Message: AGORACOM Small Cap TV - July 11th - Highlights
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 July 11th, 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.
CGA ANNOUNCES ANNUAL GOLD PRODUCTION INCREASES 27% to 190,033 OUNCES FOR 2010/11 & SAG MILL UPDATE
CGA Mining Ltd CGA
CGA Mining Limited ("CGA" or "the Company") (TSX: CGA, ASX: CGX) announced today that annual production for the year ended 30 June 2011 from the Masbate Gold Project increased by 27% to 190,033 ounces (2010: 150,141) of gold.
This production was achieved from a throughput level for the period which increased by 37% to 6,152,561 dry tonnes milled (2010: 4,148,408t).The detailed operating results for the June quarter will be released before the end of the month.
The crushing and grinding circuit at the Masbate Gold Project currently comprises a primary crusher, a SAG mill followed by two ball mills. It is proposed that in the interim, the settings on the primary crusher will be adjusted and the feed conveyors reconfigured to bypass the SAG mill, allowing for a softer blend of ore to be fed directly to the two ball mills. It is currently estimated that these adjustments can be done within a period of approximately 4 weeks. This interim circuit will also be further enhanced shortly through the bringing on line of the new supplementary crusher, construction of which is also well advanced. The new supplementary crusher is currently forecast to be brought on line approximately two weeks later.It is currently anticipated that this interim circuit can achieve a throughput level of approximately 400t - 500t/hr until the full capacity of 700t/hr is restored.
Full capacity of the plant will therefore be restored during the next quarter.
ABOUT CGA MINING LIMITED
CGA is listed on both the main board of the Toronto Stock Exchange and the Australian Securities Exchange. It is a member of the S&P/TSX Global Gold Index and the S&P/TSX Global Mining Index.
The Masbate Gold Project is the largest gold project in the Philippines and was successfully developed with first gold poured in May 2009. The project has a total indicated resource base of 4.55M ounces (153.41mt @ 0.92 g/t), total inferred resource base of 3.22M ounces (127.15mt @ 0.79 g/t) and a probable reserve of 3.03M ounces (92.2mt @ 1.0g/t) of gold. In its first year of operation the project produced in excess of 150,000 ounces and is on track to produce at a rate of around 200,000 ounces per annum. The 4Mtpa plant was constructed by Leighton Contractors Asia Limited ("Leighton") without one lost time injury. The mining contract for the Masbate Gold Project was awarded to Leighton, the largest mining contractor in the world.
Last: 2.90Range: 3.60-1.90Market Cap: 966 million
Silvercorp Reports 24% Year Over Year M&I Silver-Equivalent Resource Growth
Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) (the "Company") reports the Company's total in situ Measured and Indicated silver-equivalent metal resources have increased by 24%, and now stands at 153 million silver ounces based on results of National Instrument 43-101 technical reports for its BYP Project, in Hunan Province China, the Ying Mining District mines, in Henan Province China, and the Silvertip project in British Columbia, Canada as announced on July 5th, 6th and 7th respectively.
Consolidated 2011 Measured and Indicated in situ metal resources inclusive of Proven and Probable Mineral Reserves are 140 million silver ounces, 257,869 ounces of gold, 715,174 tonnes of lead, and 717,253 tonnes of zinc, up 14% for silver 1,200% for gold, 7% for lead, and 31% for zinc compared to the 2010 consolidated figure. In addition, consolidated 2011 Inferred in situ metal resources are 133 million ounces of silver, 232,988 ounces of gold, 848,705 tonnes of lead, and 798,564 tonnes of zinc, which are up 8% for silver, 879% for gold, 17% for lead, and 82% for zinc. The significant gold resources increase is primarily a result of the acquisition of the BYP project in Hunan Province, China. The consolidated Measured and Indicated silver ounce equivalent resource, which includes gold using a 1:50 ratio calculation, (but excludes all other metals) increased by 24% to 153 million ounces compared to 123 million ounces last year.
About Silvercorp Metals Inc.
Silvercorp Metals Inc. is engaged in the acquisition, exploration, and mining of high-grade silver-related mineral properties in China and Canada. Silvercorp is the largest primary silver producer in China through the operation of the four silver-lead-zinc mines at the Ying Mining Camp, Henan Province, China. Silvercorp is currently building the GC silver-lead-zinc project in Guangdong Province as its second China production base, and is developing the third production foothold in China at the recently acquired BYP gold-lead-zinc project in Hunan Province.
Last: 10.33Range: 15.60-6.21Market Cap: 1.8 billion
COPPER FOX METALS INC. - MEASURED AND INDICATED RESOURCE ESTIMATE EXCEEDS 1 BILLION TONNES AT SCHAFT CREEK DEPOSIT
(CONTAINING 6.1 BILLION POUNDS COPPER, 383 MILLION POUNDS MOLYBDENUM AND 5.8 MILLION OUNCES GOLD)
("Copper Fox" or the "Company") (TSX-V: CUU) is pleased to provide its shareholders the results of the recently completed National Instrument 43-101 compliant resource estimate for the Schaft Creek copper-gold-molybdenum-silver deposit located in northwest British Columbia, Canada. The resource estimate was prepared by AMEC Americas Limited ("AMEC") and the National Instrument 43-101 compliant report related to the resource estimation will be filed on SEDAR within 45 days. Highlights of the resource estimate using a 0.20% copper equivalent cut-off (Base Case) are as follows:
Highlights:
a) The Measured mineral resource for the Schaft Creek deposit (at
a 0.20% copper equivalent cut-off) is estimated to be 40.3
million tonnes grading 0.36% copper, 0.023% molybdenum and
0.25g/t gold (copper equivalent of 0.61%) containing 319.6
million pounds copper, 20.5 million pounds molybdenum and 0.32
million ounces gold,
b) The Indicated mineral resource for the Schaft Creek deposit
(at a 0.20% copper equivalent cut-off) totals 971.2 million
tonnes grading 0.27% copper, 0.017% molybdenum and 0.18g/t
gold (copper equivalent 0.45%) containing 5.8 billion pounds
copper, 363 million pounds molybdenum and 5.5 million ounces
gold,
c) The Measured and Indicated mineral resource for the Schaft
Creek deposit (at a 0.20% copper equivalent cut-off) totals
1.01 billion tonnes grading 0.27% copper, 0.017% molybdenum
and 0.18g/t gold (copper equivalent 0.46%) containing 6.1
billion pounds copper, 383 million pounds molybdenum and 5.8
million ounces gold,
Copper Fox holds title and a 100% working interest in a contiguous 24,003.5 hectare (59,311 acre) property which includes the Schaft Creek deposit subject to certain royalty agreements, a 30% carried interest held by Liard Copper and an earn back option held by Teck Resources Limited ("Teck").
Last: 2.13Range: 2.75-0.27Market Cap: 797 million
AFFERRO MINING INC. - Putu Resource Increases by 36% to 3.24 Billion Tonnes with 58% as Indicated status
Afferro Mining Inc AFF
TSX-V:AFF AIM:AFF
Afferro Mining Inc. ("Afferro" or the "Company"), the TSX-V / AIM listed exploration and development company with iron ore projects in Cameroon and Liberia, is pleased to announce an upgrade to its independent National Instrument 43-101 compliant Mineral Resource Estimate at its 38.5% owned Putu iron ore project in Liberia.
--Total Putu resource grows by 36% to 3.24Bt at 34.3% Fe
--1.89 Billion tonnes of itabirite banded iron formation (BIF),
representing 58% of the resource, promoted to indicated
category
--Prefeasibility study accelerated to complete in 6-8 months, Q1
2012
--Definitive feasibility study now expected Q1 2013
--Four diamond drill rigs operating since June
--2011 drilling campaign target now 48,500m with 28,000m
completed
--Current resource based on 47,713m of drilling, of which 36,630m
has been assayed
Afferro Mining Inc. is an established TSX and AIM listed iron ore development company with projects in west Africa.
The Company is managed by a team with strong track records in the discovery and development of new commercial deposits.
Last: 1.85Range: 2.47-1.16Market Cap: 159 million
Northern Gold Intersects 3.0 m of Gold Assaying 660.0 g/t Including 1.0 m @ 1956.0 g/t
Northern Gold Mining Inc. (TSX VENTURE:NGM) ("Northern Gold" or "the Company") announces assay results for six additional diamond drill holes totaling 1,558 meters of drill core bringing the total meters of drilling reported for 2011's ongoing 30,000 meter drill program to 2,747 meters in 12 drill holes.
These new results include four drill holes, GAR-11-62, GAR-11-64, GAR-11-67 and GAR-11-69, that are tracing Shaft Zone mineralization to the western edge of the resource footprint at Section Line 14+00W. The other two holes, GAR-11-76 and GAR-11-78, are part of the systematic infill drill fences currently being drilled in the eastern half of the resource footprint.
Drill hole GAR-11-76, located along Section Line 9+75W encountered a one meter intersection assaying 1956 g/t gold. This is the highest grade sample interval that Northern Gold has encountered, but Cominco Ltd. (Cominco) reports one assay of 2800 g/t in an area described as yielding spotty assays. GAR-11-76 crosses approximately 20 meters below the Cominco drift about five meters from its eastern termination. Approximately 20 meters above Northern Gold's high grade intercept, Cominco reports assays of 48.0 g/t and 3.7 g/t in two diamond drill holes. Cominco also reports a 591 g/t assay in an area of slashing about 45 meters from the eastern end of the drift and about 45 meters from the high grade intercept in GAR-11-76. (The Cominco assay information is historical in nature. It is not NI 43-101 compliant and as such should not be relied upon.) The close proximity of three of the Cominco high grade assays to the high grade in drill hole GAR-11-76 is encouraging and supports the conclusion that further infill drilling is required in this area to determine if a zone of high grade mineralization can be identified and traced.
About Northern Gold Mining
Northern Gold Mining Inc. is a TSX-V listed, publicly traded junior resource company based in Toronto, Ontario, dedicated to the discovery and development of high value mineral deposits in the proven mining camps of Kirkland Lake and Timmins in North Eastern Ontario. Northern Gold is focused on developing two advanced stage gold deposits on the Garrison Gold Property.
Last: 0.40Range: 0.64-0.12Market Cap: 41 million
Avino Reports Results of San Gonzalo Bulk Sample
Avino Silver & Gold Mines Ltd. (TSX VENTURE:ASM)(OTCBB:ASGMF)(BERLIN:GV6)(FRANKFURT:GV6) is pleased to report results of the 10,000 tonne bulk sample program at the San Gonzalo deposit following a comprehensive review of the data and discussions with Wardrop, A Tetra Tech Company. The bulk sample program was completed during the first quarter of 2011 and a contract for the sale of concentrate was completed in the June 2011.
The overall bulk sample feed grade was 261g/t Ag and 0.9g/t Au. Silver and gold recoveries were 76% and 59% respectively and 232 dry tonnes of flotation concentrate were produced of which 188 tonnes were sold for net revenues of US$1.83 million. If the entire production were sold under the same contract terms, the net revenue would have been US$2.26 million.
The net proceeds of the bulk sample program yielded a significant profit of $1.3 million based on concentrate sold to date.
The silver produced represents 90% of precious metal recovered making Avino one of purest silver producers in the industry.
Established in 1968, Avino was one of the first foreign-owned junior mining companies to enter Mexico following the revolution of the 1920's. The Avino mine, abandoned at the start of the revolution, was selected as the company's highest priority target.
Last Trade: 2.5852 Week: 3.60 – 0.68Market Cap: 53.11 Million
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