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Sunday, December 1, 2013

Largo provides update on Capex Budget for the Maracas Vanadium Project

 Largo Resources Ltd.  is pleased to provide an updated budget estimate  for mechanical completion of its Maracas Vanadium Project in Bahia, Brazil .
The current budget forecast for mechanical completion of the project is USD $248 million , which includes the full utilization of a USD $7 million contingency provision that is currently unallocated, versus an initial budget of USD $230 million (see press release September 13, 2012 ).

Sunday, January 22, 2012

Pacific Energy Development and Blast Energy Services Sign Merger Agreement

Pacific Energy Development Corp. (“PEDCO”), a privately-held oil and gas company engaged in the acquisition and development of energy projects in the U.S. and Pacific Rim countries, and Blast Energy Services, Inc. (“Blast”), a U.S. publicly-traded operating oil and gas company engaged in the exploration and production of petroleum resources in the U.S. and the development and commercialization of a patented applied fluid jetting down-hole stimulation technology, today announced that they have signed a definitive Agreement and Plan of Reorganization (the “Merger Agreement”).

Under the Merger Agreement, PEDCO will merge (the “Merger”) into a wholly-owned subsidiary of Blast and PEDCO will remain as the surviving company and wholly-owned subsidiary of Blast, which will change its name to “PEDEVCO Corp.” In connection with the Merger, Blast will be required to convert all of its existing preferred stock into common stock and consummate a reverse stock split resulting in no more than 2,400,000 shares of its common stock remaining issued and outstanding on a fully-diluted basis prior to the Merger effective date, subject to downward adjustment in the event Blast does not reimburse PEDCO for certain of Blast’s transaction-related fees and expenses currently being funded by PEDCO. As a result of the Merger, PEDCO stockholders will receive one (1) share of Blast’s Common Stock or Series A Preferred Stock for each share of PEDCO’s Common Stock or Series A Preferred Stock, respectively, and the stockholders of PEDCO are anticipated to receive up to approximately 95% of the issued and outstanding capital stock of Blast. The Merger is expected to close as soon as possible, but no later than June 1, 2012, subject to the satisfaction of a number of conditions precedent and milestones, including the conversion of various outstanding debts of Blast into equity of Blast, and the approval of the Merger by the Blast and PEDCO boards of directors and stockholders, respectively.

PEDCO’s CEO and President, Frank C. Ingriselli, commented, “We are excited about the planned merger with Blast which represents a significant step in Pacific Energy Development’s accelerated growth plan for 2012. At the operational level, we believe the merger will create strong synergy with a valuable player in the domestic oil and gas industry with extensive technical experience that will complement our team as Pacific Energy Development commences its drilling program on our newly acquired Niobrara shale oil asset in the second quarter of 2012. In addition, at the corporate strategy and stockholder value levels, we anticipate that PEDCO’s merger into Blast as a publicly-traded operating company will not only enhance our ongoing and future acquisition efforts in the U.S. and abroad through opening access to the public capital markets, but will also broaden our stockholder base and enhance stockholder value.”

Blast’s Chairman, CEO & President, Roger P. (Pat) Herbert, stated, “The merger with Pacific Energy Development presents a unique growth and value opportunity for Blast and its stockholders to work with a team that has a wealth of global experience and a proven track record in the industry. Pacific Energy Development’s oil and gas assets and established partnerships in the U.S. and overseas will provide Blast an immediate gateway into the highly-prospective Niobrara and other major U.S. shale plays, as well as future access to the international energy market, including China, where we believe early stage shale developments represent a significant market opportunity for Blast.”

PEDCO’s asset portfolio includes interests and operatorship of 7,450 net acres located in the Niobrara shale formation in Colorado, with a work program scheduled to commence in Q2 2012, and PEDCO is also currently under a binding contract to acquire an approximate 8% working interest in producing oil and gas leases covering 1,650 net acres in the Leighton Eagle Ford Shale formation in McMullen County, Texas. Blast holds a 65% working interest (net revenue interest of approximately 50%) in the North Sugar Valley Field located in Matagorda County, Texas, which is currently producing from three wells, as well as a 25% working interest in the undeveloped Guijarral Hills Field located in the San Joaquin basin of central California and ownership of the patented Applied Fluid Jetting (“AFJ”) technology, currently still in development, which has the goal of helping to improve oil and gas recoveries from mature oil and gas properties.

For more information on Pacific Energy Development Corp, please visit their website at www.PacificEnergyDevelopment.com, and for more information on Blast Energy Services, please visit their website at www.BlastEnergyServices.com.

Silvore Fox Updates Progress on Winston Lake and Coxheath

Silvore Fox is pleased to announce that they have received the results of the Geotech Ltd VTEM survey over their 9600 ha claim holdings in the Winston - Pick Lake area north of Schreiber in Northern Ontario.

The 1,061 line kilometer helicopter survey covered the area for the most part at 100 meter line spacing recording both VTEM and magnetic response. Several VTEM anomalies were encountered, some of which had not been indicated by past surveys.

Silvore Fox is presently compiling this new data with pertinent historical geological data and is currently evaluating and prioritizing a number of quality drill targets that have been identified for follow-up geophysical work and diamond drilling in 2012.

Mr. Ian Chisholm, PEng, was engaged by the Corporation to be the lead consultant on this project.

Coxheath, Nova Scotia (Copper Porphyry system, 100% owned)

Extensive airborne and ground geophysical work, mapping and trenching has been performed on the surface mineralization on this property in the past. The latest geophysics and trenching program in the second half of 2011 had suggested the presence of a possible buried intrusive (porphyry- type system) source for outcropping vein mineralization found at the old mine site.

Three targeted drill holes totaling 1353 meters have been completed to test this possibility. The holes tested an area east of the Mountain Zone and south of the Central Zone outcropping Copper-Moly vein systems where the IP survey had indicated a broad anomaly at depth with relatively high chargeability extending over 600m of strike and suggested thickness varying from 150 to 300m.

No significant shallow mineralization was intersected and part of the anomaly appears to represent the contact between volcanics and the local intrusives. Two of the three holes intersected narrow blind mineralized veins with copper cutting the volcanics. Drill Hole SF11-01 intersected 1.6 meters grading 0.43% Copper at 556 to 557.6m and hole SF11-02 intersected two veins, one grading 0.097% Copper and 0.01% Moly over 1.0 meter at 309 to 310m and the other grading 0.202% Copper and 0.028% Moly at 319 to 321m. We are compiling the new drill information with the geophysical results to assist in determining the next step of our Coxheath exploration plan.

Management Comments

"The Winston Lake property has justified our initial enthusiasm for the project as a number of strong conductors were discovered on our claims. The VTEM survey provided precise targets, several of which are considered drill-ready by our geological team. These results have confirmed that there is potential for discovery of an ore body of similar size and grade to the Winston and Pick Lake mines of the 1990's on our claims.

At Coxheath drill results in the new target area continued to show mineralization similar to that we have seen across the entire Coxheath claims area. The ground truth provided by these drill results has assisted our team in developing a stronger understanding of the area at depth and this will shape our ground geophysics and drill programs going forward."

- Mr. Harold Cabrita, President and CEO, Silvore Fox Minerals Corp

Ian Chisholm, PEng, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Silvore Fox Minerals Corp.

Silvore Fox Minerals Corp. is a Toronto, Ontario, Canada based public mineral exploration company. We are focused on high tonne potential base metal exploration projects within a diversified portfolio of properties.

On November 17th, 2010, Silvore Fox entered into a Strategic Agreement with Beijing Donia Resources Co. Ltd ("Donia"). Donia is the single largest shareholder of Silvore Fox currently holding approximately 30% of the Corporation's outstanding shares. This strategic partnership provides the Corporation with a strong platform for growth through mineral exploration expertise, funding and strategic acquisitions. SFX has an experienced management and geological team.

Harry Cabrita, President and CEO

Dr. Jingbin Wang, Chairman

Wednesday, July 13, 2011

Goldcorp Supports Acquisition Of Primero Mining Corp By Northgate Minerals Corporation

GOLDCORP INC. today agreed to support the proposed transaction by which Northgate Minerals Corporation will acquire all of the issued and outstanding shares of Primero Mining Corp. The transaction will be effected through a plan of arrangement under the British Columbia Business Corporations Act.

Goldcorp controls 35.5% of the outstanding shares of Primero, and has agreed to vote its shares in support of the arrangement. Upon completion of the arrangement, Goldcorp will receive 46.7 million Northgate shares representing approximately 11% of Northgate's outstanding shares.

Goldcorp is one of the world's fastest growing senior gold producers. Its low-cost gold production is located in safe jurisdictions in the Americas and remains 100% unhedged.

Spanish Mountain Announces Closing of $20 Million Financing

Spanish Mountain Gold Ltd. announce that it has closed its private placement offering (the "Offering"), previously announced on June 30, 2011.

Pursuant to the Offering, 33,333,328 units (the "Units") have been placed at a price of $0.60 per unit for total gross proceeds of approximately CAD$20,000,000. Due to stronger than expected investor demand, the size of the Offering was increased by 8,333,328 Units for additional proceeds of $5,000,000. Each Unit consisted of one common share and one-half of one share purchase warrant ("Warrant"), with each whole Warrant entitling the holder to acquire an additional common share of the Company at a price of $0.70 per share for a period of two years.

Certain directors and officers of the Company including Mr. Ian Watson, the Chairman of the Board of Directors, have acquired an aggregate of 5.8 million Units for $3,480,000.

The proceeds from the Offering will be used to advance the development of the Company's Spanish Mountain gold project and for general corporate purposes. The Company plans to commence drilling of the gold in soil geochemical anomaly in the Cedar Creek area later this week. The centre of this area is located approximately 2.5 km west of the Main Zone of gold mineralization.

The Company is paying finders' fees of $416,000 in connection with the Offering. All of the securities issued under the Offering are subject to hold period which will expire on November 12, 2011 in accordance with applicable Canadian securities laws.

Brian Groves, CEO, comments: "We are very encouraged by investors' interest in this Offering. As a result of the financing and taking into account the well in-the-money warrants expiring next year, we will have sufficient funds in place to complete the preliminary and definitive feasibility studies for the Spanish Mountain gold project, as well as to drill our various exploration targets on the property. I look forward to reporting on our progress."

Sandstorm Gold Acquires a Gold Stream on the Xstrata Operated Bracemac-McLeod Property

Sandstorm Gold Ltd. announce the completion of a gold purchase agreement (the "Agreement") with Donner Metals Ltd. ("Donner") (TSX-V:DON - News) (via a back-to-back agreement with Sandstorm Metals & Energy Ltd. ("Sandstorm Metals & Energy") to acquire an amount of gold and gold equivalent based on production at the Bracemac-McLeod development property located in Matagami, Quebec (the "Bracemac-McLeod Property") and operated by Xstrata Canada Corporation ("Xstrata"). Donner is the owner of a 35% joint venture interest in the Bracemac-McLeod Property.

Sandstorm Gold has agreed to purchase an amount of gold and gold equivalent equal to 17.5% of the production from the Xstrata operated Bracemac-McLeod Property. Pursuant to the Agreement, Sandstorm Gold will make an upfront cash payment to Donner of US$5 million (the "Upfront Deposit") on June 30, 2012.

Sandstorm Gold will make ongoing per ounce payments equal to the lesser of US$350 per ounce of gold or gold equivalent and the then prevailing market price of gold (the "Per Ounce Payments"). Donner will have the option, for a period of 24 months, to repurchase up to 50% of the Agreement by making a US$3.5 million payment to Sandstorm Gold whereupon the percentage of gold and gold equivalent that Sandstorm Gold is entitled to purchase shall be decreased from 17.5% to 8.75%. Aside from the Upfront Deposit and Per Ounce Payments, Sandstorm Gold is not required to contribute to any capital, exploration or operating expenditures in respect to the Bracemac-McLeod Property. Sandstorm Gold has received a guarantee that the Corporation will receive minimum before tax cash flows of (i) US$0.8 million in 2013, (ii) US$1.4 million in 2014, (iii) US$1.4 million in 2015, and (iv) US$1.4 million in 2016, thus providing a 100% return of capital within approximately five years.

"We are pleased to have acquired a gold stream on a strong mine, operated by one of the world's largest mining companies," said President & CEO Nolan Watson. "The Donner transaction highlights the financing synergy that we envisioned when Sandstorm Metals & Energy was spun-out from Sandstorm Gold in early 2010."

Further to a metals purchase agreement with Donner, Sandstorm Metals & Energy has agreed to purchase an amount of copper equal to 17.5% of the copper produced from the Bracemac-McLeod Property, in exchange for making a payment of US$20 million upon the completion by Donner of certain funding conditions, which are expected to be completed in the near future.

For more information see the Sandstorm Metals & Energy press release at http://www.sandstormmetalsandenergy.com.

In addition, Sandstorm Gold has entered into a cooperation agreement with Sandstorm Metals & Energy whereby the two companies, where applicable, will work together to complete metal streaming transactions and share joint operating expenses.

Mammoth Energy Group to Create Non Executive Advisory Board

Mammoth Energy Group Inc., a lithium and alternative energy mining company announced today that it is creating a non executive advisory board for strategic consulting to the company. The board will be comprised of an international mix of advisors focused on the strategic development of the company and potential joint partners.

Mammoth Energy Group's wholly owned subsidiary Compania Lithium Investments Limitada of Chile has acquired more than thirteen thousand (13,000) acres of salar exploration rights in Chile.

The company is currently in acquisition mode and Compania Lithium Investments Limitada was created to acquire, develop and explore lithium and mining assets in Chile on behalf of Mammoth Energy Group Inc. The company expects to complete additional acquisitions throughout the third quarter.