subject: Gold Stock Update On Cgc, Sila, Gbg From Pennytobuck.com [print this page] Gold American Mining Corporation (SILA.OB)
SILA has recently announced additional positive results from its Guadalupe property, located in the heart of the Fresnillo district, Zacatecas, Mexico.
The fieldwork conducted by SILA continues to identify additional veins within the property as such several veins remain without names. To date nine veins have been mapped within the Guadalupe property.
Johannes Petersen, President of Gold American said We are very excited with our findings to date. As soon as we receive the final report and maps of the recently completed geophysics campaign we will be able to finalize the design of the drilling program and initiate the permitting process with a view at commencing drilling before the end of the year.
Gold American Mining Corporation is a publicly traded precious metals exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich gold and silver production potential. Based in Reno, Nevada, Gold American has developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations. For more information the Company and its projects, visit Gold Americans website at www.gold-american.com.
Great Basin Gold Ltd, (Amex:GBG) announces an updated mineral resource estimate for its Burnstone Project in the Mpumalanga Province, South Africa.
Mineral resource estimate update, inclusive of all drilling and underground evaluation up to June 30, 2010 and at a range of cutoffs, is tabulated below. At a cutoff of 400 cmg/t the total Measured and Indicated Resources has increased by 3% from approximately 11.7 million ounces to 12.1 million ounces of gold.
Burnstone Project
Contained gold in the inferred resources at a cutoff of 400 cmg/t is estimated to total approximately 8.0 million ounces, a 74% increase from the previous estimate of 4.6 million ounces.
As this project is now moving into production, the mineral resource classification method applied in this update is more rigorous in terms of the minimum number of informing samples for Measured (4), Indicated (2), and Inferred (1). The number of informing Kimberley Reef intersections utilized in this resource estimate totals 610, inclusive of 339 surface boreholes, 35 underground boreholes, and 362 underground channel intersections. In addition, historic deflections from surface boreholes totalling 819 have been used where appropriate for assay and sedimentological confirmation. Geozones of the area of interest were updated as part of the basis for the estimation, but have remained very similar to the previous June 2009 update. These zones are delineated by a combination of variable geological parameters such as channel width, gold grade (g/t) and gold accumulation (cm.g/t), footwall lithology, and sedimentary facies.
The Burnstone goldfield is defined by an 18 kilometer long, northwesterly trending mineralized corridor hosting the Kimberley Reef, one of four main gold-bearing units in the Witwatersrand Basin. At Burnstone, the central portion of the gold corridor has been uplifted by two northwesterly trending sub-parallel faults and, as a result, a significant portion of the deposit areas along the trend occur at relatively shallow depths of 200-750 meters below surface.
The mineral resource estimation was done using geostatistical methods by Freddie de Bruin, Pr.Sci.Nat., and John Murgatroyd, Pr.Sci.Nat., of Deswiks Mining Consultants (Pty) Ltd., independent Qualified Persons as defined by Canadian Securities Regulations in National Instrument 43-101. The primary analytical facility for the Burnstone Project from 2003-2005 has been SGS Lakefield Research Africa (Pty) Limited and subsequently (2006-2010), ALS Chemex has been the primary laboratory. Both facilities are located in Johannesburg, South Africa.
For further information on Great Basin Gold, investors should review GBG's annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.com and home jurisdiction filings that are available at www.sedar.com.
Capital Gold Corporation (Amex:CGC) has provided a production and operational outlook for fiscal 2011 (August 1, 2010 to July 31, 2011) at CGC's mining projects in Mexico, including the El Chanate open pit mine in Sonora, the Saric exploration property that is also in Sonora and the Orion project in the State of Nayarit.
CGC expects to produce 65,000 to 70,000 ounces of gold, In the fiscal year of 2011. In order to meet their production target, approximately 5.4 million tonnes of ore is anticipated to be processed for the year with an average grade of 0.70 grams per tonne gold and a strip ratio of 2:1.
Since July 2010, CGC commenced the use of belt agglomeration with cement which is added to the crushed ore at El Chanate to improve the flow of leaching solution. Since commencement of the agglomeration, CGC has seen a significant increase in both daily production and ounces loaded to carbon.
CGC has increased the speed of the tertiary crushers by 20% which has resulted in a finer crush size of the ore which has resulted in a faster recovery time. Maintenance and scheduling improvements to the crushing circuit, including changes to the design of the cone crush liners, have maximized the availability of the crushing plant which has resulted in improved crushing and stacking rates.
Capital Gold Corporation (AMEX:CGC) is a gold production and exploration company. Through its Mexican subsidiaries and affiliates, it owns 100% of the "El Chanate" gold mine located near the town of Caborca in Sonora, Mexico. On August 2, 2010, Capital Gold acquired Nayarit Gold Inc. and merged it into its wholly owned subsidiary. Capital Gold is focused on optimizing the El Chanate operations and advancing the Del Norte deposit in the Orion District in the state of Nayarit, Mexico. Capital Gold also owns and leases mineral concessions near the town of Saric, also in Sonora, that are undergoing exploration for gold and silver mineralization. Additional information about Capital Gold and the El Chanate Gold Mine is available on the Company's website, www.capitalgoldcorp.com.
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