Hey are you still watching this one???
Just some catch up info......btw if I was still in RXD I could have bought us both porches:-(
Canadian Dealing Network
GAML. (CDN)
Attention Business Editors:
Gammon Lake Raises $5.49 Million Through Successful Rights Offering & Private Placement
CDN Symbol: GAML
Issued: 14,501,374
DARTMOUTH, NS, Nov. 30 /CNW/ - Gammon Lake Resources Inc. is pleased to
announce the successful completion of the Company's rights offering on
November 25, 1999 for a total proceeds of $4.95 million. A total of 2.475
million shares were issued at $2.00 per share. The majority of these funds
will be used on the Company's Ocampo, Mexico Gold & Silver Project. A private
placement of $540,000 was also secured during the period that was announced on
November 23, 1999.
Over the past year Gammon Lake has raised over $7 million through private
placements, a rights offering and the exercising of warrants.
Gammon Lake is well positioned to advance the important Ocampo Project
and will accelerate the pace of development due to these funds. The following
previously reported diamond drill hole highlights, assayed by Chemex Labs of
Vancouver, show the excellent potential of the property.
<<
Diamond Drill Hole Summary
--------------------------
Drill
Intercept Gold Equivalent
Hole Depth Interval Gold g/t Silver g/t g/t*
---- ----- -------- -------- ---------- ---------------
BR-99-11 13-22m 9m 3.9 330.1 10.2
BR-99-12 6-53m 53m 1.2 86.0 2.8
BR-99-15 22-67m 43m 0.8 59.8 2.0
BR-99-24 20-30m 10m 5.9 377.5 13.1
Containing 20-24m 4m 13.4 833.7 29.2
BR99-28 19-24m 5m 4.4 32.0 5.0
>>
* Factor is 100 grams of silver as being equivalent to 1.9 grams of
gold.
Gammon Lake Resources Inc. is a Nova Scotia based mineral exploration
company with properties in Canada and Mexico. Our web site is
www.gammonlake.com
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
-30-
For further information: Terence Donahoe, Q.C., Director & Senior V.P.,
Inquiries and Investor Relations, Gammon Lake Resources Inc., tel:
(902) 468-0614/fax: (902) 468-0631
GAMMON LAKE RESOURCES INC. has 30 releases in this database.
Canadian Dealing Network
GAML. (CDN)
Attention Business Editors:
Gammon Lake Completes Phase II Ocampo Drill Program With Excellent Results and
Demonstrated Continuity of Mineralization
CDN Symbol: GAML
Issued: 14,501,374
DARTMOUTH, NS, Dec. 8 /CNW/ - Gammon Lake Resources Inc. is pleased to
report the completion of the Phase II 1,800 meter diamond drill program at its
Ocampo, Mexico Gold & Silver Project. To date Gammon Lake has completed in
excess of 3,700 meters of diamond core drilling which has demonstrated
continuity of mineralization and the potential to develop both bulk tonnage
and underground mineralization. Drilling has tested a portion of the over 3.25
km. of targets within the main project area and reconnaissance mapping and
sampling is currently ongoing at additional areas.
The following diamond drill hole highlights, assayed by Chemex Labs of
Vancouver, show the excellent potential of the property.
<<
Diamond Drill Hole Summary Highlights
-------------------------------------
Gold
----
Drill Intercept Equivalent
--------------- ----------
Hole Depth Interval Gold g/t Silver g/t g/t*
---- ----- -------- -------- ---------- ------
BR-99-11 13-22m 9m 3.9 330.1 10.2
BR-99-12 6-59m 53m 1.2 86.0 2.8
BR-99-15 22-67m 43m 0.8 59.8 2.0
BR-99-24 20-30m 10m 5.9 377.5 13.1
Containing 20-24m 4m 13.4 833.7 29.2
BR99-28 19-24m 5m 4.4 32.0 5.0
BR99-31 2-14m 12m 1.4 28.0 2.0
BR99-36 30-35m 5m 3.0 71.0 4.3
BR99-49 24-37m 13m 1.6 75.0 3.0
BR99-50 41-58m 17m 1.1 28.0 1.6
Containing 41-58m 5m 3.1 64.0 4.3
*Factor is 100 grams of silver as being equivalent to 1.9 grams of gold
Mr. Fred George, the president of Gammon Lake stated, "The board of
directors are extremely pleased with the outstanding diamond drill results and
consistent continuity of mineralization. These results reconfirm that our
substantial investment in this important project has great potential to our
shareholders."
Diamond Drill Hole Summary Holes Recently Received
--------------------------------------------------
Gold
----
Drill Intercept Equivalent
--------------- ----------
Hole Depth Interval Gold g/t Silver g/t g/t*
---- ----- -------- -------- ---------- ------
BR99-31 2-14m 12m 1.4 28.0 2.0
BR99-32 25-31m 6m 0.5 27.0 1.0
BR99-33 14-15m 1m 0.7 11.0 0.9
24-34m 10m 0.9 9.0 1.1
91-92m 1m 2.0 1.0 2.0
BR99-34 50-52m 2m 0.8 12.0 1.0
59-63m 4m 1.4 25.0 1.9
BR99-35 14-16m 2m 0.5 13.0 0.8
BR99-36 30-35m 5m 3.0 71.0 4.3
44-46m 2m 0.8 24.0 1.3
BR99-37 3-5m 2m 1.6 23.0 2.0
46-60m 14m 0.4 48.0 1.3
88-89m 1m 0.8 19.0 1.2
BR99-38 6-8m 2m 1.4 15.0 1.7
19-21m 2m 0.4 19.0 0.7
BR99-39 37-39m 2m 1.0 33.0 1.6
49-56m 7m 0.2 27.0 0.7
BR99-40 54-60m 6m 0.5 23.0 0.9
BR99-41 73-78m 5m 0.4 31.0 1.0
84-88m 4m 0.3 14.0 0.6
BR99-42 Mineralized
BR99-43 0-2m 2m 1.1 38.0 1.8
7-10m 3m 0.2 17.0 0.6
39-46m 7m 2.1 78.0 3.6
BR99-44 0-2m 2m 5.8 59.0 6.9
25-28m 3m 1.5 91.0 3.2
BR99-45 0-24m 24m 0.4 37.0 1.1
40-45m 5m 0.5 8.0 0.7
BR99-46 65-66m 1m 0.8 18.0 1.1
79-84m 5m 1.4 34.0 2.1
BR99-47 29-31m 2m 1.6 39.0 2.4
BR99-48 44-48m 4m 0.5 1.0 0.5
52-55m 3m 0.1 19.0 0.4
BR99-49 24-37m 13m 1.6 75.0 3.0
45-46m 1m 0.4 34.0 1.0
BR99-50 41-58m 17m 1.1 28.0 1.6
Containing 41-46m 5m 3.1 64.0 4.3
*Factor is 100 grams of silver as being equivalent to 1.9 grams of gold
>>
The Phase II diamond drill program was carried out by Major Drilling of
Moncton, New Brunswick and the holes were used to explore the Brenda (BW),
Jesus Maria (JM), Resurrection (RES), and Las Animas zones. Phase III
drilling, now being planned, will further investigate the known zones and
recently discovered new zones. The company's geologists will use the results
to better define the structures and plan future holes.
Gammon Lake just completed a rights offering and private placement as
reported on November 30th. 1999 and currently has a cash position in excess of
$5,500,000.
Gammon Lake Resources Inc. is a Nova Scotia based mineral exploration
company with properties in Canada and Mexico. Our web site is
www.gammonlake.com
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
-30-
For further information: Terence Donahoe, Q.C., Director & Senior V.P.,
Inquiries and Investor Relations, Gammon Lake Resources Inc., tel:
(902) 468-0614, fax: (902) 468-0631
GAMMON LAKE RESOURCES INC. has 30 releases in this database.
GAMMON LAKE RESOURCES INC.
Canadian Dealing Network
GAML. (CDN)
Attention Business Editors:
Gammon Lake's Ocampo Project Receives Positive Report from Pincock Allen and Holt and
Excellent Cyanide Gold and Silver Recovery
CDN Symbol: GAML
Issued: 15,001,374
DARTMOUTH, NS, Dec. 15 /CNW/ - Gammon Lake Resources Inc. has received a
positive report from Pincock Allen and Holt reviewing the results from the
Ocampo Project since the March 1999 Behre Dolbear Report. The Pincock Allen
and Holt report contained the following statements:
"The results of this work have been encouraging. The recent drilling has
shown that the mineralized structures possess continuity and are wider than
previously recognized. Reconnaissance work on the property has also recognized
other areas that may contain new targets."
"Work to date has demonstrated that it hosts potentially economical
attractive gold and silver mineralization. In areas possessing sufficient
drilling density the mineralized structures have demonstrated continuity both
along strike and down dip."
"Grades and thickness of mineralization, which may be amenable to either
bulk or underground mining techniques, have been intersected in the majority
of drill holes."
"Preliminary metallurgy is encouraging. Both the gold and silver
mineralization appears to be amenable to cyanide extraction. Recoveries for
both metals were very good in the tests conducted thus far with reagent
consumption being low."
"Of the drill holes tested 74 percent of them intersected values greater
than 3.0 grams equivalent gold per tonne (g/teAu) over one meter or more. In
the Ocampo area 3 g/t is considered an economic underground mining cutoff." As
part of the report check assays were completed on holes BR-99-13,20,25,28,29
and 36 by ITS Bondar Clegg and these assays were consistent with assays
completed by Chemex Labs.
"As currently defined the Santa Ana target has the potential to
significantly increase the overall size and scope of the Ocampo project.
Further mapping, sampling and drilling is recommended."
Kappes, Cassiday & Associates performed bottle roll tests on samples from
the grade zones intersected in holes 13, 20 and 29 using cyanide. Their
analysis indicated an excellent recovery exceeding 97% of gold and 87% of
silver with low consumption of the reagent.
<<
------------------------------------------------------------------------
Diamond Zone Calculated Calculated Calculated % Gold % Silver
Drill Width Head Grade Head Grade Head Grade Ex- Ex-
Hole Tested Gold Gold g/t Silver g/t tracted tracted
Equiv.g/t e
------------------------------------------------------------------------
BR-99-13 12 m. 2.9 0.75 113.4 96.0 85.9
------------------------------------------------------------------------
BR-99-20 14 m. 2.6 1.57 52.6 98.1 90.9
------------------------------------------------------------------------
BR-99-29 9 m. 4.4 2.92 80.1 98.3 84.4*
------------------------------------------------------------------------
Averages 11.6 m. 3.3 g/t 1.75 g/t 82.0g/t 97.5% 87.0
------------------------------------------------------------------------
* Retest of BR-99-29 extracted 84.4% of silver vs. 64.5% in first test
due to the use of increased amount of cyanide reagent.
>>
Gammon Lake is very encouraged with the progress of the Ocampo Project
and the confirmation of its potential by these world class geological
consulting firms.
Gammon Lake Resources Inc. is a Nova Scotia based mineral exploration
company with properties in Canada and Mexico. Our web site is
www.gammonlake.com
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
-30-
For further information: Terence Donahoe, Q.C., Director & Senior
V.P., Inquiries and Investor Relations, Gammon Lake Resources Inc., tel:
(902) 468-0614/fax: (902) 68-0631
GAMMON LAKE RESOURCES INC. has 30 releases in this database.
Canadian Dealing Network
GAML. (CDN)
Attention Business Editors:
Gammon Lake Re-Negotiation of Joint Venture Agreement on Ocampo Property, Increased
Exploration on the Project and Purchase of Additional Claim
CDN Symbol: GAML
Shares Issued: 15,001,374
DARTMOUTH, NS, Dec. 23 /CNW/ - Gammon Lake Resources Inc. (CDN: GAML) is
pleased to announce it has re-negotiated its joint venture agreement with
Minera Fuerte Mayo S.A. de C.V. on the Ocampo gold and silver project. This
renegotiation was made as result of the aggressive drilling campaign of 3,700
meters completed by Gammon Lake in its Phase II exploration program on the
property, and further work proposed by Gammon Lake. Work completed by Gammon
Lake to date has demonstrated the continuity of mineralization and the
potential to develop both bulk tonnage and underground mineralization. The
$1,991,000 saving in property payments will be used to dramatically increase
the scale of exploration and development on the property which should greatly
increase the value to the joint venture partners. These funds can also be used
to negotiate the acquisition of other claims in the Ocampo area in order to
provide the largest possible potential resource.
Before the re-negotiation, Gammon Lake was obligated to issue a total of
2,500,000 common shares and make cash payments of a total of U.S. $3,250,000
to Minera Fuerte, on an installment basis. Gammon Lake owns a 60% interest in
the property. To date, Gammon Lake has, in accordance with the agreement,
issued 500,000 shares and paid U.S. $250,000 to Minera Fuerte. Pursuant to the
terms of the renegotiated joint venture, Gammon Lake will issue the remaining
2.0 million shares, but only pay a total of U.S. $1,009,000 rather than $3.0
million, representing a net reduction in the cash payment obligation of U.S.
$1,991,000.
The share issuance and revised cash payment schedule is as follows (the
share issuance schedule has not been changed from that of the original
agreement):
(i) 500,000 shares and U.S. $309,500 immediately;
(ii) U.S. $500,000 in U.S. $20,000 monthly installments
commencing January 31, 2000;
(iii) U.S. $199,500 on or before February 1, 2000;
(iv) 500,000 shares on or before July 6, 2000; and
(v) 1,000,000 shares on before January 6, 2001.
The regulatory escrow provisions on the shares issued above and the
property buy-out option in which Gammon Lake may acquire Minera Fuerte's 40%
interest remain unamended.
Gammon Lake has also recently acquired 100% ownership of the La Escalera
claim comprising 19 hectares adjacent to the Company's El Penol and El Rayo
claims. The property contains historic workings and prospects which cause
Gammon Lake to believe it may contain mineralized shear zones related to those
found on El Penol and El Rayo. The local claim holder was paid U.S. $20,000.
Phase III drilling, now being planned, will further investigate the known
zones and recently discovered new zones. The Company's geologists will use the
results to better define the structures and plan future holes.
Gammon Lake just completed a rights offering and private placement as
reported on November 30, 1999 and currently has a cash position in excess of
$5,500,000.
Gammon Lake Resources Inc. is a Nova Scotia based mineral exploration
company with properties in Canada and Mexico. Our web site is
www.gammonlake.com
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
-30-
For further information: Terence Donahoe, Q.C., Director & Senior V.P.,
Inquiries and Investor Relations, Gammon Lake Resources Inc., tel:
(902) 468-0614/fax: (902) 468-0631
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