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.

Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (2292)	9/5/2013 10:48:32 AM
From: Goose94	Respond to of 203330

Omineca Mining & Metals (OMM-V) shareholders approve CVG Mining acquisition Sept 5, 2013 - News Release Omineca Mining and Metals Ltd. shareholders have approved all matters put before them at the company's annual and special general meeting held on Sept. 4, 2013, as follows: 1. Passed an Ordinary Resolution approving the acquisition by Omineca of CVG Mining Ltd. by means of a share exchange; 2. Approved the consolidated financial statements of the Company for the fiscal years ended December 31st, 2011 and 2012, and the report of its auditors; 3. Elected the following directors of the Company for the ensuing year: Timothy Jay Termuende, Charles C. Downie, Glen J. Diduck, Darren B. Fach, Neil MacDonald, Andrew Davidson and Tom MacNeill; 4. Appointed MacKay LLP as auditors of the Company for the ensuing year; 5. Passed a resolution approving the renewal of the Company's Stock Option Plan; 6. Ratified the Shareholder Rights Plan. The 2700 ha Wingdam/Lightning Creek Project is located 35 km east of Quesnel, B.C., and provides a unique opportunity for Omineca to acquire near-term placer gold production in a proven mining district. The property overlies both placer and hard-rock tenures along the Deep Lead Channel of Lightning Creek, where topographic conditions have created a deep overburden accumulation which effectively resulted in a large portion of the channel being excluded from conventional surface placer mining activity. On the Wingdam property, drilling and previous geophysical surveys indicate that the Deep Lead Channel may occur throughout the entire 2.4km length of the Wingdam placer tenures, extending upstream and downstream an undetermined distance. Numerous attempts have been made to mine the Deep Lead Channel in the Wingdam area since the late 1880s, but all were hampered by an influx of water and unstable ground conditions and were ultimately abandoned. In 2012 CVG successfully completed a crosscut drift 23.5m across the Deep Lead Channel along the bedrock/gravel interface, using the Australian deep-lead mining method combined with a ground-freeze method. This effort not only proved the applicability of the freeze method, but also provided a bulk sample whereby "the gold recovered from the 23.5-meter drift advance across the paleochannel true width amounted to 173.495 ounces of raw placer gold (900 fineness) from 140 bank cubic meters. The refined-equivalent gold grade across this width amounted to 34.55 g/m3 or 0.453 oz/tonne. The grade across a central portion of the paleochannel totaling 14.8 m (3.8 to 18.6m) averaged 46.30 g/m3 or 0.608 oz/tonne" (S. Kocsis 43-101 technical report, Oct, 2012). The abundance and physical nature of the placer gold recovered during the 2012 test mining operation indicates that it is in part, locally derived. Little or no systematic exploration work has been carried out on the property to test for the occurrence of lode gold, leaving excellent potential for the exploration and possible discovery of in-situ (hard-rock) gold mineralization in addition to the presence of a proven placer deposit. The Wingdam project is currently permitted under a BC Ministry of Natural Resource Operations permit and a BC Ministry of Environment Effluent Discharge permit, and has been under care and maintenance since September 25, 2012. Tim J Termuende, President and CEO of Omineca, recently commented on the acquisition of CVG, stating: "the Board of Directors of Omineca are excited to have been given the mandate by shareholders to proceed with the acquisition of CVG. The resultant ownership by OMM of the Wingdam project provides a unique opportunity for a junior mining company to access the leverage provided by a near-term, low-cost gold extraction project in a historically proven gold district. Though the project will require innovative engineering and development strategies for future mining, recent advances in freeze-mining technology appear to be the key to unlock the riches buried in the Deep Lead Channel". We seek Safe Harbor.