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Tuesday, July 27, 2010

Vantex Increases Flow Through Financing to a Maximum of $2,100,000

Vantex Resources Ltd. announces that it will increase the previously announced $1,700,000 financing, to a maximum of $2,100,000 due to increased investor demand.

Vantex has therefore entered into an amended agreement with Jones, Gable & Company Limited ("Jones, Gable") in respect of a brokered private placement financing consisting of up to 2,100 units (the "Units") at a purchase price of $1,000 per Unit to raise gross flow-through proceeds of up to $2,100,000 (the "Private Placement") on a commercially reasonable effort agency basis.

The Units will consist of eight (8,000) flow-through common shares at a price of $01.0 per share, two thousand (2,000) common shares at a price of $0.10 per share and five thousand (5,000) common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share in the capital of the Company for a period of twelve months from the date of issuance, at a purchase price of $0.15 per share.

Proceeds of the Units will be used for general working capital purposes and to incur general exploration expenses in Quebec. The expenses will constitute Canadian exploration expenses and flow-through mining expenditures (as defined in the Income Tax Act (Canada)), which can be renounced to purchasers for the 2010 taxation year. The securities issued will be subject to a hold period of four months and one day.

Proceeds of the Private Placement will be used for the development of the Galloway-Pitchvein area. The Private Placement will be subject to approval by the TSX Venture Exchange.

Peabody Energy Approves Expansion of Highly Productive Wilpinjong Mine in Australia

Peabody Energy said it has approved expansion of the Wilpinjong thermal coal mine in New South Wales, which is expected to increase production by 2 to 3 million tons annually beginning in 2012.

Capital investment for the project is expected to total approximately $90 million, which includes approximately $20 million targeted for 2010. Expanded production from Wilpinjong, which is among the lowest cost mines in the country, will serve export markets using new port capacity from the recently commissioned Newcastle Coal Infrastructure Group (NCIG) terminal. Late-stage licensing and mine engineering activities are advancing, and the project is subject to final permitting and regulatory approval.

"The Wilpinjong expansion is among a number of organic growth initiatives to build our global platform for serving the fastest-growing economies and coal markets in the world," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. "Asian nations are forecast to account for more than 90 percent of global coal demand growth in the next two decades, and Australia will continue to build its position as the chief supplier of seaborne coal."

The expansion is among multiple thermal and metallurgical coal projects that could expand Peabody's annual Australian volumes to up to 35 to 40 million tons by 2014. Peabody is targeting an increase in seaborne metallurgical coal shipments to 12 to 15 million tons per year by 2014, and increasing thermal coal exports to 15 to 17 million tons per year. Earlier this year, Peabody also approved a 1 million ton-per-year expansion of the Metropolitan metallurgical mine, also in New South Wales.

In 2009, Wilpinjong shipped 8.3 million tons to meet domestic and global demand and is among a portfolio of Peabody operations in Queensland and New South Wales that is targeted to ship 27 to 29 million tons this year.

Tuesday, July 13, 2010

Uragold Adds Four Claims to Its Beauce Placer Gold Property Located in St-Simon-Les-Mines

Uragold Bay Resources Inc. announce that it has signed a letter of intent with a private vendor regarding the acquisition of 100% interest in four claims located in Saint-Simon-les-Mines, Quebec. The acquired claims expand the Beauce Placer Gold property to the northeast. This will add 1,700 meters to the 550 meters of un-mined paleoplacer gold channel.

Uragold will modify the recently announced work program of sampling and trial mining the Beauce Placer Gold tailings project to include a drilling campaign to upgrade historical gold deposits to 43-101 standards. The Company will provide an updated work program for the property in the near future.

Material terms of the agreement are as follows (all amounts are expressed in Canadian dollars). In order to acquire its interest in the claims, the Company shall make the following payments to the vendor.

The Vendor agrees to grant Uragold the exclusive and irrevocable right to earn a one-hundred per cent (100%) interest in the Claims, in consideration of 1,866,000 common treasury shares of the Company plus a cash payment of $8,000.00

The transaction is made with a party that is non-related to the Corporation. The letter of intention is conditional to the approval of the Board of Directors of Uragold and the transaction is subject to approval by regulatory authorities. Further to the acquisition and its approval, the parties will proceed with the signature of a formal agreement and the titles of the claims will be transferred to the Corporation.