ORS, MAI
Orestone Mining aka ORS has released an update on their exploration properties in Argentina.
First, having done no exploration on the Burris Cu/Au prospect, they have terminated their option on the property.
They don't say this, but I think it is because they want to focus all their Antipodean energies on the Franisca gold prospect, on which they hold 85% of a JV with a local company. ORS is looking to define an open pittable oxide gold deposit on the property, which has never been subject to modern exploration techniques. To that end, they have added 2 sq km to the north and east of Francisca, which now covers 9 sq km and hosts two prospects, the North and South zones. The new properties cost only $10, 300.
ORS is planning to concentrate on the South zone, where there will be more mapping and sampling and trenching followed by an initial drill programme.
Message 35264125
Minera Alamos aka MAI announced they have completed the $135M bought deal that is part of their pivot from Mexico towards American production. As expected, the full overallotment was taken up, so now the onus is on MAI management to optimize the producing Pan mine in Nevada while bringing the Copperstone mine in Aeizona into production, all the while hoping for permits for their Mexican mines.
The IKN newsletter also pointed out something interesting. As part of the pivot, Jason Kosec is being brought in as Chairman of the Board for MAI, but in the meantime it was announced he will head up the new HMLO which is buying a big mine in Ontario from ABX. IKN seemed fairly satisfied that Kosec can manage both jobs, but we need to keep an eye on that.
ca.finance.yahoo.com
Saville's best guess is that gold will undergo a correction lasting several weeks then extend the upward trend to a 3-6 month peak in October or November. He says that gold ending this week below $3642 would be a signal that this scenario is likely underway. |
