NeomRocket
13 years ago
Gold at $5,000 in 3 to 4 years McEwen
According to Rob McEwen, Chairman of Minera Andes and US Gold Corp, gold is in the middle of a super cycle and is likely to move toward $5,000 as demand from central banks and investors continues
Author: Polly Yam (Reuters)
Posted: Wednesday , 23 Mar 2011
HONG KONG (Reuters) -
The price of gold may hit $5,000 per ounce, nearly three times current levels, in three to four years, as demand from sovereign states, central banks and exchange-traded funds (ETFs) rises, the chairman of two Canadian gold mining companies said.
"Gold is used as insurance for bad governments," Rob McEwen, chairman and chief executive of Minera Andes Inc and US Gold Corp , told Reuters on the sidelines of the Mines and Money conference in Hong Kong on Wednesday.
Gold is traditionally used as a hedging tool against inflation and economic uncertainty. The yellow metal has also been a favourite investor hedge against loose monetary policies in the wake of the global financial crisis.
McEwen said gold was in the middle of a super cycle that could end by 2015, adding that the length of the gold super cycle and the $5,000 forecast were based on historical gold prices and the ratio of the Dow stock index against gold since 1970.
McEwen founded Canada's top gold miner Goldcorp Inc . He left the company in 2005, cashing in for a little over $200 million.
He said about 90 percent of his personal assets were in physical gold, adding the he owned a 31 percent stake in Minera and a 20 percent stake in US Gold, both headquartered in Toronto.
US Gold mines gold and silver in the United States and Mexico. Minera has a project in Argentina.
McEwen said he believed that countries such as China, Russia and India would buy gold as part of their foreign exchange reserves.
If China wanted the yuan to become an international reserve currency, the government may need to put 10 percent of its foreign exchange reserves in gold, he said.
The world's second-biggest economy, China holds less than 2 percent of its 2.85 trillion foreign exchange reserves in gold, which have stayed at 33.89 million ounces since April 2009 according to official figures.
He said, however, that global gold production would continue to be limited by high costs and tighter regulatory controls.
Spot gold was steady at about $1,427 per ounce at 0630 GMT on Wednesday, within striking distance of its record $1,444.40 per ounce set on March 7.
Nick Holland, chief executive of the world's fourth-largest listed gold miner Gold Fields Ltd , said on Tuesday that the gold could hit $1,500 and the industry was not making a huge amount of money at current prices. (Reporting by Polly Yam; Editing by Chris Lewis)
© Thomson Reuters 2011 All rights reserved
eom7
13 years ago
TintinaGold Mobilizes Two Additional Diamond-Drill Rigs to Its Sheep Creek Copper-Cobalt-Silver Property in Montana, USA
Companies:TintinaGold Resources, Inc.
TAU.V 1.17 0.00
Press Release Source: TintinaGold Resources Inc. On Tuesday February 22, 2011, 9:00 am
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 02/22/11) - TintinaGold Resources Inc. ("TintinaGold" or the "Company") (TSX-V:TAU - News) is pleased to announce that it has mobilized two additional diamond drill rigs to its Sheep Creek Copper-Cobalt-Silver project in Montana, USA.
The two additional drill rigs will expedite the current winter in-fill drill campaign for the Upper Copper Zone. The addition of these rigs will allow the company, by year-end, to advance the status of the resource from Inferred to Measured and Indicated in the Upper Copper Zone and establish a resource in the Lower Copper Zone.
"Now that the Company is well financed (Company will raise 35.75 Million Dollars - see Press Release dated February 10, 2011) we will focus on in-fill drilling the Upper Copper Zone of the Strawberry Butte target and completing a Preliminary Economic Assessment to evaluate developing this high quality ore body. In addition, we will also expand on exploration drilling on the Lower Copper Zone of the Strawberry Butte Target and the Strawberry East target area, where we will offset thick zones of mineralization identified in the Middle Zone (2.56% Cu over 46.6 meters - see Press Release January 12, 2011)" said Rick Van Nieuwenhuyse, Chairman of the Board of Directors.
Qualified Person
Jerry Zieg, Vice President of Exploration for the Company is a Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the information of a scientific nature contained in this news release.
About Sheep Creek
The Sheep Creek deposit is located about 27 km north of White Sulphur Springs along a well maintained gravel road and within two miles of U.S. Highway 89. The Sheep Creek property consists of approximately 5,775 acres of fee simple lands and mining claims in central Montana. The property contains sediment hosted zones of massive sulfide mineralization originally explored by Cominco American Inc. and BHP during the 1980's and early 1990's. The drilling undertaken by Cominco American Inc. and BHP had encountered significant zones of strata-bound copper sulfide with cobalt in multiple bedded pyrite zones in the lower part of the Precambrian Belt Supergroup; this same stratigraphic unit hosts the Sullivan zinc-lead-silver deposit. The company in a short time has been able to complete an Inferred Resource on the Upper Copper Zone.
About TintinaGold
TintinaGold is a growth company focused on the exploration and development of precious and base metal properties around the world. The Company's experienced management team has assembled an impressive portfolio of gold and base metal projects in North America, including the advanced Sheep Creek copper-cobalt-silver property in Montana. The company's Alaska projects include the Colorado Creek gold project, located in interior Alaska approximately 125miles northeast of the 40 million ounce Donlin Creek project, the Kugruk copper project located 70 miles north of Nome in the northern Seward Peninsula, Alaska. The Company, in a short period of time, has successfully established itself in several of the most prolific mineral belts in North America.
The Company, as announced in the News Release dated September 22, 2010, is proceeding with the spin-out of its Colorado Creek mineral exploration property located in Alaska, U.S.A., to a new company under a statutory plan of arrangement (the "Arrangement") in order to pursue the creation of a company focused on precious metals.
Under the proposed terms of the Arrangement, the shareholders of TintinaGold will retain their common shares in TintinaGold and will be entitled to receive one common share of the new company for every share of TintinaGold held on the record date for the Arrangement. The completion of the Arrangement will be subject, among other things, to TSX Venture Exchange, court and shareholder approval.
Further details regarding the Arrangement are set out in an Information Circula
eom7
13 years ago
TintinaGold Announces Plans for $35.75 Million Private Placement
VANCOUVER, BRITISH COLUMBIA, Feb. 10, 2011 (Marketwire) --
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TintinaGold Resources Inc. (TSX VENTURE:TAU) ("TintinaGold" or the "Company") announces that it has signed agreements to carry out a non-brokered private placement of up to 56,299,213 common shares at a price of $0.635 per share for gross proceeds to the Company of up to $35,750,000 (the "Offering").
As part of the Offering, the Company expects to issue 47,244,094 common shares to Quantum Partners LP ("Quantum"), a private investment fund managed by Soros Fund Management LLC, for proceeds of $30 million. Following completion of the Offering, it is expected that Quantum will hold approximately 33.8% of the Company's outstanding shares. Pursuant to the policies of the TSX Venture Exchange (the "Exchange"), the Company will seek the approval of this transaction at the annual and special general meeting of its shareholders scheduled for March 15, 2011. Certain directors, officers and shareholders of TintinaGold holding an aggregate of 34,722,590 common shares of the Company have agreed to vote their shares in favour of the resolution approving the transaction.
As part of the Offering, the Company also expects to issue 8,661,417 common shares to Electrum Strategic Metals II LLC ("Electrum"). Electrum is controlled by Electrum Strategic Metals LLC which currently holds, directly and indirectly, a total of 26,459,528 common shares, representing approximately 31.6% of the Company's outstanding shares as well as warrants to purchase an additional 18,280,165 common shares of the Company.
The Offering remains subject to acceptance of the Exchange and the approval of the Company's shareholders. The proceeds of the Offering will be allocated to fund on-going exploration, environmental baseline work and feasibility studies at the Company's Sheep Creek property located in Montana, USA, and for general working capital.
Raj Chowdhry, the Company's President and Chief Executive Officer said: "We are excited to maintain the support of investors of the caliber of Quantum and Electrum, and the funds raised in this offering will be critical in continuing to develop Tintina's high-quality resource base. Through its 100% ownership of the Sheep Creek property, located in one of the safest geo-political jurisdictions in the world, TintinaGold is exceptionally well positioned to take full advantage of the secular bull market in copper and silver for the benefit of all shareholders."
The Company previously announced on September 22, 2010 that it is proceeding with the spin-out of its Colorado Creek mineral exploration property located in Alaska, U.S.A., to a new company under a statutory plan of arrangement (the "Arrangement") in order to pursue the creation of a company focused on precious metals. Under the proposed terms of the Arrangement, the shareholders of TintinaGold will retain their common shares in TintinaGold and will be entitled to receive one common share of the new company for every share of TintinaGold held on the record date for the Arrangement. The completion of the Arrangement will be subject, among other things, to Exchange, court and shareholder approval.
Further details regarding the Arrangement will be set out in the Information Circular that will be sent to shareholders in advance of the annual and special shareholders meeting scheduled for March 15, 2011 to seek approval for the Arrangement, the creation of a new control person and routine annual business. The Information Circular will be available on the Company's SEDAR profile at www.sedar.com.
About TintinaGold
TintinaGold is a growth company focused on the exploration and development of precious and base metal properties around the world. The Company's experienced management team has assembled an impressive portfolio of gold and base metal projects in Alaska, including the Colorado Creek gold project located in southwest Alaska approximately 100 miles northwest of the Donlin Creek project, the Kugruk copper project located 70 miles north of Nome in the northern Seward Peninsula, Alaska, and the Sheep Creek copper-cobalt property in Montana. The Company, in a short period of time, has successfully established itself in several of the most prolific mineral belts in North America.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, any person in the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
ON BEHALF OF THE BOARD OF DIRECTORS
Raj Chowdhry, C.A., President & CEO
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company's intention to carry out the Offering, the proposed completion of a spin-out and the timing of a meeting of the shareholders of the Company, constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain regulatory approval of the Offering and the creation of a new control person and is otherwise able to complete the Offering and that the Company is able to obtain regulatory, shareholder and other required approvals for the proposed spin-out transaction and on a timely basis. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to the Offering, the Arrangement and to TintinaGold's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, financing risks, regulatory risk, actual results of the Company's exploration activities being different than those expected by management, delays in obtaining or inability to obtain required government or other regulatory approvals, inability to complete the Offering and the timing of and success in completing the proposed spinout, including the timing and success in obtaining Exchange, court and shareholder approvals. 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. Readers are cautioned not to place undue reliance on forward-looking statements. TintinaGold does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
TintinaGold Resources Inc.
604-628-1162 ext. 236
604-628-1163 (FAX)
philvann@tintinagold.com
www.tintinagold.com
Back
eom7
13 years ago
TintinaGold Intersects 2.00% Copper, 0.04% Co and 15 g/tonne Ag Over 6.78 Meters Thick Cu-Co-Ag Zone on Its Sheep Creek Property, Montana, USA
VANCOUVER, BRITISH COLUMBIA, Feb. 3, 2011 (Marketwire) --
TintinaGold Resources Inc. ("TintinaGold" or the "Company") (TSX VENTURE:TAU) is pleased to announce that it has received additional assay results from the 2010 drill program on its Sheep Creek Copper-Cobalt property ("Sheep Creek") located in Central Montana, USA (see Figure 1- Figure 3: http://media3.marketwire.com/docs/taumaps.pdf).
Highlights:
-- Drillhole SC10-006 encounters a Lower Copper Zone 6.78 meters thick and
grading 2.00% Cu, 0.04% Co and 15 g/tonne Ag in the Strawberry East
target area.
The Company has received additional results from drillhole SC10-006 (see Table 1, below). The drill hole intersected 2.00% Copper; 0.04% Cobalt and 13 g/tonne Silver in a Lower Copper Zone(from 537.92 meters to 544.70 meters) at the Strawberry East target area. The Lower Copper Zone lies 107 meters below the Middle Copper Zone where the Company reported 46.6 meters of 2.6% Copper, 0.11% Cobalt, and 14 g/tonne Ag (See News Release dated January 12, 2011). The Strawberry East target area is located 2.5 kilometers southeast of the Strawberry Butte where the Company has recently completed a NI 43-101 Inferred Resource estimate containing 366 million pounds of copper (See News Release dated Jan 6, 2011). The Lower Copper Zone intersection in hole DDH SC10-06 indicates that there is potential to continue to expand the Lower Copper Zone resource in the Strawberry East target area. Drilling is on-going and designed to confirm historic resources in the Lower and Middle Copper Zones for completion of a 43-101 resource estimate. Combined with the already defined resources in the Upper Copper Zone, the Company's goal is to define 1 Billion pounds of copper resources in a high quality underground mineable orebody.
Table 1 - Significant Drill Intersections:
Hole From (m) To (m) Width (m) Width (ft) Cu % Co % Ag g/t
----------------------------------------------------------------------------
Upper Copper Zone
-------------------
DDH SC10-001(i) 118.26 125.00 6.74 22.1 3.44 0.18 13
DDH SC10-002(i) 131.31 138.77 7.46 24.5 2.48 0.36 6
DDH SC10-003(i) 131.88 139.50 7.62 25.0 3.21 0.17 22
DDH SC10-004(i) 107.90 118.41 10.51 34.5 3.03 0.15 10
Middle Copper Zone
-------------------
DDH SC10-006(i) 384.02 430.64 46.62 152.95 2.56 0.11 14
Lower Copper Zone
-------------------
DDH SC10-003(i) 350.02 351.69 1.67 5.6 3.24 0.05 4
DDH SC10-004(i) 414.00 418.05 4.05 13.3 10.84 0.03 8
DDH SC10-005(i) 405.8 412.15 6.35 20.8 8.72 0.11 5
DDH SC10-006 537.92 544.70 6.78 22.24 2.00 0.04 15
(i)-previously reported
About Sheep Creek
The Sheep Creek deposit sits 27 km north of White Sulphur Springs along a maintained gravel road and within two miles of U.S. Highway 89. The Sheep Creek property consists of approximately 5,775 acres of fee-simple lands and mining claims in central Montana. The property contains sediment-hosted zones of massive sulfide mineralization originally explored by Cominco American Inc. and BHP during the 1980's and early 1990's. The drilling undertaken by Cominco American Inc. and BHP had encountered significant zones of stratabound copper sulfide with cobalt in multiple bedded pyrite zones in the lower part of the Precambrian Belt Supergroup; this same stratigraphic unit hosts the Sullivan zinc-lead-silver deposit.
Exploration to date, conducted by TintinaGold has identified an inferred resource of 7 MMT grading 2.4% Cu, 0.12% Co, and 12.3 g/tonne Ag at a 1.5% Cu cut-off grade based on an assumed copper price of $2.50/lb, as reported in the Company's news release dated Jan 6, 2011.
About TintinaGold
TintinaGold is a growth company focused on the exploration and development of precious and base metal properties around the world. The Company's experienced management team has assembled an impressive portfolio of gold and base metal projects in Alaska, including the Colorado Creek gold project, located in southwest Alaska approximately 100 miles northwest of the 40 million ounce Donlin Creek project, the Kugruk copper project located 70 miles north of Nome in the northern Seward Peninsula, Alaska, and the Sheep Creek copper-cobalt property in Montana. The Company, in a short period of time, has successfully established itself in several of the most prolific mineral belts in North America.
The Company, as announced in the News Release dated September 22, 2010, proceeding with the spin-out of its Colorado Creek mineral exploration property located in Alaska, U.S.A., to a new company under a statutory plan of arrangement (the "Arrangement") in order to pursue the creation of a company focused on precious metals.
Under the proposed terms of the Arrangement, the shareholders of TintinaGold will retain their common shares in TintinaGold and will be entitled to receive one common share of the new company for every share of TintinaGold held on the record date for the Arrangement. The completion of the Arrangement will be subject, among other things, to TSX Venture Exchange, court and shareholder approval.
Further details regarding the Arrangement will be set out in an Information Circular that will be sent to shareholders in advance of the annual and special shareholders meeting that is expected to be held in March, 2011 to seek approval for the Arrangement and routine annual business.
Website: www.tintinagold.com
ON BEHALF OF THE BOARD OF DIRECTORS
Raj Chowdhry, C.A., President & CEO
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company's plans for and intentions with respect to exploration of the Company's Sheep Creek property, the proposed completion of a spin-out and the timing of a meeting of the shareholders of the Company, constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any government or other regulatory approvals and any financing required to complete the Company's planned exploration activities and the spin-out, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis, that the Company's exploration activities on the Sheep Creek property will not be affected by actions of environmental activists or other special interest groups,that actual results of exploration activities are consistent with management's expectations and that the Company is able to obtain regulatory, shareholder and other required approvals for the proposed spin-out transaction and on a timely basis. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to TintinaGold's operation as a mineral exploration company and the Sheep Creek property that may cause future results to differ materially from those expressed or implied in such forward-looking statements.
Such uncertainties and risks include, among others, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests,delays in obtaining or inability to obtain required government or other regulatory approvals or financing, interference with TintinaGold's exploration activities by environmental activists or other special interest groups, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdowns, bad weather and the timing of and success in completing the proposed spin-out, including the timing and success in obtaining TSX Venture Exchange, court and shareholder approvals. 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. Readers are cautioned not to place undue reliance on forward-looking statements. TintinaGolddoes not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
TintinaGold Resources Inc.
Investor Relations
(604) 628-1162 ext. 236
(604) 628-1163 (FAX)
philvann@tintinagold.com
www.tintinagold.com
eom7
13 years ago
TintinaGold Drills 46.6 Meters Thick Cu-Co-Ag Zone on Its Sheep Creek Property, Montana, USA
VANCOUVER, BRITISH COLUMBIA, Jan. 12, 2011 (Marketwire) --
TintinaGold Resources Inc. ("TintinaGold" or the "Company") (TSX VENTURE:TAU) is pleased to announce that it has confirmed the presence of a high grade Middle Copper Zone on its Sheep Creek Copper-Cobalt-Silver property ("Sheep Creek") located in Central Montana, USA (see Figure 1).
Highlights:
-- Drill hole SC10-006 encounters 46.6 meters grading 2.56% Cu and 0.11% Co
and 13.5 g/tonne Ag in the Strawberry East mineralized area.
The Company has received initial results from drill hole SC10-006 (see Table 1, below). The drill hole intersected 2.56% Copper; 0.11% Cobalt and 13.5 g/tonne Silver in a Middle Sulfide Zone (from 384.02 meters to 430.64 meters) at Strawberry East target area. The Strawberry East target area is located 2.5 kilometers southeast of the Strawberry Butte where the Company has recently completed a NI 43-101 Inferred Resource estimate containing 366 million pounds of copper. (See News Release dated Jan 6, 2011)
The Middle Copper Zone lies 50 meters stratigraphically below the Upper Sulfide Zone in the Strawberry East target area (see Figure 3) and consists of silicified breccias, chalcopyrite, and pyrite. SC10-006 also passed through the Upper Copper Zone which contained sub economic quantities of copper, and the Lower Copper Zone which contained significant copper mineralization over 5.65 meters and for which assays are pending. Both the Middle and Lower Sulfide Zones remain open.
Table 1 - Strawberry East Mineralized Area Drill Intersections:
Hole From (m) To (m) Width (m) Width (ft) Cu % Co % Ag (g/t)
---- ----- --- ------ ------ ---- ---- --------
Middle
------
Copper Zone
-----------
SC10-006 384.02 430.64 46.62 152.95 2.56 0.11 13.5
The Strawberry East target area hosts multiple sulfide horizons, including the previously identified Upper Copper Zone, Middle Copper Zone, Lower Copper Zone and two additional sulfide zones referred to as the 0/I Copper Zone and the Ynu II Copper Zone. Further drilling in this area could add substantial Cu-Co-Ag resource to the emerging Sheep Creek resource inventory.
Rick Van Nieuwenhuyse, Chairman of the Board, said: "This intersection clearly demonstrates that the Sheep Creek property has significant expansion potential well beyond the resources already identified at the Strawberry Butte target. The Strawberry East target area could easily become as important as the Strawberry Butte target area where we are presently planning a winter infill drill campaign to upgrade and expand the recently announced Inferred Resource to Measured and Indicated status so that we can initiate a feasibility study. We are also planning to complete a resource estimate on the Lower Zone intersections at Strawberry Butte. Meanwhile, the Company is currently undertaking to complete a Preliminary Economic Assessment on the mineralization encountered to date. With the shallow nature and nearly flat geometry of the Upper Zone at Strawberry Butte, we believe that bulk mineable underground mining could be employed with modest capital costs and low operating costs given the properties excellent location relative to infrastructure. Our plan is to fast track this high quality copper resource towards production."
Jerry Zieg, Vice President of Exploration for the Company is a Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the information of a scientific nature contained in this news release. Assays for this program have been completed by ALS Chemex including duplicates, standards, and blanks for QA/QC purposes.
Warrant Exercises
Further, TintinaGold is pleased to announce that the Company is in receipt of $1,150,957 from the exercise of 2,335,072 warrants exercisable at a price of $0.4929 from two warrant holders. The warrants exercised included 2,045,242 warrants held by Electrum Strategic Metals, LLC. The Company intends to use the proceeds primarily for the exploration of the Sheep Creek resource property located in Montana, USA and for general working capital and other corporate purposes.
About Sheep Creek
The Sheep Creek deposit sits 27 km north of White Sulphur Springs along a maintained gravel road and within two miles of U.S. Highway 89. The Sheep Creek property consists of approximately 5,775 acres of fee - simple lands and mining claims in central Montana. The property contains sediment - hosted zones of massive sulfide mineralization originally explored by Cominco American Inc. and BHP during the 1980's and early 1990's. The drilling undertaken by Cominco American Inc. and BHP had encountered significant zones of stratabound copper sulfide with cobalt in multiple bedded pyrite zones in the lower part of the Precambrian Belt Supergroup; this same stratigraphic unit hosts the Sullivan zinc-lead-silver deposit.
Exploration to date, conducted by TintinaGold has identified an inferred resource of 7 MMT grading 2.4% Cu, 0.12% Co, and 12.3 g/tonne Ag at a 1.5% Cu cut-off grade based on an assumed copper price of $2.50/lb, as reported in the Company's news release dated Jan 6, 2011.
About TintinaGold
TintinaGold is a growth company focused on the exploration and development of precious and base metal properties around the world. The Company's experienced management team has assembled an impressive portfolio of gold and base metal projects in Alaska, including the Colorado Creek gold project, located in southwest Alaska approximately 100 miles northwest of the 40 million ounce Donlin Creek project, the Kugruk copper project located 70 miles north of Nome in the northern Seward Peninsula, Alaska, and the Sheep Creek copper-cobalt property in Montana. The Company, in a short period of time, has successfully established itself in several of the most prolific mineral belts in North America.
The Company, as announced in the News Release dated September 22, 2010, proceeding with the spin-out of its Colorado Creek mineral exploration property located in Alaska, U.S.A., to a new company under a statutory plan of arrangement (the "Arrangement") in order to pursue the creation of a company focused on precious metals.
Under the proposed terms of the Arrangement, the shareholders of TintinaGold will retain their common shares in TintinaGold and will be entitled to receive one common share of the new company for every share of TintinaGold held on the record date for the Arrangement. The completion of the Arrangement will be subject, among other things, to TSX Venture Exchange, court and shareholder approval.
Further details regarding the Arrangement will be set out in an Information Circular that will be sent to shareholders in advance of the annual and special shareholders meeting that is expected to be held in March of 2011 to seek approval for the Arrangement and routine annual business.
Website: www.tintinagold.com
ON BEHALF OF THE BOARD OF DIRECTORS
Raj Chowdhry, C.A., President & CEO
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company's plans for and intentions with respect to exploration of the Company's Sheep Creek property, the proposed completion of a spin-out and the timing of a meeting of the shareholders of the Company, constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any government or other regulatory approvals and any financing required to complete the Company's planned exploration activities and the spin-out, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis, that the Company's exploration activities on the Sheep Creek property will not be affected by actions of environmental activists or other special interest groups, that actual results of exploration activities are consistent with management's expectations and that the Company is able to obtain regulatory, shareholder and other required approvals for the proposed spin-out transaction and on a timely basis. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to TintinaGold's operation as a mineral exploration company and the Sheep Creek property that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, interference with TintinaGold's exploration activities by environmental activists or other special interest groups, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdowns, bad weather and the timing of and success in completing the proposed spin-out, including the timing and success in obtaining TSX Venture Exchange, court and shareholder approvals. 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. Readers are cautioned not to place undue reliance on forward-looking statements. TintinaGold does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
To view Figure 1 - Sheep Creek, Montana, please visit the following link: http://media3.marketwire.com/docs/tau_0112_fig_1.pdf
To view Figure 2 - Historic drill pattern and new drilling, Strawberry East area, Sheep Creek, Montana, please visit the following link: http://media3.marketwire.com/docs/tau_0112_fig_2.pdf
To view Figure 3 - Cross section through Strawberry East area, Sheep Creek, Montana, please visit the following link: http://media3.marketwire.com/docs/tau_0112_fig_3.pdf
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
TintinaGold Resources Inc.
Direct Line: 604-628-1162
604-628-1163 (FAX)
KChin@tintinagold.com
www.tintinagold.com
Back
eom7
13 years ago
Raj Chowdhry, President of TintinaGold Resources Inc. comments on the completion of verification drill program on the Sheep Creek property, Montana, U.S.A.
Raj Chowdhry, C.A., President of TintinaGold (the "Company" - trading symbol: TSX.V: TAU), recently stated "Having satisfactorily verified seven high grade copper-cobalt intersections with up to 8.72% Cu over 6.35 meters and 10.84% Cu over 4.05 meters in historic resource area, the Company has received all the high grade copper-cobalt assay results from its 2010 drilling program which verify certain historic drilling results at its Sheep Creek property in central Montana, U.S.A, as announced in the Company's news release.
Raj stated "The historic results from the 20 drill holes, results of which are set out in the news release referred to above, showed significant mineralization. Prior data, which I am sure is available if you seek it out, likely had resulted in the estimation, by the previous operators, of resources based on the historic results. Since historic resources calculated by earlier operators are non-compliant with NI 43-101 standards and are not being relied upon for resource estimation purposes, I am not at liberty to discuss them. The Company, being encouraged by the verification results of the historic data, plans to complete additional infill drilling to improve resource definition to establish Measured and Indicated resources and a Preliminary Economic Assessment, as well as additional exploration drilling to expand known resource areas and evaluate other copper targets on the property to build additional resources.
Raj further stated "As previously announced, TintinaGold has commenced the process to create a New Gold Company (the "New Gold Co - Spin-Out" - see news release September 22, 2010) to further explore and develop the Colorado Creek Project and, in due course, to pursue the acquisiton of other Gold and/or Precious Metal(s) assets. The New Gold Co - Spin-Out is being undertaken/performed pursuant to a plan of arrangement (the "Plan Of Arrangement") similar to a plan of arrangement previously undertaken and completed, on October 9, 2009, to create AsiaBaseMetals Inc. (TSX.V: ABZ).
Raj summarized "In my opinion, as I have previously pointed out, it is worth noting that many of the shareholders who qualified to fully participate in the 1st spin-out that created AsiaBaseMetals Inc. did not fully understand the concept of exercising their, then held, outstanding warrants of TintinaGold in order to take full advantage of the additional shares they would have received in AsiaBaseMetals."
Raj emphasized "Note, the warrants, under the Plan of Arrangement, as previously done in the 1st spin-out that resulted in the creation of AsiaBaseMetals Inc, and as contemplated in the 2nd Spin-Out that will result in the creation of Gold Company, are not/will not be carried forward into the Spin-Out company. i.e. in order to maximize the number of shares a shareholder of TintinaGold can/may receive as a result of the Spin-Out of the Gold Company, the TintinaGold shareholder has to decide to exercise their warrants in TintinaGold prior to, yet to be set, the record date (the "Record Date") of the Spin-Out of the Gold Company."
Raj highlighted "Incidentally, there are two series of warrants outstanding in TintinaGold as of today's date. The first set (14,448,339 warrants expiring on May 20, 2012) are exercisable at $0.4929 per share and the second set (12,500,000 warrants expiring on Feb 3, 2014) are exercisable at $0.65/share. The exercise by the shareholders of the warrants would provide the Company $15,246,586 (1st set - $7,121,586 & 2nd set - $8,125,000). Consequently, the exercise of the warrants, if undertaken by the shareholders of TintinaGold, is likely to fund the Company and the Spin-Out Gold Company adequately to advance their mining projects in a prompt manner. This should continue to build shareholder value."
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