hosted in quartz stockworks and silicified zones in brittle volcanic and altered ultramafic rocks. Gold mineralization occurs along a prominent fault structure which is interpreted to control the distribution of placer gold reported in the area.
In 1983, local area prospectors staked the Yellowjacket Property, and subsequently optioned the property to Canova and Tri-Pacific Resources. During 1984 and 1985 these companies conducted programs of ground geophysics, rotary and diamond drilling. In 1986 Homestake Mineral Development Company optioned the property from Canova and from 1986 to 1988 initiated programs of mapping, reverse circulation drilling and diamond drilling (52 holes totaling 8,057 metres).
At the completion of this program, Homestake reported a resource estimate of 453,500 tonnes grading 10.26 g/t (Schroeter, T.G. and Pinsent, R.H; BC Ministry of Energy and Mines Open File 2000-2: Gold Production and Resources in BC (1858 - 1998). (Though these estimates are considered by Eagle Plains and Prize management to be relevant, they were prepared prior to the institution of National Instrument 43-101 standards. Their reliability has not been confirmed, but will constitute a target basis for future exploration work).
Prize Mining (formerly Muskox Minerals) optioned the property in 2003 and from 2003 to 2006 drilled 57 holes for a total of 6,873 metres. A number of impressive intercepts were encountered during drilling, with values ranging from “no significant results” to grades as summarized below:
Drillhole
Interval
Width
Grade
YJ03-01 13.95m-19.51m 5.56m
513.5 g/t Au
YJ04-07 48.85m to 54.45m 5.60m
40.1 g/t Au
including 53.95m to 54.45m 0.50m
588.9 g/t Au
TW05-02 10.67m to 12.79m 2.12m
853.0 g/t Au
including: 10.67m – 11.58m 0.91m
2,397.0 g/t Au
TW05-02 20.05m – 41.50m 21.45m
11.5 g/t Au
The general area encompassed by drilling covers approximately 300 metres x 100 metres, with the deepest mineralized intersection encountered at 140 metres. The deposit appears to be open along strike in both directions and to depth.
The Yellowjacket Zone coarse gold mineralization has a pronounced “nugget effect” where adjacent samples within the same mineralized zone can have widely varying gold values. This prompted Prize in 2006 to proceed with a bulk-sampling program in order to evaluate the deposit in an economic framework. Prize engaged a number of prominent engineering, metallurgical and environmental consultants to carry out permitting, pit design, mill design and fabrication work. Regular consultation was made with the Taku River Tlingit First Nation (“TRTFN”).
Excavation activity commenced in 2007 under a 10,000 tonne bulk sample permit. A modern milling facility was constructed, and includes a 1000 kW generator, ball mill, SAG mill, feeders, pumps, conveyors, three Knelson concentrators, magnetic separator, Diester and Gemini tables and an on-site assay laboratory. Test work indicated preliminary recoveries of 81%, with ore head-grades of approximately 9.0 g/t gold. Test work done on the rock units excavated from the pit have found them to be non-acid generating.
Consultants retained by Prize have recommended modifications to the mill circuit that are expected to increase recoveries to 90% and capacity to 350 tonnes per day. Work from 2003 until present has been carried out under the supervision of Linda Dandy, P.Geo., who will continue with the project as Mine Manager.
A photo gallery of the property and mill equipment may be found here
The Yellowjacket JV intends to meet the following objectives during 2009:
* compile all existing geological, geophysical, environmental and engineering data into a GIS database
* remove liens and encumbrances on the property
* complete application for BC Small Mines Permit (up to 75,000 tonnes per year)
* complete modifications to existing mill facility
* resume milling of stockpiled ore
* dewater existing pit
* commence expansion of existing pit
* commence commercial production with target of 35,000 tonnes throughput during Q3
* explore possibilities for year-round custom milling
* study feasibility of connecting to newly established hydro-electric facility
* design and execute exploration program for future expansion
Tim Termuende, President and CEO of Eagle Plains states “we are excited about participating with Prize Mining on this project. We recognize the quality and incredible amount of work required to bring the project to this stage, and are pleased to be able to provide financial and technical assistance to advance it, ultimately to the benefit of the local community, the Taku River Tlingit First Nation, Prize Mining and shareholders of Eagle Plains”. Harry McGucken, President of Prize Mining, added “we are extremely pleased with this new association and what Eagle Plains and its team bring to this project. The addition of their technical expertise will now enable the project to get to the next level of development for the benefit of all concerned”.
The Yellowjacket Joint Venture is committed to working on the Yellowjacket project in a sustainable and responsible manner. The project is situated within the traditional territory of the TRTFN, and as such, will only move forward with the trust and support of the TRTFN leadership and membership, and the people of the Atlin community. The project proponents look forward to establishing a strong relationship with all stakeholders, based on responsible economic and environmental stewardship and mutual respect.
About Eagle Plains Resources
Eagle Plains Resources continues to conduct research, acquire and explore metal projects in western Canada. The Company controls over 35 gold, base-metal and uranium projects, many with third parties including Teck Limited (TSX:TCK.B - News), Alexco Resource Corp. (TSX-V:AXR - News), Sandstorm Resources Ltd. (TSX-V:SSL.P - News), Waterloo Resources Ltd (TSX-V:WAT.P - News), Mountain Capital Inc. (TSX-V:MCI.P - News) and XO Gold Resources Ltd. (a private B.C. company). These agreements expose Eagle Plains to over $15.0 million in exploration expenditures over a five year period. In recent years, Eagle Plains has completed option agreements with Billiton Metals, Rio Algom Exploration, NovaGold Resources, Kennecott Exploration and numerous other junior exploration companies, resulting in over 52,000m (158,500’) of drilling and over $27.0 million in exploration spending on its projects since 1998. 2008 expenditures on Eagle Plains’ projects were approximately $6,000,000, funded equally between Eagle Plains and third party partners. In 2009, management anticipates approximately $1.2 million in exploration expenditures funded by partners.
This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a “Qualified Person” under National Instrument 43-101.
On behalf of the Board of Directors
Signed
“Tim J. Termuende”
President and CEO
Cautionary Note Regarding Forward-Looking Statements
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Contact:
Eagle Plains Resources Ltd.
Mike Labach, 1-866-HUNT-ORE (486-8673)
mgl@eagleplains.com
http://www.eagleplains.com
NYBob
15 years ago
NovaGold and Teck Amend Funding Arrangement on Galore Creek Project -
Friday February 13, 9:34 am ET
http://ca.us.biz.yahoo.com/iw/090213/0474139.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 13, 2009 -- NovaGold Resources Inc. (the "Company" or "NovaGold") (Toronto:NG.TO - News)(AMEX:NG - News) announced today that it has entered into an agreement with Teck Cominco Ltd. ("Teck") to amend certain provisions of the Partnership Agreement relating to the Galore Creek Project ("Galore Creek"). The agreement confirms that NovaGold and Teck each continue to hold a 50% interest in the Galore Creek Partnership ("the Partnership"). Under the amended agreement Teck will now fund 100% of Galore Creek costs until the aggregate amount contributed by Teck after November 1, 2008, together with approximately $15.8 million previously contributed by Teck on optimization studies equals C$60 million. Teck's remaining funding obligation, taking into account the amount 100% funded for November and December 2008 of $8.5 million, is approximately $35.7 million which is to be contributed by December 31, 2012. During the period of Teck's sole funding, Teck will have a casting vote on the Partnership's Management Committee with respect to the timing and nature of expenses to be funded. Following Teck's $60 million contribution, all further costs at Galore will be funded by Teck and NovaGold in accordance with their respective partnership interests. The new funding arrangements replace the funding arrangements agreed by Teck and NovaGold in November 2007 which required Teck to spend $72 million on optimization studies over 5 years and required NovaGold and Teck to jointly fund other costs.
Galore Creek Project Update
During 2008, Galore Creek Mining Corporation ("GCMC"), the operator of the project, undertook an extensive engineering review to look at optimization of the development plan for Galore Creek. The results of these engineering optimization studies have identified a number of modified approaches to the project that show the potential for significant expansion of the project throughput, a shorter construction schedule, location of the process facilities to allow for future expansion, and fewer risks associated with construction and operations. As currently envisioned the project would have the potential to annually produce 350 to 700 million pounds of copper, 250,000 to 500,000 ounces of gold and 3 to 5 million ounces of silver in the initial 5 to 10 years of operation with an operating life exceeding 17 years of operation. In addition, current prices for key mine inputs, including diesel, steel, major mechanical equipment and contract labor have decreased significantly since the peak levels in 2008 and indicate potential for reduced overall capital costs. An updated geological model is currently being constructed which will incorporate the results of 2008 drilling and acid-base accounting tests. The expectation is a reduction in potentially acid generating waste rock.
Also during 2008, construction work continued on the access road to connect road segments that were completed during the 2007 construction season to Highway 37. Land access has now been established to kilometer 40 at a lower cost than originally estimated. Going forward, in addition to maintaining the infrastructure investment to date on the project, work is expected to focus on road link-up to the south terminal of the Galore Creek access tunnel at kilometer 91, and finalization of optimization studies prior to an update to the project feasibility study.
Recently, the Province of British Columbia announced its plans to move forward with the environmental assessment process and First Nations consultation for the Northwest Transmission Line along Highway 37. The province will invest the estimated $10 million to immediately restart the environmental assessment process -- the first step toward building the Northwest Transmission Line. The new 287-kilovolt line would extend from the community of Terrace to the beginning of the Galore Creek access road at Bob Quinn Lake providing access for the project to the BC Hydro electric grid.
Galore Creek Mining Corporation is committed to working at Galore Creek in a sustainable and responsible manner and to meeting all aspects of the participation agreement with their partners of the Tahltan Nation. The project is situated within the Traditional Territory of the Tahltan Nation, which includes the Tahltan Band and the Iskut First Nation. GCMC and the Tahltan Nation have signed an agreement which defines the terms under which the project will be developed with the support of the Tahltan Nation.
Technical and scientific information in this press release has been reviewed by Kevin Francis, P.Geo Resource Manager of NovaGold and a Qualified Person as defined by National Instrument 43-101.
About NovaGold
NovaGold is a growth-focused precious metals company with exploration, development and mining properties in Alaska and Western Canada. NovaGold has a 50/50 partnership on the Donlin Creek gold project in Alaska, one of the world's largest gold deposits, with Barrick Gold. The Company also has a 50/50 partnership on the Galore Creek copper-gold-silver project in British Columbia with Teck Cominco. NovaGold owns 100% interest in the Rock Creek, Big Hurrah and Nome Gold deposits in Nome, Alaska. NovaGold has one of the largest resource bases of any junior or mid-tier level producing gold company. NovaGold trades on the TSX and NYSE Alternext under the symbol NG. More information is available online at www.novagold.net or by e-mail at info@novagold.net.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding intentions with respect to obligations due for various projects, strategic alternatives, timing of permitting, construction and production and other milestones, and NovaGold's future operating or financial performance are forward-looking statements. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from NovaGold's expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for continued cooperation with Barrick Gold and Teck Cominco in the exploration and development of the Donlin Creek and Galore Creek properties; the need for cooperation of government agencies and native groups in the development and operation of properties; the need to obtain permits and governmental approvals; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases; fluctuations in metal prices and currency exchange rates, and other risks and uncertainties disclosed in NovaGold's Annual Information Form for the year ended November 30, 2007, filed with the Canadian securities regulatory authorities, and NovaGold's annual report on Form 40-F filed with the United States Securities and Exchange Commission and in other NovaGold reports and documents filed with applicable securities regulatory authorities from time to time. NovaGold's forward looking statements reflect the beliefs, opinions and projections on the date the statements are made. NovaGold assumes no obligation to update the forward looking statements of management beliefs, opinions, projections, or other factors should they change.
Contact:
Contacts:
NovaGold Resources Inc.
Greg Johnson
Vice President, Strategic Development
(604) 669-6227 or 1-866-669-6227
NovaGold Resources Inc.
Don MacDonald
Senior Vice President and CFO
(604) 669-6227 or 1-866-669-6227
Email: info@novagold.net
Website: http://www.novagold.net
Source: NovaGold Resources Inc.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35620278
NYBob
15 years ago
Copper Canyon and Egoli Gold Amend Abo Option Agreement -
Date : 12/18/2008 @ 10:30AM
Source : MarketWire
Stock : Copper Canyon Resources Ltd. (CPY)
Quote : 0.22 0.02 (10.00%) @ 3:23PM
Hi Molive thanks, I think its a good deal for both parties -
what is your opinion?
Copper Canyon and Egoli Gold Amend Abo Option Agreement
CRANBROOK, BC -- (Marketwire) -- 12/18/08 --
Copper Canyon Resources Ltd. -
(TSX-V: CPY) and Egoli Resources Inc.
(a private British Columbia Corporation) have agreed to
amend Egoli's option to earn a 75% interest in
Copper Canyon's wholly owned Abo Gold Property
(the Property) located in the Harrison Lake area of
south-western British Columbia,
approximately 130km east of Vancouver.
Under the modified terms of the agreement, Egoli may earn
a 75% interest in the Property by completing $6,050,000
in exploration expenditures, paying Copper Canyon
$1,385,000 in cash and issuing 1,500,000 common shares
of Egoli over a 5 year period.
The Property is 100% owned by Copper Canyon and consists
of 2427 ha which were staked by Eagle Plains Resources
in 2000 and subsequently transferred to Copper Canyon in
2006 as part of a Plan of Arrangement.
The claims overlie a number of gold occurrences
associated with a series of intrusive stocks.
Accessory minerals include copper, silver, lead,
zinc, molybdenum, tungsten and bismuth.
The Property is road-accessible year-round.
Hydroelectric power, natural gas and rail-service are
located within 3 kilometers of property boundaries.
The Property area has been held or optioned by various
operators since the early 1970s including Abo Resources,
Kerr Addison Mines Ltd. (Kerr Addison) and
Bema International Resources Ltd.
Exploration work has included mapping, soil sampling,
ground-based geophysics and a total of 13,856m (45,448')
of diamond drilling.
Some small-scale underground development has also
been completed.
Most of the work was focused on the northern part of
the Property in the area of the Jenner and Portal Stocks.
Drill results reported from the Portal Zone include
30 meters averaging 3.17 g/t gold (EMPR ASS RPT 19584).
Drill results reported from the Jenner Stock include
64m averaging 3.77 g/t (EMPR ASS RPT 20144).
In 1987, Kerr Addison collected a 1053 tonne bulk sample
from the Jenner Stock underground workings.
Using the metallurgical results from this sample combined
with extensive underground sampling and results from
diamond drilling, Kerr Addison reported and indicated a
grade of 3.2 - 4.1 g/t Au with an inferred tonnage of
1.3 million tonnes from surface to 100m elevation,
and an additional 2.2 million tonnes from surface to
sea level (EMPR ASS RPT 20144, MINFILE #92HSW092).
Other gold-bearing stocks identified on the Property
include the Hill and Lake Stocks.
These areas have seen limited exploration in comparison
to the Jenner-Portal Stocks areas.
Diamond drill intersections reported from the Hill Stock
area include DDH BX88-130 which averaged 3.54 g/t Au and
6.3 g/t Ag over 27 meters, and contained 8m averaging
8.7 g/t Au and 14.2 g/t Ag (EMPR ASS RPT 20144).
In 2002, Barry Price was retained by Eagle Plains to provide
a NI 43-101 compliant resource estimate for the Abo
project based on historical results.
Price estimated an Indicated Resource of
1,845,000 tonnes averaging 2.79 g/t or 165,200 oz in
situ, with a further Inferred Resource of
613,600 tonnes averaging 2.79 g/t or 55,100 oz.
These resources are contained within the Jenner and
Portal Stock zones.
Copper Canyon Resources was created by way of a Plan
of Arrangement on June 9, 2006.
Shareholders of Eagle Plains Resources Ltd. approved the
plan to reorganize the Company's mineral property assets in an effort to maximize shareholder value.
Under the terms of the arrangement, three of Eagle Plains'
projects, Copper Canyon, Severance and Abo (Harrison)
Gold, were transferred into Copper Canyon on a
one-for-one share basis.
On behalf of the Board of Directors
"Tim J. Termuende" President and CEO
Cautionary Note Regarding Forward-Looking Statements
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and, therefore, involve inherent risks and uncertainties.
Actual results may differ materially from those currently anticipated in such statements.
Distributed by Filing Services Canada and retransmitted by Marketwire
For further information, please contact:
Mike Labach
1 866 HUNT ORE (486 8673)
Email: Email Contact
http://www.copcanyon.com/
Pennyland
16 years ago
NovaGold Provides Update on Donlin Creek Gold Project in Alaska
Last update: 2:22 p.m. EDT Sept. 30, 2008
VANCOUVER, BRITISH COLUMBIA, Sep 30, 2008 (MARKET WIRE via COMTEX) -- NovaGold Resources Inc. (CA:NG: news, chart, profile) (NG:
NovaGold Resources Inc
News, chart, profile, more
Last: 6.51-0.32-4.69%
3:59pm 09/30/2008
Delayed quote data
Add to portfolio
Analyst
Create alert
Insider
Discuss
Financials
Sponsored by:
NG 6.51, -0.32, -4.7%) today released a project update with additional drill results from the 2008 Donlin Creek drill programs.
Highlights
- Drill holes average 130 meters of mineralization grading 3.58 g/t gold
- Donlin Creek remains open to expansion laterally and at depth
- East Acma drilling highlights expansion of broad zones of higher grade mineralization
- Preferred project design selected - feasibility study targeted to be complete Q1-2009
Donlin Creek 2008 Drill Results
Additional assay results from the 2008 Donlin Creek program continue to be received by the Donlin Creek LLC. Just over 13,000 meters of exploration development drilling have now been completed in the 2008 Phase 2 program. Total exploration and development drilling in 2008 now totals over 32,000 meters. Drilling in the Phase 2 program includes some additional holes in the East Acma structural zone as well as some select infill holes in the Lewis and Akivik areas. Exploration drilling has also targeted the potential for oxide/non-refractory mineralization on the project. Full assays are still pending from additional drilling from this season's program.
Highlights from recently received assays include:(1)
East Acma
- DC08-1705 intersected 266.6 meters of 2.64 g/t gold in 14 mineralized intervals
- DC08-1708 intersected 208.3 meters of 3.26 g/t gold in 15 mineralized intervals
- DC08-1709 intersected 65.4 meters of 6.14 g/t gold in 7 mineralized intervals
- DC08-1710 intersected 332.7 meters of 3.83 g/t gold in 13 mineralized intervals
- DC08-1715 intersected 112.9 meters of 3.97 g/t gold in 6 mineralized intervals
Lewis and Akivik
- DC08-1706 intersected 22.0 meters of 5.03 g/t gold in 3 mineralized intervals
- DC08-1716 intersected 115.8 meters of 3.15 g/t gold in 11 mineralized intervals
- DC08-1719 intersected 107.6 meters of 4.25 g/t gold in 10 mineralized intervals
- DC08-1764 intersected 30.0 meters of 2.84 g/t gold in 2 mineralized intervals
- DC08-1765 intersected 42.3 meters of 3.22 g/t gold in 3 mineralized intervals
(1) Composites constructed from assays at a 1.0 g/t gold cutoff grade and a maximum of 4 meters of internal dilution. The true width of these composites has not yet been determined, but are believed to be representative of intervals reported. Several of the holes released in this press release have additional mineralized intervals which were excluded as they still require final QA/QC confirmation. A complete set of 2008 drill results is available at the NovaGold website ( www.novagold.net).
To view accompanying Figure 1, please click on the following link: http://media3.marketwire.com/docs/NGMap.pdf
"These additional drill results continue to demonstrate that Donlin is truly one of the world's largest gold deposits with considerable potential to expand known resources," said Rick Van Nieuwenhuyse, President and CEO of NovaGold. "We are particularly encouraged by the grades and widths of mineralization encountered at the East Acma and other target areas on the project."
In June 2008, NovaGold reported an updated resource estimate for the Donlin Creek project. The resource base increased to 31.7 million ounces of measured and indicated gold resources grading approximately 2.5 grams per tonne with an additional 4.2 million ounces of inferred gold resources (see news release from 10 June 2008). Previously reported drilling at the East Acma target indicated significant potential for expansion of higher-grade mineralization beyond the current resource pit boundary. The results of drilling released in this press release and shown on Figure 1, demonstrate that the broad zone of higher-grade mineralization at East Acma continues at least an additional 500 meters to the east of the current pit-constrained resource along the Donlin Creek anticline, an important ore-controlling structure. Many of the drill holes from the East Acma area reported grade times thickness values from 200 to over 1,200 gram-meters, intercepting mineralization both below and beyond the current pit limit and highlighting the potential to further increase the Donlin Creek resource base (see the attached Figure 1).
Follow-up drilling in an area of historical work completed by Placer Dome, has also been encouraging with broad zones of stockwork quartz veining and traces of visible native gold encountered in an area of a large surface gold target that is open to further expansion. Historical results include DC97-392 with two mineralized intervals: 64 meters of 2.8 g/t Au and 97.9 meters of 3.0 g/t Au. Additional soil sampling this season has further expanded the area of surface gold mineralization in several directions. Results from this historical drilling indicate the potential for oxide/non-refractory gold mineralization.
Feasibility Study on Target for Q1-2009
The Donlin Creek LLC, a limited liability company owned 50% each by NovaGold and Barrick Gold U.S. Inc., a wholly-owned subsidiary of Barrick Gold Corporation, selected a preferred project design for the Donlin Creek project in June and plans to complete a feasibility study by Q1-2009. The Donlin Creek project is expected to have a throughput design of approximately 50,000 tonnes per day using onsite diesel and wind cogeneration for power. Using this design, Donlin Creek would operate for more than 20 years and potentially produce 1 to 1.5 million ounces of gold annually. Permitting would start in early 2009 with construction targeted for 2012.
About the Donlin Creek Project
NovaGold owns a 50% interest in the Donlin Creek deposit in an agreement with Barrick (50%). Located in southwestern Alaska, Donlin Creek is one of the world's largest undeveloped gold deposits. As currently envisioned, the mine would be developed as a high-tonnage open-pit operation. NovaGold and Barrick are moving forward cooperatively to maximize the value of the Donlin Creek deposit by advancing the project through feasibility and permitting while bringing sustainable economic benefits to the Native Alaskan Corporations and local communities in the region.
A rigorous quality control and quality assurance protocol was used on the project, including blank and reference samples with each batch of assays. All drill samples were analyzed by fire assay and ICP at ALS Chemex Labs in Vancouver, B.C., Canada. The drill program and sampling protocol was managed by Barrick, as were assay quality control and quality assurance standards. Kevin Francis, P.Geo., Resource Manager for NovaGold, who is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101") has reviewed the results of Barrick's drill program and confirmed that all procedures, protocols and methodologies used in the drill program conform to industry standards. The technical information contained in this press release was verified by, and is the responsibility of, Kevin Francis.
About NovaGold
NovaGold is a precious metals company focused on exploration, development and mining, with mineral properties in Alaska and Western Canada. Gold production has started at the 100%-owned Nome Operations in Alaska, which includes the Rock Creek, Big Hurrah and Nome Gold deposits. NovaGold owns 50% of the Donlin Creek gold project in Alaska, one of the world's largest gold deposits, with Barrick Gold (50%). The Company also owns 50% of the Galore Creek copper-gold-silver project in British Columbia with Teck Cominco (50%). NovaGold has one of the largest resource bases of any junior or mid-tier level producing gold company. NovaGold trades on the TSX and AMEX under the symbol NG. More information is available online at www.novagold.net or by e-mail at info@novagold.net.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding anticipated completion of feasibility studies, potential results of drilling and assays, timing of permitting, construction and production and other milestones, and NovaGold's future operating or financial performance are forward-looking statements. Estimates of reserves and resources are also forward-looking statements in that they involve estimates of the mineralization that would be encountered, based on interpretation of drilling results and certain assumptions, if a deposit were developed and mined. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from NovaGold's expectations include uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for continued cooperation with Barrick Gold and Teck Cominco in the exploration and development of the Donlin Creek and Galore Creek properties; the need for cooperation of government agencies and native groups in the development and operation of the Rock Creek property and other properties; the need to obtain permits and governmental approvals; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, fluctuations in metal prices and currency exchange rates, and other risks and uncertainties disclosed in NovaGold's Annual Information Form for the year ended November 30, 2007, filed with the Canadian securities regulatory authorities, and NovaGold's annual report on Form 40-F filed with the United States Securities and Exchange Commission and in other NovaGold reports and documents filed with applicable securities regulatory authorities from time to time. NovaGold's forward looking statements reflect the beliefs, opinions and projections on the date the statements are made. NovaGold assumes no obligation to update forward looking statements of management beliefs, opinions, projections, or other factors should they change. Cautionary Note Concerning Reserve and Resource Estimates
This press release and other information released by NovaGold uses the terms "resources", "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the "SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred resources are in addition to measured and indicated resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all reserve and resource estimates contained in this press release or released by NovaGold in the future, have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. The requirements of NI 43-101 are not the same as those of the SEC, and reserves reported by NovaGold in compliance with NI 43-101 may not qualify as reserves under the SEC's standards.
Contacts:
NovaGold Resources Inc.
Greg Johnson
Vice President, Strategic Development
(604) 669-6227 or 1-866-669-6227
NovaGold Resources Inc.
Don MacDonald
Senior Vice President and CFO
(604) 669-6227 or 1-866-669-6227
Website: www.novagold.net
SOURCE: NovaGold Resources Inc.
http://www.novagold.net
NYBob
16 years ago
NovaGold Closes US$20 Million Bridge Loan Convertible at C$12/Share
Friday September 26, 4:45 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--
Sep 26, 2008 --
NovaGold Resources Inc. -
("NovaGold") (Toronto:NG.TO - News)(NG - News) today announced that it has obtained a secured bridge loan (the "Loan") in the amount of US$20 million from Auramet Trading, LLC ("Auramet"). Auramet, based in Fort Lee, New Jersey, is a leading merchant banking and advisory firm specializing in the global resource sector.
http://biz.yahoo.com/iw/080926/0437939.html
The proceeds of the Loan will be used by NovaGold for general corporate purposes.
The Loan matures on December 29, 2008 and will bear interest at a rate of 12% per annum or approximately 3% for the term of the Loan.
Auramet has the right to convert the principal amount of the Loan into common shares of NovaGold at a price of C$12.00 per common share.
NovaGold has also issued to Auramet warrants to purchase 750,000 common shares of NovaGold at an exercise price based on the TSX 5 day volume weighted price of C$7.18 per share, at any time before September 25, 2010.
As security for the Loan, NovaGold have granted to Auramet a security interest in the Rock Creek mine, a pledge of securities in certain material subsidiaries and guarantees.
"This bridge loan is a precursor to a long term credit line based on multi-year cash flows from Rock Creek that is in negotiation, with assistance from Auramet, by NovaGold with several international banks," said Don MacDonald, CFO of NovaGold.
"The Auramet Loan should provide time for the Rock Creek mine to progress through the start up process.
We are pleased that based on the quality of the Company's assets, we are able to access financing at competitive rates during a period of such unprecedented market turbulence."
About NovaGold
NovaGold is a precious metals company focused on exploration, development and mining, with mineral properties in Alaska and Western Canada.
Gold production has started at the 100%-owned Nome Operations in Alaska, which includes the Rock Creek, Big Hurrah and Nome Gold deposits.
NovaGold owns 50% of the Donlin Creek gold project in Alaska, one of the world's largest gold deposits, with Barrick Gold (50%).
The Company also owns 50% of the Galore Creek copper-gold-silver project in British Columbia with Teck Cominco (50%).
NovaGold has one of the largest resource bases of any junior or mid-tier level producing gold company.
NovaGold trades on the TSX and AMEX under the symbol NG.
More information is available online at
http://www.novagold.net
or by e-mail at info@novagold.net.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the availability of the anticipated long-term loan and other anticipating funding events, anticipated construction and production and other milestones, the anticipated results of the Rock Creek mine, NovaGold's future operating or financial performance, and estimates of production, reserves and resources are forward-looking statements. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from NovaGold's expectations include uncertainties involving the availability of financing in the debt and capital markets and the fact that no commitment for financing has been received; the fact that any negative developments in NovaGold's business, the mining industry, the debt and capital markets or the economy generally could interfere with anticipated funding events; uncertainties involved in the start up of Rock Creek, including whether the performance of the mine will meet expectations and remaining environmental compliance issues; the need for continued cooperation with Barrick Gold and Teck Cominco in the exploration and development of the Donlin Creek and Galore Creek properties; the need for cooperation of government agencies and native groups in the development and operation of the Rock Creek property and other properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in ore grades or recovery rates or cost increases, fluctuations in metal prices and currency exchange rates, and other risks and uncertainties disclosed in NovaGold's Annual Information Form for the year ended November 30, 2007, filed with the Canadian securities regulatory authorities, and NovaGold's annual report on Form 40-F filed with the United States Securities and Exchange Commission and in other NovaGold reports and documents filed with applicable securities regulatory authorities from time to time. NovaGold's forward looking statements reflect the beliefs, opinions and projections on the date the statements are made. NovaGold assumes no obligation to update forward looking statements of management beliefs, opinions, projections, or other factors should they change.
Contact:
Contacts:
NovaGold Resources Inc.
Don MacDonald
Senior Vice President and CFO
(604) 669-6227 or 1-866-669-6227
NovaGold Resources Inc.
Greg Johnson
Vice President, Strategic Development
(604) 669-6227 or 1-866-669-6227
Email: info@novagold.net
Website: http://www.novagold.net
Source: NovaGold Resources Inc.
God Bless
mick
16 years ago
hi Bob, i like the way GOLD has been trading. it is lagging blackgold too.
so increments may start to be in tens or twenties ppo moves soon.
RE:
NovaGold Announces Feasibility Study in Q1-2009 for Donlin Creek Project
Tuesday June 10, 9:15 am ET
http://ca.us.biz.yahoo.com/iw/080610/0405390.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 10, 2008 -- NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today provided an update on the Donlin Creek gold project, including initial assay results from 2008 drilling, a resource estimate incorporating the remainder of 2007 drilling, and the decision that a feasibility study will be completed and approved by Q1-2009.
Highlights
- Resource update estimates 31.7 million ounces of measured and indicated gold resources with an additional 4.2 million ounces of inferred gold resources
- Initial drill results at East Acma highlight continued resource expansion
- Preferred project design identified - feasibility study to be completed and approved by Q1-2009
Preferred Project Design Identified
The Donlin Creek LLC, a limited liability company owned 50% each by NovaGold and Barrick Gold U.S. Inc., a wholly-owned subsidiary of Barrick Gold Corporation, has identified a preferred design for the Donlin Creek project and plans to complete and approve a feasibility study by Q1-2009. The Donlin Creek project is expected to have a throughput design of approximately 50,000 tonnes per day using onsite diesel and wind cogeneration for power. Using this design, Donlin Creek would operate for 25 to 30 years and produce potentially 1 to 1.5 million ounces of gold annually. Permitting would start in early 2009 with construction targeted for 2012.
"We've been working toward this goal since we acquired the property in 2002," said Rick Van Nieuwenhuyse, President & CEO of NovaGold. "I am particularly pleased that after careful consideration and a review of all possible alternatives, the partners are aligned on the path forward. NovaGold and Barrick will work together to optimize the final project design, complete a feasibility study and initiate permitting. We're one step closer to building one of the world's largest gold mines."
The Donlin Creek LLC considered building a powerline for the project. Detailed scoping studies indicated, however, that the increased construction time as well as permitting and business risks associated with the powerline outweighed the economic incentives of this option. The feasibility study will provide updated economics and cost estimates for the project based on onsite diesel and wind cogeneration and the revised project design.
Resource Update
The remaining 20,000 meters of 2007 drilling have been incorporated into an updated resource estimate for the Donlin Creek project. The resource base has increased to 31.7 million ounces of measured and indicated gold resources with an additional 4.2 million ounces of inferred gold resources, representing an 8% and 20% increase, respectively, from the previous estimate released in February 2008.
Donlin Creek Resource Estimate - DC8(1)(2)(3)
Effective Date June 10, 2008
-----------------------------------------------------------
Tonnes Grade Au Ounces
Resource Category (Millions) (Au g/t) (Millions)
-----------------------------------------------------------
Measured 6.2 2.87 0.58
-----------------------------------------------------------
Indicated 387.6 2.49 31.09
-----------------------------------------------------------
Total M+I 393.8 2.50 31.67
-----------------------------------------------------------
Inferred 55.4 2.33 4.16
-----------------------------------------------------------
Notes:
(1) Mineral resources that are not mineral reserves do not have
demonstrated economic viability. See "Cautionary Note Concerning
Reserve and Resource Estimates."
(2) Rounding differences may occur.
(3) Resources are constrained within a Lerchs-Grossman (LG) open-pit shell
using the long-term metal price assumption of US$750/oz of gold.
Assumptions for the LG shell included pit slopes variable by sector and
pit area: mining cost is variable with depth, averaging US$1.80/t
mined; process cost is calculated as the percent sulfur grade x US$2.65
+ US$12.44; general and administrative costs, gold selling cost and
sustaining capital are reflected on a per tonne basis. Based on
metallurgical testing, average gold recovery is assumed to be 90%.
The resource has been constrained within a conceptual pit based on US$750/oz of gold and using recent estimates of mining, geotechnical and metallurgical parameters. A variable cutoff grade averaging 0.87 grams per tonne (g/t) gold is based on recent estimates of mining costs, processing costs (dependent upon sulfur content), selling costs and royalties.
The updated resource estimate was based on a 3D geologic and mineralization model that integrated all exploration work on the project through 2007, including 173,031 assayed sample intervals in 1,678 holes. Metal grades were estimated with 6-meter-long drill hole composites using inverse distance cubed estimation methods into 6 meter x 6 meter x 6 meter blocks. Geologic controls to mineralization were applied using lithologic constraints and grade shell. High-grade outlier composite values were capped based on a review of cumulative frequency plots for each major rock type.
A rigorous quality control and quality assurance protocol was used on the project, including blank and reference samples with each batch of assays. All drill samples were analyzed by fire assay and ICP at ALS Chemex Labs in Vancouver, BC, Canada. The 2007 drill program and sampling protocol was managed by Barrick, as were assay quality control and quality assurance standards. The 2008 drill program and sampling protocol is managed by Donlin Creek LLC, as are assay quality control and quality assurance standards. Kevin Francis, PGeo, Resource Manager for NovaGold, who is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101"), has validated the resource estimate above and the drill results below, and confirms that procedures, protocols and methodology conform to industry standard.
Preliminary 2008 Drill Results
Just over 19,000 meters of the 21,000 meters of drilling budgeted for Phase 1 drilling in 2008 has been completed to date. Assay results from the initial 15 drill holes in the East Acma area have been received and indicate that grades and thicknesses representative of typical Acma-style mineralization continue along the East Acma structural zone. Highlights include(1):
- DC08-1686 intersected 256.9 meters of 3.25 g/t gold in 19 mineralized intervals
- DC08-1687 intersected 71.5 meters of 4.48 g/t gold in 9 mineralized intervals
- DC08-1688 intersected 60.0 meters of 4.36 g/t gold in 4 mineralized intervals
- DC08-1689 intersected 42.1 meters of 6.97 g/t gold in 8 mineralized intervals
- DC08-1695 intersected 302.6 meters of 3.97 g/t gold in 13 mineralized intervals
- DC08-1701 intersected 154.5 meters of 3.67 g/t gold in 12 mineralized intervals
- DC08-1702 intersected 160.6 meters of 5.08 g/t gold in 8 mineralized intervals
(1) Composites constructed from assays at a 1.0 g/t gold cutoff grade and a maximum of 4 meters of internal dilution. The true width of these composites has not yet been determined.
Widely spaced drilling at East Acma demonstrates that mineralization continues approximately 500 meters to the east of the current pit-constrained resource along the Donlin Creek anticline, an important ore-controlling structure. A map showing the 2007 and 2008 drilling results received to date is available in the attached Figure, available at http://media3.marketwire.com/docs/ng610map.pdf. The 2008 holes are intercepting mineralization below and beyond the current pit limit and highlight the potential to increase the Donlin Creek resource base with additional infill drilling. The Phase 1 program is focused on the limits of mineralization and its impact on facilities placement in the East Acma area versus conversion of mineralization to resources.
While the Donlin Creek LLC will continue additional infill drilling in the East Acma area during the remainder of the budgeted Phase 1 program, the Phase 2 program in 2008 will largely be focused on finalizing the feasibility study and preparing for permitting. Exploration at the project will continue throughout the permitting process, with a focus on identifying additional high-grade ore that can enhance grade in the early years of production, reducing the capital payback period.
About NovaGold
NovaGold is a precious metals company engaged in the exploration and development of mineral properties in Alaska and Western Canada. Production is scheduled for 2008 at the 100%-owned Nome Operations in Alaska, which includes the Rock Creek, Big Hurrah and Nome Gold deposits. NovaGold owns 50% of the Donlin Creek gold project in Alaska, one of the world's largest gold deposits, with Barrick Gold (50%). The Company also owns 50% of the Galore Creek copper-gold-silver project in British Columbia with Teck Cominco (50%). Also in Alaska, NovaGold is earning a 51% interest as manager of the high-grade Ambler copper-zinc-silver-gold project in partnership with Rio Tinto. NovaGold has one of the largest resource bases of any exploration or development-stage precious metals company. NovaGold trades on the TSX and AMEX under the symbol NG. More information is available online at www.novagold.net or by e-mail at info@novagold.net.
Cautionary Note Concerning Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation; anticipated dates for receipt of permits and approvals, construction and production, and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; anticipated availability and terms of future financing; estimated timing and amounts of future expenditures, and NovaGold's future production, operating and capital costs, operating or financial performance, are forward-looking statements. Information concerning mineral reserve and resource estimates also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. NovaGold's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and NovaGold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change except as required by law.
For the reasons set forth above, investors should not place undue reliance on forward-looking statements. Important factors that could cause actual results to differ materially from NovaGold's expectations include uncertainties involved in disputes and litigation; fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in NovaGold's Annual Information Form for the year ended November 30, 2007, filed with the Canadian securities regulatory authorities, NovaGold's annual report on Form 40-F filed with the United States Securities and Exchange Commission, and other information released by NovaGold from time to time and filed with the appropriate regulatory agencies.
Cautionary Note Concerning Reserve and Resource Estimates
This press release and other information released by NovaGold uses the terms "reserves", "resources", "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the "SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred resources are in addition to measured and indicated resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all reserve and resource estimates contained in this press release or released by NovaGold in the future, have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. The requirements of NI 43-101 are not the same as those of the SEC, and reserves reported by NovaGold in compliance with NI 43-101 may not qualify as reserves under the SEC's standards.
Contact:
Contacts:
NovaGold Resources Inc.
Greg Johnson, Vice President,
Corporate Communications and Strategic Development
(604) 669-6227 or 1-866-669-6227
NovaGold Resources Inc.
Rhylin Bailie
Manager, Corporate & Investor Relations
(604) 669-6227 or 1-866-669-6227
Website: http://www.novagold.net
Source: NovaGold Resources Inc.
NYBob
16 years ago
NovaGold Announces Feasibility Study in Q1-2009 for Donlin Creek Project
Tuesday June 10, 9:15 am ET
http://ca.us.biz.yahoo.com/iw/080610/0405390.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 10, 2008 -- NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today provided an update on the Donlin Creek gold project, including initial assay results from 2008 drilling, a resource estimate incorporating the remainder of 2007 drilling, and the decision that a feasibility study will be completed and approved by Q1-2009.
Highlights
- Resource update estimates 31.7 million ounces of measured and indicated gold resources with an additional 4.2 million ounces of inferred gold resources
- Initial drill results at East Acma highlight continued resource expansion
- Preferred project design identified - feasibility study to be completed and approved by Q1-2009
Preferred Project Design Identified
The Donlin Creek LLC, a limited liability company owned 50% each by NovaGold and Barrick Gold U.S. Inc., a wholly-owned subsidiary of Barrick Gold Corporation, has identified a preferred design for the Donlin Creek project and plans to complete and approve a feasibility study by Q1-2009. The Donlin Creek project is expected to have a throughput design of approximately 50,000 tonnes per day using onsite diesel and wind cogeneration for power. Using this design, Donlin Creek would operate for 25 to 30 years and produce potentially 1 to 1.5 million ounces of gold annually. Permitting would start in early 2009 with construction targeted for 2012.
"We've been working toward this goal since we acquired the property in 2002," said Rick Van Nieuwenhuyse, President & CEO of NovaGold. "I am particularly pleased that after careful consideration and a review of all possible alternatives, the partners are aligned on the path forward. NovaGold and Barrick will work together to optimize the final project design, complete a feasibility study and initiate permitting. We're one step closer to building one of the world's largest gold mines."
The Donlin Creek LLC considered building a powerline for the project. Detailed scoping studies indicated, however, that the increased construction time as well as permitting and business risks associated with the powerline outweighed the economic incentives of this option. The feasibility study will provide updated economics and cost estimates for the project based on onsite diesel and wind cogeneration and the revised project design.
Resource Update
The remaining 20,000 meters of 2007 drilling have been incorporated into an updated resource estimate for the Donlin Creek project. The resource base has increased to 31.7 million ounces of measured and indicated gold resources with an additional 4.2 million ounces of inferred gold resources, representing an 8% and 20% increase, respectively, from the previous estimate released in February 2008.
Donlin Creek Resource Estimate - DC8(1)(2)(3)
Effective Date June 10, 2008
-----------------------------------------------------------
Tonnes Grade Au Ounces
Resource Category (Millions) (Au g/t) (Millions)
-----------------------------------------------------------
Measured 6.2 2.87 0.58
-----------------------------------------------------------
Indicated 387.6 2.49 31.09
-----------------------------------------------------------
Total M+I 393.8 2.50 31.67
-----------------------------------------------------------
Inferred 55.4 2.33 4.16
-----------------------------------------------------------
Notes:
(1) Mineral resources that are not mineral reserves do not have
demonstrated economic viability. See "Cautionary Note Concerning
Reserve and Resource Estimates."
(2) Rounding differences may occur.
(3) Resources are constrained within a Lerchs-Grossman (LG) open-pit shell
using the long-term metal price assumption of US$750/oz of gold.
Assumptions for the LG shell included pit slopes variable by sector and
pit area: mining cost is variable with depth, averaging US$1.80/t
mined; process cost is calculated as the percent sulfur grade x US$2.65
+ US$12.44; general and administrative costs, gold selling cost and
sustaining capital are reflected on a per tonne basis. Based on
metallurgical testing, average gold recovery is assumed to be 90%.
The resource has been constrained within a conceptual pit based on US$750/oz of gold and using recent estimates of mining, geotechnical and metallurgical parameters. A variable cutoff grade averaging 0.87 grams per tonne (g/t) gold is based on recent estimates of mining costs, processing costs (dependent upon sulfur content), selling costs and royalties.
The updated resource estimate was based on a 3D geologic and mineralization model that integrated all exploration work on the project through 2007, including 173,031 assayed sample intervals in 1,678 holes. Metal grades were estimated with 6-meter-long drill hole composites using inverse distance cubed estimation methods into 6 meter x 6 meter x 6 meter blocks. Geologic controls to mineralization were applied using lithologic constraints and grade shell. High-grade outlier composite values were capped based on a review of cumulative frequency plots for each major rock type.
A rigorous quality control and quality assurance protocol was used on the project, including blank and reference samples with each batch of assays. All drill samples were analyzed by fire assay and ICP at ALS Chemex Labs in Vancouver, BC, Canada. The 2007 drill program and sampling protocol was managed by Barrick, as were assay quality control and quality assurance standards. The 2008 drill program and sampling protocol is managed by Donlin Creek LLC, as are assay quality control and quality assurance standards. Kevin Francis, PGeo, Resource Manager for NovaGold, who is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101"), has validated the resource estimate above and the drill results below, and confirms that procedures, protocols and methodology conform to industry standard.
Preliminary 2008 Drill Results
Just over 19,000 meters of the 21,000 meters of drilling budgeted for Phase 1 drilling in 2008 has been completed to date. Assay results from the initial 15 drill holes in the East Acma area have been received and indicate that grades and thicknesses representative of typical Acma-style mineralization continue along the East Acma structural zone. Highlights include(1):
- DC08-1686 intersected 256.9 meters of 3.25 g/t gold in 19 mineralized intervals
- DC08-1687 intersected 71.5 meters of 4.48 g/t gold in 9 mineralized intervals
- DC08-1688 intersected 60.0 meters of 4.36 g/t gold in 4 mineralized intervals
- DC08-1689 intersected 42.1 meters of 6.97 g/t gold in 8 mineralized intervals
- DC08-1695 intersected 302.6 meters of 3.97 g/t gold in 13 mineralized intervals
- DC08-1701 intersected 154.5 meters of 3.67 g/t gold in 12 mineralized intervals
- DC08-1702 intersected 160.6 meters of 5.08 g/t gold in 8 mineralized intervals
(1) Composites constructed from assays at a 1.0 g/t gold cutoff grade and a maximum of 4 meters of internal dilution. The true width of these composites has not yet been determined.
Widely spaced drilling at East Acma demonstrates that mineralization continues approximately 500 meters to the east of the current pit-constrained resource along the Donlin Creek anticline, an important ore-controlling structure. A map showing the 2007 and 2008 drilling results received to date is available in the attached Figure, available at http://media3.marketwire.com/docs/ng610map.pdf. The 2008 holes are intercepting mineralization below and beyond the current pit limit and highlight the potential to increase the Donlin Creek resource base with additional infill drilling. The Phase 1 program is focused on the limits of mineralization and its impact on facilities placement in the East Acma area versus conversion of mineralization to resources.
While the Donlin Creek LLC will continue additional infill drilling in the East Acma area during the remainder of the budgeted Phase 1 program, the Phase 2 program in 2008 will largely be focused on finalizing the feasibility study and preparing for permitting. Exploration at the project will continue throughout the permitting process, with a focus on identifying additional high-grade ore that can enhance grade in the early years of production, reducing the capital payback period.
About NovaGold
NovaGold is a precious metals company engaged in the exploration and development of mineral properties in Alaska and Western Canada. Production is scheduled for 2008 at the 100%-owned Nome Operations in Alaska, which includes the Rock Creek, Big Hurrah and Nome Gold deposits. NovaGold owns 50% of the Donlin Creek gold project in Alaska, one of the world's largest gold deposits, with Barrick Gold (50%). The Company also owns 50% of the Galore Creek copper-gold-silver project in British Columbia with Teck Cominco (50%). Also in Alaska, NovaGold is earning a 51% interest as manager of the high-grade Ambler copper-zinc-silver-gold project in partnership with Rio Tinto. NovaGold has one of the largest resource bases of any exploration or development-stage precious metals company. NovaGold trades on the TSX and AMEX under the symbol NG. More information is available online at www.novagold.net or by e-mail at info@novagold.net.
Cautionary Note Concerning Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation; anticipated dates for receipt of permits and approvals, construction and production, and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; anticipated availability and terms of future financing; estimated timing and amounts of future expenditures, and NovaGold's future production, operating and capital costs, operating or financial performance, are forward-looking statements. Information concerning mineral reserve and resource estimates also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. NovaGold's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and NovaGold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change except as required by law.
For the reasons set forth above, investors should not place undue reliance on forward-looking statements. Important factors that could cause actual results to differ materially from NovaGold's expectations include uncertainties involved in disputes and litigation; fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in NovaGold's Annual Information Form for the year ended November 30, 2007, filed with the Canadian securities regulatory authorities, NovaGold's annual report on Form 40-F filed with the United States Securities and Exchange Commission, and other information released by NovaGold from time to time and filed with the appropriate regulatory agencies.
Cautionary Note Concerning Reserve and Resource Estimates
This press release and other information released by NovaGold uses the terms "reserves", "resources", "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the "SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred resources are in addition to measured and indicated resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all reserve and resource estimates contained in this press release or released by NovaGold in the future, have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. The requirements of NI 43-101 are not the same as those of the SEC, and reserves reported by NovaGold in compliance with NI 43-101 may not qualify as reserves under the SEC's standards.
Contact:
Contacts:
NovaGold Resources Inc.
Greg Johnson, Vice President,
Corporate Communications and Strategic Development
(604) 669-6227 or 1-866-669-6227
NovaGold Resources Inc.
Rhylin Bailie
Manager, Corporate & Investor Relations
(604) 669-6227 or 1-866-669-6227
Website: http://www.novagold.net
Source: NovaGold Resources Inc.
NYBob
16 years ago
Copper Canyon Resources Ltd. (V.CPY) $ 0.55 +$0.17
(+44.74%)
Volume: 526.81 k
3:56 PM EST Feb 15, 2008
Its a start to fill the gap -
its more to be elevated -
never sell in an upphill -
secure yourself to the saddle -
let's the move GO -
http://finance.yahoo.com/q?s=CPY.V
Copper Canyon Resources Ltd.: Copper Canyon Resources/NovaGold
to form Copper Canyon Joint Venture -
2/15/2008
Feb 15, 2008 (M2 PRESSWIRE via COMTEX News Network) --
subsidiary of NovaGold Resources Inc.
(AMEX, TSX:NG), have agreed to form a 40/60 joint venture
to explore and develop the Copper Canyon property,
located adjacent to the Galore Creek Partnership's Galore Creek project, located in north-western British Columbia, Canada.
The Galore Creek Partnership is a 50/50 partnership
between Teck Cominco and NovaGold.
NovaGold has satisfied all requirements under an option agreement with Copper Canyon which saw the completion of $3,000,000 in exploration expenditures, delivery of 296,000 NovaGold shares and cash payments of $250,000.
A 2% net smelter royalty ("NSR") is held by B. Kreft,
one-half of which may be purchased at any time
for $1,000,000.
Work on the Copper Canyon property has been carried out annually since 2004, when the property was first optioned to SpectrumGold and subsequently transferred to NovaGold.
After completing an 8-hole program in 2004,
NovaGold commissioned an independent engineering firm who reported a significant inferred category resource estimate as reported previously by the Company (see news release Nov 19, 2007).
A new resource estimate is underway based on 2007 drilling results and will be released in due course.
Drilling to date at Copper Canyon has indicated the presence of both a large, bulk-tonnage copper-gold mineralized system and zones of high-grade gold mineralization. The best hole drilled in the Galore Creek district was CC1990-02, which intersected 270.8m (898') grading 1.92 g/tonne Au, 22.28 g/tonne Ag and 1.05% Cu. Other notable intersects include hole CC05-030, which returned 2.5m grading 50.6 g/t Au, and hole CC07-36 which returned 31.9 g/t Au over 2.5 m from 183.5m to 186.0m and 26.8g/t Au over 2.7m from 211.8m to 214.5m (true thicknesses undetermined)
Since acquiring the property, NovaGold has completed 22 drill-holes, with a total of 44 holes drilled on the property since 1990. A compilation map outlining drill-hole locations can be found here:
Copper Canyon Drill-hole Location Map: http://www.copcanyon.com/projects/coppercanyon/documents/CopperCanyon200 7DrillProgram_000.pdf
About Copper Canyon Resources
Copper Canyon Resources was created by way of a Plan of Arrangement on June 9, 2006. Shareholders of Eagle Plains Resources Ltd. approved the plan to reorganize the Company's mineral property assets in an effort to maximize shareholder value. Under the terms of the arrangement, three of Eagle Plains' projects: Copper Canyon, Severance and Abo (Harrison) Gold, were transferred into Copper Canyon on a one-for-one share basis.
This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a "Qualified Person" under National Instrument 43-101.
On behalf of the Board of Directors
Signed, "Tim J. Termuende" President and CEO
Cautionary Note Regarding Forward-Looking Statements
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and, therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Source: Copper Canyon Resources Ltd. (TSX-V: CPY)
CONTACT:
Mike Labach, Copper Canyon Resources Ltd
Tel: +1 866 486 8673
e-mail: mgl@copcanyon.com
WWW: http://www.copcanyon.com
WWW:
http://www.eagleplains.com
Filing Services Canada Inc
Tel: +1 403 717 3898
Fax: +1 403 717 3896
WWW:
http://www.usetdas.com
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
(C)1994-2008 M2 COMMUNICATIONS LTD
http://investorshub.advfn.com/boards/board.asp?board_id=11317
NYBob
16 years ago
Copper Canyon Project | CU, AU, AG -
The Galore Creek/Copper Canyon project overlies one of
the largest and highest-grade alkalic intrusive-related
gold-silver-copper deposits in North America.
The project, operated by NovaGold Canada Ltd (TSE:NG) and
Teck Cominco Ltd (TCK:TSE) with indirect participation by
Copper Canyon Resources.
Copper Canyon Highlights:
* Copper Canyon Resources controls 40% of
the Copper Canyon property
* NovaGold/Teck Cominco -
have earned a 60% interest in the Copper Canyon project,
by completing C$3 million in exploration expenditures,
issuing a total of 296,000 of NG shares and making
property payments totalling C$250,000.
* NovaGold/Teck Cominco -
may earn an additional 20% interest in the project
for a total of 80% by paying Copper Canyon Resources
C$1 million and completing a feasibility study
by October 1, 2011.
During the 2007 season,
NovaGold/Teck Cominco -
completed a 16,000’ (4,940m), 12-hole diamond drilling
program on the Copper Canyon Property.
A number of holes were targeted beneath and beyond
the existing boundaries of the current inferred resource.
Hole CC07-0033 was drilled to a total depth of 2,076 ft
(633 m), testing over 250 m beneath historical drill-hole
CC90-2, the highest-grade hole in the Galore District,
which intersected 888 ft (270 m) grading 1.92 g/tonne Au,
22.28 g/t Ag
and 1.05% Cu.
Follow-up drilling was also completed on hole CC05-030
(drilled in late 2005), which intersected
2.5 m grading 50.6 g/t Au (1.5 oz/ton).
Assay results from this program are pending.
A plan of these holes may be seen on the Copper Canyon 2007
Drill Program Map,
the link is located below and to the right.
NovaGold drilled two holes at Copper Canyon in 2005 season,
following an 8 hole program in 2004 and announced an
Inferred Resource based on a compilation of both their
work and 14 historic drill holes on January 10th, 2005.
A plan of existing drill-hole locations may be viewed
on the Copper Canyon Compilation Map.
The Inferred Category resource estimate was completed
by independent engineering firm Hatch Ltd.
of Vancouver, B.C., Canada.
The Copper Canyon property contains -
over 2.86 million ounces of gold,
37.9 million ounces of silver
and 1.16 billion pounds of copper
at a 0.35% copper equivalent cut-off grade (CuEq).
Only a small % or fraction of the property has been
explored, still a very huge deposit outlined -
Copper Equivalent grades are based both on long-term
average metal prices and estimated recoveries based
on extensive metallurgical data from the adjacent
Galore Creek Central/SW deposit.
The drill results have defined a broad area
of precious metal rich mineralization at least 700 meters
by 400 meters which is open to expansion in 3 directions
including depth.
The mineralization begins at surface,
continuing to as much as 300 meters depth
and occurs as a roughly 100+ meter thick zone
of disseminated chalcopyrite and pyrite hosted within
an intrusive porphyry complex.
http://www.copcanyon.com/projects/coppercanyon/
http://investorshub.advfn.com/boards/board.asp?board_id=11317
http://www.copcanyon.com/index.asp
http://www.copcanyon.com/tours/
Tobin Smith -
http://www.changewave.com/freecontent/2008/01/tobymain20080123.html
mick
16 years ago
hi Bob, tobin smith is a part of this too. i like tobin a lot.
RE:
The right timing for metal gains -
The Daily Reckoning, Bill Bonner (newsletter)
===================================================================
Here’s an article sent to us yesterday describing China’s
remarkable effect on world commodity prices, especially food
(the following comes from a recent issue of Mother Jones ):
“Per-capita income in China is less than 1/10 of America’s and
its per-capita greenhouse gas emission is less than 1/5 of
ours. But if 1.3 billion Chinese were to consume at the level
Americans do, we’d need several more Earths.
China’s effect on world resources, quantified:
China is:
• The world’s largest consumer of coal, grain, fertilizer,
cell phones, refrigerators, and televisions
• The leading importer of iron ore, steel, copper, tin, zinc,
aluminum, and nickel
• The top producer of coal, steel, cement, and 10 kinds of
metal
• The No. 1 importer of illegally logged wood
• The third-largest producer of cars after Japan and the United
States; by 2015, it could be the world’s largest car
producer. By 2020, there could be 130 million cars on its
roads, compared to 33 million now.
More Facts:
• China produces half of the world’s cameras, 1/3 of its
television sets, and 1/3 of all the planet’s garbage.
• There are towns in China that make 60% of the world’s button
supply, 1/2 of all silk neckties, and 1/2 of all fireworks.
• China uses half of the world’s steel and concrete and will
probably construct half of the world’s new buildings over
the next decade.
• Some Chinese factories can fit as many as 200,000 workers.
• China used 2.5 billion tons of coal in 2006, more than the
next three highest-consuming nations—Russia, India, and the
United States—combined.
• It has more than 2,000 coal-fired power plants and puts a
new one into operation every 4 to 7 days.
• Between 2003 and 2006, worldwide coal consumption increased
as much as it did in the 23 years before that. China was
responsible for 90% of the increase.
• China became the world’s top carbon dioxide emitter in 2006,
overtaking the United States.
• Russia is China’s largest timber supplier; half of all
logging there is illegal. In Indonesia, another timber
supplier to China, up to 80% of all logging takes place
illegally.
• 90% of all wood products made in China are consumed in the
country, including 45 billion pairs of wooden chopsticks
each year.
• The value of China’s timber-product exports exceeds $17
billion. About 40 percent go to the United States.
• More than 3/4 of China’s forests have disappeared;
1/4 of the country’s land mass is now desert.
• Until recently, China was losing a Rhode Island-sized
parcel of land to desertification each year.
• 80% of the Himalayan glaciers that feed Chinese rivers
could melt by 2035.
• In 2005, China’s sulfur-dioxide emissions were nearly
twice those of the United States.
• Acid rain caused by air pollution now affects 1/3 of
China’s land.
• Each year, at least 400,000 Chinese die prematurely
of air-pollution-linked respiratory illnesses or diseases.
• A quarter of a million people die because of motor-vehicle
traffic each year—6 times as many as in the United States,
even though Americans have 18 times as many cars.
• Of the world’s 20 most polluted cities, 16 are in China.
• Half of China’s population—600 to 700 million people—drinks
water contaminated with human and animal waste. A billion
tons of untreated sewage is dumped into the Yangtze
each year.
• 4/5 of China’s rivers are too polluted to support fish.
• The Mi Yun reservoir, Beijing’s last remaining reliable
source of drinking water, has dropped more than 50 feet
since 1993.
• Overuse of groundwater has caused land subsidence that
cost Shanghai alone $12.9 billion in economic losses.
• Dust storms used to occur once a year. Now, they happen
at least 20 times a year.
• Chinese dust storms can cause haziness and boost
particulate matter in the United States, all the way
over to Maine.
• In 2001, a huge Chinese storm dumped 50,000 metric tons
of dust on the United States. That’s 2.5 times as much
as what U.S. sources produce in a typical day.
• Currently, up to 36 percent of man-made mercury emissions
settling on America originated in Asia.
• Particulate matter from Asia accounts for nearly half
of California’s annual pollution limit.
• Environmental damage reportedly costs China 10 percent
of its GDP. Pollution-related death and disability
heath care costs alone are estimated at up to 4 percent
of GDP.
• In 2005, there were 50,000 pollution-related disputes
and protests in China.
• China’s middle class is expected to jump from 100 million
people today to 700 million people by 2020.
These statistics are drawn from “The Last Empire:
Can the world survive China’s rush to emulate
the American way of life?” in the current issue
of Mother Jones .
Gobble, gobble, gobble – the Chinese are eating up
the worlds resources, putting huge upward pressure
on prices.
God Bless America
http://investorshub.advfn.com/boards/board.asp?board_id=11317
do you follow PAL ?
Level up your trading with our powerful tools and real-time insights all in one place.
Hot Features
Premium
