Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (41955)	8/24/2009 3:22:29 PM
From: LoneClone	Respond to of 193002

What New Gold will do with $100-million Andrew Willis 10:27 EDT Monday, August 24, 2009 globeinvestor.com Unwinding hedges doesn’t sound as sexy as rolling out a takeover. But when it comes to gold mining companies, pure plays are all the rage. And ambitious intermediate New Gold has an opportunity to clean up hedged production it inherited, courtesy of a $100-million stock sale on Friday. New Gold sold shares at $3.75 each in a bought deal financing led by BMP Nesbitt Burns and GMP Securities. The company said the cash is earmarked for ‘general corporate purposes,’ a handy catch-all. This company, which enjoys the backing of Franco Nevada veteran Pierre Lassonde, Goldcorp’s Ian Telfer and Barrick Gold’s Randall Oliphant, clearly plans to consolidate junior plays, and recently snapped up Western Goldfields. So there is a chance another acquisition is in the works, and that’s what the new capital will help fund. But New Gold may also move to pay down $64-million of debt well before it matures, and unwind hedges on production related to that loan, according to analyst Steve Parsons at Wellington West Capital Markets. The debt and the hedges came with that Western Goldfields acquistion. Mr. Parsons said the hedges are on 360,000 ounces of gold, at $800 (U.S.) an ounce. New Gold’s equity sales is “modestly dilutive to our net asset value and 2010 cash flow per share estimates, but we view the resultant balance sheet flexibility to be favorable,” said Mr. Parsons in a report. On the M&A front, Mr. Parsons said there are relatively few takeover targets for New Gold at this time. He did note that as the company pushed to join the ranks of senior producers, with 1 million ounces of gold a year flowing from its mines, New Gold could swap its 30 per cent stake in the El Morro copper and gold project in Chile – controlled by Xstrata – for properties that are moe weighted towards gold.

To: LoneClone who wrote (41955)	8/24/2009 4:05:20 PM
From: LoneClone	Read Replies (1) \| Respond to of 193002

Consolidated Abaddon Staking and Evaluating Lithium Prospects Mon Aug 24, 9:00 AM ca.news.finance.yahoo.com VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2009) - Consolidated Abaddon Resources Inc. (TSX VENTURE: ABN.V)(FRANKFURT:E2L) announces that it is in the process of staking high potential lithium prospects in North America. The Company is also evaluating existing lithium prospects for possible joint venture or acquisition. Consolidated Abaddon expects its staking and evaluation of lithium prospects to be completed by the end of August. The Company has approximately $2 million in its treasury and no debt. About Consolidated Abaddon Resources Inc.: Consolidated Abaddon Resources Inc. is a Canadian exploration company actively involved with the development of uranium properties in the Athabasca Basin of northern Saskatchewan, and the Algoma District of northwestern Ontario. Property partners include Denison Mines Corp., and Triex Minerals Corp. For further information on Consolidated Abaddon Resources Inc. (TSX VENTURE: ABN.V), visit our Company's web site at www.consolidatedabaddon.com. ON BEHALF OF THE BOARD OF DIRECTORS JAMES G. PETTIT, President This news release may contain certain "Forward-Looking Statements" that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Contacts James G. Pettit Consolidated Abaddon Resources Inc. President (604) 687-3376 or Toll Free: 1-800-567-8181 (604) 687-3119 (FAX) Don Myers Consolidated Abaddon Resources Inc. Director (604) 687-3376 or Toll Free: 1-800-567-8181 (604) 687-3119 (FAX) Email: info@consolidatedabaddon.com Website: www.consolidatedabaddon.com