AGORACOM Small Cap TV - March 31th - Highlights
posted on
Mar 31, 2011 11:08AM
Good morning to you all. Please find enclosed a summary of the breaking small-cap and micro-cap financial news we highlighted on AGORACOM Small Cap TV this morning. It’s March 31th, 2011, and we’ve found 6 great press releases to report on at the open. Another great day for small-cap and micro-cap financial news. To watch the show live every morning at 9:30 AM, visit our front page.
Northair Intersects 48.05 Metres of 140.6 g/t Silver at La Cigarra Project, Mexico
International Northair Mines Ltd. (TSX VENTURE:INM)
is pleased to announce assays results from four holes of the Phase II core drill program presently underway at the La Cigarra silver project, located in north central Mexico. Drill results are highlighted by:
-- 53.70 metres of 87.1 g/t silver in Hole CC-11-004 at the San Gregorio Zone; and -- 48.05 metres of 140.6 g/t silver in Hole CC-11-005 at the Las Carolinas Zone.
Drilling continues at San Gregorio with further drilling scheduled at Las Carolinas, as well as at the La Borracha Zone located 1 kilometre to the northwest of San Gregorio.
"We continue to be very pleased with the results of the drill program at La Cigarra," said Fred Hewett, President & CEO of Northair. "The recent drill holes completed at the San Gregorio Zone returned excellent silver values over significant widths and successfully extended the strike length of the zone by 100 metres. At the Las Carolinas Zone, located 1,100 metres southeast of San Gregorio, drilling has encountered similar geology to that in San Gregorio along with significant silver values. Both zones remain open along strike and down dip. The results from these two zones, along with the intervening 1.1 kilometres of untested ground provides excellent immediate upside exploration potential."
About the company
International Northair Mines Ltd. concentrates its main exploration activities in Mexico. Through an aggressive generative program focused within prospective mineral belts, the Company has successfully staked and acquired a number of early stage projects that offer opportunities for significant precious metal discoveries.
Last; 0.50Range: 0.50-0.055Market Cap: 31 Million
Lincoln Mining and Elgin Mining Entering Into Exploration Financing Agreement of Up to $10 Million
Lincoln Mining Corporation (TSX VENTURE:LMG) ("Lincoln") and Elgin Mining Inc. (TSX VENTURE:ELG) ("Elgin")announce that they have entered into an option agreement (the "Agreement") granting Elgin the exclusive right and option to acquire up to a 60% undivided interest in each of Lincoln's Oro Cruz and La Bufa properties (collectively the "Properties" and individually a "Property") by funding expenditures totaling $10,000,000 over a maximum four year period.
Mr. Paul Saxton, Lincoln's President and CEO, commenting on the Agreement, said, "Lincoln is extremely pleased with the arrangement with Elgin. Not only does it provide a strategic partnership with a proven major mine developer but it allows Lincoln to advance its Oro Cruz and La Bufa projects with minimum dilution to our shareholders."
About Lincoln Mining Corporation
Lincoln is a Canadian precious metals exploration and development company with several projects in various stages of exploration and development which include the Pine Grove gold property in Nevada, the Oro Cruz gold property in California and the La Bufa gold-silver property in Mexico. In the United States, Lincoln operates under Lincoln Gold US Corp., a Nevada corporation.
Last: 0.235Range: 0.30-0.14Market Cap: 19.5million
About Elgin Mining Inc.
Elgin is located in Toronto, Ontario and is currently evaluating the potential acquisition of assets in the global natural resource sector. Mr. Robert Buchan, President and CEO of Elgin, has over 35 years of experience in the North American mining sector. He was founder and President and Chief Executive Officer of Kinross Gold Corporation until 2005. For additional information, visitwww.elginmining.com.
Last: 1.35Range: 1.82-1.16Market Cap: 69 Million
Malaga Reports Income of $1.1 Million From Mining Activities
Malaga Inc. (TSX:MLG) ("MLG")
is pleased to report that it has filed its audited financial statements for the year ended December 31, 2010. T
- Increase in production capacity from 250 tonnes per day (tpd) to 500 tpd - Sales achieve a record level of 70,407 metric ton units (MTU) - Income from mining activities totals $1.1 million compared to a $2.5 million loss in 2009 - Cash flow from operations of $1.2 million compared to negative cash flow of $1.2 million in 2009
Sales for the year totalled $14.8 million ($11.1 million in 2009), an increase of 33% due to the sale of copper by-product in the amount of $2.0 million, a 14% increase in production output and a 26% appreciation in the APT (ammonium paratungstate) price, the reference price for Malaga's tungsten concentrate sales. A lower cash cost of sales per MTU ($129 vs $146) also contributed to the increase in the income from mining activities for 2010 which achieved a record level of $1.2 million compared to a $2.5 million loss in 2009.
"We are very pleased with our 2010 results. The record production level, significantly higher APT price and $17/MTU reduction in our cash costs all contributed to our $1.1 million in income from mining activities. In light of Malaga's plans to increase tungsten production in 2011 and the steady rise in the APT market price, which is currently close to US $400, we are forecasting an excellent year in 2011, and profitability as of the first quarter," said Jean Martineau, Malaga's Chairman of the Board and Chief Executive Officer.
Last: 0.28Range: 0.40-0.08Market Cap: 51 Million
ABOUT MALAGA INC.
Malaga Inc. owns and operates a mine in Peru and is one of the few producers of tungsten outside of China. Malaga is a low cost producer due to the availability of hydroelectric power at its Pasto Bueno property in Peru, which has a current production capacity of 500 tpd. Future plans are to increase production and explore the property to increase reserves and resources.
Soltoro Drilling Returns 160 Metres of 47 gpt Silver at El Rayo Primary Silver Project in Mexico
Soltoro Ltd. (TSX VENTURE:SOL)
recently completed four diamond drill holes in the Las Bolas resource area and one hole in the Matachines resource area.
Three of the holes in the Las Bolas area were step-out holes designed to increase the existing NI 43-101 resource, test the envelope of the Las Bolas deposit and test for a sulphide zone at depth.
The step-out holes encountered significant mineralized widths in excess of 85 metres with one hole intercepting 160 metres of 47 g/t silver. Ray11-54 was drilled 400 metres off the main structure and is one of the deepest holes completed to date in the Las Bolas deposit area. Ray11-54 encountered oxidized sulphides at depth suggesting that this hole has reached the transition zone between oxidized and sulphide mineralization.
About Soltoro:
Soltoro is engaged in exploration for bulk tonnage gold and silver deposits in Mexico. The Company continues to expand the existing NI 43-101 compliant primary silver resource on its El Rayo project. Soltoro has optioned a portion of its Quila claim to Timmins Gold Corp., optioned its Victoria and Coyote claims to Argentum Silver Corp. and is actively advancing its La Tortuga, Chinipas, El Santuario and Peña Grande projects. Soltoro has 47,658,629 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL.
Last Sale: 0.8252 Week Range: 0.17 - 0.88 Market Cap: 29.10M
NWM reports high-grade gold intercepts (3m of 11.15 g/t Au) at Campamento Zone
TSX Venture Exchange
Symbol: NWM
NWM is pleased to announce that drilling at the Campamento Zone of the La Jojoba property has returned high-grade gold intercepts.The first phase of shallow drilling was completed March 23. Approximately half of the drill sample assays have been received with the balance expected within two weeks. The Company has now completed 221 air-track drill holes in the area of the Campamento Zone. The Campamento area is situated about one kilometre southwest of the Northeast Zone of the La Jojoba property. The Northeast Zone hosts an NI 43-101 compliant Mineral Reserve of 193,489 ounces of gold, which is restricted to an area considerably smaller on surface than the Campamento Zone.
Current drill results indicate a three-meter interval of 11.15 g Au/t at the surface of drill hole Camp-65, which is located 200 meters south of four other drill intercepts of 3.0 to 3.4 meters each, ranging between 3.0 to 5.24 g Au/t. Drill sites Camp-85 to Camp-95 are located in the area surrounding the central Campamento Zone. Numerous other drill sites in the group of drill holes reported in this news release returned ore-grade gold intercept values. The extensive surface and shallow underground workings in this area are only partially evaluated by this work.
About the company
NWM Mining Corporation is a Canadian mineral exploration company focused on the development of the Lluvia de Oro / La Jojoba gold mine located in Sonora in North West Mexico. The project covers a total of 5,075 hectares and encompasses the past producing Lluvia de Oro mine, the La Jojoba gold resource, and numerous historic workings.
Last: 0.135Range: 0.20-0.07Market Cap: 54.2 Million
Freegold Announces 43-101 Resource Estimate for Vinasale Project, Alaska
Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N)("Freegold")
is pleased to report the results of a NI43-101 compliant Mineral Resource estimate recently completed on the Vinasale Gold Project located in southwest Alaska on which Freegold entered into an Exploration Agreement with an Option to Lease the Vinasale Project from Doyon Limited, an Alaskan Native Regional Corporation, in 2007.
The resource estimate was completed by Giroux Consultants Ltd. of Vancouver, BC. Canada.Inferred resources are 37.3 million tonnes averaging 1.11 g/t Au for 1,331,000 ounces of gold utilizing a cutoff value of 0.5 grams/tonne (g/t) as a possible open pit cutoff.
A total of 72 drill holes containing 8,711 gold assays have been completed on the project within three areas: the Central, Northeast and South Zones. The highest density of drilling has been completed in the Central Zone where 29 drill holes totaling 6,902 metres were used in estimating the resource for the Central Zone. Gold assays were capped at 22.0 -grams/tonne gold.Composites, 5 metres in length, were used to model the grade continuity using semivariograms.Blocks measuring 10 by 10 by 5 metres were populated using Ordinary Kriging.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the exploration of gold projects in Alaska. In addition to the Golden Summit Gold Project, the company holds a 100% in lease interest in the Rob Gold Project near the Pogo Gold Mine in the Goodpaster Mining District of Alaska and has an exploration agreement with option to lease the Vinasale Gold project in central Alaska.
Last 0.73Range: 0.84-0.27Market Cap: 31.1 million