Monday, November 23, 2009

RockBridge Update on BC Oil & Gas Properties Winter Program

RockBridge Energy Inc. announces that the operator of the Drake and Woodrush oil and gas properties in northern B.C., in which RockBridge has a working interest, has provided details of this winter's planned capital program. The program includes drilling and initially completing a further Woodrush well as a flowing oil well targeting a new oil pool in the Halfway formation. The drilling is planned for December with initial production testing to follow.

The capital program also includes a seismic program targeting the Halfway formation and it is expected that the seismic information will be used to identify and confirm additional Woodrush drilling locations over and above the well to be drilled in December. The seismic is also important in designing a potential secondary recovery waterflood, including locating possible water injection well sites. With the seismic data, a decision will then be made in about February 2010 as to proceeding with drilling a second new Woodrush oil well this winter.

Encore Renaissance Resources Corp. Receives Underground Mining Approval From the BC Government

ENCORE RENAISSANCE RESOURCES CORP. Encore Renaissance Resources Corp. report that the company has been granted a permit by the BC ministry of mines to commence underground mining at the Company's flagship property, the Bonaparte Gold Mine, near Kamloops British Columbia.

Underground extraction will commence immediately with further shipments of ore to Kinross Gold's mill in Washington State. The additional mineralized material will be trucked from the Bonaparte property to the Kinross facilities at Republic, Washington, where it will then be processed together with the substantial tonnage already stockpiled there from the recently completed Bonaparte surface mining activities.

Michael Mulberry, President of Encore comments, "This is a substantial milestone achieved in the development of the Bonaparte Gold Mine. Having the BC Mines approval means the company can now focus on the development of the mine with an expected steady flow of ore to be shipped to Kinross for sales. Management is very excited at the imminent realization of gold sales especially when you consider gold prices are near all time highs. There are few junior companies that become actual producers, and we are proud to say that we will be joining that group in the coming weeks."

Scheduling of Encore's processing through that mill's, cyanide, carbon in-leach, precious mineral extraction circuit is expected to be completed shortly with the first payment to Encore immediately thereafter.

Preliminary testing by the mill has indicated that the recovery of gold from Bonaparte samples and potentially the whole proposed bulk sample was 97% (a large sample of material was sent to the facilities grading 1.4 ounces per ton). The mill reported as follows, "Results for latest test series are complete; recovery for best test with the use of lead nitrate to assist recovery was excellent at 97.5%. Recovery for the test without lead nitrate was 85.7%. For the best test the lime consumption was 10 lb/ton, but appears we can use less. The cyanide consumption was 20.7 lb/ton, but also appears we can use less. The next test series will be conducted on the actual as received material to confirm the results above and fine tune them for the actual mill run." Also the Gravity separation test has shown a very positive result with over 80% recovery of the gold bearing sulphides from a simple coarse grind is possible.

Encore is a well diversified junior with projects that include its flagship property, The Bonaparte Gold Mine, located near Kamloops, British Columbia. Encore also has approximately 5,200 contiguous acres bordering Underworld Resources in the Yukon, approximately 160,000 contiguous acres of land prospective for lithium in Alberta, and 6,660 acres of land in the Stewart Mining Region of British Columbia.

Thursday, November 19, 2009

Gunvor Appoints Stephane Caudron as Head of LNG

Gunvor International B.V., one of the world's major independent energy companies announces Stephane Caudron will be starting on 1 January 2010 as Head of LNG.

Mr. Caudron will join Gunvor from RBS Sempra where he was also Head of LNG. He brings more than 25 years experience in the Natural Gas markets having previously held senior positions in Gaz de France, where he was latterly Managing Director in charge of projects and EPC and Statoil where he developed downstream gas and LNG projects for the major in France and Southern Europe and was at the forefront of gas market deregulation in Europe. He will be based in Geneva.

Commenting on the announcement, Paymon Aliabadi, Head of Gunvor's Global Energy Division said, "We are delighted that Stephane will be joining us. As Gunvor diversifies from purely oil trading into being a fully integrated energy trading company, Stephane is typical of the quality of individuals who are joining the company. He is a fantastic addition to our recently established Global Energy Division."

Hyperdynamics Reports Encouraging Initial Results From Oil Seeps Study of Offshore Guinea Concession Area

Hyperdynamics Corporation today announced that it has received encouraging preliminary results from an oil seeps study of the company's 31,000-square-mile oil and gas concession offshore Guinea. The survey was conducted by TDI-Brooks International of College Station, Texas.

"We conducted this study to survey projected sites of oil seepage in three areas of our concession," said Ray Leonard, Hyperdynamics President and Chief Executive Officer. "The samples from this survey could help to confirm the existence of multiple active hydrocarbon systems.

"We are especially encouraged by the fact that the survey was able to confirm oil slicks identified by satellite imagery, and in some cases, trace them back to their subsurface origin. Both fluid samples and drop core samples were successfully obtained from the survey, and we will be analyzing them to differentiate source rock ages," Leonard said.

Hyperdynamics has contracted GeoMark Research, Ltd. to perform the analytical work on the samples collected from both the TDI Brooks offshore sampling and onshore studies conducted in conjunction with the Republic of Guinea's Ministry of Mines and Energy.

Sandvik Mining and Construction Receives Major Order for Materials-Handling System in the Netherlands

Sandvik Mining and Construction (STO:SAND) has signed an agreement with the energy company RWE Power AG in the Netherlands for a turnkey materials-handling system.

The value of the order is approximately 650 MSEK and comprises a complete materials-handling system for the Eemshaven Power Plant in the Netherlands. The project includes two grab-type ship unloaders, two stackers and three portal reclaimers. In addition to the mobile equipment, Sandvik will deliver a high-performance conveyor system with 38 conveyors for coal, which is also suitable for biomass. For environmental reasons, the conveyors will be enclosed using a state-of-the-art chute design.

“This order confirms Sandvik’s strong customer offering and demonstrates our capabilities of providing excellent technical solutions based on Sandvik’s vast experience in designing and supporting complete materials-handling systems,” says Lars Josefsson, President of Sandvik Mining and Construction.

Oroco Resource Corp. Announces Initial Closing of Private Placement and Increase in the Number of Units

Oroco Resource Corp. announce that it intends to increase the size of the non-brokered private placement of $0.225 units announced November 13, 2009 from six million units to seven million units, thereby increasing the funds raised from $1,350,000 to $1,575,000.

The Company is also pleased to announce that it has closed the first tranche of 5,720,500 units of the Private Placement at a price of $0.225 per unit to raise gross proceeds of $1,287,112.50. Each unit consists of one common share and one-half of one non-transferable common share purchase warrant. Each whole warrant is exercisable into one additional common share for a period of eighteen months at a price of $0.30 per share.

In connection with this tranche of the Private Placement, the Company is paying cash finder's fees of $7,425 to Canaccord Capital Corporation and $7,500 to Haywood Securities Inc., and issuing 176,700 finder's fee units to Mark Vanry with each such unit being the same as those issued in the Private Placement.

All securities issued in this financing will be subject to a hold period which for this tranche will expire on March 18, 2010.

The proceeds of the Private Placement will be used for Oroco's Phase Two exploration program and general working capital.

Wednesday, November 18, 2009

Panamanian Government Authorizes Commercial Production at Molejon

Petaquilla Minerals Ltd. an emerging gold producer commissioning the operation of its gold processing plant at its 100% owned Molejon Gold Project announce that the Government of the Republic of Panama has granted approval for Petaquilla's Molejon gold mine to advance to the commercial production stage.

In accordance with Contract Law No. 9 of February 26, 1997, the Ministry of Commerce and Industry of the Government of Panama issued a letter to the Company dated November 18, 2009, authorizing Petaquilla's subsidiary, Petaquilla Gold, S.A., to initiate commercial production at its Molejon gold mine located in the District of Donoso, Province of Colon, Republic of Panama.

The Government of Panama highlighted that Molejon will be the country's first mining project of modern times and encouraged the Company to maintain its highest standards of responsible mining as it leads the way to a socially and environmentally conscious mining industry in Panama.

The Molejon gold mine is currently in its final stages of full commissioning. Since testing of production commenced resulting in the Company's first gold pour on April 7, 2009, the mine has produced a total of 25,699 ounces of gold.

Royal Gold Raises Common Stock Dividend 13% to $0.36 Per Share

Royal Gold, Inc., a leading precious metals royalty company, today announced that its Board of Directors increased the Company’s annual dividend for its shares of common stock from $0.32 to $0.36, payable on a quarterly basis of $0.09 per share. Royal Gold has steadily increased its annual dividend since it first issued a $0.05 annual payment for calendar year 2000.

The Board also declared the dividend of $0.09 per share will be payable on January 15, 2010, to shareholders of record at the close of business on January 4, 2010.

Royal Gold is a precious metals royalty company engaged in the acquisition and management of precious metal royalty interests. The Company owns royalties on 118 properties on six continents, including royalties on 21 producing mines and 12 development stage projects. Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol “RGLD” and on the Toronto Stock Exchange under the symbol “RGL.” The Company’s website is located at

Tuesday, November 17, 2009

Mines Management Withdraws Public Offering of Common Shares

MINES MANAGEMENT, INC. announced today that it has withdrawn its previously announced public offering of 6,000,000 shares of common stock. The terms presented by the underwriters did not meet the minimum expectation of net proceeds.

The Company’s President and Chief Executive Officer, Mr. Glenn M. Dobbs, stated, “While we were gratified with the strong support for the offering, potential pricing would have required unacceptable levels of dilution to current stockholders. We are fortunate that our balance sheet remains strong as we work to advance the Montanore Silver-Copper Project, with approximately US$14 million in cash and cash equivalents, and no material debt. We will continue to focus our efforts on preparations for the underground drilling program and re-permitting efforts as we advance the Montanore toward development.”

Mines Management, Inc. is a U.S. based mineral company focused on the acquisition, exploration, and development of precious and base metals deposits. The Company’s current primary focus is on the advancement of the Montanore Silver-Copper Project located in northwestern Montana. The Montanore Project is a large silver and copper project currently undergoing the approval process and preparation for an underground evaluation and drilling program which would support completion of a feasibility study. The Company is also currently seeking properties primarily in the Western Hemisphere as part of its ongoing growth strategy.

Monday, November 16, 2009

Golden Minerals Announces the Sale of Platosa Property

Golden Minerals Company announced the sale of the Company's remaining 49% joint venture interest in the Platosa property to Excellon Resources Inc. ("Excellon"), for US $2.0 million in cash and a 1% net smelter return royalty. Previous agreements between the Company and Excellon, including a 2% net smelter return royalty previously granted, were terminated in this transaction. Definitive agreements have been executed, titles to the claims have been transferred and the US $2.0 million cash payment has been made by Excellon.

The Platosa property is located approximately 45 kilometers north of Torre?n, Mexico, outside of Golden Minerals Zacatecas project and the Company's strategic area of interest. The Company's Zacatecas Project, which encompasses about 15,000 hectares and currently includes four main target areas, is about 250 kilometers southeast of the Platosa property.

Denarii Resources Enters Negotiations to Acquire Production-Ready Gold and Silver Mine

Denarii Resources Inc., a mining company focused on acquiring gold, silver and other resource properties worldwide, announced today that it has entered into negotiations to acquire a production-ready gold, silver and copper project located in South America.

Denarii Resources employs a world-class mining team of advisors, geologists and consultants who are uniquely qualified to identify favorable acquisition targets in the global natural resource industry. The team has identified and investigated a precious and base metal property located in Argentina. After a detailed due diligence process, the team has recommended that Denarii Resources proceed with the next step of negotiating a sales purchase agreement to acquire the property.

"Our proposed acquisition in South America will further diversify our portfolio of holdings, and position us to capitalize on skyrocketing gold, silver and other metal prices," commented Stuart Carnie, president and director of Denarii Resources. "We expect to complete a sales agreement on the property in the next two weeks. We will provide additional, detailed information regarding this purchase as soon as it becomes available."

2nd China Off-Highway Vehicle Summit 2010

Organized by Duxes Business Consulting Inc. and endorsed by powerful organizations around the world, 2nd China Off-Highway Vehicle Summit 2010 (COVS) will take place on January 21st to 22nd, 2010 in Beijing, China.

COVS is the annual Off-Highway event in China, which is of its first kind to gather so many leading companies to be the speakers and delegates including Caterpillar, Terex Mining, Volvo Construction, SANY Heavy Industry, John Deere etc.

Based on the success of the 1st China Off-Highway Engineering Summit, this year’s summit will explore a broad range of topics such as current situation and future trend of international and Chinese off-highway industry (including mining, construction and agricultural equipments), rapid growth of local company in China, efficient market strategy and sales model of OEM in China, practice and application of spare parts in off-highway industry etc. The summit is also aimed at providing an unparalleled platform on which industry leaders from all over the world can hear government policy updates and analysis, share and learn experience in China, voice concerns and perhaps most importantly, exploit the China market with a group of like-minded executives.

In the first half year of 2009, the market demand of off-highway vehicle in China has increased 10 percents comparing with the demand of the same period in 2008, which attracted World leading companies, such as Caterpillar, to further their investments and operations in China. In the field of macro-economic control, China’s central government also has released relevant incentive policies and regulations, such as restructuring and revitalization planning in off-highway industry, to insure the sustainable development of China. Against such a macro backdrop, we believe China International Off-Highway Summit 2010 will bring you an excellent tour which can not be missed.

For more information, please visit

Friday, November 13, 2009

Lion Energy receives conditional acceptance from TSX Venture Exchange for farm-in with Africa Oil

Further to a release on May 28,2009, Lion Energy Corp. announces that it has received conditional acceptance from the TSX Venture Exchange for its farm-in agreement (the "Agreement") with Africa Oil Corp. ("Africa Oil"), a member of the Lundin Group of Companies. Final Acceptance is subject to the confirmation of certain matters with the TSX Venture Exchange. The Agreement relates to production sharing contracts in which Africa Oil has interests in the Republic of Kenya and the State of Puntland, Somalia.

In Kenya, Africa Oil will transfer to Lion Energy a 10% interest in the Block 9 Production Sharing Agreement, a 25% license interest in the Block 10A Production Sharing Contract and a 20% interest in Block 10BB Production Sharing Contract. In Puntland, Africa Oil will transfer a 15% license interest to Lion Energy in the Nogal and Dharoor Petroleum Production Sharing Agreements.

This farm-in transaction remains subject to approvals of the appropriate regulatory authorities from the Republic of Kenya and the government of Puntland, Somalia. The Company also requires approval from the Chinese National Offshore Oil Corporation (CNOOC), the majority operating partner, on Block 9 in Kenya.

Lion Energy also announces that Mr. Richard A. Knoll has elected to resign from the Board of Directors of the Company in order to focus his efforts on his personal business endeavors including Sulphur Solutions Inc. (SSI). Lion Energy holds a 20% interest in SSI, an emerging fertilizer company developing patented technology for the production of micronized sulphur fertilizer. Mr. Knoll has been a Director of the Company since June 2008 and has been an integral part in the Company's development.

Lion Energy president, Brian Thurston, stated: "The Board of Directors and I want to acknowledge and express our appreciation for Rick's many contributions during his tenure on the Company's Board of Directors and wish him all the best with his future endeavors."

Rajant Corporation Announces Agreement with Caterpillar Dealer, MacAllister Machinery

Rajant Corporation, a leading provider of wireless mining solutions, announced today that it has entered into a reseller agreement with Indiana-based MacAllister Machinery Co. Inc., (MacAllister ) to market, sell and support its BreadCrumb® wireless mesh communications product line.

“We look forward to working with MacAllister within the Caterpillar dealer network. With this new dealer agreement, Rajant has the opportunity to reach critical markets in mining and construction in the Midwest,” said Frank Olivieri, Director of Business Development, Mining Division for Rajant. “MacAllister is known for excellent product knowledge, and world-class customer service and support.”

Established in 1945 and headquartered in Indianapolis, Indiana, MacAllister offers a full line of equipment solutions to their mining, construction, paving, earthmoving, truck engine, power generation, industrial, landscape, municipality, and agricultural customers. MacAllister focuses on delivering a consistently high level of customer service while focusing on the specific needs of individual customers. An extensive network of in-house and field service personnel ensures that their customers not only have the right equipment for the job, but that the equipment is always operating at peak performance. MacAllister is a full service Caterpillar dealership providing new and used equipment sales, service, product support, parts, and rental services with locations throughout 15 convenient locations throughout Indiana: Beech Grove, Bicknell, Bloomington, Columbus, Fishers, Fort Wayne, Greensburg, Indianapolis (HQ, Power Systems), Indianapolis (West), Lafayette, Muncie, Richmond, South Bend, Terre Haute, and Washington.

MacAllister will be a major partner in the sales, delivery, installation, training and support of Rajant wireless BreadCrumb® networks. Primary customers include mining and construction companies. The Rajant network is made up of wireless BreadCrumb® devices that form a wireless, meshed, self-healing network for health monitoring, fleet management, and other critical mining and construction applications such as Caterpillar's Vital Information Management System (VIMS), condition monitoring, asset management, operator communication and dispatch. Many vehicles and workers that require wireless communications are constantly on the move throughout the mining network. The Rajant network’s wireless BreadCrumb® nodes can rapidly adapt to any changes in the network topology, assuring that IP traffic uptime and bandwidth are maximized. Operators of mining and construction companies directly benefit from the Rajant network by an increase in operational efficiency and lower operating costs, saving them money.

“MacAllister is very proud to become an authorized Rajant reseller,” said Dan Dayton, Heavy Equipment Sales Manager at MacAllister Machinery Company Inc. “The Rajant wireless BreadCrumb® products are an easy to use, wireless network that mining and construction companies have become more efficient and safer with their operations. We are pleased with the opportunity to add Rajant’s BreadCrumbs to our technology solutions offering.”

Thursday, November 12, 2009

Bridge Resources Corp. Completes Acquisition of 50% Interest in Boise Basin Project

Bridge Resources Corp. through its wholly-owned subsidiary Bridge Energy Inc. has completed the acquisition (the "Acquisition") of the assets of Bridge Energy LLC (the "Vendor") which comprise a 50% working interest in approximately 100,000 acres located in the Boise Basin of Idaho and Oregon and offers a large number of oil and gas prospects (the "Boise Basin Project"). The acquisition was previously announced on July 14 and August 21, 2009. The consideration to be paid to the Vendor is 6,500,000 common shares of Bridge issued at a deemed price of $0.24 per share for an aggregate consideration of $1,560,000.

The Acquisition is a non-arm's length transaction, in that Edward J. Davies and Thomas Stewart are the majority members of the Vendor.

The board of directors of the Corporation has approved the Transaction, with Messrs, Davies and Stewart abstaining from voting on the matter. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the Transaction.

Bridge and Paramax Resources Ltd. now each hold a 50% working interest over 100,000 acres in the most prospective part of the basin and are working together jointly to drill five wells this winter season.

Rubicon Minerals announces closing of Cdn $86 million bought deal financing

Rubicon Minerals Corporation announce that it has closed its previously announced bought deal equity financing of 18,975,000 common shares (which includes the exercise in full of the over-allotment option of 2,475,000 common shares) at a price of Cdn$4.55 per share for aggregate gross proceeds to the Company of Cdn$86,336,250.

The Company plans to use the net proceeds from the offering to advance the development of the Phoenix Gold Project and for general working capital and other corporate purposes.

The common shares were offered by way of a short form prospectus filed in all of the provinces of Canada, other than Quebec, pursuant to National Instrument 44-101 - Short Form Prospectus Distributions and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act").

Robex is starting its drilling campaign on Nampala

Robex Resources Inc. announce that it has completed the preparatory phase of the drilling campaign planned for the Nampala gold deposit located on the Mininko permit, in the Republic of Mali. Robex is now preparing to commence its drilling campaign with the intent of increasing the quality of the resources contained within a portion of the Nampala deposit.

This past October, the engineering-consulting firm GENIVAR, of Quebec, reviewed and consequently assessed the three-dimensional resource block-model on the mineralisation of the Nampala deposit. Initially, the three-dimensional resource block-model was completed in the framework of the gold resource estimate (NI 43-101 compliant) by the Australian consultant firm RSG Global (now Coffey Mining) in 2007. The plan and section review by GENIVAR provided a better understanding of the anticipated gold distribution within the Nampala deposit. With the information available to date, the 200 and 300 lenses found in the central and western portion of the zone indicated that inferred resources are estimated to be at 15,000 ounces of gold for Lens 200 and 71,000 ounces of gold for the Lens 300. The concentration and distribution within these two bodies represents, at present, a marginal economical potential which will be further investigated at a later stage. However, according to the block-model, Lens 100 developed along the eastern flank of the Nampala zone is host to an inferred resource of 675,000 ounces of gold contained within 14,130 Mt of ore at an average grade of 0.93 g/t Au. These resources are located between the surface and the explored depth of 150 meters.

The current objective pursued by Robex aims at upgrading the gold resources outlined within the oxidised and altered layers, developed within Lens 100, between surface and vertical depth of 85 m. This portion of the Lens has the potential to contain 8,404 Mt of ore at an average grade of 0.95 g/t Au, for a presumed total of 256,000 ounces of gold. With the intent of enhancing the quality of this resource, Robex has undertaken a drilling campaign in reverse circulation (RC) with the purpose of achieving a drilling pattern of 25 m center. The results of this campaign should allow for a reclassification of part of the inferred resources into indicated and measured resources. The campaign will comprise between 7,500 and 8,500 meters of RC drilling distributed in 100 to 120 holes. The drilling will be executed by COREPRO, a drilling contractor based in Ouagadougou, Burkina Faso. The outcome of the results of the above drilling campaign and further related metallurgic tests will be decisive in order to determine the optimum extraction process for the gold contained within the oxidised layer of Lens 100. Concurrently, a cost analysis of an eventual mining operation will be undertaken.

The technical content of this press release has been review by Benoit M Violette, P.Geo and a qualified person in accordance with NI43-101 standards.

BRYN Resources finalizes the form of a Letter of Intent with Cayenne Gold Mines Ltd

Bryn Resources Inc announce that it has finalized the form of a Letter of Intent with Cayenne Gold Mines Ltd. which it will sign today detailing the parameters within which it may enter into a Joint Venture Agreement (J.V.) with Cayenne to commence and complete a bulk sampling extraction from Cayenne's Windflower Property near Revelstoke British Colombia in the Kootenay Mining Division of B.C.

The parties have undertaken to work together to formulate and finalize the J.V. within 60 days of today so that an initial sampling of 10,000 tons of rock can be completed. Historical samplings, on this area of the Windflower Property, have yielded results reflecting no less than 0.5 ounces of gold per ton of sample.

Once the initial sampling is financed by Bryn Resources and concluded pursuant to the J.V. Bryn Resources will have earned a 45% interest in the 14 contiguous Crown granted mineral claims (subject to a 2.5% net smelter return royalty) in which Cayenne holds a 100% ownership interest.

Bryn Resources views the re-focusing of its corporate efforts to British Colombia in an area of proven reserves as a forward looking business venture that will increase the shareholder value of it's stock. Bryn Resources continues to seek other proven mineralized properties and expects to expand its relationship with Cayenne in British Colombia.

Virginia Mines Inc.: $2.4 M Flow-Through Private Placement Financing

Virginia Mines Inc. announces that it has negotiated a private placement that consists of 279,124 flow-through common shares at a price of $8.67 per share, which represents 69% premium to the last 10 days volume weighted average price for gross proceeds of CA$2,420,000. Casimir Capital L.P. ("Casimir") acts as the agent for the financing.

At the closing, Virginia agrees to pay Casimir a finder's fee equal to 6% of the gross proceeds of the financing and non-transferable broker warrants entitling Casimir to subscribe for such number of common shares of Virginia equal to 6% of the number of flow-through common share that will be issued. The warrants will be struck at $6.58 and will have a term of 24 months from closing.

The financing is scheduled to close on or about November 19, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

Proceeds from the offering will be used to fund exploration work on Virginia's numerous projects.

Wednesday, November 11, 2009

Alto Group Holdings Inc. Amends Letter of Intent on Ashanti Gold Project

Alto Group Holdings, Inc., has announced that the Company has amended the previously announced Letter of Intent (L.O.I.) in regards to certain mining rights in Ghana, West Africa. Alto plans to form a joint venture with the mineral rights owners, Castle Peak Mining Ltd. and will formulate a definitive Joint Venture Agreement by the end of 2009.

Under the terms of the amended L.O.I. the Company shall select on or before January 31, 2010 two projects from the seven held by Castle Peak. Alto will have a 70% interest in the primary property selection and will have a 50% interest in the secondary property. The terms of the L.O.I. include exploration expenditure commitments, a schedule of cash payments and issuance of restricted shares.

The Company intends to commence an aggressive exploration and development program in Ghana. Alto will spend $100,000 on the Phase 1 program beginning November 15, 2009 for property evaluation in order to select the primary and secondary acquisitions. Exploration costs of $1,500,000 for Phase 2 exploration in 2010, $1,500,000 in 2011 for phase III and $2,500,000 in 2012 for Phase IV will be made by the Company.

Alto has agreed to pay for the expenses related to mineral licenses, permitting, legal fees and reporting required to maintain the projects in good standing with the Ghana ministry and mineral commission. The Company will be utilizing the existing infrastructure of Castle Peak through use of the Ghana offices, staff and geological team to conduct its exploration activities.

Following the completion of the Formal Definitive Joint Venture Agreement, the Company will file requisite details of the agreement as part of the Company’s continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission’s (“SEC”) IDEA database (formerly EDGAR).

Tuesday, November 10, 2009

Central Completes Due Diligence on Newman Todd Property and Moves Forward With Option

Central Resources Corp., announce that it has successfully completed due diligence on the Newman Todd property and is proceeding with the previously announced option agreement whereby Central can earn a 60% undivided interest in the Newman Todd property from Redstar Gold Corp.

"Acquiring an option on a property located in Red Lake Mining Camp, the most prolific gold region in Canada, is a significant opportunity for Central," said Tim McNulty, President and CEO of Central Resources. "We expect to move quickly on the Newman Todd project with the goal of completing road remediation, some trenching and the first few holes of a larger ongoing drill program by the end of the year."

On October 5, 2009, Central announced that it had entered into a letter of intent ("LOI") with Redstar which was subject to satisfactory completion of due diligence. Under the terms of LOI, Central can earn a 50 percent interest in the project over a four year period by funding $4.5 million in exploration and development work and issuing 500,000 shares to Redstar. Central must spend $1,000,000 in exploration expenses by September 30, 2010 and an additional $500,000 by December 31, 2010. Central can earn an additional 10 percent interest in the project by funding an additional $2 million in exploration and development work and issuing 750,000 shares by December 31, 2014.

The Red Lake Gold Camp is the most prolific gold region in Canada. The area hosts several gold mines, where the combined production and remaining proven resources are estimated to be more than 30 million ounces of gold. Gold production began at the Howey Mine in 1930, and despite the regions long exploration history, the most significant discovery was made just ten years ago by Goldcorp. The top producing mines in the area include the Campbell Mine (cumulative production and remaining resource of 13 million ounces), the Red Lake Mine (10 million ounces) and the Madsen Mine (2.5 million ounces). Goldcorp's Campbell and Red Lake Mines remain in operation today with the deep high-grade zone of the Red Lake mine being one of the highest-grade deposits in the world.

Exploration programs by Redstar on the Newman Todd property have outlined gold values within a silicified breccia zone that can be traced for at least two kilometres. Redstar has previously announced drill intercepts of up to 61.02 g/t gold over 1.0 meter within a wider zone of 14.22 g/t gold over 5.0 metres or 60.0 metres of 1.72 g/t gold in previous drill programs. The Newman Todd property has a very similar geologic setting to the major mines in the Red Lake camp in particular Goldcorp's Campbell and Red Lake mines. Similarities include proximity to a major structure, secondary northwest-southeast trending structures, proximity to a folded ultramafic body and association with a large Fe-carbonate alteration zone.

Newly Acquired Manitoba Intrusive Complex Yields High REE Values

Canadian International Minerals Inc (CIN) has been granted a 5000 hectare Mineral Exploration Licence (MEL) in the Knee Lake region in central Manitoba. The MEL covers the Cinder Lake alkaline intrusive complex (CLC) which has only recently been studied by the Manitoba Geological Survey (MGS) and the Department of Geological Sciences (DGS) of the University of Manitoba.

The south eastern part of the Cinder Lake complex hosts a wide range of rocks showing diverse textures and compositions.

High resolution aeromagnetic data of the area has outlined the possible shape and size of the CLC. In the south eastern part of the lake, linear magnetic highs coincide with exposures of syenitic pegmatite that appear to occupy the outer shell of a concentrically structured intrusive body. This oval shaped magnetic feature is approximately 10km long and 5 km wide.

The tectonic setting, petrography and size of the CLC are similar to the Maoniuping complex in China and the Mountain Pass complex in California, both commercially viable deposits of rare earth elements (A Chakhmouradian, Ph.D, DGS, CIN Advisory Board member - personal communication).

The MEL has seen no previous exploration for rare earth elements (REEs) other than work conducted by the MGS, which has comprised a field study in 2008 and regional scale multimedia geochemical and mineralogical surveys in 2000 and 2001. In 1992, Inco conducted a reconnaissance geological survey over the area, which included the MEL, for base metals. Samples from the southern tip of Wickstrom Island within the MEL returned up to 2300 ppm lanthanum, 1300 ppm neodymium, 140 ppm samarium and 44.3 ppm europium. (Inco, MGS Assessment Report 72612).

CIN participated in several research studies this summer conducted by DGS personnel. Other participants were the Natural Sciences and Engineering Council of Canada and the Province of Manitoba. Physical work included whole rock, rare earth, trace element and isotope distribution studies. Results will be released at the Manitoba Mining and Minerals Convention, November 19 - 21.

Crown Minerals Announces $300,000 Non-Brokered Private Placement

Crown Minerals Inc. announce a proposed non-brokered private placement of up to 2,500,000 units at a price of $0.12 per unit (the "Offering"), for aggregate gross proceeds of up to $300,000. Each Unit will be comprised of one common share and one share purchase warrant, each such warrant entitling the holder to purchase one common share for $0.18 at any time within 18 months. All securities issued pursuant to this private placement will be subject to a four (4) month hold period. Completion of the private placement is subject to receipt of all required regulatory and other approvals. The Company reserves the right to increase or decrease the size of the Offering.

The gross proceeds from the Offering will be used to fund exploration programs and operating costs including those in connection with the Company's recently acquired gold properties in Whitney and Deloro Townships near Timmins, Ontario and on Mackenzie Island near Red Lake, Ontario.

For further information please contact: Mr. Stephen Dunn, President and a Director of Crown Minerals Inc., by telephone: 416-822-3343 or by mail: 130 Adelaide Street West, Suite 2700, Toronto, Ontario M5H 3P5.

Monday, November 9, 2009

Allana Resources Announces Closing of $2.0 Million Strategic Investment

Allana Resources Inc. announce that the Company has completed its previously announced Strategic Investment with China Minerals United Management Ltd. (see News Release dated November 4, 2009) by way of private placement financing of Common Shares of the Corporation for gross proceeds of $2,000,000 million through the issuance of 8,000,000 Common Shares at a price of $0.25 per Common Share (the "Offering Price").

The net proceeds of the financing will be used to fund exploration and development of Allana's potash project in Ethiopia and for general corporate and working capital purposes.

The common shares are subject to resale restrictions that expire on March 10, 2010. In connection with the financing, the Corporation has paid finders fees in the form of a cash commission totaling $120,000.

Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally and recently optioned a previously explored potash property in Ethiopia with NI 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see News Release Sept. 17, 2008). Allana has approximately 89.3 million shares outstanding and trades on the TSX-Venture exchange under the symbol "AAA".

Caerus Resource Granted Nine Concessions in Two of Colombias Most Prolific Gold Districts

Caerus Resource Corporation report further property acquisitions in the region of two recent major gold discoveries in Colombia. White Gold Corporation’s Colombian subsidiary, Oro Barracuda Ltda., has been informed by Ingeominas (Instituto Colombiano de Geologia y Mineria), that it has been awarded nine concessions (claim blocks) totalling approximately 14,000 hectares in the departments of Tolima, Quindio and Santander. Oro Barracuda has until December 13th to advise Ingeominas of its acceptance of title to the concessions, after which a total of approximately $U.S. 121,000 will be due in canon fees. The claim blocks were selected based on favourable geologic features for potentially hosting gold deposits and their strategic location in areas of known gold mineralization.

Including the acceptance of the nine concessions, the total land package that Oro Barracuda controls is approximately 21,000 hectares in two of Colombia’s prolific gold areas. The grants in Tolima and Quindio Departments establishes an exploration presence near the La Colosa gold discovery by Anglogold Ashanti Ltd. (NYSE: AU) that has a JORC compliant inferred mineral resource of 12.9 million ounces of gold. The grants in Santander Department enhances the exploration package Oro Barracuda currently owns which is strategically located 5 to 10 kilometers west of the emerging La Bodega gold discovery by Ventana Gold Corp (TSX: VEN).

Tolima and Quindio Departments – Five Titles Near La Colosa Gold Deposit

Five titles have been granted in Tolima and Quindío Departments and total approximately 8,000 hectares. Three of the concessions are located between Armenia, in the department of Quindío, and Ibague, in the department of Tolima, in the municipalities (counties) of Calarca and Cajamarca, and about seven kilometers from the La Colosa deposit of AngloGold. These concessions are located in an area of Paleozoic gneisses and schists with a thick but variable cover of recent volcanic ash, cut by strong NNE faults. The La Colosa deposit is hosted by a stock intrusive into the gneiss and schist. Intrusive stocks are exposed to the west and south, and the area beneath the ash cover represents a potential target for a concealed stock on the Oro Barracuda concessions. Oro Barracuda has applied for eight additional concessions adjacent to and contiguous with these three concessions.

The other two concessions are located south of the first three, in the municipality of Roncevalles, Tolima. These concessions are located in an area of strong NE faulting, where the Ibague Batholith is in fault contact with the Paleozoic gneisses and schists. Ingeominas reports a number of gold occurrences in this area. Oro Barracuda has applied for four additional concessions in this area.

Santander Department – Four Titles Near La Bodega Project

Four titles have been received in Santander Department and total approximately 6,000 hectares. The concessions are located north of the town of Surata in the municipality of the same name. They are about 10 kilometers from Ventana Gold’s La Bodega deposit in the California-Vetas District containing gold occurrences along a NE trending fault zone.

The concessions cover an area of hydrothermal alteration along and on both sides of a major NE-trending fault, where younger dioritic stocks and cupolas have intruded Paleozoic gneisses and dioritic dikes in hydrothermally altered Cretaceous sedimentary rocks that indicate the presence of concealed younger intrusives. There are prospects on veins in the altered area, some of which are said by local habitants to date from Pre-Colombian times. The target in this area is disseminated gold which may have been overlooked by prospectors searching for veins. Oro Barracuda has applied for additional concessions west, north and south of these concessions.

The Company is completing the Plan of Arrangement previously announced with White Gold Corporation, and expects to file documents in the immediate future.

Thursday, November 5, 2009

Lime Rock Resources II Closes at $410 Million

Lime Rock, a private equity firm focusing on the global energy sector, today announces the closing of Lime Rock Resources II with $410 million in total capital commitments. Like the first Lime Rock Resources fund, Lime Rock Resources II will seek to acquire, directly operate, and improve lower-risk oil and gas properties in the United States. Together with the Lime Rock Partners funds, which invest growth capital in energy companies worldwide, Lime Rock now manages private equity funds with $3.9 billion in total capital commitments.

35 institutional investors, including leading endowments, foundations, and pension funds, made capital commitments to Lime Rock Resources II. 68% of capital commitments came from existing Lime Rock investors, with the remainder from new investors. Lime Rock began marketing the fund in August 2008.

Eric Mullins, co-CEO of the Lime Rock Resources team, said, "When we launched the fundraising for Lime Rock Resources II, we had no idea of the economic turmoil that was to come only a month after the launch. To be able to count on the continued support of so many of our existing investors and to be able to win the trust of quite a few new investors during this challenging period has been a gratifying, and humbling, experience. We are excited to be able to begin our efforts to reward the trust of all the investors in Fund II."

Lime Rock closed the first Lime Rock Resources fund in 2005 with $456 million in total capital commitments. Based in Houston, the Lime Rock Resources team has completed eight major transactions. It has acquired oil and gas properties in New Mexico, Texas, and Oklahoma and is seeking to acquire other mature properties nationwide. The Lime Rock Resources team's first fund has already returned over one-third of capital to investors through quarterly distributions of operating cash flow and property sales. Including the $600 million of acquisitions already completed, the two Lime Rock Resources funds have acquisition capacity of over $1.5 billion and investor equity capital of $866 million.

Charlie Adcock, co-CEO of the Lime Rock Resources team, added, "Both our investors and our team recognize the irony that the most difficult time to raise private equity capital is usually the most opportune time to deploy it. We are thankful to our investors for their extraordinary support over the last year. We now have significant equity capital to implement our strategy in an exciting time. We believe that, over the next few years, stress at many property holders as well as the continued rationalization of oil and gas portfolios will present opportunities for our team to acquire lower-risk properties and apply our intensive cost, efficiency, and operations focus to generate good long-term returns for our investors."

Wallbridge Mining To Expand Drill Program on Rogers Creek Copper-Gold-Molybdenum Property

Wallbridge Mining Company Limited announced today that the Company will expand its drilling program on the Rogers Creek property to 2,500 metres on the basis of copper and molybdenum mineralization observed in diamond drill hole WRC-001.

The distribution of mineralization and alteration intersected in WRC-001 is consistent with many porphyry-style mineral deposits in South America and will be used to guide further drilling, which will test the core and margins of Target 1 breccia pipe.

"The early results of our drilling program are very encouraging," stated Alar Soever, President and CEO of Wallbridge. "The results confirm the cause of the blind subsurface IP anomalies is indeed copper-molybdenum mineralization, as we suspected. The additional drilling should help us gain enough information about this mineralization to be able to plan a much more extensive follow-up drilling program."

Copper and molybdenum sulphide mineralization (pyrite, chalcopyrite and molybdenite) in WRC-001 occurs as disseminations and in quartz-sulphide and sulphide veinlets up to 1 centimetre in width that are unevenly distributed between about 400 metres and about 725 metres depth. The sulphide mineral assemblages are spatially and temporally associated with very well-developed propylitic and phyllic alteration assemblages, both of which increase in intensity toward the core of the targeted IP anomalies. Figure 1, which can be viewed on our website at, shows the location of the mineralization relative to its distribution relative to two IP anomalies on the western flank of Target 1, a 1.6 kilometre diameter breccia pipe.

The Rogers Creek property is located approximately 40 kilometres south of Pemberton in south-western British Columbia. Wallbridge completed a five line, 28 line-kilometre IP geophysical survey on the property during the summer of 2009 (see Wallbridge press release dated July 10, 2009). Prior to the start of drilling in early October, an exploration update was released (see Wallbridge press release dated October 8, 2009), which focused on new mineral discoveries in the vicinity of Target 1 as well as the discovery of copper-molybdenum mineralization (Target 4) on its First Mountain claim block located 18 kilometres to the south of Target 1. The current program is testing a number of IP geophysical targets in and around Target 1.

J-Pacific Receives British Columbia Mining Exploration Tax Credit Refund

J-Pacific Gold Inc. announced today it has received Mining Exploration Tax Credit refunds totalling $634,323 from the Government of British Columbia, for exploration work conducted from 2006 to 2008 at the Company's Blackdome Gold Mine and Elizabeth Gold Property.

Over the past two months, J-Pacific has added $1,812,104 to its working capital from the B.C. and Quebec mineral exploration tax credit programs, along with equity financing from a private placement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Wednesday, November 4, 2009

American Petro-Hunter to Purchase Texas Gas Production and Reports on Operations

American Petro-Hunter, Inc. announce that the Company has entered into an agreement whereby the Company intends to purchase production from two existing gas wells from Texas-based Oxalis Energy Group. Under the terms of the Letter of Intent (L.O.I.), the Company is currently undertaking a period of due diligence on the project with a thorough review of project data and well production history of this West Texas project.

The Company intends to purchase a minimum of 1.0 MMCF per day from the two wells for a proposed purchase price of $1.5 million. In the event of a successfully concluded due diligence assessment which is estimated to be carried out over the next 60 days, both companies may close the transaction by year end. Additionally, as part of the ongoing development of the project, the Company would further have the rights to drill a minimum of ten (10) development locations. The Texas gas play is a low risk, development drilling project where analog wells are producing at an average of approximately 300-600 MCF per day.

In related news, American Petro-Hunter is in preparation to commence drilling operations at the Rooney Project in Kansas. The Rooney location is directly adjacent to the north edge of existing Morrow Sand oil and gas production. An analog well designated as 3-30-25W in the Morrow pool has cumulatively produced 344,448 barrels of oil and 933,622 MCF gas. There are multiple wells within 2 miles of our acreage that have produced in the 35,000 to 40,000 barrel range from discrete sand channels.

The Company participated in a 3D seismic shoot at Rooney this summer in an attempt to locate Morrow sand channel potential on the acreage. The Company was pleased to receive a successful report indicating multiple sand channels were identified from the recently completed 3D seismic interpretation across the entire acreage. The first test well is scheduled to spud on or around November 10th. If successful, a multi well program is planned to commence immediately thereafter. The operator of the project is S&W Oil & Gas, LLC of Wichita, Kansas.

In other news, drilling operations at the Archer-Tsakopoulos #2 well in California and the #1 Keck well in Kansas have ended. Both wells successfully encountered oil and gas in the target horizons but adequate reservoirs in order to complete them as commercial producers were not found. The Colby remains a viable prospect as light oil discovered in the Kansas City formation may be present in other locations. The main objectives had good shows of oil in the Cherokee and Johnson formations but did not exhibit suitable permeability to produce at commercial rates. Further work and analysis will be required in order to fully develop the Colby lease.

Aztec Announces Partnership Update for Its Closed VIII Drilling Program

Aztec Oil & Gas, Inc. announced the progress of two of its partnerships formed under the Aztec VIII Oil & Gas Drilling Program which is now closed to subscriptions. The Aztec VIII-B Partnership closed June 17, 2009 and the Aztec VIII-C Partnership closed on August 31, 2009. Aztec Energy LLC acts as Managing General Partner for both partnerships and Aztec Drilling & Operating LLC acts as turnkey operator. Aztec owns a 30% interest in each Partnership.

Aztec has over 100 developmental drilling locations available in the following counties: McMullen (South Texas), Medina (Southwest Central Texas), Liberty and Ft. Bend (Upper Gulf Coast Texas), Navarro (East Texas) and Palo Pinto (North Central Texas). Additionally, several geological developments are underway; however, due to continued, competitive leasing, details of the activities are not disclosed. Three oil wells in McMullen County, in which the VIII-B and VIII-C Partnerships participate, are already drilled, completed and being put into production. The Ragle #3 well in Palo Pinto County, Texas has been drilled and completed and is producing from the Ellenberger formation. The Ragle #6 well has just completed drilling through the Ellenberger formation and is being logged. Both of the Ragle wells have multiple formations available for completion.

Aztec has 15-20 drilling permits in process in the above various counties and expects to have multiple rigs drilling within the next 1-3 weeks, weather permitting. Revenue to the VIII-B and VIII-C Partnerships is estimated to begin as early as December, 2009, and increase monthly from that point forward until production stabilizes.

The primary goal of Aztec's drilling programs is area diversification of multi-well investments in shallow, low risk wells with multi-zone formation potential.

Riverstone Announces New Gold Zone at Karma

Riverstone Resources Inc. announce results from the first twenty three Rotary Air Blast (RAB) drill holes completed on the Company's Karma gold project in Burkina Faso, West Africa. The holes were drilled in the immediate area of the GG1 deposit, one of four deposits that comprise the Karma project, to test several gold-in-soil geochemical anomalies with the objective of locating new mineralized areas.

Eleven of the twenty-three holes returned anomalous values in gold ranging from 269 ppb to 1.44 g/t over widths ranging from 3.0 metres to 51.0 metres. A number of the anomalous holes require additional offset drilling to determine if there is any continuity of the mineralization. However, six of the holes have established a new 700 metre long zone that is still open to the west. The six holes were drilled to test a gold-in-soil anomaly that is parallel to and south of the known GG1 mineralization and could represent a new area of mineralization.

"We are very encouraged by the results to date from the RAB drilling," commented M.D. McInnis, President of Riverstone. "The objective of our current drilling program is to locate new zones of mineralization adjacent to our known NI 43-101 compliant resource at Karma. The initial results certainly require a follow-up RC drill test to determine if we have discovered a new zone."

The ongoing drill program at Karma comprises up to 6,000 metres of drilling, divided roughly equally between reverse circulation drilling (RC) and rotary air blast drilling (RAB). The planned RAB drilling has been completed; 60 RAB holes totaling 2,857 metres were drilled in the area of the Goulagou (GG1 & GG2) deposits and 15 holes totaling 751 metres were drilled near the Rambo deposit. RC drilling has commenced on the Kao Permit.

The Company maintains a rigorous quality control program involving the use of repeat assays, inserted blanks, and the use of certified standards from an accredited Canadian laboratory. All RAB samples were assayed using standard fire assay with atomic absorption techniques, with samples grading in excess of 2.00 g/t gold re-assayed with a gravimetric finish, at the independent Abilab Burkina SARL laboratories in Ouagadougou, Burkina Faso, which is part of the ALS Chemex group.

Tuesday, November 3, 2009

RedHawk Energy Acquires Xxtreme Group for $66.0 Million

RedHawk Energy Corporation announced that it has acquired 100% of the membership interests of Texas-based Xxtreme Pipe Services, LLC, Xxtreme Pipe Storage, LLC, Xxtreme Tubular Processors, LLC and Wolf Pack Rentals, L.L.C. (collectively, the “Xxtreme Group”) for $66.0 million in cash, preferred stock and assumed debt. The purchase price is subject to certain post-closing adjustments.

Headquartered in Houston, Texas, the Xxtreme Group is a premier provider of oilfield services including ultrasonic inspection, storage and API threading and processing of Oil Country tubular goods. Through its tubular unit, the Xxtreme Group employs approximately 150 operational, marketing and administrative personnel with field and administrative facilities in Houston, Channelview and Lone Star, Texas and Beebe, Arkansas. Through its rental unit, Wolf Pack Rentals, L.L.C., the Xxtreme Group, employs approximately 30 field, marketing and administrative personnel in Texas, Oklahoma, Arkansas and West Virginia. Wolf Pack Rentals, L.L.C.’s rental fleet includes modular buildings, living quarters, generators, light towers, water and sewer systems, forklifts, man-lifts, communication systems and drill pipe.

For the twelve month period ended December 31, 2008, the Xxtreme Group reported net income of approximately $11.1 million on revenue of approximately $36.4 million. For the nine month period ended September 30, 2009, the Xxtreme Group reported net income of approximately $4.2 million on revenue of approximately $20.5 million as compared to net income of approximately $7.3 million on revenues of approximately $25.0 for the nine month period ended September 30, 2008. For the twelve month period ended September 30, 2009, net income for the Xxtreme Group approximated $8.0 million on revenue of approximately $31.9 million.

Commenting on the acquisition, G. Darcy Klug, founder of RedHawk, said, “This acquisition is a tremendous milestone for our company. We believe market conditions are favorable for selective, strategic energy sector acquisitions of businesses with strong management teams and a good track record through these difficult and challenging periods. We are positioning RedHawk with a solid financial and operational foundation to capitalize upon various strategic growth opportunities as they arise if market conditions stabilize over the next twelve to twenty-four months.”

Additionally, RedHawk previously announced the addition of Thomas J. Concannon as its Senior Vice President. Mr. Concannon has more than 20 years of energy industry experience. He recently served as Vice President and Chief Financial Officer of Geokinetics Inc., a publicly traded provider of seismic acquisition and data processing services to the oil and natural gas industry. Mr. Concannon earned an accounting degree from Manhattan College. Prior to receiving his Juris Doctorate from St. John’s University School of Law, he was a member of the audit staff of PricewaterhouseCoopers.

Swift Resources Announces Financing With MineralFields Group

Swift Resources Inc. announce that it has negotiated a private placement with MineralFields Group to raise gross proceeds of up to $500,000.

Under the terms of the Financing, the Company will issue 1,785,714 flow-through units (the "FT Units") at a price of $0.28 per FT Unit. Each FT Unit will consist of one flow-through common share (the "FT Shares") and one-half of a transferable non flow-through common share purchase warrant ("Warrants"). Each whole Warrant will entitle the holder to purchase one additional non flow-through common share at an exercise price of $0.35 per share during the first year and thereafter at $0.45 per share during the second year from the closing date of the Financing (the "Closing Date").

Provided that the Company's shares close on the TSX Venture Exchange at any time four months after their date of issue for twenty consecutive trading days at a price of $0.50 per share or higher during the first year of the exercise period and at a price of $0.65 per share or higher during the second year of the exercise period, the Company may accelerate the expiry time to 30 calendar days from the date of express written notice delivered to the Warrant holder by way of registered mail, or thereafter the unexercised Warrant will be forfeited and terminated.

"We are very pleased to continue our relationship with MineralFields Group," said Mike Elson, President and CEO. "This is an important milestone in the growth of Swift Resources Inc. and we look forward to working with MineralFields Group as we develop our holdings in Canada."

Limited Market Dealer Inc. will be paid a cash finder's fee of 6% of the funds raised, and issued a finder's fee option to acquire Units (the "Compensation Units") equal to 8% of the total number of FT Units sold, exercisable at $0.28 per Compensation Unit for a term of two years.

Monday, November 2, 2009

Gemcom MineSched 6.1 Software Makes Jobs Simpler for Mine Planners, Lowers Costs through Improved Efficiency

Gemcom Software International Inc., the largest global supplier of specialised mining productivity solutions, today announced that it has released Gemcom MineSched™ 6.1, the latest version of its next generation scheduling software for surface and underground mines of all sizes and types, improving productivity and profits beyond what could be achieved by manual scheduling. MineSched incorporates a unique four-step scheduling workflow and visual scheduling canvas to enable mine planners to create better schedules more quickly compared to other software.

MineSched 6.1 offers an unprecedented ability to accommodate for the unique planning characteristics found in every mining project and includes customer-driven enhancements such as linking MineSched to external Microsoft® Excel® workbooks for easy integration to existing planning processes. Combined with new features to allow mine planners to more intuitively manipulate, analyse, and report their scheduling scenarios, MineSched 6.1 helps produce practical schedules for any mine planning situation.

“We use MineSched for weekly, mid-range and long-term scheduling. It is a user-friendly software product that is easy to set up and learn. In fact, it’s so easy to use that it has increased my confidence and passion for scheduling,” said Ruth Menz, mining engineer, Golden Star Resources Ltd., Bogoso/Prestea Gold Mine. “With the software we are able to set realistic targets for the company and we know the life-of-mine at any point in time in just a few clicks. MineSched has also helped increase our efficiency, saving costs and reducing scheduling time, enabling us to spend more time using the end results it outputs. In addition, the software’s seamless workflows have reduced errors as there is no longer a need to manually input block model attributes.”

“At Gemcom, we engage with our customers and others in the industry to learn about their needs and objectives, both from a business and user perspective, and how software can better support them,” said Eli Alston, Gemcom’s product line manager, scheduling and optimisation. “This has led us to focus on ensuring we deliver the best software user-experience possible by providing solutions which are easy to use. By doing so, both the software user and their organisation benefit because the user becomes more proficient with the product faster and has the intuitive tools needed to develop mine plans that lower the cost of mining and processing. Further, this means that when a mine planner leaves an organisation, their position can be filled more readily as new users can be trained quickly.”

MineSched 6.1 benefits include:
– Integration with other Gemcom systems including Gemcom Surpac™, Gemcom GEMS™, and Gemcom Minex™, creates a complete mine planning solution, through which many manual and routine tasks can be automated;
– Decreased implementation and ongoing support costs due to reduced reliance on vendor setup services compared to other scheduling systems;
– More powerful scheduling scenario manipulation;
– Fine-tuned underground development scheduling; and
– Enhanced visualisation and analysis of scheduling scenarios.

For more information on Gemcom MineSched, including detailed product information, and product demo videos, please visit

AngloGold Ashanti Output Up 5% on Geita, Vaal River Turnarounds

AngloGold Ashanti said third quarter production rose 5 percent as a result of continued improvements at its Geita mine in Tanzania and fewer safety related interruptions at its Vaal River operations in South Africa.

"We continue to make breakthroughs in effecting the turnaround at Geita,'' Chief Executive Officer Mark Cutifani said. "We've also made some strong safety gains at our Vaal River operations, an area that continues to be our top priority.''

Production rose 5 percent to 1.187 million ounces in the three months through to the end of September, broadly in line with the company's guidance for the period. Total cash costs were within the guided range at $534 per ounce, despite the impact of higher wages and power prices in South Africa and stronger operating currencies.

During the quarter, AngloGold Ashanti invested $797 million to complete a restructuring of its hedge book at prices significantly below current market prices. The company now has hedge commitments of 4.3 million ounces, less than a year's production. It anticipates a decline in this position of 800,000 ounces a year between next year and 2015, when it will be hedge free.

AngloGold Ashanti's adjusted headline earnings, excluding the cost of these hedge buybacks, were $163 million, in line with last quarter's record $167 million. Including the cost of the hedge buyback, which was reflected in a lower received gold price, the company reported an adjusted headline loss of $596 million, or $1.65 a share.

"Our decision to move on the hedge book in July has been vindicated by the run in the gold price to record levels,'' Cutifani said. "We've slashed the book by almost two thirds in the past two years against the backdrop of a rising price, and that has generated enormous value for the company and its owners.''

Geita continued its recovery under its new management team, delivering a 32 percent rise in production to 83,000 ounces for the quarter. The Vaal River mines increased output by 20 percent.

AngloGold Ashanti's wholly-owned Brazilian operations delivered a 23 percent increase in production to 90,000 ounces and, despite the stronger currency, are now the lowest-cost assets in the group with cash costs of $333 per ounce. Cerro Vanguardia, in Argentina, is the next best performer with production of 47,000 ounces at cash cost of $336 per ounce.

Four members of AngloGold Ashanti's South African workforce tragically lost their lives during the quarter. Intensive effort remains ongoing at all levels of the organisation to eliminate workplace injuries. The success of these interventions is evident in underlying safety measures, which track lost time injuries and medical treatment injuries, which have both improved so far this year.

AngloGold Ashanti's management, along with South Africa's government mine inspectors, continues to police safety regulations more aggressively. Stoppages following accidents and also as pre-emptive measures have impacted production for the company and the broader industry, as efforts are made to continue to improve safety.

AngloGold Ashanti management team suspended underground operations at the TauTona operation to conduct an inspection of the steelwork along the mine's shaft system, a task that will potentially take two months through to the end of 2009. The decision was a pre-emptive safety measure following an incident where a length of steel dislodged and fell down the shaft.

To reflect these ongoing safety efforts and the associated production impact, AngloGold's production outlook for this year is now around 4.55 million to 4.6 million ounces. Total cash costs for the year are expected to be between $515 per ounce and $530 per ounce, assuming an average exchange rate of between R7.00 and R7.50 per dollar during the fourth quarter. Production in the fourth quarter is estimated at 1.16 million ounces at a total cash cost of $590 per ounce, assuming an exchange rate of R7.50 per dollar.

Uruguay Mineral Exploration Inc.: Reschedule of Definitive Agreement with Fortune Valley

Uruguay Mineral Exploration Inc., a South American gold production and exploration company, announced today that the signature with Fortune Valley Resources Inc. ("Fortune Valley") of the definitive agreement to combine their respective businesses has been rescheduled for November 6, 2009, extending the deadline from October 30.

Due diligence is still being undertaken by both parties and the parties expect to sign the agreement on or before November 6, 2009.

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.

Editors’ note: Uruguay Mineral Exploration Inc. is a gold producer and exploration company focused on identifying and developing mineral opportunities in Latin America. UME is a fully integrated mining company, possessing the skills necessary to explore and develop its discoveries. The Company operates the only producing gold mine in Uruguay (San Gregorio), and is also the leading mineral exploration company in Uruguay having assembled an exploration portfolio based on gold, base metals and diamond prospects.

Uruguay Mineral Exploration Inc. is quoted in Canada (TSXV) and London (AIM) and Matrix Corporate Capital LLP is its Nominated Adviser and Broker.