subject: Mmm, Orfg.pk Stock Report By Pennytobuck.com [print this page] ORFG, Orofino Gold Corp., ORFG.PK ORFG, Orofino Gold Corp., ORFG.PK
ORFG established for the purpose of creating a significant exploration and Mining group operating in Colombia, an area with known mining reserves.
Colombia possesses an exceptional geologic terrain for gold exploration, and a high endowment of gold both historically, dating back to the days of El Dorado and the Spanish Conquistadors and now in modern times.
Colombia is the worlds leading producer of emeralds, and South Americas second largest gold producer and only platinum producer.
Within the last five years Colombia has produced a very high discovery rate of plus-million ounce gold discoveries by a relatively small amount of active companies.
In the 19th century, Colombia was the worlds largest gold producer. Currently Peru, Colombias neighbor to the south, produces about 210 tons of gold per year from the metal rich Andean Cordillera. Three mineral belts of the Andean Cordillera extend through Colombia.
Colombias favorable geology creates an environment similar to that of Peru, allowing for the potential for numerous world-class gold discoveries.
Modern exploration in Colombia has until relatively recently been inhibited by political instability and security risks related to armed conflict between the Colombian army, right wing paramilitaries and left wing guerrillas, as well as violence associated with drug cartels. Combined, these factors created an unstable environment that made gold exploration difficult and investment questionable.
This decade Colombia has seen a boom in mining and hydrocarbon exports which went from 25% of total foreign sales in the early 2000s to around 50% today.
According to the director of mines at the Ministry of Mines and Energy, Ercilia Monroy Sanchez, the rise in gold exports is down to strong market prices and renewed confidence among foreign investors following president Uribes democratic security policy, which has used hard-line tactics to deal with rebel and armed groups in the Andean nation.
Currently, Colombia is Latin Americas fifth largest producer of gold.
ORFG has several Gold development properties in Colombia, a current hot spot of gold production in the world markets.
At the ORFGs Senderos de Oro project, government recorded Gold production from the area has been significant with production records between 1987 to present of over 1,300,000 ounces. All production has been Artisanal (small miners) in nature and production continues to this day.
With the frequent occurrence of the very high grade gold vein systems in the central area of ORFGs Senderos de Oro project and with several small scale grinding and amalgamation mills in-place ORFG is planning to design a central processing and recovery facility that is modular in design (each additional module added creates 10,000 ounces of annual production) and will be capable of processing enough high grade material to produce up to 120,000 ounces of gold annually while ORFG continues to explore further the Primary Porphyry Target which is the bulk minable gold/copper porphyry systems.
ORFG has reviewed several engineering and design firms with gold production facilities design and operational experience and is currently creating a short list prior to engaging the design team.
ORFG intends to continue the relationships currently enjoyed with all government agencies, the local communities, as well as current production teams and will involve these groups in all major processing and production planning decisions.
More about ORFG at www.orofinogold.com
MMM, 3M Co.
MMM, together with its subsidiaries, operates as a diversified technology company worldwide. It operates in six segments: Industrial and Transportation; Health Care; Consumer and Office; Safety, Security and Protection Services; Display and Graphics; and Electro and Communications.
MMM reported record second-quarter earnings of $1.54 per share on sales of $6.7 billion. Sales and per-share earnings increased 17.7 percent and 37.5 percent, respectively, versus the second quarter of 2009. Excluding special items (b-c) recorded in the second quarter of 2009, earnings per share rose 28.3 percent.
Sales improved in all businesses and geographic regions, with particular strength in Electro and Communications at 32 percent, Display and Graphics at 30 percent and Industrial and Transportation at 23 percent. On a geographic basis, sales growth was strongest in emerging economies, where sales expanded by 38 percent versus the second quarter of 2009. Total-company sales rose 18 percent year-on-year and 6 percent sequentially, and have now returned to second quarter 2008 levels.
MMM generated record second-quarter operating income of $1.596 billion and operating margins were 23.7 percent. All six of MMMs business segments posted operating margins of 22 percent or higher.
More about MMM at www.3m.com
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