subject: Gold Stock Update On Nsu, Anv And Orfg From Pennytobuck.com [print this page] OROFINO GOLD CORP (ORFG.PK) is a new high growth gold company whose mandate is to acquire, explore and develop to compliant proven reserves major gold targets in historically rich gold bearing jurisdictions of Mexico and Colombia two of the most significant gold producing countries in the world. To this end ORFG has signed an option agreement to acquire several properties in Colombia.
Mr. John T. Martin was born and raised in Canada. He had the benefit of being educated in his formative years in both Ontario and Quebec. He graduated from the University of Toronto with a degree of Arts in 1972, and subsequently graduated with a LLB (Bachelor of Laws) from the University of Ottawa in 1975.
His first employment was with the Bureau of Intellectual Property in the Federal Government of Canada in the mid 70s. From there Mr. Martin moved to British Columbia, where he enjoyed a busy practice as a lawyer in various firms including his own, until 2003. Mr. Martins preferred areas of Law were Securities, Immigration, Real Estate and Debt Realization.
During his legal practice, Mr. Martin had the chance of meeting many clients from across the Pacific whether they were Chinese or Asians and hence acquired a good network in both China and Asia. Mr. Martin was a regular visitor to South East Asian countries, Hong Kong, Korea, Taiwan and China, since 1985.
Allied Nevada Gold Corporation (AMEX:ANV) announces that Newmont Mining Corporation ("Newmont") has notified ANV that it does not elect to enter into a joint venture agreement for the Hasbrouck and Three Hills properties, located near Tonopah, Nevada.
Allied Nevada completed an initial three core-hole program in June of this year with significant intercepts including:
-- HSB10-002 - 123 meters grading 0.81 g/t Au and 19.25 g/t Ag (1.15 g/t AuEq)
-- HSB10-003 - 108 meters grading 0.85 g/t Au and 20.14 g/t Ag (1.2 g/t AuEq)
All three holes have encountered gold and silver mineralization which is higher grade than the average resource grade of 0.79 g/t Au and 10.97 g/t Ag. These core holes have been drilled at a large diameter to provide samples for metallurgical testing. Historical column leach tests indicate that recoveries could be 54.1% for gold and 19.2% for silver at a crush size of 80% passing 3/8 inch and after 51 days of leaching.
Allied Nevada will begin a 30-hole exploration program at Hasbrouck in September 2010. The primary goals of this program are to upgrade and increase the current resource, test the depth of mineralization and provide further samples for metallurgical testing.
Allied Nevada will retain 100% ownership in these properties, subject to a 2% net smelter return royalty to Newmont upon attaining commercial production. As per the agreement between Allied Nevada's predecessor company, Vista Gold Corp., and Newmont Capital Limited, Newmont is entitled to receive US$500,000 upon commencement of commercial production and an additional US$500,000 if the gold price exceeds US$400 per ounce for any three calendar month period following commercial production.
Nevsun Resources Ltd. (AMEX:NSU) is pleased to announce that it has bought out a third party royalty on its Bisha project in Eritrea. The removal of this royalty further increases NSU's stake in Bisha's future cash flows, resulting in an estimated net benefit of at least $0.20 per share. NSU paid Cdn$18,500,000 to acquire the 1.5% net smelter royalty on the project, previously held by an arm's length private company.
The Bisha project continues on time and on budget to advance towards plant commissioning in Q4 of this year. The Company anticipates reaching commercial production before the end of Q1 2011, at which time its annualized output should exceed 400,000 ounces of gold, plus 750,000 ounces of silver, at a cash operating cost of less than $250 per ounce of gold. More details on the Bisha project, including cash flow estimates under various metals price assumptions can be found on NSU's website.
Nevsun Resources Ltd. is a gold and base metal developer with a focus on developing mining projects in Africa. Nevsun is currently focused on advancing its high grade gold, copper, silver and zinc Bisha Project in Eritrea. The Bisha Mine is in active construction with operations anticipated in late 2010. Progress pictures can be found here. The Bisha Mine will be a low cost gold producer for its first two years of production (approx. 430,000 ounces gold per year) and a low cost high grade copper concentrate producer (approx. 80,000 tonnes of contained copper metal per year) for a further three years. Thereafter the mine will produce separate zinc and copper concentrates. The Company's Eritrean portfolio provides a good base for future corporate growth. For information visit NSU at http://www.nevsun.com/
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