LGL8054
11 years ago
BCGold Corp.
Provides Engineer Mine Update and
Announces Changes to Board of Directors
Vancouver, British Columbia, May 1, 2013 (TSX-V: BCG) – BCGold Corp. ("BCGold" or the "Company") announces that pursuant to terms of the March 3rd, 2013 Letter of Intent with Solid Holdings Ltd., both parties have agreed to extend the 45 day due diligence period to further refine capital and operating cost estimates for the proposed small tonnage gold mining operation. During this extended due diligence BCGold is permitted to pursue alternative Engineer Mine development opportunities with other parties. The Company is considering a number of expressions of interest received subsequent to the March 3rd, 2013 announcement.
BCGold also wishes to announce that Mr. John Kowalchuk, P.Geo., has joined the Company’s Board of Directors. Mr. Kowalchuk has served as technical advisor to BCGold’s board since the Company’s inception in 2006. Mr. Kowalchuk possesses more than 43 years of mineral exploration experience with both senior and junior mining companies working in Canada, US, Mexico, Chile and Nicaragua. He was Yukon and Northern B.C. District Geologist for Placer Dome for over 6 years and was instrumental in the discovery of several worldclass mineral deposits, including the Howard's Pass SEDEX lead-zinc deposits operated by the Selwyn Chihong Mining JV, and the Kerr-Sulphurets copper-gold porphyry deposits operated by Seabridge Gold. Mr. Kowalchuk is a director and officer of numerous junior exploration companies.
"We are very pleased that Mr. Kowalchuk has agreed to join the BCGold Board of Directors" states Brian P. Fowler, P.Geo., President and Chief Executive Officer of BCGold. "Mr. Kowalchuk’s extensive copper-gold exploration background and unique skill set is a natural complement for BCGold’s exploration and development strategy. Mr. Kowalchuk’s technical prowess and exploration insights will greatly assist the Company’s exploration, acquisition and growth strategies, particularly in B.C. and Yukon."
BCGold Corp. also announces that the Company has accepted board resignations from Messrs. Guy Le Bel and Wes Roberts. The board and management would like to thank Mr. Le Bel and Mr. Roberts for their respective contributions and wish them success in their future endeavors.
LGL8054
11 years ago
Front Page Feature, Newsletter Reviews
Canadian Junior Mining Companies and Independent Brokers Have a Bright Future
April 4, 2013 by Gold Editor
SOURCE:[The Gold Report] - Haywood Securities Managing Director Kevin Campbell is concerned by all the negative talk about the state of junior mining. In this reaction to an interview in The Gold Report with B&D Capital consultant Don Mosher, Campbell outlines the fundamental demand for commodities behind his conviction that this is a temporary downturn and that the TSX Venture Exchange, the industry and the experienced web of service providers that have built up around it are here toporary, albeit vicious, stay.
The Gold Report: As a managing director of investment banking at Haywood Securities, you're in a perfect position to report on the state of the junior mining financing environment. You called The Gold Report's March 25 interview of B&D Capital Consultant Don Mosher titled, "Strangulation by Regulation—Is the Venture Exchange on Its Deathbed?," alarmist. What is the state of the TSX Venture Exchange? Will it continue to serve the retail investor?
Kevin Campbell: The state of junior mining finance is abysmal. There's no question about that. The traditional sources of capital have all but evaporated over the last couple of years. Companies are seeking alternate sources of funding and in many cases are being successful. These sources include selling metals streams, selling royalties, hybrid debt, looking overseas, and all this is also leading to heightened merger and acquisition potential. The right companies will find ways to get by, but it's undoubtedly tough. Good management teams and good projects are going unfunded at the moment.
My concern is more around the public discussion of an existential threat to junior mining. I just don't believe that to be the case. It is an asset class like any other. It may be more volatile than others and subject to more extreme cycles. And we happen to be in a severe down cycle right now. Nonetheless, I believe that junior mining will remain an integral part of the commodity cycle going forward, and I believe in commodities going forward.
TGR: Are you saying that the challenges the junior miners are facing right now, particularly in finding funding, are simply cyclical? It has happened before; it will happen again and things will pick up.
KC: It all really comes down to flow of funds. The flow of funds from conventional sources has departed junior mining for the time being. But the demand for metals very much still exists. I think it comes down to some basic questions: Will there be more or less people in the world by 2025? Are they going to be more or less urbanized? Is their per-capita metal consumption going to be more or less than it is today? I think the answers point to the direction of enhanced metal consumption and more pressure from the demand side in the face of what has been a fairly anemic supply response thus far. I think there's reason to be optimistic and I think the cycle will see the flow of funds return. It just happens that we are in a trough where a lot of pain has been felt. I don't see any overall structural issue that would prevent junior mining from coming back to the fore at some point after this has all been cleansed and rationalized. One of my mentors in this business was let go from his mining role at a Canadian firm in 2001 with the explanation that mining was a "sunset industry." That sentiment is as nonsensical today as it was then.
LGL8054
11 years ago
Front Page Feature, Newsletter Reviews
Canadian Junior Mining Companies and Independent Brokers Have a Bright Future
April 4, 2013 by Gold Editor
SOURCE:[The Gold Report] - Haywood Securities Managing Director Kevin Campbell is concerned by all the negative talk about the state of junior mining. In this reaction to an interview in The Gold Report with B&D Capital consultant Don Mosher, Campbell outlines the fundamental demand for commodities behind his conviction that this is a temporary downturn and that the TSX Venture Exchange, the industry and the experienced web of service providers that have built up around it are here toporary, albeit vicious, stay.
The Gold Report: As a managing director of investment banking at Haywood Securities, you're in a perfect position to report on the state of the junior mining financing environment. You called The Gold Report's March 25 interview of B&D Capital Consultant Don Mosher titled, "Strangulation by Regulation—Is the Venture Exchange on Its Deathbed?," alarmist. What is the state of the TSX Venture Exchange? Will it continue to serve the retail investor?
Kevin Campbell: The state of junior mining finance is abysmal. There's no question about that. The traditional sources of capital have all but evaporated over the last couple of years. Companies are seeking alternate sources of funding and in many cases are being successful. These sources include selling metals streams, selling royalties, hybrid debt, looking overseas, and all this is also leading to heightened merger and acquisition potential. The right companies will find ways to get by, but it's undoubtedly tough. Good management teams and good projects are going unfunded at the moment.
My concern is more around the public discussion of an existential threat to junior mining. I just don't believe that to be the case. It is an asset class like any other. It may be more volatile than others and subject to more extreme cycles. And we happen to be in a severe down cycle right now. Nonetheless, I believe that junior mining will remain an integral part of the commodity cycle going forward, and I believe in commodities going forward.
TGR: Are you saying that the challenges the junior miners are facing right now, particularly in finding funding, are simply cyclical? It has happened before; it will happen again and things will pick up.
KC: It all really comes down to flow of funds. The flow of funds from conventional sources has departed junior mining for the time being. But the demand for metals very much still exists. I think it comes down to some basic questions: Will there be more or less people in the world by 2025? Are they going to be more or less urbanized? Is their per-capita metal consumption going to be more or less than it is today? I think the answers point to the direction of enhanced metal consumption and more pressure from the demand side in the face of what has been a fairly anemic supply response thus far. I think there's reason to be optimistic and I think the cycle will see the flow of funds return. It just happens that we are in a trough where a lot of pain has been felt. I don't see any overall structural issue that would prevent junior mining from coming back to the fore at some point after this has all been cleansed and rationalized. One of my mentors in this business was let go from his mining role at a Canadian firm in 2001 with the explanation that mining was a "sunset industry." That sentiment is as nonsensical today as it was then.
LGL8054
11 years ago
BCGOLD CORP. CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT
Vancouver, British Columbia, February 7, 2013 (TSX-V: BCG) – BCGold Corp. (or the “Company”) is pleased to announce that it has closed the final tranche of its private placement previously announced on December 5, 2012 and December 31, 2012. The Company has raised an additional $97,500 through the issuance of 1,300,000 units at a price of $0.075 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of $0.10 for a period of two years expiring February 6, 2015. The Company paid finder’s fees of $7,800 and issued 104,000 finder warrants exercisable at a price of $0.10 for a period of two years expiring January 8, 2015. All securities are subject to a four month hold period expiring June 7, 2013.
Proceeds from this financing will be used for in-house scoping studies, continued metallurgical studies, and for general working capital purposes. The Company will also continue attempts to source up to $5 million in capital for continued development, bulk-sampling and on-site milling of high-grade gold material at the Company’s 100% owned Engineer Mine Property, either by way of a convertible debenture, forward gold sale, or royalty agreement.
About BCGold Corp.
BCGold Corp. (TSX-V: BCG) is focused on exploration and development of its 100%-owned historic Engineer Mine and adjoining Gold Hill properties, situated in northwestern British Columbia. Since 2007 the Company has incurred approximately $3.5 million in expenditures to demonstrate the exploration upside and near term mining potential of these properties. BCGold Corp. is unique in that it exposes investors to the prospect of discoveries while being positioned to offset exploration costs by monetizing / forward selling gold concentrate recovered from on-site processing of high-grade gold bulk samples at Engineer Mine.
BCGold Corp. has generated 27 early to mid-stage gold and copper-gold properties in British Columbia and Yukon that it will continue to advance by sourcing preferred joint venture partners.
On behalf of the Board of Directors,
Brian P. Fowler, P. Geo.
President & CEO
For further information please contact:
Marla Lede
Manager, Corporate Communications
Tel: 604-697-2403
Email: bcgir@bcgoldcorp.com
LGL8054
11 years ago
BCGOLD CORP. INCREASES FINANCING TO $540,000 AND ANNOUNCES CLOSING OF FIRST TRANCHE PRIVATE PLACEMENT
Vancouver, British Columbia, December 31, 2012 (TSX-V: BCG) – BCGold Corp. (or the “Company”) is pleased to announce that due to a strong response from investors, the Company has increased its non-brokered private placement financing to $540,000 from the initially targeted $350,000 as set out in its news release dated December 5, 2012. The amended financing will be completed through the issuance of up to 7,200,000 million units at a price of $0.075 per unit. Each unit consists of one common share and one share purchase warrant, each warrant entitling the holder to purchase one additional common share at a price of $0.10 within two years of the date of closing. Finder’s fees payable in cash and/or securities will be paid in conjunction with this placement in accordance with the policies of the TSX Venture Exchange (the “TSXV”). This financing is subject to TSXV approval.
The Company is also pleased to announce that it has closed the first tranche of this private placement previously announced on December 5, 2012. The Company has raised $440,267 through the issuance of 4,570,234 units at a price of $0.075 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of $0.10 for a period of two years expiring December 28, 2014. Two BCGold Corp. insiders subscribed for a total of 1,026,234 units in this tranche.
The Company paid finder’s fees of $16,780 and issued 176,400 finder warrants exercisable at a price of $0.10 for a period of two years expiring December 28, 2014 and 47,320 finder compensation options.
Each compensation option is comprised of one common share and one share purchase warrant, with each warrant entitling the finder to acquire a warrant share exercisable at a price of $0.10 expiring December 28, 2014. All securities are subject to a four month hold period expiring April 29, 2013.
Proceeds from this financing will be used for in-house scoping studies, continued metallurgical studies, and for general working capital purposes. The Company will also continue attempts to source up to $5 million in capital for continued development, bulk-sampling and on-site milling of high-grade gold material at the Company’s 100% owned Engineer Mine Property, either by way of a convertible debenture, forward gold sale, or royalty agreement.
.
LGL8054
11 years ago
By BCG misleading investors over the last 60 days it has put their operation into question, BCG has caused investors to lose money by purchasing BCG stock and now has brought into question the reverse stock split and past news releases and the planed scoping study and not a feasibility study. NOW THE REVERSAL OF AND RESETTING OF THE STOCK PRICE IS BROUGHT INTO QUESTION.
Please read the following.
********************************
What is a Scoping Study? What is a Feasibility Study?
A recent comment on Talk Back asked a question about scoping studies and how a scoping study differs from a feasibility study.
That is a very interesting question. This blog considers the question of scoping study versus feasibility study in the context of MAG Silver (MAG), who has recently released a scoping study, completed by Wardrop -- see Valdecañas Scoping Study Results Reviewed.
Summary Answer
The key differences between a scoping study and a feasibility study have to do with:
stage of the project -- scoping study is limited to early stage projects
usage of inferred resources -- a scoping study, with strict disclosure requirements, may use inferred resources. A feasibility study would be restricted to Proven and Probable reserves plus Measured and Indicated resources.
Given that Inferred resources have a greater uncertainly associated with them, a scoping study relying on Inferred resources in going to have a much higher degree of uncertainty associated with it than a feasibility study limited to reserves and Measured + Indicated resources would have. Perhaps, it was the uncertainty associated with Inferred resources that caused Fresnillo to release Statement re MAG Silver announcement of Valdecañas scoping study on September 14, 2009 (viewed September 2009) which states:
The Management of Fresnillo plc has concerns about a number of the assumptions on which the results of this scoping study are based. This scoping study is a hypothetical development scenario and is based on preliminary information and therefore must not be mistaken for a pre-feasibility study.
Supporting rational for caution with respect to the reliance of Inferred resources is provided by disclosure history of the Valdecañas deposit. A quick check at www.sedar.com confirms that the Mineral Resource Estimation Valdecañas Silver-Gold Project Zacatecas State, Mexico NI 43-101, July 25, 2008 report by SRK Consulting showed an Inferred resource of 7.3M tonnes with gold at 2.06 g/t, silver at 1,011 g/t, lead at 2.31% and zinc at 3.94%. The next NI 43-101 TECHNICAL REPORT ON THE MINERAL RESOURCE UPDATE FOR THE JUANICIPIO JOINT VENTURE, ZACATECAS STATE, MEXICO, April 8, 2009 report by Scott Wilson Roscoe Postle Associates Inc. reports:
At a net smelter return (NSR) cut-off of US$50/t, Indicated Mineral Resources are estimated to total 2.95 million tonnes of 879 g/t Ag, 2.22 g/t Au, 2.39% Pb, and 4.15% Zn (including the Valdecañas and the Hanging Wall veins). Inferred Mineral Resources are estimated to total 7.21 million tonnes of 458 grams g/t Ag, 1.54 g/t Au, 1.89% Pb, and 3.14% Zn (including the Valdecañas, Footwall, and Hanging Wall veins and the Stockwork zone).
Between these two reports, the 7.3M tonne with silver at 1,011 g/t changed to 2.95M tonnes at 878 g/t and 7.21M tonnes with 458 g/t. Clearly, Inferred resources are subject to substantial changes such as 50% drop in grade which would have an obvious impact on an economic analysis relying on the original grade.
Whose Definitions Applies?
Canadian securities laws are currently governed at a province level making selection of authoritative sites challenging. Which province's rules apply? For example, Ontario Security Commission states there mandate as:
We administer and enforce securities legislation in the Province of Ontario. Our mandate is to:
• Provide protection to investors from unfair, improper and fraudulent practices; and
• Foster fair and efficient capital markets and confidence in capital markets
The British Columbia Securities Commission lists their mission as:
Our mission is to protect and promote the public interest by fostering:
• A securities market that is fair and warrants public confidence
• A dynamic and competitive securities industry that provides investment opportunities and access to capital
MAG Silver is headquartered in British Columbia and MAG Silver has used the Ontario Security Commission in matters related to its joint venture partner, Fresnillo. For example, MAG Silver Provides Update on Fresnillo "Take-Under" Bid, May 8, 2009:
MAG has also asked the Ontario Securities Commission to enjoin Fresnillo from proceeding with its announced "take-under" bid if Fresnillo refuses to comply with any document production order so as to finally put an end to this take-over bid threat that has persisted for over five months.
Therefore if it is probably reasonable to rely on the Ontario Securities Commission and the British Columbia Securities Commission for definitions on scoping study, feasibility study and related disclosure requirements.
Scoping Study Definition
NATIONAL INSTRUMENT 43-101 STANDARDS OF DISCLOSURE FOR MINERAL PROJECTS, documented viewed September 2009 at the Ontario Securities Commission web site states:
1.7 Preliminary Assessments - The term "preliminary assessment", commonly referred to as a scoping study, is defined in the Instrument. A preliminary assessment may be based on measured, indicated, or inferred mineral resources, or a combination of any of these. The CSA considers these types of economic analyses to include disclosure of forecast mine production rates that may contain capital costs to develop and sustain the mining operation, operating costs, and projected cash flows. A preliminary assessment must be either in the form of a technical report or be supported by a technical report. In some cases the technical report must be independent.
Although preliminary assessments can provide important information to the market, because of the early stage of the project the information has a high degree of uncertainty. An issuer may mislead investors if it does not disclose this information properly. Under general securities laws, an issuer must disclose a preliminary assessment that is a material change in its affairs. In so doing, an issuer may trigger a technical report u nder section 4.2(1)(j) of the Instrument. When an issuer discloses the results of a preliminary assessment, section 3.4(e) of the Instrument requires a cautionary statement. If the preliminary assessment includes inferred mineral resources, an issuer must provide the cautionary statement required by section 2.3(3)(b) of the Instrument. The purpose of these cautionary statements is to alert investors to the limitations of the information. We expect the issuer to include these cautionary statements in the same paragraph as, or immediately following, the disclosure of the preliminary assessment.
[emphasis added]
Identical wording is provided by the British Columbia Securities Commission -- see p. 4 of 15 in Companion Policy 43-101CP to National Instrument 43-101 Standards of Disclosure for Mineral Projects
The Ontario Secuirties Commission documentation, Section 2.3 states:
2.3 Prohibited Disclosure
(1) An issuer must not make any disclosure of the
(a) quantity, grade, or metal or mineral content of a deposit that has not been categorized as an inferred mineral resource, an indicated mineral resource, a measured mineral resource, a probable mineral reserve or a proven mineral reserve; or
(b) results of an economic analysis that includes inferred mineral resources.
(2) Despite paragraph (1)(a), an issuer may disclose in writing the potential quantity and grade, expressed as ranges, of a potential mineral deposit that is to be the target of further exploration if the disclosure
(a) includes a statement that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource; and
(b) states the basis on which the disclosed potential quantity and grade has been determined.
(3) Despite paragraph (1)(b), an issuer may disclose a preliminary assessment that includes inferred mineral resources if
(a) the results of the preliminary assessment are a material change or a material fact with respect to the issuer; and
(b) the disclosure
(i) includes a statement that the preliminary assessment is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized; and
(ii) states the basis for the preliminary assessment and any qualifications and assumptions made by the qualified person.
[emphasis added]
An identical, Section 2.3, is provided by the British Columbia Securities Commission -- see p. 7 of 19 in National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Feasibility Study Definition
NATIONAL INSTRUMENT 43-101 STANDARDS OF DISCLOSURE FOR MINERAL PROJECTS, viewed September 2009 at the Ontario Securities Commission web site, states in its definition section:
"feasibility study" means a comprehensive study of a mineral deposit in which all geological, engineering, legal, operating, economic, social, environmental and other relevant factors are considered in sufficient detail that it could reasonably serve as the basis for a final decision by a financial institution to finance the development of the deposit for mineral production;
"preliminary assessment" means a study that includes an economic analysis of the potential viability of mineral resources taken at an early stage of the project prior to the completion of a preliminary feasibility study;
"preliminary feasibility study" and "pre-feasibility study" each mean a comprehensive study of the viability of a mineral project that has advanced to a stage where the mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, has been established and an effective method of mineral processing has been determined, and includes a financial analysis based on reasonable assumptions of technical, engineering, legal, operating, economic, social, and environmental factors and the evaluation of other relevant factors which are sufficient for a qualified person, acting reasonably, to determine if all or part of the mineral resource may be classified as a mineral reserve;
NATIONAL INSTRUMENT 43-101 STANDARDS OF DISCLOSURE FOR MINERAL PROJECTS, viewed September 2009 at the Ontario Securities Commission web site, in the CONTENTS OF THE TECHNICAL REPORT section lists:
Item 19: Mineral Resource and Mineral Reserve Estimates - A technical report disclosing mineral resources or mineral reserves must
...
(i) use only indicated mineral resources, measured mineral resources, probable mineral reserves and proven mineral reserves when referring to mineral resources or mineral reserves in an economic analysis that is used in a preliminary feasibility study or a feasibility study of a mineral project;
(j) if inferred mineral resources are used in an economic analysis, state the required disclosure set out in subsection 2.3(3) of the Instrument;
Use Talk Back or e-mail dennis@goldminerpulse.com to leave a comment.
LGL8054
11 years ago
UP DATE
New Ball Game starting I withdraw the valuation previously posted and will resubmit at a later date.
********************************************************
BCGOLD CORP. REVISES
PRIVATE PLACEMENT
Not for distribution to United States
Vancouver, British Columbia, December 5, 2012 (TSX-V: BCG) – BCGold Corp. (or the “Company”) has revised the terms of its previously announced private placement. Pursuant to the revised terms, the company will issue up to 4.6 million Units at a price of $.075 per Unit for gross proceeds of up to $350,000. Each Unit will comprise one common share and one warrant. Each whole warrant will entitle the holder thereof to acquire one common share at a price of $.10 for a period of 2 years after the date of closing.
This private placement is subject to TSX Venture Exchange approval and all securities are subject to a four-month hold period. It is anticipated that officers and directors of the Company will participate in this offering. Finder’s fees will be payable in connection with the private placement, in accordance with the policies of the TSX Venture Exchange.
Proceeds from this financing will be used for in-house scoping studies, continued metallurgical studies, and for general working capital purposes. The Company will also continue attempts to source up to $5 million in capital for continued development, bulk-sampling and on-site milling of high-grade gold material at the Company’s 100% owned Engineer Mine Property, either by way of a convertible debenture, forward gold sale, or royalty agreement.
About BCGold Corp.
BCGold Corp. (TSX-V: BCG) is focused on exploration and development of its 100%-owned historic Engineer Mine and adjoining Gold Hill properties, situated in northwestern British Columbia. Since 2007 the Company has incurred approximately $3.5 million in expenditures to demonstrate the exploration upside and near term mining potential of these properties. BCGold Corp. is unique in that it exposes investors to the prospect of discoveries while being positioned to offset exploration costs by monetizing / forward selling gold concentrate recovered from on-site processing of high-grade gold bulk samples at Engineer Mine.
BCGold Corp. has generated 27 early to mid-stage gold and copper-gold properties in British Columbia and Yukon that it will continue to advance by sourcing preferred joint venture partners.
On behalf of the Board of Directors,
Brian P. Fowler, P. Geo.
President & CEO
For further information please contact:
Marla Lede
Manager, Corporate Communications
Tel: 604-697-2412
Email: bcgir@bcgoldcorp.com
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