Goldcorp Consolidated Red Lake District with
$1.5 Billion Acquisition of Gold Eagle
At a time of much lower POG - Price Of GOLD -
conquestresources.net
Ex. of Gold Eagle Mines Ltd's drilling results:
Drilling extends the Finn Zone to depth and to the southwest
TSX: GEA
TORONTO, Dec. 6 /CNW/ - Gold Eagle Mines Ltd. (TSX: GEA) ("Gold Eagle" or
the "Company") is pleased to announce additional results from the FN Series of
holes on its 100% owned Gold Eagle property in Red Lake, Ontario. The Gold
Eagle property is situated along the Red Lake Trend, west of Goldcorp's Red
Lake and Campbell Mines and immediately southwest of Goldcorp's
Cochenour-Willans Mine.
Highlights
- Step-out drilling extends the Finn Zone by 20 metres to the
southwest and 45 metres vertically.
- The Finn Zone is a minimum of 470 metres in a horizontal direction
and 345 metres deeper than the Bruce Channel Discovery mineralized
envelope.
- The Finn Zone remains open in all directions.
- With the completion of the FN Series of holes, the rig has moved to
the southerly edge of the Bruce Channel Discovery mineralized
envelope in order to commence a series of step-out holes in a
southwesterly direction towards the Finn Zone.
See map, "Drill Plan (FN Series-Dec07)", on the company website
goldeaglemines.com
The FN Series were initiated as part of a regional reconnaissance program
designed to obtain stratigraphic and structural geology information on the
southeastern area of the Gold Eagle property. Drilling has successfully
confirmed a significant new area of gold mineralization named the Finn Zone.
Within the Finn Zone, gold mineralization, carbonate alteration zones and
host rocks have been intersected that bear striking similarities to the
structures and mineralization within the Bruce Channel Discovery ("BCD")
mineralized envelope, which is located approximately 475 metres to the
northeast.
FN 1-4
The FN 1-4 "wedge" hole was started from the FN 1-3 at a depth of
1,697 metres and was directed to test the southerly extent of the mineralized
structures reported in FN 1-3. The hole intersected clastic meta-sediments and
iron formation of the Bruce Channel Assemblage to 1,964 metres, and variably
altered volcanic and associated sedimentary rocks of the Balmer Assemblage to
the final hole depth of 2,528 metres.
FN 1-4
-------------------------------------------------------------------------
Intersection Length Gold
(in Metres) --------------------
-------------------------------------------
Grams Ounces
per per
Tonne Ton
From To Metres Feet (g/t) (oz/t)
-------------------------------------------------------------------------
2,435.90 2,436.60 0.70 2.30 3.66 0.11
-------------------------------------------------------------------------
Gold mineralization occurs within a broader biotitically altered zone of
carbonate veining and brecciation with associated disseminated pyrrhotite and
aresenopyrite.
FN 1-4 confirmed that the Finn Zone mineralization extends to the
southwest by at least another 20 metres and by at least 45 metres vertically.
The Finn Zone remains open in all directions.
FN 1-5
The FN 1-5 "wedge" hole was started from FN 1-2 at a depth of
1,445.30 metres and was directed to provide additional information between
FN 1-2 and FN 1-4.
FN 1-5 intersected the Bruce Channel Assembalge to a depth of
2,004.50 metres. Below this, and to a final depth of 2,235.50 metres, the hole
intersected clastic sediments, iron formation, and variably altered mafic
volcanics assigned to the Balmer Assemblage. Mineralization was associated
with quartz veins hosting disseminated pyrrhotite, arenopyrite and visible
gold.
FN 1-5
-------------------------------------------------------------------------
Intersection Length Gold
(in Metres) --------------------
-------------------------------------------
Grams Ounces
per per
Tonne Ton
From To Metres Feet (g/t) (oz/t)
-------------------------------------------------------------------------
2,090.20 2,091.90 1.70 5.58 5.35 0.16
-------------------------------------------------------------------------
2,098.00 2,099.15 1.15 3.77 3.80 0.11 VG
-------------------------------------------------------------------------
FN 1-5 was prematurely terminated at a depth of 2,235.50 metres and, as
such, did not reach its target depth. FN 1-5 intersected gold mineralization
on the westerly side of the currently identified Finn Zone.
Bruce Channel Discovery Step Out Program
With the FN 1 "mother-hole" having worn to the point where it is no
longer viable to continue drilling, the rig has been redeployed to a planned
location on McKenzie Island in order to commence a systematic step out program
from the current southwest edge of the BCD mineralized envelope. The goal of
this step out program is to test for the extension of the BCD mineralized
envelope in a southwesterly direction towards the Finn Zone. It is expected
that this important step out program could take between 18 to 24 months to
complete.
Notes:
- VG - visible gold
- Lengths reported are core intersection lengths and do not represent
true widths
- It is anticipated that true width estimates will be made possible
after additional drilling
- Conversion Method: grams per tonne (g/t) multiplied by 0.0292 equals
troy ounces per short ton (oz/t)
About Gold Eagle Mines Ltd.
Gold Eagle Mines Ltd is a Canadian based natural resource company
developing a significant new gold discovery in the prolific Red Lake gold
camp, located in Northern Ontario, Canada.
Qualified Persons
The drill program is being carried out under the direction of Mr. Chris
Collins, P.Geo and Mr. John F. Whitton, P.Geo, qualified persons within the
meaning of National Instrument 43-101. Mr. Collins and Mr. Whitton have
reviewed the contents of this news release.
Sample preparation and assay procedures are carried out by ALS
Laboratories using standard fire assaying with an AA or gravimetric finish
where appropriate. Samples noted to contain Visible Gold when core logging are
assayed using a screened metallics procedure with a gravimetric finish.
Forward-Looking Statement
The statements made in this News Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's expectations and
projections. Accordingly, readers should not place undue reliance on
forward-looking statements. For a more detailed discussion of such risks and
other factors, refer to Gold Eagle's filings with Canadian securities
regulators available on www.sedar.com or the Company's website at
www.goldeaglemines.com
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release and the
information contained herein.
%SEDAR: 00024756E
For further information: please feel free to contact our offices at:
Tel: (416) 867-8998, Fax: (416) 867-9393, www.goldeaglemines.com
* * * *
Conquest's Alexander Gold Property:
is located in Balmer Township in the heart of the Red Lake Gold Camp.
It is situated within the "Mine Trend" structural corridor
adjacent to Goldcorp's Red Lake and Campbell Gold Mines,
which contain historic production and current resources inexcess of 28 million ounces of gold, and approximately 1,000 metreseast of the Red Lake Complex shaft headframe and within 400 metres ofthe Far East gold zone at the Red Lake Mine.
In November 2009, Conquest completed a 4,100 metre drill program
which successfully doubled the drilling depth profile on the project
and reported gold mineralization in all six holes completed in the program.
Conquest plans to continue exploration in 2010 with a drill program
targeting structures at depth interpreted to extend from
the adjacent Red Lake Gold Mine.
Following the completion of the placement, there will be 81,813,637 shares of Conquest
issued and outstanding. and ex...
$ 1.5 billion for Alexander property devided on 82 milion shares = $19.5 / sh
At a time of much lower POG - Price Of GOLD - in July 1988 -
today at higher POG - the per share price should be adjusted higher -
in proportion to the higher POG today compared to July 1988 -
Conquest Alexander Project can be compared to the Gold Eagle project -
and is the only project to be aquired of ex. Goldcorp -
Conquest remaining Gold project should stay with the Conquest shareholders:
Canada Alexander Project, Red Lake, Ontario 03-11-2009
Aurora Project, Detour Lake, Ontario 08-04-2009
Smith Lake Project, Leeson Township, Missanabie, Ontario 23-12-2008
King Bay Gold Project, Ontario 24-12-2008
Zimbabwe Beehive and Babs Gold Mines, Midlands Goldfield 24-05-2009
Piper Moss Gold Project, Midlands Goldfield
– Vancouver, BC – Goldcorp Inc. (“Goldcorp”) (NYSE:GG, TSX:G)
and Gold Eagle Mines Ltd. (“Gold Eagle”) (TSX:GEA)
announced an agreement whereby
Goldcorp acquired, through a friendly plan
of arrangement, all outstanding shares of Gold Eagle.
Gold Eagle’s principal asset is the world class Bruce Channel gold discovery
which is situated along the prolific Red Lake Trend, adjacent to Goldcorp’s
Red Lake gold mine and immediately southwest of Goldcorp’s
past-producing Cochenour-Willans Mine.
This transaction will enable Goldcorp to capitalize on its extensive exploration and
operations expertise in the Red Lake district and its considerable human
resources and related infrastructure.
“This transaction secures for Goldcorp full control of 8 kilometres of strike length
in the heart of the world's richest high grade gold district,” said Kevin McArthur,
Goldcorp’s President and Chief Executive Officer.
“Nearly 200 drill holes have defined an impressive gold deposit at Bruce
Channel, with potential for additional expansion over time.
Development of this strategically important zone can now move forward with
our adjoining assets as a single, comprehensive project, sharing mine
infrastructure, ore processing facilities and human talent with Red Lake,
thus minimizing capital and operating costs and maximizing long-term
shareholder value.
Red Lake mine has operated for over 50 years, and Goldcorp’s continued district
consolidation efforts are designed to sustain this world-class operation
for decades into the future.
We are the natural partner to develop the Bruce Channel project with the
geographic footprint preferred by our community.”
Under the plan of arrangement, each common share of Gold Eagle not owned
by Goldcorp will be exchanged for
(i) a cash payment in the amount of C$6.80 and
(ii) 0.146 common shares of Goldcorp, assuming full pro-ration.
Gold Eagle shareholders will have the option to elect to receive cash
(on the basis of $13.60 per Gold Eagle share), shares
(on the basis of 0.292 Goldcorp shares and
.0001 per Gold Eagle share)
or any combination of cash and shares, subject to pro-ration,
with an aggregate maximum cash consideration of $691 million and
an aggregate maximum of 14.8 million common shares of Goldcorp subject
to increase on a prorated basis if Gold Eagle warrants and options are
exercised prior to the effective date of the arrangement.
The total consideration for 100% of the fully diluted shares of Gold Eagle
would be approximately $1.5 billion.
Basedon the July 30, 2008 closing price and 20-day volume weightedaverageprice for Goldcorp’s
common shares on the TSX, and assumingfullpro-ration, the transaction values each Gold Eagle share
at C$12.62 andC$13.39, respectively.
On this basis, the considerationreceived byGold Eagle shareholders represents a 19% premium to
closingprices and a36% premium to the 20-day volume-weighted average pricesfor eachcompany.
The transaction is expected to close in September,2008.
The combination has been approved by the boards of directors of Goldcorp
and Gold Eagle and will be subject, among other things, to the favourable vote
of 66 2/3% of the Gold Eagle common shares voted at a special meeting
of shareholders called to approve the transaction.
Officers, directors and certain shareholders of Gold Eagle representing
approximately 10.5% of Gold Eagle’s outstanding shares have entered
into lock-up and support arrangements with Goldcorp under which they
have agreed to vote in favour of the transaction.
Goldcorp currently owns 4.7% of the outstanding shares of Gold Eagle.
BMO Capital Markets, Gold Eagle’s financial advisor, has provided an opinion
to the Gold Eagle Board of Directors that the consideration offered is fair,
from a financial point of view, to Gold Eagle’s shareholders.
In the event that the transaction is not completed, Gold Eagle has agreed to
pay Goldcorp a termination fee equal to C$44 million, under certain
circumstances.
Gold Eagle has also provided Goldcorp with certain other customary rights,
including a right to match competing offers.
Full details of the transaction will be included in the management information
circular of Gold Eagle, to be mailed to Gold Eagle shareholders in due course.
“We believe that Bruce Channel ranks among the very highest quality gold
discoveries,” said Simon Lawrence, President and Chief Executive Officer
of Gold Eagle.
“The success we have had is a testament to our Red Lake based exploration
team and their endeavours have helped deliver significant value to our
shareholders.
Goldcorp, with their considerable infrastructure and expertise in the area,
are ideally positioned to advance the project in an expedient and capital
efficient manner.
For our shareholders this is a very attractive transaction.”
Macquarie Capital Markets Canada Ltd. acted as financial advisor to Goldcorp Inc.
and J.P. Morgan Securities Inc. acted as strategic advisor.
Cassels Brock & Blackwell LLP acted as Goldcorp’s legal counsel.
BMOCapital Markets acted as financial advisor to Gold Eagle andFraserMilner Casgrain LLP acted as Gold Eagle’s legal counsel.
Goldcorpheldhold a conference call today at 10:00 a.m. (PDT) todiscussitssecondquarter financial results as well as the details oftheGoldEagleacquisition. Participants may join the call bydialingtollfree1-866-226-1799 or 416-641-6129 for calls from outsideCanadaandtheUS. A recorded playback of the call can be accessedaftertheeventuntil September 1, 2008 by dialing 1-800-408-3053or416-695-5800forcalls outside Canada and the US. Passcode: 3264804.Alive andarchivedaudio webcast will also be available at www.goldcorp.com.
About Goldcorp
Goldcorp is the lowest-cost and fastest growing multi-million ouncegold producer
with operations throughout the Americas.
Its goldproduction remains 100% unhedged.
About Gold Eagle
Gold Eagle Mines Ltd. is a Canadian based junior natural resourcecompany
developing a significant new gold discovery
in the prolific RedLake gold camp, located in Northern Ontario, Canada.
* * * *
I had discovered, through a reliable source, the real reason why Goldcorp acquired Gold Eagle Mines
located directly to the west of their property in july 2008, for 1.3B.It had come to Goldcorp's attention
that a major gold mining company, one my source had been working for at the time, was buying up
Gold Eagle shares in order to launch a takeover bid for the company.
Upon hearing this Goldcorp freaked out and immediately launched their own takeover bid for
Gold Eagle Mines and ended up paying top dollar for the property.
The reason I bring this up is after hearing about this it got me thinking.
If the thought of a major mining company moving in on Godcorp's properties and
subsequently challenging their supremacy in the Red Lake region
was what caused them to spend 1.3B to prevent that from happening
what would they do if they were to discover Conquest was being pursued
by a major gold mining company on the east side of Goldcorp's property.
Not to say, this is the case, however, this little share purchase recently by Mr. Kearney
might be interpreted by some as what poker players like to refer to as a TELL.
In other words has he tipped his hand with regards to what
the future might hold for Conquest Resources.
I believe he has. JMHO of course.
gCalf
* * * *
Goldcorp Provides Update On 2009 Exploration Program
VANCOUVER, British Columbia, November 24, 2009 – Goldcorp Inc. (TSX: G, NYSE: GG)
today provided highlights
of its successful $110 million 2009 exploration program.
Red Lake High Grade Zone Continues at Depth.
Several assay intervals in excess of 60 grams per tonne in the deep High Grade Zonesupport the strong potential
for gold resource to reserve conversionbetween the 46 and 50 levels, as well as for new gold resources
belowthe 50 level.
A new and growing area of high grade gold called the Far East Zone has also been identified up-plunge
from the High Grade Zone.
In the under-explored Party Wall area (“R Zone”) ,
strong results from the deepest drilling will direct an aggressive exploration campaign in 2010.
Goldcorp’s cornerstone asset delivered a strong performance in the third quarter.
Gold production at Red Lake totalled 178,800 ounces ata total cash cost of $255 per ounce
compared to gold production of160,100 ounces at a total cash cost of $297 in the third quarter of 2008.
Exploration drilling from the 4199 drift is advancing well with three drills off the platform:
two drilling the High Grade zone and one drilling targets in the high-potential Party Wall area.
Rob McEwen, Goldcorp founder sees $5000 gold
Goldcorp Inc. founder Rob McEwen, who has more than $100 million
in gold investments, said he expects the metal to top $5,000 an ounce
as governments increase the money supply to combat recession.
Bullion will more than double to $2,000 an ounce by the end of next
year before rising to McEwen’s target by the end of the cycle,
which could take an additional four years, the investor said.
“Politicians around the world are listening to cries from their
electorates and they’re giving money to all callers,” McEwen said
yesterday in a telephone interview from Toronto.
McEwen, who founded what is now the world’s second-largest gold
producer by market value, owns stakes in three Canadian precious-
metal explorers worth more than $100 million.
He said he also has a “big, big” holding in bullion.
Gold gained for the eighth straight year in 2008 amid investor concern
the economy would collapse and government efforts to prevent that
would increase inflation
youtube.com
Vancouver Resource Investment Conference - January 17 & 18, 2010
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Hyatt & Fairmont Conference Hotels, Vancouver, BC
NEW LOCATION for JAN 2010 ONLY
Conference Registration | Agenda | Hotel & Travel | Floorplan
Speaker Line Up | Exhibitor List | Exhibitor Information
Vancouver 2010: Exhibitors & Sponsors
Welcome to visit us for more info at H80
.
Conquest Resources Ltd. CQR - TSX - H80
"CONQUEST & GOLDCORP CHALLENGE"
Goldcorp Inc. (TSX:G)(NYSE:GG) provided highlights of its successful
$110 million 2009 exploration program.
- Red Lake High Grade Zone Continues at Depth.
Several assay intervals in excess of 60 grams per tonne in the deep High Grade Zone-
support the strong potential for gold resource to reserve
conversion between the 46 and 50 levels,
as well as for new gold resources belowthe 50 level.
A new and growing area of high grade gold called the FarEast Zone
has also been identified up-plunge from the High Grade Zone.
In the under-explored Party Wall area ("R Zone") between Campbell
and the Red Lake,
strong results from the deepest drilling will direct an aggressive
exploration campaign in 2010.
The new and growing area of high grade gold called the Far East Zone -
....has also been identified up-plunge from the High Grade Zone -
we see in this area of the new headframe and shaft in the background
of the picture -
with a cost for Goldcorp of about $125,000,000.00 to construct -
more than $125 Million in the development beside the Conquest
Alexander gold virgine property -
At the Red Lake Gold Mine -
a primary focus of exploration at Red Lake in 2009 was the early
completion of the 4199 exploration drift,
enabling drilling of the deep High Grade Zone for the first time
in four years.
Five assayed drill holes have been completed within the resource shape
from this platform, with results
indicating the continuation of the High Grade Zone at depth.
This year, the Company is targeting new gold reserves in
the zone between the 46 and 50 levels
and new resources below the 50 level.
The 4199 exploration drift will now provide the primary exploration
platform for exploration of the deep
High Grade Zone on an ongoing basis.
It will be developed progressively in order to maintain favourable
drilling geometry into the area.
The Party Wall at Red Lake comprises the former boundary area between
the Red Lake and Campbell mines that had been previously unexplored.
Assays over the last two years have demonstrated a high grade gold
resource.
Mining operations in the shallower portions of the Party Wall
have drifted toward the gold zone, with in-fill drilling
confirming the resource model.
Deep drilling of the Party Wall area tothe 38 level has resulted
in some of the highest grade intercepts to date, and will be
the focus of an aggressive drill program in 2010.
Up-plunge and to the east of the Red Lake High Grade Zone lies
an underexplored area
called the Far East Zone.
Assay results in 2009 indicate an ore grade gold zone
at the 16 level that will continue tobe tested
as drilling moves closer to the surface.
Red Lake Drilling Results
---------------------------------------------------------------------------
Drill Approx. true
Hole Area From (m) To (m) width (m) Au (g/t)
---------------------------------------------------------------------------
D44008 High Grade Zone 49 level 360.30 365.91 4.50 931.89
---------------------------------------------------------------------------
D44004 High Grade Zone 48 level 362.41 374.29 8.11 65.83
---------------------------------------------------------------------------
D43058 High Grade Zone 49 level 322.78 325.53 2.19 120.00
---------------------------------------------------------------------------
D43059 High Grade Zone 49 level 359.36 369.94 10.58 43.89
---------------------------------------------------------------------------
D36439 R Zone 92.20 96.77 3.50 60.00
---------------------------------------------------------------------------
D41178 R Zone 663.25 670.56 4.73 45.87
---------------------------------------------------------------------------
16L1427 Far East 21.03 32.13 9.24 29.83
---------------------------------------------------------------------------
16L1426 Far East 38.40 42.67 4.00 31.70
---------------------------------------------------------------------------
GOOD LUCK AND GOD BLESS
If America is to be saved, we will have to return to a gold standard.
Until that time, if we are to be saved, then we must put our
financial assets into gold....
EX..CQR Gold virgine play bargain..beside one of the worlds
richest gold mines and lowest cost gold producers..dd....
For further information
Terence N. McKillen, President & CEO, (647) 728-4126
D. Brett Whitelaw, Vice-President, (604) 662-8633
John F. Kearney, Chairman, (416) 362-6686
Robert Kinloch, Director, (306) 343-5799
Email: info@conquestresources.net,
URL: conquestresources.net
finance.yahoo.com
conquestresources.net
conquestresources.net
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