Archive for August, 2009

Silver Quest Acquires Additional Properties in White Gold Area Play, Yukon

Silver Quest Resources Ltd. has signed option agreements to acquire a 100-per-cent interest in the Sizzler and VO gold properties. The properties are located in the newly recognized White Gold area, approximately 120 kilometres south of Dawson City, Yukon. The principal target on each property is a near-surface, bulk-tonnage gold deposit, similar to the new discoveries on Underworld Resources Inc.’s White Gold property.

Pursuant to the two option agreements, the company can acquire a 100-per-cent working interest in each property by making cash payments of $60,000 and issuing 800,000 shares per property to the optionor. The initial $15,000 payment and first tranche of 200,000 shares on each property will be made following acceptance by the exchange. The optionor has retained a 2-per-cent net smelter return (NSR) royalty on each property, with the company having the right to buy back one-half of each royalty for $1-million within three years of the exercise of the option. In addition, should the company complete a National Instrument 43-101-compliant resource estimate on either property reporting in excess of 100,000 ounces of gold in an indicated category, the company will be required to make a one-time payment of $100,000 and issue 75,000 shares to the optionor for such property. The option agreements are subject to acceptance by the TSX Venture Exchange. All shares to be issued will be subject to a four-month hold period trading restriction.

The Sizzler property comprises 36 claims (750 hectares) and is located approximately 65 kilometres southeast of Underworld‘s Golden Saddle discovery, just north of Cripple Creek. The Sizzler property was previously explored by Kerr Addison Mines Ltd. in 1985-1986. Kerr Addison discovered quartz stringers, quartz stockworks and silicified breccias over a 1.7-square-kilometre area, hosted in rhyolitic quartz feldspar dikes. Limited rock and soil sampling was completed with values in rock up to 1.06 grams per tonne (g/t) gold and up to 60 parts per billion (ppb) gold in soil samples.

The VO property also consists of 36 claims (750 hectares) and is located on the north side of the Yukon River, approximately 15 kilometres northwest of the Golden Saddle discovery. The property is interpreted to be underlain by the same geological setting as the White Gold property.

Silver Quest is pleased to have acquired these additional prospective properties in this emerging gold district. A fall 2009 exploration program is planned to include geological mapping, geochemistry and trenching, directed at the definition of drill targets. Robert Weicker, PGeo, is the qualified person as defined by National Instrument 43-101 for these projects and has verified and supervised preparation of the scientific and technical information in this release.

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Kaminak Finds New Gold Soil Anomalies

Kaminak Gold Corp. is providing geochemical results from over 1,700 soil samples taken from the company’s 100-per-cent-owned Coffee property, located in the White district, Yukon. These samples were taken over previously unexplored portions of the property in order to generate additional trenching targets for the continuing 2009 exploration program.

Key point summary:

  • Gold-in-soil results up to 3.16 grams per tonne (g/t) gold were recovered from a new 450-metre-long geochemical anomaly located over one kilometre from current trenching areas;
  • Main Coffee gold-in-soil anomaly was extended to the north by at least 500 metres, and now measures 3.2 kilometres long by 1.2 kilometres wide;
  • Gold geochemical anomalies are associated with a distinctive pathfinder signature of arsenic and antimony.
  • “Soil sampling remains the most effective exploration tool in the non-glaciated White district,” stated Rob Carpenter, president and chief executive officer of Kaminak. “Our soil sampling has uncovered several new priority trenching targets, and we are still awaiting results for an additional 1,300 soil samples.”

    Soil sample results

    Highlights include the delineation of a new gold-in-soil anomaly located over one kilometre from current trenching work. This new linear trend can be traced over at least 450 metres in length and is defined by six consecutive samples with assay values ranging from 131 parts per billion gold to a high of 3,156 parts per billion gold, or 3.156 g/t gold. The trend remains open in both directions and appears to be less than 100 metres wide. Subsequent prospecting and grab sampling along this trend resulted in the collection of approximately 10 rock samples, which have been submitted for geochemical analysis. Follow-up trenching is scheduled to be completed this field season.

    Additional soil sampling was completed along the margins of the previously known main anomaly area, where trenching is continuing. Of note, a cluster of eight soil samples yielded values greater than 75 parts per billion gold. These results extend the limits of the core soil anomaly by at least 500 metres to the north, with the core centre anomaly now measuring 3.2 kilometres by 1.2 kilometres. Trench lines are to be extended over this new area as well this field season.

    A total of 1,787 soil samples were analyzed; 51 of these samples yielded results greater than 75 parts per billion gold (highest threshold). Over all, results ranged from background (less than 15 parts per billion gold) to a high of 3,156 parts per billion gold, or 3.156 g/t gold. Gold-in-soil anomalies are also associated with high arsenic and antimony. Ninety-three samples yielded arsenic values greater than 100 parts per million arsenic (range one to 967 parts per million), and 22 samples assayed greater than eight parts per million antimony (range zero to 17 parts per million).

    Quality assurance/quality control

    Kaminak’s disclosure of a technical or scientific nature in this press release has been reviewed and approved by Dr. Carpenter, PhD, PGeo, Kaminak’s president and chief executive officer, who serves as a qualified person under the definition of National Instrument 43-101. Samples were shipped to Acme Laboratories, of Vancouver, B.C., for analyses. Samples are crushed and pulverized using a mild steel ring and puck mill. Thirty-gram aliquots are then weighed into fire assay crucibles, and the samples are placed in a cupel and fired at 950 degrees Celsius. After cooling, 10 millilitres of hydrochloric acid is added in order to dissolve gold particles. Solutions are analyzed for gold on a Varian 735 ICP-ES. Certified reference materials are inserted into the batch and results are verified by a B.C.-certified assayer.

    The Coffee property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

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    Arcus Closes Property Acquisition and Financing

    Arcus Development has closed its previously announced non-brokered flow-through private placement. A total of 4,652,843 units were sold at a price of 13 cents per unit for gross proceeds of $604,870. The units consisted of one flow-through common share and one warrant. Each warrant entitles the holder to purchase one additional flow-through common share at a price of 20 cents at any time on or before Aug. 12, 2010. All securities issued as part of this private placement are subject to a hold period until Dec. 13, 2009.

    Of the 4,652,843 units sold as part of the placement, 2,692,306 units were purchased by the MineralFields Group through MineralFields 2009 Super Flow Through Limited Partnerships 1 through 4. The MineralFields Group is based in Toronto, Ont., and has business offices at 210 — 1110 Finch Ave. West. The 2,692,306 shares purchased by the MineralFields Group as part of the units represent 14.64 per cent of the issued and outstanding common shares of Arcus. Prior to this private placement, the MineralFields Group did not own any Arcus shares.

    Pursuant to the policies of the TSX Venture Exchange, shareholder approval is required in advance of the completion of a private placement where the placement will result in the creation of a person or group controlling greater than 20 per cent of the issued shares of a listed company (a control person). The Arcus shares that may be issued following the exercise of warrants acquired by the MineralFields Group under the placement could potentially result in the MineralFields Group becoming a control person of Arcus. To prevent the MineralFields Group from becoming a control person of Arcus without prior shareholder approval, the MineralFields Group and Limited Market Dealer Inc. have provided the TSX Venture Exchange and Arcus with an undertaking not to exercise any Arcus warrants if doing so will result in the MineralFields Group becoming a control person of Arcus.

    Subject to the foregoing undertaking, the MineralFields Group has purchased Arcus shares for investment purposes only. The MineralFields Group may increase or decrease its investment in Arcus depending on market conditions and other relevant factors.

    Cash finders’ fees of $21,300 and $1,280 were paid to Limited Market Dealer Inc. and Canaccord Capital Corporation, respectively, related to the sale of a portion of the placement. Limited Market Dealer Inc. and Canaccord Capital Corporation were also granted 218,461 and 9,840 finders’ options respectively. If exercised, the finders’ options entitle the finders to receive one Arcus share at a price of 13-1/2 of a share purchase warrant. Each whole finders’ warrant entitles the finders to purchase one Arcus share at a price of 20 cents. The finders’ options and the underlying finders’ warrants may be exercised at any time on or before Aug. 12, 2010.

    Arcus also announces that it has received TSX Venture Exchange acceptance of its option to acquire a 50-per-cent interest in the Dawson gold project. The Dawson gold project consists of four claim blocks covering an area of approximately 77 square kilometres adjacent to or near the Underworld Resources Inc. White gold and Black Fox properties in west-central Yukon.

    The proceeds from the private placement and any proceeds from the exercise of the warrants will be used to finance the company’s work programs on the Dawson gold project. Proceeds for the exercise of any of the finders’ options and underlying finders’ warrants will be used as general working capital.

    Work programs on the four claim blocks comprising the Dawson gold project are currently under way or will commence shortly. Preliminary results will be announced as they are received by Arcus.

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    Taipan Capital Increases Private Placement

     Taipan Capital, concurrent with the proposed qualifying transaction,will conduct a non-brokered private placement of units for up to $405,000 (increased from $345,000) in gross proceeds. The financing will now consist of up to 1,500,000 flow-through units (the “FT Units”) and up to 1,500,000 non-flow-through units (the “Non-FT Units”). Each FT Unit will consist of one flow-through common share in the capital of the Company and one non-transferable share purchase warrant, offered at a price of $0.15 per FT Unit. Each Non-FT Unit will consist of one non-flow-through common share in the capital of the Company and one non-transferable share purchase warrant, offered at a price of $0.12 per Non-FT Unit. Each share purchase warrant forming a part of the FT Units and Non-FT Units will entitle the holder thereof to acquire one additional non-flow-through common share of the Company at a price of $0.15 per share at any time prior to the date that is 24 months from the date of issuance.

    Net proceeds from the Private Placement will be utilized to fund the proposed work program on the Lucky Joe Property and for working capital. Finders fees may be payable in connection with the Private Placement as permitted under the policies of the Exchange.

    Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

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    Network Exploration Starts Yukon Field Program

    Network Exploration Ltd. has commenced its first phase of fieldwork at the company’s Yukon lode quartz mineral claims.

    Network Exploration will begin its first phase of exploration at the Yukon property whereby it will conduct a geologic mapping and sampling program of the company’s mineral claims. The claims are located directly east of the Underworld Resources Inc. 169-square-kilometre White Gold property where Underworld continues to explore sediment- and vein-hosted gold targets after its recently announced gold discoveries.

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    Northern Tiger Closes Private Placement and Announces Program

    Northern Tiger Resources has raised a total of $1,095,000 and is planning a significant expansion to its previously announced $1-million exploration program. The Company is now planning a program totalling $1,750,000.

    Northern Tiger intends to drill up to 12 diamond drill holes (2,600 metres) at Sonora Gulch. The primary focus of the drill program will continue to be on the Nightmusic Zone, where 2008 drilling intercepted 26.6 metres grading 4.96 g/t gold, 11.9 g/t silver and 0.23% copper. Surface exploration and geophysical programs will also be expanded, including exploration for Minto-style deposits on the properties Northern Tiger obtained from its exploration alliance partner Minto Exploration Ltd., a wholly owned subsidiary of Capstone Mining Corp.

    We have really just begun exploring what we believe is a large mineralized system at Sonora Gulch, and are pleased to be able to expand our 2009 program”, says Greg Hayes, President of Northern Tiger. “The additional work should allow us to build on our previous exploration success and continue to demonstrate the potential of the Sonora Gulch property to host significant gold mineralization. In addition, we are committed to achieving our goal of advancing at least one Minto-style target to the drill-ready stage for 2010.”

    On August 17, 2009 the Company closed a non-brokered private placement of 3,650,000 units (“Units”) at a price of $0.20 per Unit and 1,825,000 class “A” common shares issued as “flow-through shares” under the Income Tax Act (Canada) (“FT Share”) at a price of $0.20 per FT Share for aggregate gross proceeds of $1,095,000. Each Unit consisted of one class “A” common share of Northern Tiger (“Common Share”) and one transferable share purchase warrant (“Warrant”). Each Warrant entitles the holder to acquire an additional Common Share at a price of $0.30 at any time within 24 months of issuance.

    The FT Shares and Units were sold to qualified purchasers in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The proceeds from the sale of FT Shares will be used to incur expenditures which qualify as Canadian Exploration Expenses, and will be used to explore Northern Tiger’s Yukon mineral properties. The proceeds from the sale of the Units will be used to explore Northern Tiger’s Yukon mineral properties and for general corporate expenses. The FT Shares, the Common Shares and Warrants comprising the Units and Common Shares issuable upon exercise of the Warrants are subject to a four (4) month restricted period which expires on December 18, 2009.

    In connection with the private placement and in accordance with regulatory requirements, the Company paid $3,750 cash as Finder’s Fees to an arm’s length party. The TSX Venture Exchange has conditionally accepted the private placement and finder’s fees.

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    Newcastle Minerals Board Appointment

    Newcastle Minerals Ltd. has appointed Leon David Michaud to the company’s board of directors.

    Mr. Michaud specializes in the start-up and operation of large-scale metallurgical concentrators. The metallurgical consultant, who speaks French, English and Spanish, holds a bachelor’s degree in mining engineering from Queen’s University.

    For the last year, Mr. Michaud has been consulting in mining for MetallurgyInMotion Inc. Prior to that, he was acting as operations manager to Corriente Resources Inc. and involved in the feasibility study of its large-tonnage, copper-gold project in South America. One of his most recent high-profile assignments was as the mill operation’s superintendent in the successful 2001 start-up of the concentrator at Compania Minera Antamina SA in Peru. Mr. Michaud was part of the group that successfully headed the commissioning and transition to stable operation of the Antamina concentrator. Previous to 2001, Mr. Michaud spent five years at Highland Valley Copper in technical and operational positions. Highland Valley Copper is one of the largest open-pit copper operations in the world since February, 2007. He specializes in the start-up and operation of large-scale metallurgical concentrators.

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    Ashburton Announces Financing with Mineral Fields

    Ashburton Ventures Inc. has arranged a non-brokered private placement of $300,000 through the sale of three million flow-through units at 10 cents each to the MineralFields Group. Proceeds of this financing will be used towards the company’s properties in Red Lake and the Yukon.

    The Company will pay a finder’s fee to Limited Market Dealer Inc. for this financing equal to 7.5% cash and 5% broker warrants and a finder’s find to Industrial Alliance Securities equal to 2.5% cash and 5% broker warrants.

    “We are very pleased to be entering into this relationship with MineralFields Group”, said Mike England, President and CEO. “This is an important milestone in the growth of Ashburton Ventures Inc. and we look forward to working with MineralFields Group as we develop our holdings in the regions.”

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    Kaminak Reports New Gold Occurrences from Yukon’s White District: Trenching on the Coffee Property yields 2.30 g/t Au over 21.0m

    Kaminak Gold is pleased to announce assay results from the first batch of 2009 rock samples on the Company’s 100% owned Coffee property, located in the newly recognized White Gold District of Yukon. This news release announces results from the first 50 rock samples collected from newly completed trenches and represents only 5% of the total area to be trenched and sampled this season.

    Key Point Summary:

    • Continuous chip sampling of sub-cropping trench material yields 2.30 g/t Au over 21.0m.
    • Mineralization hosted in pyrite-bearing and quartz-sericite altered felsic augen gneiss
    • Overall style and setting of gold mineralization resembles nearby discoveries made by Underworld Resources Ltd.
    • New claims staked in order to cover favourable geology

    These assays are from a small portion of the larger, untested gold-in soil anomaly present on the Coffee property; we will continue to systematically trench the entire soil anomaly this summer,” stated Rob Carpenter, President and CEO of Kaminak. “These results indicate the Coffee property has excellent potential to host bulk tonnage or “Underworld-style” gold deposits.

    Description of Mineralization

    Anomalous gold values are associated with heavily bleached and weathered rock comprised primarily of sericite and quartz. This host rock is heavily altered; however, a progression from fresh felsic augen gneiss can be observed within the trenches. There also seems to be a correlation between high gold values and several pathfinder elements, including arsenic (As), antimony (Sb), molybdenum (Mo), mercury (Hg) and barium (Ba).

    Fifty samples were collected from newly dug shallow trenches (total length of 235m) located on top of previously defined gold-in-soil anomalies. Sample material consisted of rubble sub-crop which is interpreted to be in-place. Forty-seven of these samples were taken across 5m or 6m intervals and are considered continuous chip samples. Three grab samples were also taken from the trenches but these values were not included when making grade-interval calculations.

    Overall, gold values for 50 total samples ranged from below detection level to a high of 5.84 g/t Au. Nine samples returned values >1.0 g/t Au. Continuous sampling over a 21m trench interval yielded a composite average grade of 2.30 g/t Au. Individual assays from this 21m interval ranged from 1.44 g/t Au to 2.60 g/t Au. A grab sample taken from this trench returned 5.84 g/t Au. Furthermore, a separate zone in the same trench located 15m away yielded 1.34 g/t Au over 10m.

    Information regarding the orientation, true width or depth extent of this new gold zone is not currently known. Follow-up and detailed geological mapping and sampling will be completed this season and this work will aid in our geological modeling of the gold zone.

    Field Update

    Kaminak has also staked an additional 3,400 acres along the southern and eastern boundaries of the Coffee property. This ground was staked in order to cover geology favourable for the discovery of gold.

    Sampling and mapping of trenches on the Coffee property is ongoing and is expected to be completed within the next two weeks. Assays from these trenches will likely be available in 4 weeks. Follow-up sampling and detailed trenching from anomalous areas is also expected to be completed this summer. Approximately 3,000 soil samples have been collected from previously unexplored portions of the Coffee property. Results from this survey are expected in the next 2 weeks.

    Geological mapping and soil sampling on Kaminak’s Kirkman property will be completed in the next two weeks and rock samples taken from new exposures on the property are currently at the lab awaiting analysis.

    QA / QC

    Kaminak’s disclosure of a technical or scientific nature in this press release has been reviewed and approved by Dr. Rob Carpenter, Ph.D., P.Geo., Kaminak’s President and CEO, who serves as a Qualified Person under the definition of National Instrument 43-101. Rock samples were shipped to Acme Laboratories of Vancouver, B.C. for analyses. Samples were crushed and pulverized using a mild steel ring and puck mill. 30 gram aliquots were then weighed into fire assay crucibles and the samples are placed in a cupel and fired at 950 degrees Celsius. After cooling, 10 ml of HCl is added in order to dissolve gold particles. Solutions are analysed for Au on a Varian 735 ICP-ES. Certified reference materials are inserted into the batch and results were verified by a British Columbia Certified assayer. The Coffee property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

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    Alix and Cloudbreak Acquire More Land in Yukon’s White Gold District

    Alix Resources Corp. and Cloudbreak Resources Ltd. have increased their land position in the vicinity of Underworld Resources Inc.’s white gold discovery in the Yukon by optioning approximately 150 new claims in addition to the approximate 145 claims already held.

    Terms of the deal are that Alix and Cloudbreak have committed to a minimum $20,000 ground program on the new ground picked subject to this agreement. For this the vendor will transfer all remaining claims (approximately 45) attached to the recently announced “Lucky” acquisition. This will bring the total “Lucky” claims to approximately 170. Upon performing the required work program, the companies then will have the option to acquire the two new claim blocks consisting of an 88-claim block and a 25-claim block by issuing to the vendor, Mr. Blair Naughty, one million shares of Alix Resources and 1.25 million shares from Cloudbreak; $37,500 from each company; a 3 per cent NSR with one per cent purchasable for $1-million at any time plus commit to spend $250,000 in year one.

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