INFOMINE 's Headline News Digest
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September 28, 1999 - Edition
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In-Depth News for the day
* Market News for Sept 27, 1999X
* Oh, to own a gold share today!X
HOT NEWS
In a move that ignited the mining industry today, gold prices climbed to US$281.70 per troy ounce this morning
(London's AM fix), up $12.70 since Friday to its highest level since May of this year. The dramatic move was
followed promptly by a feeding frenzy in the shares of gold companies, as investors appeared to regain some
degree of confidence in the recently depressed sector. (Monday, September 27, 1999)
(See In-Depth News: Oh, to own a gold share today! X )
DARNLEY BAY RESOURCES LTD
Darnley Bay Resources reported that exploration work continues on its Darnley Bay Ni-Cu-PGE property, NWT. Amerok
Geosciences of Whitehorse (under contract with the company) is collecting till samples for indicator minerals from 18 discrete
anomalies. After freeze-up, infill geophysical surveys are planned for the Thrasher zone to aid in locating drill sites and ground
geophysical surveys are planned for the Billy, Hornaday, Green and Ruben zones.
Property: DARNLEY BAY ANOMALY (PAULATUK)
(Complete Text of Sep 27, 1999 News Release)PDF
RIO NARCEA GOLD MINES LTD
Rio Narcea Gold Mines reported that core hole VAL 141 intercepted a true thickness of 44.6 m averaging 19.2 g/t Au in the
newly named Charnela zone. The intercept includes 23.7 m assaying 34.3 g/t Au at a depth of 106.6 m. Hole VAL 140, drilled
to test the zone 25 meters updip from VAL 139 (56.5 m of 38.4 g/t Au), encountered three high grade intercepts with a total
grade-thickness of 259 g-m/t. The zone now has a strike length of 175 m, an average width of approximately 70 m, and ranges
in thickness from 7 m in the NE to 35 m in the SW. The zone is open and untested along strike to the SW of VAL 141.
Property: RIO NARCEA (EL VALLE / CARLES)
(Complete Text of Sep 27, 1999 News Release)PDF
CORRIENTE RESOURCES INC and RIO TINTO MINING AND EXPLORATION LTD.
Rio Tinto has signed an option agreement to earn a 60% interest in the Salar Arizaro area of the Taca-Taca project in
Argentina from Corriente Resources by spending US$2,500,000 on exploration by July, 2004. The target of the exploration
drilling will be exotic copper mineralization, which is interpreted to have flowed outward from the leached cap of Taca-Taca
along topographic lows. A recently completed gravity survey has outlined a prominent channel under the salar (salt lake)
beside Taca-Taca. Rio Tinto drilling will be focused on this channel and is expected to start in October.
Property: TACA-TACA LOWER
(Complete Text of Sep 27, 1999 News Release)PDF
CAMECO CORP
Cameco Corp announced that it has filed a notice of intention with the Toronto and Montreal stock exchanges to make a
normal course issuer bid. This will enable Cameco to purchase for cancellation up to 2,885,168 of its common shares,
representing 5% of the 57,703,374 issued and outstanding common shares of the company. The period that purchases can be
made begins on Thursday, September 30, 1999, and ends on Friday, September 29, 2000.
(Complete Text of Sep 27, 1999 News Release)PDF
MARKET NEWS MAKERS
In an exciting day for gold stocks Echo Bay Mines featured well on American, up by US$1.00 to close at US$2.44. Other
strong contenders included Arizona Star, Battle Mountain, and Bema. The same can't be said for other commodities such as
cobalt, nickel, diamonds, and zinc. Colossal Resources led the field by dropping US$0.31 on NASDAQ to close at US$1.09 for
the day. Other notable losers include nickel giant Falconbridge, Diamond Fields, and SouthernEra of diamond fame. (Monday,
September 27, 1999)
(See In-Depth News: Market News for Sept 27, 1999 X )
MANHATTAN MINERALS CORP
Manhattan Minerals Corp announced that it has entered into an agreement with a syndicate of underwriters for the sale on a
bought deal underwritten basis of 3.5 million common shares at CDN$5.00 per common share for gross proceeds of
CDN$17.5-million. In addition, the underwriters have the option, until closing, to purchase up to an additional 1.5 million
common shares, which, if fully exercised, would increase the offering to CDN$25.0-million. Manhattan will use the net
proceeds of the offering to complete the exploration and feasibility programs at the Tambo Grande project in Peru, and for
general corporate purposes.
Property: TAMBO GRANDE
(Complete Text of Sep 27, 1999 News Release)PDF
BHP DIAMONDS INC and DIA MET MINERALS LTD
BHP Diamonds and Dia Met Minerals received final results of exploration bulk samples from the 1999 winter program at the
Ekati Diamond Mine, NWT. The Gazelle pipe returned 141.38 carats from 240.7 tonnes of kimberlite, Phoenix returned 149.22
carats from 106.1 tonnes of kimberlite and the Piranha pipe returned 203.44 carats from 87.4 tonnes of kimberlite.
Microdiamond results were received for the spring exploration drilling program. All 5 of the kimberlite discoveries in the spring
program are located in the Buffer zone. Nine additional kimberlite pipes were discovered bringing the total number of confirmed
kimberlite occurrences to 121.
Property: EKATI DIAMOND MINE - DIA MET / BHP
(Complete Text of Sep 27, 1999 News Release)PDF
CLAUDE RESOURCES INC
Claude Resources Inc. announced that it has signed an agreement with a syndicate of underwriters led by CIBC World
Markets Inc. providing for the placement of 3,350,000 special warrants at CND$1.50 each. The arrangement has been
underwritten on a bought deal basis. The underwriters also retain an option to purchase an additional 2.0 million special
warrants, also at CND$1.50 each, until closing of the offering. Each special warrant is exercisable for one unit consisting of
one common share and 1/2 of a common share purchase warrant in the capital of Claude. Claude intends to use the net
proceeds of the offering to fund a deep exploration program at the company's Madsen gold mine near Red Lake, Ontario and
for general corporate purposes.
Property: MADSEN-BUFFALO-STARRATT
(Complete Text of Sep 27, 1999 News Release)PDF
TRIVALENCE MINING CORP
Trivalence Mining reported sales figures from its most recent diamond sale completed on September 24, 1999. A total of
5,481.72 carats of rough diamonds sold for US $2,507,684. The sale consisted of four parcels containing 3,241.32 carats of
gem quality diamonds which sold for US $2,383,342 and one parcel containing 2,240.40 carats of near gem diamonds which
sold for US $124,342. The diamonds sold were produced at the Aredor diamond mine located in the Republic of Guinea.
Property: AREDOR MINE CONCESSION
(Complete Text of Sep 27, 1999 News Release)PDF
URAVAN MINERALS INC
Uravan Minerals reported that a preliminary interpretation of the TEM survey over part of the Rottenstone Ni-Cu-PGE property in
Saskatchewan confirmed airborne magnetic and VLF results. The survey confirms the location, strength and depth profile of
three areas of significant conductivity (>20 channels) potentially related to the occurrence of massive sulphide type
mineralization. A diamond drill program to test the anomalies is planned to commence the first week of October.
Property: ROTTENSTONE
(Complete Text of Sep 27, 1999 News Release)PDF
ALBERTA ENERGY CO LTD, ASHTON MINING OF CANADA INC and PURE GOLD MINERALS INC
Ashton Mining, Pure Gold Minerals and Alberta Energy reported on the 1999 summer exploration program conducted over the
Buffalo Hills/Joint Venture Lands properties and the Cayo Lands properties in Alberta. The program consisted of heavy mineral
sampling, ground magnetic and electromagnetic surveys and an airborne electromagnetic survey. Four anomalies on each
property are scheduled for drilling.
Properties: BUFFALO HILLS (ASHTON/PURE/ALB EN) and CAYO LANDS - VARIOUS PROPERTIES
(Complete Text of Sep 27, 1999 News Release)PDF
SEAHAWK MINERALS LTD
Seahawk Minerals has reported the recovery of additional emeralds from the crushing of drill core on the Piteiras Emerald
property in Minas Gerais, Brazil. Additional emeralds were recovered from drill holes PD99-03 and PD99-11. Emeralds were
also recovered from drill holes PD99-10, PD99-13, and PD99-14, where no emeralds were previously identified. The emerald
bearing Coqueiro zone was estimated to be at least 350 meters long, 150 meters wide, and 2.4 meters thick.
Property: PITEIRAS
(Complete Text of Sep 27, 1999 News Release)PDF
from InfoMine:
WINSPEAR RESOURCES LTD
Winspear Resources has reported indicated and inferred resources for the NW Dyke, on the Snap Lake diamond project in the
Northwest Territories. Indicated resources were estimated at 9.35 million tonnes grading 1.95 carats per tonne for a total of
18.26 million contained carats. Inferred resources were estimated at 11.97 million tonnes grading 1.98 carats per tonne for a
total of 23.68 million contained carats. The estimate was based on a total of 339 drill holes completed to date.
Property: CAMSELL LAKE (SNAP LAKE)
(Complete Text of Sep 24, 1999 News Release)PDF |
