Posts Tagged Kinross


Northern Tiger Resources Inc. has provided an update on its planned $7.2-million Yukon exploration programs. The 2011 exploration programs are designed to follow up high-grade gold drill discoveries made in 2010 at both the 3Ace and Sonora Gulch projects.

Drilling at Sonora Gulch commenced last week. The primary focus of this 2,500 metre diamond drill program will be on the Gold Vein Zone – a 1.4 kilometre long geochemical anomaly averaging 161 ppb gold-in-soils. A single drill hole testing the anomaly in 2010 returned a discovery intercept of 7.6 g/t gold and 155.5 g/t silver over 6.0 metres.

Construction of the new camp at 3Ace is now advanced and the drill crew is mobilizing to the property this week. The 10,000 metre drill program will focus on the Main Zone, where two diamond drill holes have already intersected significant gold mineralization (including 4.3 g/t gold over 30.3 metres and 14.8 g/t gold over 10.9 metres – see news release dated November 4, 2010), and on Green Zone West (a 1,000 metre by 500 metre anomaly averaging 115 ppb gold-in-soils). Up to five additional targets on 3Ace and the adjoining Sprogge Property will also see preliminary drill testing this year.

“Our Yukon exploration program is well underway, although the late spring melt has caused some delays,” says Greg Hayes, President of Northern Tiger. “We were able to compensate by getting the drill turning early at Sonora Gulch and completing some additional regional exploration work earlier in the season. With the drill crew mobilizing to 3Ace, we will soon have drills turning on two Yukon properties with significant gold discovery potential.”

This News Release has been reviewed and approved by Dennis Ouellette, B.Sc., P.Geol., a Qualified Person as defined by National Instrument 43-101.

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Ashburton Ventures Inc. has disclosed that the 2011 work program has been established and mobilization to the site will begin prior to July 1, 2011. The White Gold property is situated north of and immediately contiguous with the Golden Saddle claim groups where Underworld Resources had their new gold discoveries in 2009. This property area was then acquired by Kinross Gold Corp. in early 2010.

The area of the White Gold property was soil sampled in 2009 and the results from this sampling campaign have highlighted a significant gold, copper, zinc and arsenic northwest-southeast trend that extends across the Ashburton claims to the boundary of the Kinross White Gold claims. The 2011 White Gold property exploration includes trenching with detailed mapping and sampling followed by a selective drill program.

UTM Exploration Services Ltd. of Smithers, B.C., has been contracted to provide exploration support and geological services for White Gold.

The technical contents of this release were approved by Dr. Tom McCandless, PGeo, vice-president, exploration, for Ashburton and a qualified person as defined by National Instrument 43-101.

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Habanero Resources Inc. expects to commence operations in August on its 100-per-cent-owned White Gold prospect in the Yukon. This prospect is directly bordering, and the closest property, to the actual Underworld Resources’s discovery zone (Golden Saddle). Underworld Resources announced grades of 3.94 grams per tonne gold over 59.9 metres and 3.59 g/t gold over 98.3 metres, as well as agreeing to a friendly takeover by Kinross Gold Corp., which was recently consummated.

Jason Gigliotti, president of Habanero, stated: “We are believers that the Yukon holds some of the largest potential out of Habanero’s projects and we plan to investigate multiple avenues to determine what these assets hold. The White Gold region of the Yukon is one of the most active regions this summer, and we plan to be part of this activity.”

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Northern Tiger Resources Inc. confirms that a number of high-priority targets have been identified by a deep-penetrating geophysical survey done by Quantec Geosciences Ltd. (the Titan 24 survey) at Sonora Gulch in the Dawson Range, Yukon. Two holes have been completed in a planned 3,000-metre diamond drilling program that commenced on June 29.
“This is a large and attractive target based on the results of the Titan 24 Survey combined with the Cu-Mo-Au-Ag geochemical signature and similar age of intrusive host rocks to the nearby Casino copper-gold-molybdenum porphyry deposit,” says Greg Hayes, President of Northern Tiger. “An intense IP response mantling around a non-chargeable core in our target area is very encouraging and further supports our porphyry exploration model.”
As disclosed in a previous news release (February 25, 2010), many common indicators of a porphyry system have been identified on the project, including a large potassic alteration zone, a copper-molybdenum soil anomaly, and flanking gold and base metal mineralization.
Based on analysis of the Titan 24 Survey and in consultation with Northern Tiger’s geologists, Quantec has recommended 14 drill holes to test 9 separate but spatially related high priority chargeability anomalies. These anomalies cover a 2 by 1-kilometre area, surrounding and draping over a less chargeable core. Chargeable zones are also associated with more conductive areas within the resistivity data. Many of the chargeability anomalies are related to a zone of intersecting structures that may be important for ground preparation. In addition, an airborne magnetic survey defined an arcuate magnetic anomaly at the contact between Cretaceous intrusions and the surrounding country rock.
The Titan 24 Survey consists of 6 lines (each 2.4 kilometres long) spaced 400 metres apart, covering an area of approximately 4.8 square kilometres. Direct current resistivity and induced polarization data are mapped to depths of approximately 750 metres. A presentation of the Titan 24 results will be posted on Northern Tiger’s website.

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Kinross Gold Corp.’s acquisition of Underworld Resources Inc. has been completed, pursuant to the plan of arrangement described in the Underworld management information circular dated June 2, 2010. Under the plan of arrangement, each Underworld share will be exchanged for 0.141 of a Kinross common share plus one cent in cash, subject to adjustment with respect to fractional shares.

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Update on Kinross Offer – Kinross Now Owns 81.6% of Underworld Shares

Underworld Resources Inc. (“Underworld”) (TSX-V: UW) is pleased to announce that pursuant to the news release of Kinross Gold Corporation (“Kinross”) issued on April 26th, Kinross has taken up and paid for an additional 38,744,878 common shares of Underworld (“Underworld Shares”) under its offer to acquire all of the outstanding Underworld Shares. As a result of this acquisition, Kinross now beneficially owns a total of 42,663,059 Underworld Shares, or 81.6% of the issued and outstanding Underworld Shares on a fully diluted basis. Following completion of the exchange of the outstanding Underworld employee stock options for replacement Kinross stock options in the manner contemplated by the terms of the Kinross offer, a process that is expected to be completed shortly, this will represent approximately 87.0% of the issued and outstanding common shares on a fully-diluted basis.

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Underworld Resources Inc. and Kinross Gold Corp. have approved a business combination by way of a friendly offer by Kinross to acquire 100 per cent of the outstanding common shares of Underworld not already owned by Kinross. Subject to the execution of definitive agreements, the board of directors of Underworld unanimously recommends the offer to its shareholders and the directors and management team have agreed to tender their shares to the offer. Pursuant to the terms of the letter agreement, Underworld has agreed to work exclusively with Kinross toward the conclusion of a definitive support agreement which is anticipated to be executed and delivered by the parties by March 15, 2010.

Elements of the transaction include:

– For each common share of Underworld, Kinross will offer 0.141 of a Kinross common share, plus one cent in cash. The offer represents an implied offer price of approximately $2.62 per common share, based on the March 10, 2010, closing price of $18.54 per Kinross common share on the Toronto Stock Exchange. The transaction values the fully diluted share capital of Underworld at approximately $139.2-million.

– The offer represents an attractive and immediate premium of 36 per cent over the closing price of the common shares on the TSX Venture Exchange on March 10, 2010, the last day of trading prior to announcement of the offer, and a premium of approximately 50.2 per cent based on the volume-weighted average prices of the common shares and Kinross’s common shares, for the 20 trading days ended March 10, 2010.

The board of directors of Underworld, after receiving the recommendation of a special committee of independent directors created by Underworld to oversee the transaction process, has unanimously determined that the offer is in the best interests of Underworld and Underworld’s shareholders, and unanimously recommends that Underworld shareholders tender their common shares to the offer. The directors and senior officers of Underworld will enter into customary lock-up agreements with Kinross to tender all of their common shares to the offer.

Underworld’s key asset is the White gold project, located in the Tintina gold belt, approximately 95 kilometres south of Dawson City, Yukon territory, Canada. Underworld chairman Michael Williams commented: “The Kinross offer brings substantial technical and financial resources to the White gold property which will further rapidly advance the project. We feel the Kinross offer provides immediate value to our shareholders.”

Underworld’s financial adviser Canaccord Financial Ltd. has provided an oral opinion to the Underworld board of directors that the consideration offered is fair, from a financial point of view, to Underworld’s shareholders.

Full details of the offer will be included in the formal offer and takeover bid circular to be mailed to Underworld shareholders shortly. The offer will be open for acceptance for at least 35 days following the commencement of the offer. The offer is subject to several conditions, including acceptance of the offer by the holders of at least two-thirds of the outstanding common shares (calculated on a fully diluted basis) and the receipt of all necessary regulatory approvals. If Kinross acquires at least two-thirds of the outstanding common shares, Kinross intends to take steps to acquire all outstanding common shares not acquired pursuant to the offer. If 100 per cent of the common shares are tendered, Kinross will issue approximately 6.8 million common shares pursuant to the transaction (based on the fully diluted share capital of Underworld), representing approximately 1 per cent of Kinross’s current outstanding common shares.

Underworld’s legal counsel is DuMoulin Black LLP. Kinross’s financial adviser is RBC Capital Markets, its strategic adviser is BMO Capital Markets and its legal counsel is Osler, Hoskin & Harcourt LLP.

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