'Black gold' may poison SA lakes

The future of one of South Africa's most extraordinary and pristine natural environments is in the balance.

The Chrissiesmeer district in Mpumalanga province has more than 300 lakes and pans that form an extensive ecosystem in which a large variety of plant and animal life - notably birds and frogs - thrive.

The trouble is, it sits partly inside one of the country's biggest coalfields. And with the coal price rising as a result of growing demand, from China and from South Africa's own energy needs, mining applications have taken off.

Geologists and ecologists fear that mining operations close to the lakes and pans could cause irreparable damage, particularly from the sulphuric acid that would get into the water systems and kill the vegetation and organisms on which the animal life exists.

The inhabitants also fear that the operations would deface the landscape and harm the area's tourist appeal.

Concerns about mining have led to the formation of local associations like the Escarpment Environment Protection Group (EEPG) and the Mpumalanga Lakes District Protection Group (MLDPG).

The processes allowing mining to take place have been subjected to legal proceedings. A case in the Pretoria High Court concerns a particular operation which affects a lake called Tevrede se Pan. But the outcome could have a bearing on the wider issue.

The proceedings have been instituted against Minister of Minerals and Energy Buyelwa Sonjica, the deputy-director of her department and a company, Black Gold Estates. The applicants are the MLDPG and two local land owners.

The case could also cast light on the broader issue of the mineral and energy department's attitude to the department of environmental affairs and tourism and its ecologically protective laws.

The Chrissiesmeer lakes and pans are listed as an Important Bird Area (IBA) under the international system to preserve bird habitats.

Marius Wheeler of the Avian Demography Unit of the University of Cape Town says among the criteria for its qualification are that it regularly has significant numbers of globally threatened species and that it is a regular home to congregatory water- and seabird species.

Moves are also afoot to get it listed as a wetland of international importance under the Ramsar Convention.

Dr Gerhard Verdoorn, chief executive of BirdLife South Africa, says as a wetland and a grassland the area is of vital importance.

"Mining cannot but have a massive impact. What we cannot understand is why there cannot be closer co-operation between the departments involved to see that the region is properly protected," he says.

Birding, frog-counting and veld-flower excursions are on offer, but little has been done to develop the eco-tourism industry. There are no tourist route maps, bird hides or public access roads to the lakes and pans, most of which are on private land.

The biggest of the lakes is Chrissiesmeer, which is about 9km by 3km.

It was named Lake Chrissie in the 1880s after the daughter of the then president of the Zuid-Afrikaanse Republiek, Andries Pretorius.

Adding to its tourist value is a rich history reaching back to the of time to San inhabitants, then to a people called the Tlou-tle, who are believed to have lived on the lakes about 1 500 years ago in floating villages they constructed mainly from reeds. The area's history also stretches back to the Anglo-Boer War, with a major battle in the town which is still re-enacted annually as a tourist event.

The area's ecological importance has been borne out in a study done by the Mpumalanga Tourism and Parks Agency in collaboration with the province's department of agriculture and land affairs.

The Mpumalanga Biodiversity Conservation Plan has classified most of the lakes district as "highly significant" and pockets of it as "irreplaceable".

Both categories specifically preclude mining. The latter goes as far as requiring that the land be incorporated into South Africa's formal protected-area system of nature reserves.

The category of "highly significant" areas requires that land be maintained in its natural state. It also recommends that any significant destruction of such areas' biodiversity should cause it to be elevated to the "irreplaceable" category, where it would come under formal protection.

Koos Pretorius, chairperson of the EEPG, says the mining threat is a combination of factors that has been aggravated by the sudden increased demand for coal.

Mineral-rights holders are governed by a "use it or lose it" law whereby they forfeit their rights to the state unless they exercise these within a set period.

Pretorius alleges that big mining companies are the major mineral-rights holders in the area and have opted to put their mineral rights which are of marginal value in trust for black economic empowerment purposes.

He alleges that some of the mining operators have not obtained the water licences required by the department of water affairs for such operations. There are even cases where mining has gone ahead even after applications have been turned down.

Professor Terrence McCarthy of the School of Geosciences at the University of the Witwatersrand is adamant that mining would be environmentally catastrophic.

"We should instead ring-fence the whole place and set strict conditions for its land and water use," he says.

As an expert on economic geology and environmental science, and a leading authority on the Okavango Delta, he says the area is of critical ecological value.

At an altitude of about 1 800m, it is among the highest plateaus of the Highveld region. It forms the headwater of the Vaal, Komati, uMpuluzi and the Usutu rivers.

The pans are clustered together and are unlike any others in the country.

"There is no other place like this in the country. Geomorphological uniqueness like this often goes hand in hand with biological uniqueness, which translates into high degrees of endemism. Its avian fauna has been fairly well studied, but not much else. We now have a team looking into all these many aspects," he says.

The danger of mining is largely seated in the geographical properties that give the lakes and pans their exceptional water quality.

Unmined, explains McCarthy, the rainwater soaks into the surface soil and weathered rock that is bedded on a sandstone layer. From there, it flows down to a "seepage zone" of spongy soil and vegetation that filters it slowly into the lake.

When mined, the sandstone bed is removed to get to the coal seam. Even if filled in afterwards to look like having been rehabilitated, the rainwater seeps through the surface soil into the back-filled pit whence, after the chemical reaction with the pyrite-bearing waste rock, it eventually "decants" into the lake in the form of water enriched in iron sulphate and sulphuric acid.

"Because the pans and lakes are closed, there is no flow-through and dilution. Loss of water is through evaporation, increasing the acidity. It is a relentless process. Eventually the pans will become pools of red water. They will turn into toxic pits. It will be a tragedy," says McCarthy.

Source : www.iol.co.za

GOLD EXPLORATION - Richmont drills high-grade zones at Island Gold project

ONTARIO - Montreal’s RICHMONT MINES reports that the Island zone of the Island Gold joint venture, 90 km from Wawa, is showing good continuity and several high grade zones. The project is owned 55% by Richmont (the operator) and 45% by PATRICIA MINING of Toronto.

Notable intersections (cut at 75 g/t Au) include 9.97 g/t Au over 2.8 m in the B1 zone, 13.77 g/t Au over 2.7 m, 17.06 g/t Au over 1.5 m in the C zone, 23.32 g/t Au over 3.1 m in the D zone, 27.46 g/t Au over 3.6 m in the D1 zone, 10.77 g/t Au over 2.1 m in the E zone, 8.42 g/t Au over 1.5 m in the E1 zone, 17.45 g/t Au over 1.7 g in the E2 zone, and 8.36 g/t Au over 3.6 m in the Flat zone.

Even better grades were reported from the Goudreau and Lochalsh zones. Drill core assayed as high as 50.00 g/t Au over 1.5 m in the Goudreau zone and 25.08 g/t Au over 2.0 m in the Lochalsh zone.

The underground exploration program is supplying ore to the 426-t/d mill at the site. A closure plan has been submitted to the province. The technical report on the Island Gold project is available at www.Richmont-Mines.com.

Mexivada discovers visible gold zones at Mayoko Project, Republic of Congo

Mexivada Mining Corp. is
pleased to announce that visible gold has been found at two localities on
its Mayoko gold project, associated with Archean oxide facies banded iron
formations. The President of Mexivada, Richard Redfern, just returned from
a field trip to examine progress on site at Mexivada's projects in the
Republic of Congo ("ROC"), where one of its senior North American
consultants is guiding the project work, along with Mexivada's project
chief, Dr. Noel Watha-Ndoudy. Mexivada also completed its initial 4-trench
program at Bikelele, on its Bitsandou diamond concession, using a large
track-mounted excavator.
Visible gold has been found in chlorite-altered, oxide facies,
magnetite-hematite rich banded iron formations ("BIF") and associated
breccia and vein quartz at the Lemagna and Lekoumou target areas at Mayoko.
Samples have been delivered to ALS Laboratories for rush fire assay
analysis. Mexivada has just begun work tracing out the Lekoumou target
zones along strike to determine their overall potential. Kessi reported
highly anomalous gold values of in excess of 4 grams per tonne gold in the
area in his PhD dissertation at Mayoko, but the gold potential here has
never been scientifically examined prior to Mexivada's present work effort.
The Lemagna BIF gold zone, which shows similarities to the famous Homestake
Mine BIF gold mineralization in South Dakota (+1,000 tonnes of gold mined
at a grade of +8 g/t Au), is being surveyed, mapped and sampled in detail
and possible strike extensions are being studied. A third possible en
echelon gold-bearing zone has been found to the southwest of Lemagna, where
prospectors developed pits and shafts into gold-bearing quartz along a
swampy area several hundred metres in length.
Mexivada has examined less than 10 percent of the prospective Mayoko
greenstone-BIF gold belt. The company feels that this area holds the
potential for the discovery of gold mineralization that could support a
large-scale mining operation. A highway and a functioning railroad system
run directly through the main project area, near the recently discovered
gold zones.
Mexivada's initial program of trenching at Bikelele, on Mexivada's
exclusive Bitsandou diamond concession area east of Mossendjo, has been
completed. Four trenches were excavated. The main trench was sited over a
spot where a 6 carat and 4 carat white diamonds were reported to have been
recovered and sold by local family prospectors. No kimberlites were
intersected in the program, but several prospectives areas of BIF were
uncovered, including sheared zones with breccia mineralization. Samples of
these rocks have been submitted to ALS for analysis. The search for
possible kimberlites will continue, as Mexivada narrows down the possible
areas for their occurrence. Mexivada is also conducting reconnaissance for
kimberlites in the nearby Carrefour (BRGM) and new Vouka target areas.
Mexivada has a geological/mining engineer and 4 wheel drive vehicle
dedicated to this program, based out of Mexivada's new Mossendjo field
office complex.
This press release and its contents have been reviewed by Richard R.
Redfern, Mexivada's President, who is a Certified Professional Geologist
and Qualified Person as defined under National Instrument 43-101.
About Mexivada Mining Corp.
---------------------------
Mexivada is a Canadian mineral exploration company focused on
identifying, acquiring, advancing, and joint venturing high-grade
Gold-Silver, Diamond, and Rare Metal exploration projects in Mexico,
Nevada, and the Republic of Congo. For further information, including area
maps and photos, please visit our web site at http://www.mexivada.com or contact
us by e-mail at info@mexivada.com.
ON BEHALF OF THE BOARD OF DIRECTORS

"RICHARD R. REDFERN"

Richard R. Redfern
President

The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.

Caution Concerning Forward-Looking Statements
This news release and related texts and images on Mexivada's website
contain certain "forward-looking statements" including, but not limited to,
statements relating to interpretation of mineralization potential, drilling
assay results, future exploration work, and the expected results of this
work. Forward looking statements are statements that are not historical
facts and are subject to a variety of risks and uncertainties which could
cause actual events or results to differ materially from those reflected in
the forward-looking statements, including, without limitation: risks
related to fluctuations in metals and diamond prices; uncertainties related
to raising sufficient financing to fund the planned work in a timely manner
and on acceptable terms; changes in planned work resulting from weather,
logistical, technical, governmental, social, or other factors; the
possibility that results of work will not fulfill expectations and realize
the perceived potential of the company's projects; uncertainties involved
in the interpretation of sampling and drilling results and other tests; the
possibility that required permits may not be obtained in a timely manner;
risk of accidents, equipment breakdowns or other unanticipated difficulties
or interruptions; the possibility of cost overruns or unanticipated
expenses in these work programs.
Forward-looking statements contained in this release are based on the
beliefs, estimates, and opinions of management on the date the statements
are made. There can be no assurance that such statements will prove
accurate. Actual results may differ materially from those anticipated or
projected. Mexivada Mining Corp. undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates, opinions, or
other factors, should change.

Source : mexivada.com

Environmental fascism – Mining facing misinformation and downright lies from anti-mining NGOs

LONDON (Mineweb.com) --In an interesting initiative at this year’s Prospectors and Developers Association of Canada (PDAC) meeting, the organisers invited film makers Phelim McAleer and Ann McElhinney to show their film – Mine Your Own Business. Following the showing the flimmakers fielded questions about the film itself, as a part of a debate as to how the mining industry should face up to the problems it faces from NGOs who mislead the public with anything from deliberate misinformation to downright lies about the benefits or otherwise that the industry brings to local populations.

The two Irish documentary makers were invited initially by Gabriel Resources, currently trying to develop Romania’s Rosia Montana gold project against strong environmental opposition. McAleer and McElhinney agreed to do this provided they had totally independent editorial control of the film they would produce. Indeed Alan Hill of Gabriel felt initially that he would have preferred a different type of film altogether.

McAleer, takes on the role in the documentary of devil’s advocate looking at the claims and counter claims of the miners and the NGO opponents. In person it is apparent that he now feels extremely strongly from a personal front about what the NGOs seem to be trying to do in stopping mining where it promises, not only to provide jobs and income to poverty-stricken locals, but in Rosia Montana’s case actually help clean up a horrendous environmental legacy of poorly-controlled state mining operations at the site.

He claims to have absolutely no interest in mining per se – his background is journalism with London’s respected Financial Times newspaper – but does have a strong interest in what a developing industry can do for jobless locals living in horrendously primitive surroundings. Thus he and his colleague have ended up producing a Michael Moore-type documentary highlighting the hypocrisy and damage being done by some anti-mining NGOs in their fight to kill new mining operations in various parts of the world.

He admits that the NGOs may believe deeply that what they are doing is justified, as may the people who fund them, but that they are perhaps more than just misguided and that their actions actually harm the people they are supposedly setting out to protect.

At Rosia Montana, for example, the NGOs paint a picture of an idyllic mountain village where villagers live on good income generated from agricultural and sheep raising income, and that the locals almost unanimously oppose the big mining project. In fact it seems to be the reverse that is true. The locals are almost unanimous in their support for the new mine, while the local ground is too poor to support an agricultural alternative. Living conditions in the village are extremely primitive and the mine offers not only jobs, but new modern housing.

The filmmakers did not just rest their case with Rosia Montana – they also looked at two more projects being set up in extremely poor areas of the world – Rio Tinto’s titanium sands mining project in Madagascar – the world’s third poorest country – and Barrick’s Pascua Lama gold mining project high in the Chilean Andes. They found that NGO’s operating largely from a western viewpoint that the locals would obviously prefer living a poverty stricken existence and maintaining their indigenous cultures, when in fact the opposite is true.

In Madagascar the prospective mine life is 60 years, and the project would involve building a decent port there – which would be the seventh largest in Africa and provide long term benefits to the local community that they could currently only dream of. In Chile, the NGOs are supported by local landowners who do oppose the project, but primarily because if the mine is built they will have to compete with the mines for local labour which is currently paid below subsistence level wages.

Here too one of the leading lights in the anti-mining campaign turned out to be an environmental activist living in one of London’s wealthier suburbs who had never been to the Pascua Lama site, yet felt qualified to speak supposedly for the locals who he had never met!

It was apparent from the question and answer session that the two filmmakers both felt that the NGOs seemed, in all three studies examined, in a ‘conspiracy’ to keep the poor in continuing poverty, with all the problems that brings in terms of poor health, poor life expectancy, high infant mortality and the ‘pleasure’ of continuing to live in horrendous conditions.

What is also interesting is what this writer terms environmental fascism. There have been attempts to suppress this film and prevent it being shown. The filmmakers have even received death threats because of it. Documentary TV channels and film festivals won’t screen it, although will happily carry works which try to paint the opposite picture.

What can one do about this. In the subsequent discussion at the PDAC one has to say that not much came to the fore in realistic ways of attacking the problem faced by miners. There wasn’t any real opposition to the findings – but then the film was shown to a highly supportive audience. There perhaps was a consensus that the industry should perhaps be more proactive in putting its case and that the film should be made available to educational establishments – although whether they would actually show it is perhaps another matter.

Phelim McAleer himself, who has inherited a very jaundiced viewpoint about the activities of the NGOs during the making of the film, even feels that mining should not even try and work any of the NGOs at all, although one speaker from the floor did urge caution and pointed to some significant cooperative work between Rio Tinto and some environmental groups.

Combating NGO misinformation is something the industry will continue to have to deal with. Whenever a prospective mine springs up nowadays, special interest groups will almost automatically oppose it. While often local people and politicians will ultimately ensure that the projects do go ahead for the benefits they bring to the local communities, getting to this stage can be a long and costly process for the mining company. Perhaps the McAleer approach of trying to bring the NGOs to account has a lot of merit, but whatever is done, the industry itself has to remain squeaky clean in its dealings and operations so as not to give opponents further sticks to beat it with.

The NGOs, like terrorists, do not seem to abide by the rules of the game. They do need to be brought to account in some way or other, because misinformation and lies once promulgated in the media tend to be considered as fact by the general public – even though they may be withdrawn at some stage in the future. The question is haow can the industry achieve this. The debate continues.

Mineweb always carries details of at least 20 independently written top mining, mining finance, metals and mining sector analysis articles on its homepage as well as a fast news feed to keep you right up to date with what is going on in the mining and metals sectors worldwide. These are continuously updated through the day. Click here to go to Mineweb's home page and access the latest news and comments on developments in mining and metals worldwide.

Source : www.mineweb.net

Perihelion Global Files Additional Mining Claims on Land Surrounding Patented Gold Mine

Perihelion Global (PINKSHEETS: PHGI) announced that the corporation has filed mining claims on an additional 60 acres of land surrounding the company's Patent Claim #5797 located in Box Elder County, Utah. The 60 acres of claims have been accepted and filed with the US Department of Interior BLM and recorded in Box Elder County, Utah. Patent Claim #5797 has been assayed in separate geological reports to have 1,277,950 oz of Gold deposits, currently worth more than $823 Million US ($823,000,000.00).

The 60 acres are in addition to the 800 acres of mining claims the company successfully filed for in November 2006 that surround Patent Claim #5797. Patent Claim # 5797 and the surrounding claims on 860 acres are located in Box Elder County, Utah, Township 6N Range 19W approximately 8 miles east of Montello, Nevada in the Lucin Mining District in the West Salt Lake Base.

"We are extremely pleased to secure additional mining rights in the lands surrounding Patent Claim #5797, which we strongly believe has the potential of containing like quantities of Gold, Silver and Copper as our Patent Claim," said John H. Beebe, Chairman, Chief Executive Officer and President of Perihelion Global.

The company also wishes to announce an update on the status of the small scale mining permit which was filed previously. Stated Beebe, "While the process has been extensive, we anticipate that we will be granted approval from the State of Utah, Division of Oil, Mining and Gas on our mining permit at any time. We are very excited to begin work on this property, and believe it will offer significant value to our shareholders."

About Perihelion Global:

Perihelion Global focuses on the acquisition, development and management of technologies and strategic commodity reserves in the energy, natural resource and advanced communications markets. Perihelion's management team specializes in providing solutions for the strategic challenges of 21st Century in environments that are mission critical in the global marketplace. For more information, visit: www.perihelion.com

Caution Regarding Forward-Looking Statements

This press release contains historical information as well as forward-looking statements that are based upon our estimates and anticipation of future events that are subject to certain risks and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "hopeful," "intend," "may," "optimistic," "preliminary," "project," "should," "will," and similar expressions are intended to identify these forward-looking statements. There are numerous important factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as forward-looking statements as are sections of this news release clearly identified as giving our outlook on future business.

These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:

-- General economic conditions, either nationally or in our market area,
that are worse than expected;
-- regulatory and legislative actions or decisions that adversely affect
our business plans or operations;
-- price competition;
-- inflation and changes in the securities markets that adversely affect
the fair value of our operations; and
-- changes in our organization, compensation and benefit plans.

We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and wish to advise readers that the factors listed above could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. We do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Source : john@perihelion.com

Alrosa’s Vybornov goes for gold

MOSCOW (Mineweb.com) --The new chief executive of Alrosa, Sergei Vybornov, has authorized the diamond-mining company -- second in the world to De Beers -- to go after gold mines across the Russian border in Kyrgyzstan and Armenia. But officials in Kyrgyzstan have told Mineweb there is no dialogue with Alrosa, and they are not interested in opening one. Also uncertain is whether the cross-border gold pursuit is the policy of Alrosa's new, federally controlled board of directors, and of the Russian government, which appointed Vybornov as the new chief executive a month ago.

In an interview published by Russian wire service Interfax last week, his first since taking office, Vybornov said Alrosa was interested in mining gold in Kyrgyzstan, and was holding talks on the Jerooy mine. Jerooy, in northwestern Kyrgyzstan, between Bishkek and Talas, has estimated mineable resources of 3.2 million troy ounces, and preparations for the start of mining are advanced.

The resource estimate was prepared by London-listed Oxus Gold, which lost its licence to develop the mine in 2004, and was then shut out of the mine site and adjacent properties last October, in a bitter conflict over license violations with the Kyrgyzstan government.

The mine project has been taken over by Jerooyaltyn, a joint venture owned by Global Gold Holding, an Austrian-based company, and the Kyrgyz state gold company Kyrgyzaltyn. This JV, which currently holds the new licence to operate Jerooy, has sued Oxus chief executive Bill Trew for libel in London, and through lawyers Clifford Chance, Oxus has offered to publish a statement retracting and apologizing for the misinformation.

In parallel, arbitration proceedings are under way in The Hague, where Oxus is seeking to challenge what it called, last year, "the government-sponsored illegal occupation last Thursday [October 19, 2006] of premises owned by Talas Gold Mining Company, Oxus' joint venture company at Jerooy." Oxus is demanding about $150 million in losses and damages. Global Gold is backed by the Kyrgyz government, which is claiming losses in tax revenues and related damages of $145 million from Oxus. A first hearing took place in The Hague last November; a second is scheduled for May.

Vybornov has stepped into this minefield without warning. There is no evidence of contact between Alrosa, or Vybornov, with the Kyrgyz government, the Jerooyaltyn JV, or Global Gold, sources in Bishkek and at Global Gold told Mineweb. When asked to clarify his remark, Vybornov's spokesman, Andrei Polyakov said that Alrosa affiliate, Investment Group Alrosa, which Vybornov headed before he moved up to head the parent company last month, "had negotiations about the Jerooy in Kyrgyzstan." A statement issued this week by the Kyrgyz government and the joint venture categorically denies Vybornov's claim. A Bishkek source told Mineweb that Vybornov had attempted to start project talks, but Kyrgyz officials were not interested.

Kyrgyz sources said that, since the licence for Jerooy has been re-awarded, they have no idea why Vybornov would think Alrosa has a part to play in the development. "Vybornov is not connected to the current situation," a Bishkek source said.

Vybornov also claimed in his Interfax interview that he is interested in gold mines in the Congo and Tanzania, but he didn't give details.

At the same time, according to press reports from Armenia sourced from the Armenian government, Alrosa recently acquired the mining licence for the Azatek gold deposit, in the Vayots-Dzorskaya area of Armenia. This had been prospected during the Soviet era, and was reported in the past to hold 13 million tons of gold-bearing ore. No grade or reserve estimate is currently available.

Vybornov said through a spokesman that Azatec has been acquired ""about a year ago", but details were not available of the acquisition through intermediary companies in the British Virgin Islands.

Vybornov also hinted in his interview that he and Alrosa may want to stake a claim to the Zod (also known as Sotk) and Meghradzor gold deposits in Armenia, licences for which are currently held by Sterlite Gold, a fully owned unit of Vedanta Resources; this is a London-listed company controlled by Anil Agarwal. The Armenian government has launched a prosecution of Agarwal's local company, Ararat Gold Recovery Company (AGRC), with the indications from Yerevan that the licence may be revoked.

Agarwal, Vedanta and their London PR agent Finsbury refuse to respond to questions about the conflict with the Armenian government, or the future of the Zod mine. One reason for the sensitivity, Armenian sources told Mineweb, is that talks are under way for Vedanta to sell part of its stake in AGRC to effective local partners. Alrosa has nothing to do with this negotiation, the sources said.

Source : www.mineweb.net

TSX, S&P to follow gold initiative with launch of global mining index

TSX Group Inc. and Standard & Poor's Corp. will launch a global index of the world's biggest mining stocks, building on their launch last year of a global gold index.

TSX Group, which runs the Toronto Stock Exchange, said yesterday it expects the S&P/TSX global mining index to launch in June. The component companies of the index haven't yet been determined, but the index "will track leading international mining issuers," the company said in a news release.

The index will initially be composed of the biggest mining stocks listed on North American exchanges. But that won't leave out big overseas publicly traded mining companies, as most of them have American depositary receipts listed on the New York Stock Exchange.

"With commodity prices strong and increased interest in this asset class, real-time information on global mining issues is critical," Steve Rive, vice-president of Canadian index operations for S&P, said in the same release.

In an interview, Mr. Rive said the index will reflect the global nature of the mining industry, and the fact that the underlying commodities trade on a global basis.

"In addition to bringing additional liquidity to mining listed issuers, it is expected structured products will also be created to serve investors in the markets," TSX Group said. It's those products, such as exchange-traded funds and derivatives linked to the index, that make the new index a money maker for S&P and TSX Group. Anyone wishing to launch such a product would pay licensing fees to the two partners who own the index. TSX and S&P also expect to sell data products and services to clients who want to access or reproduce the index.

TSX Group spokesman Steve Kee said the new index will not replace the existing S&P/TSX capped metals & mining index, which tracks TSX-traded mining stocks. This differs from the S&P/TSX global gold index, which was launched in December, and replaced the all-Canadian S&P/TSX capped gold index.

The new global index will also be considerably broader than the existing metals and mining index, both geographically and in terms of the range of miners included. While the current mining index is made up largely of base metal producers and excludes the big gold and coal miners, the new index will include gold, precious metals, base metals, coal, uranium and aluminum.

"It certainly was something that was missing," said Canaccord Adams mining analyst Orest Wowkodaw, noting that there hasn't been an effective way for investors to track the global mining sector.

TSX Group and S&P timed the announcement to coincide with the Prospectors & Developers Association of Canada conference, a major convention for the mining industry taking place in Toronto this week. The city has long been considered the global centre for the mining investment community -- 60 per cent of the world's public mining companies are listed on the TSX and TSX Venture exchanges, representing 1,274 companies with a combined market value of $322-billion -- and the TSX hopes the new global mining index will help further increase its business in the sector.

But while Toronto may have the bulk of public mining listings, the stocks that will dominate the new index will come from outside Canada. Based on market capitalization, the top seven stocks that would qualify for the index would all come from outside Canada, led by Australia's BHP Billiton Ltd. Alcan Inc., the biggest Canadian-based mining stock, would come in at No. 8, based on current market values.

Source : www.theglobeandmail.com

South African Gold Output Falls to Lowest in 84 Years (Update2)

Gold production in South Africa, the world's biggest source of the metal, will probably decline again this year after a drop in 2006 to its lowest level since 1922.

Gold production fell 7.5 percent to 8.85 million ounces, following a 13.1 percent drop the previous year, Roger Baxter, an economist the Chamber of Mines, an industry body, said in a telephone interview from Johannesburg. Production, which has dropped for all but one of the past 37 years, may decline again next year, he added.

Most of the country's bullion is mined from deep shafts, some more than two miles (3.2 kilometers) beneath the surface, by AngloGold Ashanti Ltd., Gold Fields Ltd. and Harmony Gold Mining Ltd., Africa's three largest producers of the metal. As they tunnel deeper, the cost of extracting the metal increases, making parts of the world's largest ore bodies unprofitable to mine.

``We're expecting a slower rate of decline this year,'' Baxter said.

The pace of the drop in output may be slowed by the rand's 5.4 percent decline against the dollar this year, which has boosted the price of the metal measured in the local currency, Baxter said. South African miners pay most costs in rand and sell their metal at dollar-denominated prices.

Last year's production was the lowest since an industry-wide strike in 1922, when white miners led a revolt against plans to cut their wages and replace them with lower-paid black workers. The Rand Revolt, as the violent uprising became known, left hundreds of miners dead and cut production to about 7 million ounces.

Costs Rise

Costs at South African gold mines last year jumped 12 percent to 99,725 rand a kilogram, or $420 an ounce, the chamber said. Gold traded at $643.10 an ounce, or about 152,790 rand a kilogram, at 10:20 a.m. Johannesburg time. It averaged $604.51 an ounce last year.

South Africa's bullion production peaked at 1,000 tons in 1970. Since then it has dropped each year, save for a 0.3 percent increase in 2002, when a 9.7 percent drop in the local currency boosted prices, making more ore profitable to extract.

``The mines are getting deeper, more complex and costlier to operate, while the grades are declining,'' Ian Cockerill, chief executive officer of Gold Fields, said in an interview from Johannesburg. ``The drop in production is a natural consequence of ore bodies that are very mature.''

Falling Output

South Africa, with production of 300 tons, or 9.6 million ounces in 2005, led Australia's 254 tons and the U.S. with 250 tons, according to the latest figures available from the U.S. Geological Survey. Each had declining production that year.

South Africa's output may drop to 240 tons in 2007 and fall every year until 2010 when it will ``reach a plateau'' as new production replaces dwindling output from older mines, said Credit Suisse Standard Securities analyst David Davis.

The decline will be mirrored in other large gold-producing nations as companies struggle to replace the gold they produce with new reserves of the metal, he added.

``The survival of the gold industry depends heavily on the replacement of reserves,'' Davis, South Africa's top-rated gold analyst according to an annual survey by Financial Mail magazine, said in an interview from Johannesburg. ``That just hasn't happened fast enough in South Africa, or in the U.S.''

To contact the reporter on this story: Stewart Bailey in Johannesburg Sbailey7@bloomberg.net

Gold mining in Guyana results in human rights abuses and environmental damage, says Harvard report

CAMBRIDGE, USA: Inadequately controlled by the government, gold mining in Guyana’s interior Amazon region has resulted in severe human rights abuses and devastating environmental damage, the International Human Rights Clinic (IHRC) of Harvard Law School¹s Human Rights Program said Tuesday.

Its report, “All that Glitters: Gold Mining in Guyana,” documents the failure of Guyanese mining regulations to prevent this harm to formerly pristine rainforest communities where the indigenous Amerindian population resides.

“Medium and small scale gold mining as currently practiced and regulated inflict severe environmental, health, and social damage on the areas and people near mining operations,” said Bonnie Docherty, clinical instructor at the IHRC.

According to the IHRC report, the results of Guyana’s mining policies have been devastating for Amerindian communities, which depend heavily on rivers for water, food, and transport. For example, excessive sediment from mining operations has turned rivers and creeks near mining sites a milky, orange color, making them unusable for bathing, drinking, and washing clothes.

Mercury deposits in rivers from mining are reported to be causing severe public health problems, including childhood deformities, muscle wasting, and mysterious skin rashes. Mercury has also contaminated the local fish population, a primary source of food for Amerindians.

“This is a classic case of the link between environmental damage and human rights abuses,” Docherty said. “By contaminating the country’s rivers, gold mining is threatening the lives and livelihoods of the indigenous people.” According to the report, laws that are under enforced or favor mining operations have contributed to the threats to the Amerindian way of life.

The IHRC report provides an in-depth study of the impact of small and medium scale gold mining on Amerindian indigenous communities and extensive legal analysis of the regulatory scheme. Guyana’s legal system has four flaws that have exacerbated the inherent danger of gold mining. Guyanese law gives priority to subsurface rights over surface rights. The country has yet to implement fully environmental regulations from 2005. Its current regulations are under-enforced; only eleven significantly overworked mining officers are responsible for enforcing mining regulations across the country. The monitoring of medium and small scale mines, which represent the majority of those in Guyana, is weak.

These shortcomings have led to violations of international human rights law, the report claims.

In particular they can be linked to abuses of the Amerindians’ rights to health, including the right to adequate and safe water; security of property; enjoyment of culture; and security of person. For example, since the process of mining creates new bodies of standing and stagnant water, the mosquito population has ballooned, dramatically increasing malaria cases among Amerindians. The report also notes that mining has led to an increase in deforestation in Guyana, destroying valuable rainforest important to the local communities’ traditions.

“Our observations confirmed that the areas around mines resemble a moonscape of barren, mounded sand and mud,” Docherty said. “Since small scale miners typically wash the topsoil away in order to get to the gold-bearing clayey soil underneath, the sites of former mines are quite infertile and incapable of supporting regenerated rainforest.”

The report urges the government of Guyana to implement institutional reforms to curb the environmental degradation caused by mining and to protect the rights of the Amerindian community.

Among its recommendations, the report calls for the government of Guyana to limit locations where mining operations can take place, to implement stricter mining regulations from 2005, to promote the education of Amerindians and miners regarding safety in handling hazardous materials, and to increase the number of mines officers and level of cooperation with Amerindian communities to identify human rights violations and environmental damage.

It also calls on the international community to use its leverage to help protect the rights of the Guyanese Amerindians.

Kyrgyzstan to revise agrmnt with Canadian gold-mining company

Government of Kyrgyzstan plans revising the terms of an agreement with Cameco Corporation of Canada on gold mining at the Kumtor deposit so as to increase state budget revenues from the mine’s operations, Deputy Prime Minister Daniyar Ussenov said at a cabinet meeting Wednesday.

Today, the government gets a mere 15 percent of profits from gold production at Kumtor, which stands in a marked contrast to the 70 percent it received in the early periods of the deposit’s development.

“Current reserves of gold at Kumtor are estimated at 731 tons and with account of this figure mining will continue there through to 2026,” Ussenov said. “Kumtor is a unique deposit in terms of reserves and it must be this country’s pride, not its shame”.

The government, the national company Kyrgyzaltyn and Cameco have drafted a memorandum of understanding that is expected to lay a foundation for a Law on the Kumtor Deposit.

“The goal now is to attain a new general agreement and a new agreement on concession, as well as to pass the new Law on Kumtor,” Ussenov said.

Madison Avenue Research Report on Gold Mining, Supply Side Predicament, 2007 Gold Forecast and Special Situation Advisory on Metanor Resources Inc. as

Madison Avenue Research Group has published a white paper outlining the fundamentals behind supply predicament driving the longer term cyclical bull whereby gold supply from new production is not rising to support demand, what is required to achieve a market balance, and how existing gold producers are likely to prosper. Also in the report is an Investment Alert/Special Situation Advisory and Case Study of Metanor Resources Inc. (TSX VENTURE:MTO) offering insight and opportunity for investors on Metanor about to become a gold producer utilizing their 100% owned Bachelor Lake Gold Mill in the prolific Abitibi Mining District of Quebec in Q2 2007, producing 60,000 Ounces of Gold annually at their CDN$60 million refurbished gold mill. An abridged version of the report may be viewed free of charge at: http://madisonaveresearch.com/07goldinsight.htm .

Excerpts from report: "Metanor appears to be an exceptional buy. Using US$600 per oz gold, the Bachelor Lake mill could generate revenues in excess of CDN$35,000,000 a year once upgraded to handle 750 tpd producing in excess of 60,000 oz gold per year with an average estimated cost per oz by Mining MarketWatch of less than US$325 oz; this justifies a share price in excess of CDN$5/share based on conservative P/E ratios. Additionally MTO currently trades near CDN$1 per share and has a current market cap that equals value of their Bachelor Lake Gold Mill structure alone (appraised at CDN$28M depreciated value with a replacement value of CDN$60M including headframe and all surface equipment). Metanor possesses known resources between the Barry Deposit and Bachelor Lake of over 400,000 oz + over 100,000 oz historic at the Hewfran extension but more importantly the Bachelor Lake Gold Mine has a proven geological model that is open in all directions at depth with plans to upgrade to 1,000,000 oz. ...MTO is possibly in line for a serious price change to the upside."

The report also reviews how global supply predicament will benefit a number of the largest and finest unhedged gold producers that are current components of the HUI gold-stock index.

An abridged version of the report may be viewed free of charge at: http://madisonaveresearch.com/07goldinsight.htm .

This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Reports herein are for information purposes and are not solicitations to buy or sell and of the securities mentioned. Readers are referred to the disclaimer and disclosure section at the bottom of the following URL http://madisonaveresearch.com/07goldinsight.htm .

Eldorado Gold Corporation: Tanjianshan Mine Receives Gold Mining Certificate

Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (TSX: ELD)(AMEX: EGO), is pleased to announce that Eldorado Gold's 90% owned Tanjianshan Gold Mine in Qinghai Province, China, has received its Gold Mining Certificate from the National Development and Reform Commission (NDRC).

The Gold Mining Certificate (the "Certificate") certifies the Company as an official gold producer under the Laws of the People's Republic of China. The Certificate is the first one granted to a North American gold producer with operations in China.

Paul Wright commented, "The Certificate solidifies Eldorado's position as the leading North American gold producer in China and is a testament to the emphasis that we place on good relations with the governmental agencies in all the jurisdictions in which we work. I would like to thank our staff in China for this accomplishment and for the successful completion of permitting of the Tanjianshan Gold Mine."

Eldorado is a gold producing and exploration company actively growing businesses in Brazil, Turkey and China. We operate the Sao Bento Mine, Kisladag Mine and Tanjianshan Mine. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that Eldorado is well positioned to grow in value as we create and pursue new opportunities.

ON BEHALF OF ELDORADO GOLD CORPORATION

Paul N. Wright, President and Chief Executive Officer

Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995, and forward-looking statements or information within the meaning of the Securities Act (Ontario). Such forward-looking statements or information include, but are not limited to statements or information with respect to unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements or information are subject to a variety of risks and uncertainties, which could cause actual events, or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Specific reference is made to "Forward-Looking Statements and Risk Factors" in the Company's Annual Information Form and Form 40-F dated March 23, 2006. Forward-looking statements herein include statements regarding the expectations and beliefs of management. Such factors included, amongst others the following: gold price volatility; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves, and between actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form and Form 40-F dated March 23, 2006. We do not expect to update forward-looking statements continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.

Eldorado Gold Corporation's shares trade on the Toronto Stock Exchange (TSX: ELD) and the American Stock Exchange (AMEX: EGO).



The TSX has neither approved nor disapproved the form or content of this release.


Contacts:
Eldorado Gold Corporation
Nancy E. Woo
Manager Investor Relations
(604) 601-6650 or 1-888-353-8166
Email: nancyw@eldoradogold.com
Website: www.eldoradogold.com

Miranda Gold Corp. Expands PPM Project and Reports 2006 Drill Results From Fuse

In order to provide better coverage of a pediment target, Miranda Gold Corp. ("Miranda") (TSX VENTURE: MAD)(OTCBB: MRDDF)(FRANKFURT: MRG)(BERLIN: MRG) recently staked 72 additional claims at its PPM project in Humboldt County, Nevada. Miranda now controls 116 claims covering 3.7 square miles (9.7 sq km).

The PPM project is 12 miles (19.2 km) west of the Twin Creeks mine on the west flank of the Hot Springs Range. Miranda identified a pediment-covered gold exploration target along extensions of northeast-striking faults mapped in the Poverty Peak sediment-hosted mercury district, immediately northeast of the property. The claims cover a favorable area where the projection of northeast-striking faults intersects gold-in-sagebrush anomalies, proximal to the margin of an hypothesized buried intrusion. The presence of the intrusion is inferred from airborne magnetic data. The mercury occurrences northeast of PPM may reflect zonation from a gold system under pediment cover. The claim block was expanded to cover a larger part of the inferred intrusive margin and gold in sage anomalies from an expanded 2006 survey extending off the existing claim block.

Sediment-hosted mercury occurrences in Nevada, proximal to sediment-hosted gold systems, were documented prior to modern gold discoveries along the Carlin, Cortez and Getchell gold trends. Mercury mineralization in the Poverty Peak district is hosted in calcareous sandstone/shale, siltstone and phyllite with local gold values up to 0.029 oz Au/t (1.00 g Au/t) reported in historic data for the project. The mercury mineralization is associated with decalcification, iron staining, barite veinlets, and jasperoid within a northeast-striking fault corridor. These structural and alteration features occur near the range front, adjacent to the PPM project.

PPM reflects Miranda's continuing effort to generate exploration opportunities on the Battle Mountain-Eureka mineral trend.

Fuse Drill Results

In late 2006 the Cortez Joint Venture ("Cortez"), Miranda's joint venture partner on the Fuse claims in Eureka County, Nevada, completed 1,860 ft (567.1m) of reverse circulation drilling in one vertical hole. The hole was designed to test a coincident gravity high / mercury gas high for prospective lower-plate carbonate rocks beneath pediment cover. The hole intersected bedrock at 780 ft (237.8m) and ended in upper-plate siliceous rocks. Significant gold was not encountered. Cortez will continue to evaluate other exploration opportunities on the Fuse claims in 2007.

The data disclosed in this press release have been reviewed and verified by Company Senior Geologist Steven Koehler, P. Geo., BSc. Geology and Qualified Person as defined by National Instrument 43-101.

First Gold Exploration Inc. Announces the Closing of its Initial Public Offering

February 21, 2007 -- First Gold Exploration Inc. (TSX VENTURE: EFG) announces that it has completed its initial public offering with a placement of a gross amount of $280,425 that will go to the working capital of the Company with a prospectus dated February 9th, 2007. A total of 3,739 Units have been issued, each unit being composed of 500 common shares at a price of $0.15 and 250 common share purchase warrants. Each warrant allows the holder to purchase one additional common share at a price of $0.18 for a period of twelve months. Jones, Gable & Company Limited as acted as agent in the offering. The Company paid the agent a commission of 10% on the gross proceeds of the offering and compensation options that allow the holder to purchase 186 950 common shares of the Company at a price of $0.15 per common share until February 9th, 2008.

The prospectus also allows to qualify the offering of: (i) 4,920,000 common shares of the Company that will have to be issued as flow-through shares and (ii) 1,440,000 common shares of the Company that will have to be issued at the effective exercise of 1,200 special warrants that have been issued in December 2006. The special warrants have been distributed at a price of $1,000 for gross proceeds of $1,200,000.

The TSX Venture Exchange approved the listing of the common shares of First Gold Exploration Inc. They will start trading on February 22nd, 2007 under the symbol EFG.

Source : www.marketwire.com

Wolfden completes acquisition of Lupin Gold Mine

Wolfden Resources Inc. (TSX:WLF) is
pleased to announce that it has completed the Lupin transaction with Kinross
Gold Corporation (TSX:K) (NYSE:KGC). Wolfden is now the 100% owner of the
historic Lupin Mine that is strategically located proximal to several of
Wolfden's core projects in Nunavut, Canada.
As has been previously announced, Wolfden entered into an agreement with
Kinross on June 16 2006 to acquire the Lupin Mine, subject to certain terms
and conditions. The final outstanding condition, the posting of a reclamation
bond in the amount of C$25.5 million to the appropriate government entity in
Nunavut, has now been completed. This bond has now been posted. A Canadian
Schedule I Bank assisted Wolfden by providing a C$30 million non-revolving
term facility. The secured facility contains certain terms and conditions,
including among others (1) the requirement that any outstanding letters of
credit under the facility be cash collateralized within 6 months of the date
of the facility, (2) restrictive covenants including in respect of
acquisitions, mandatory application of any financing proceeds and restrictions
on exploration and capital expenses and (3) specifying events of default in
certain circumstances, including a change of control.
Between 1982 and 2005, the Lupin Mine produced more than 3.37 million
ounces of gold at an average grade of 0.259 oz/ton Au. At the time of closure
in January 2005, reserves were being estimated using a gold price of US$350
per ounce and resources at US $400 per ounce. Wolfden is currently assessing
the Lupin Mine geology and mineralogy and plans an exploration program for
later in 2007.
Mining at the Lupin Mine was carried out almost entirely north of the
main shaft. Though the "West Zone" mineralized horizon was known to continue
south of the shaft (the "SOS Zone"), limited development and/or exploration
was carried out on the southern extension. Recent compilation of this horizon
suggests that the SOS Zone has the potential to host considerable
mineralization starting at surface. Additionally, the McPherson Zones, and the
on-strike continuation of this horizon that was found late in the mine's
history, remains wide open up dip, down dip and along strike.
Following the completion of this assessment, Wolfden intends to begin an
underground drill program with the goal of defining mineral resources and
complete a study regarding the potential to re-start the operation. Following
the drill program a scoping analysis will be conducted to determine the
economic potential of the mineralization. The Lupin Mine and Mill complex are
operationally ready with very little capital required to put it back into
production.
"Lupin has the potential to become the cornerstone in the development of
several of our deposits in the Kitikmeot Region, which would ultimately allow
the company to make the transition from explorer to producer in the near-term.
Lupin, and its major infrastructure, is expected to provide the back-bone for
the development of our other high-grade polymetallic deposits in the region"
stated Ewan Downie, President & CEO of Wolfden.
Mr. John F. Cook, P Eng., and Chairman of Wolfden has reviewed the
contents of this press release and is the qualified person under National
Instrument 43-101.

WOLFDEN is a Canadian based mineral exploration and development company
with a diversified portfolio of advanced stage properties and several ongoing
exploration programs in Canada.

Source : www.cnw.ca

Freegold Options Vinasale Gold Deposit, Alaska

Freegold Ventures Limited ("Freegold")
announces that it has entered into a Mining Exploration Agreement with Option
to Lease with Doyon Limited, an Alaskan Native Regional Corporation, to option
Doyon's 100% interest in the Vinasale Gold Property. The Vinasale project is
located 16 miles south of McGrath in central Alaska and covers an area of
approximately 128,000 acres. Vinasale is located in a northeast trending belt
of igneous intrusion-related deposits that include the 33 million oz Donlin
Creek deposit and the operating Nixon Fork gold mine.
Significant gold mineralization was first discovered at Vinasale by
Central Alaska Gold Company (CAGC) in 1990. Subsequent drilling by CAGC and
then joint venture partner Placer Dome established an initial gold resource of
614,000 oz (10.4 million tons @ 0.057 oz/ton). While the gold mineralization
was found to be refractory, metallurgical testing showed that 95% of the gold
reported to the flotation concentrate, thereby considerably reducing the
volume of material that would need to be processed in order to recover the
gold. The property was subsequently optioned by ASA-Montague in 1994 and
additional soil sampling, followed by limited in-fill and expansion drilling
was successful in further increasing the gold resource to 920,000 oz (18.04
million tons @ 0.051 opt) based on the 36 holes that had been drilled into the
Central Zone. (Note that these resource figures are historical in nature and
are provided for informational purposes only. They are not 43-101 compliant,
and as such should not be relied upon.) Previous wide-spaced drilling
northeast and south of the known deposit indicates these areas may have
potential for resource expansion while previous limited reconnaissance work
has indicated that additional gold mineralization exists on the property
outside the area known to contain resources.
The main objective of Freegold's program will be to expand the current
resources and test other areas on the property that may have the potential to
host additional resources. Initial programs will include geological mapping,
sampling and geophysical surveys. Freegold will also be collecting new samples
for further metallurgical testing. This test work will be conducted under the
supervision of Freegold's new VP of Project Development, Jeff Woods, who has
considerable experience in the metallurgical testing of refractory deposits
and in the design, construction and operation of numerous refractory
processing plants.

Exploration/Lease Agreement with Doyon Limited.

Under the Exploration Agreement, Freegold must make cash payments of
US $320,000 (US$50,000 first year) over five years, make annual scholarship
donations of US$10,000, and make exploration expenditures totaling
US $4,750,000 (US$300,000 first year). Freegold may at its option enter into a
one year extension by making an additional cash payment of US$100,000 and
incurring an additional US $1,500,000 in exploration expenditures. In the
event the property is reduced by 50% or more the additional exploration
expenditures shall be reduced to US $1,000,000.
Freegold may enter into one or more Mining Leases with Doyon on lands on
which it has expended at least US$600,000, carried out at least 10,000 feet of
core drilling, and submitted a pre-feasibility study. Freegold will be
required to make advance royalty payments and continue to conduct minimum
exploration expenditures on leased lands until such time as a Board approved
positive feasibility study has been delivered. Advance royalty payments shall
be US $100,000 per year during the initial five-year period, increasing to
US$250,000 per year thereafter. The minimum mandatory exploration expenditures
shall be equal to the greater of US$25/acre or US$250,000 for each of the
first five years, and US$50/acre or US$500,000 in subsequent years. Upon
submission of a Board approved feasibility study Doyon will have the right,
for a period of 180 days, to acquire a minimum 5%, and a maximum 10%
participating interest in Freegold's interest. Within 60 days of Doyon
electing to participate, Doyon shall contribute to a joint venture an amount
equal to 2.25 times Doyon's proportionate share of Freegold's cumulative
expenditures on the leased area after the Effective Date of the Lease.
Following the expenditure of such funds, each party will be required to
contribute its pro rata share of further expenditures.
Upon commencement of commercial production, Freegold must pay Doyon a
royalty on the production of precious metals equal to the greater of a 2% net
smelter return (NSR) or a 10% net profits interest (NPI). Once payback has
been achieved the royalty shall increase to the greater of a 4% NSR or a 20%
NPI. Royalties on base metals production shall be the greater of a 1% NSR or a
10% NPI pre-payback and the greater of a 3% NSR or a 20% NPI post-payback. For
each lease agreement, Freegold will make ongoing scholarship payments of
US $25,000 per year, which shall increase to US$50,000 per year upon the
commencement of commercial production.
The Qualified Person for this release is Michael P. Gross, M.S., P. Geo.,
VP Exploration, Freegold Ventures Limited.

About Freegold Ventures Limited

Freegold Ventures Limited is a North American exploration company with a
new management team experienced in mine development and production that is
actively exploring advanced-stage gold projects in Idaho (Almaden) and Alaska
(Golden Summit). Freegold holds a 100% lease interest in the Almaden gold
project in Idaho. This large tonnage, disseminated, epithermal gold deposit
was the subject of a feasibility study in 1997 calling for the development of
a 95,000 oz/year open pit, heap leach mine. Freegold is currently in the midst
of a 34,000-foot drilling program aimed at further expanding the size of the
resource prior to updating the feasibility study in 2007. Freegold has also
discovered new high-grade veins in surface trenching at its Golden Summit
project outside Fairbanks. A 10,000 ton bulk sample has recently been
collected that will be processed in the spring of 2007, and a 25,000-foot
drill program to further delineate gold mineralization within the current
1,000 foot wide by 3,500 foot long vein swarm commenced in December. In excess
of 7 million ounces of gold has historically been recovered from the Golden
Summit property, which is located less than 5 miles from the Fort Knox mine,
Alaska's largest gold mine.

Source : www.cnw.ca/fr

Gold exploration nod on cards

After the scurry for steel and aluminium, it could well be time for a gold rush in Orissa.

While Posco, Arcelor-Mital, Sterlite and Tata Steel have lined up for a stake in the bauxite and iron ore reserves of Orissa, a Jharkhand-based mining company has received the Centre’s nod for prospecting gold in the state.

Rungta Mines Ltd, a part of the SR Rungta group, which has been in the mining business for the six decades, is expected to get the state government’s nod for gold and diamond exploration soon.

S.N. Sarangi, additional secretary in the steel and mines department, today told The Telegraph that his department received the Centre’s approval last week to grant reconnaissance permit to Rungta Mines for undertaking exploration of gold and diamond deposits.

So far, reconnaissance permits have been granted to 14 mining companies for exploration of precious minerals like gold, diamond, copper, lead and nickel, said mines director R.N. Sahoo. Prominent among the companies are De Beers and BHP Billiton.

Under the existing rules, the Centre’s approval is needed for grant of the permit by a state government.

According to official sources, Rungta Mines is likely to be allowed to carry out exploration of gold and diamond deposits over 2,824 sq km in mineral-rich Keonjhar and Mayurbhanj districts.

During the exploration exercise, aerial, geo-physical and geo-chemical surveys are likely to be undertaken.

Managing director of the company L.N. Rungta said: “The state government had forwarded our application to the Centre and recommended grant of reconnaissance permit. We would start the exploration work as soon as we receive the order.”

The senior official said they would undertake airborne surveys and other studies during the exploration period, which is likely to last three years.

A recent survey conducted by the state directorate of geology suggested that traces of gold have been found in Telkoi, Saleikana, Siriabahal, Dubulapal, Gopur, Gajipur, Odal, Taramakenta, Kalima, Kadangi and Samakuda areas of Keonjhar district, Suruda, Jashipur, Suriaguda, Kadeikucha and Gorumahisani in Mayurbhanj and Govindpalli area of Koraput.

Similarly, diamond deposits were found in Kalahandi, Nuapara and Keonjhar districts of Orissa.

A survey, conducted by Geological Survey of India in Mayurbhanj, Keonjhar and Nowrangpur, also revealed traces of gold.

Gold star for miner

DESPITE Dominion Mining's share price going for a strong run in recent months, analysts are still tipping South Australia's biggest gold producer to perform strongly in the near future.
Dominion, which operates the Challenger gold mine in central-west SA, had been nudging towards the $2 per share mark due to a combination of good exploration results, low costs of production and strong increases in gold production.

A recent announcement of a new gold zone at the mine pushed the share price to a new record high of $2.39 last week. The stock closed at $2.25 on Friday.

Fat Prophets resources analyst Gavin Wendt said in a research report released recently that the company was a good buy near the $1.92 mark.

But even despite its recent strong run, Mr Wendt said late last week there was still value in the stock.

"While many gold producers suffer from downgrades, rising costs and falling production, Dominion Mining continues to perform seamlessly," Mr Wendt said in his research report.

"Its December quarter production report shows strong, low cost gold production, rising gold reserves and minimal hedging and no debt. Its share price reflects this exceptional performance."

The Dominion share price has more than doubled from 97c in October, but Mr Wendt said Dominion was part of an "elite and relatively small group" of gold miners which have been able to maintain their margins in the face of rising costs.

"We anticipate full-year gold production to be comfortably in excess of 100,000 ounces at a cash operating cost of $340 per ounce," Mr Wendt said.

"Forecast costs are slightly higher due to the increased depth of mining, but are nevertheless outstanding and will generate strong margins for the company. Dominion is continuing the rollout of new underground equipment, which should help maintain high productivity and low equipment maintenance costs."

Hartleys resources analyst Andrew Muir said his firm still had a buy recommendation on Dominion. "Mainly because we can see that there's a lot of exploration upside still at Challenger," he said.

"Grades are excellent, costs are low and we think that they will continue to add to their resource and reserve inventory."

Mr Muir said Hartleys was forecasting the gold price to stay around $US650 per ounce in the first half of 2007 and rise to $US675 by the end of 2008.

St Andrew Announces New Zealand Exploration Company Glass Earth Limited Enters Into Joint Venture Agreement With Newmont Mining Corporation

St Andrew Goldfields Ltd. (TSX: SAS) ("St Andrew") announced today that its 50.2% owned New Zealand subsidiary, Glass Earth Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass Earth"), has entered into an agreement with Waihi Gold Company Limited (a subsidiary of Newmont Mining Corporation) giving Newmont the right to explore Glass Earth's extensive permit area in the Hauraki Region, North Island, New Zealand.

Glass Earth's Hauraki Region permit area lies immediately to the west and north of the Waihi/Martha Hill Mine, located at Waihi, North Island, New Zealand which is owned and operated by Newmont.

15 advanced gold prospects lie in the Glass Earth/Newmont Joint Venture area within trucking distance of Newmont's Waihi gold plant; several of the targets have significant gold intercepts, such as:

- At Wharekiriponga (WKP), DDH4 17.7m @ 4.0g/t Au (in 150m @ 0.93g/t Au) lies just two kms along-strike from the Golden Cross mine (produced 634,000 oz gold 1991 - 1997);

- At Owharoa (historic production 63,334 oz), a 500m wide alteration zone is interspersed with innumerable quartz veins with specimens running 2 oz Au/lb (5,000oz Au/t).

The 10 million ounce Martha Hill Mine, owned by Newmont, is considered to be the "type" epithermal gold deposit and the kind of large epithermal gold deposit targeted by Glass Earth in its exploration program.

Hauraki Region Joint Venture Agreement

The agreement also provides that Newmont may earn an equity interest in each of the 3 sectors of the Hauraki Region (named Northern, Central and Southern) by undertaking exploration programs (including drilling) as follows:

a) To earn an initial 65% equity in a venture area, by expending over a 4 year period;

- NZ$1.65m (circa C$1.37m) on the Northern Hauraki Venture Area;

- NZ$1.75m (circa C$1.45m) on the Central Hauraki Venture Area;

- NZ$2.8m (circa C$2.3m) on the Southern Hauraki Venture Area.

b) Newmont may elect to prepare a feasibility study to earn a further 10% in a venture area;

c) Glass Earth may request that Newmont arrange Glass Earth's share of financing in return for a further 5% equity in a venture area;

d) Glass Earth and Newmont will be liable (in proportion to their equity interests) for the Geoinformatics Exploration Inc 2% royalty on any production from identified and acknowledged targets in the Hauraki Region permit area; and

e) Newmont will be the operator.

Newmont will commence exploration activities immediately.

About Glass Earth Limited

Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of over 31,000 square kilometres in the North and South Islands.

- Glass Earth has another Joint Venture Agreement with Newmont for Newmont to fund the exploration in the Waihi West area adjacent to Newmont's Waihi / Martha Hill Mine.

On the North Island, exploration efforts are focussed on the Hauraki / Central Volcanic Region. The Hauraki / Central Volcanic Region is host to the 10 million ounce gold Waihi/Martha Hill Mine, owned by Newmont Mining, which is considered the "type" epithermal gold deposit and the kind of large epithermal gold deposit targeted by Glass Earth.

- Hauraki Region - With 15 advanced gold prospects, this region is host to the world-class epithermal gold deposit at the Waihi / Martha gold mine;

- Mamaku-Muirs Region - With 17 recently-defined gold targets, this region includes the Muirs Reef prospect, which historically has produced more than 43,000 ounces of gold; and

- Central Volcanic Region - Glass Earth has defined 74 epithermal gold targets in this region, including 6 advanced drill-ready prospects in the process of being drilled.

On the South Island, exploration efforts are focussed on the Otago Region for mesothermal "Macraes-style" gold targets.

- Otago Region - As Glass Earth's main gold region on New Zealand's South Island, a data collection/geophysical intervention over the recently awarded Otago Prospecting Permit and other areas and a targeting project commenced in January 2007. This region contains three near drill-ready mesothermal gold prospects.

EXPLORATION REGIONS (See figure 1 - Glass Earth exploration regions - overview map)

To view the accompanying map, please click the link below:

http://www.ccnmatthews.com/docs/sas0227.pdf

About St Andrew Goldfields

St Andrew is a gold mining and exploration company producing gold from the Stock Gold Complex in Timmins, Ontario and the Nixon Fork Gold Mine in Alaska. The recently acquired Holloway-Holt Gold Mine in the Timmins Mining Camp is forecast to increase St Andrew's gold production by 75,000 to 100,000 ounces per annum. St Andrew controls a very large land position in the Timmins Mining Camp, an extensive land position at Eskay Creek in northern British Columbia and land positions around Nixon Fork in the Kuskokwim-Tintina Mining Camp in Alaska. St Andrew also holds an approximate 50.2 % equity interest in New Zealand based gold explorer, Glass Earth Limited and a 12.6 % equity interest in Apollo Gold Corporation.

Source : www.standrewgoldfields.com

Burey Gold Announces Gold Exploration Update for Mansounia Project

Burey Gold Limited (ASX: BYR) is pleased to report results from its recently completed exploration programme of Reverse Circulation (RC) drilling programme on the Mansounia Gold Project in Guinea.

Burey, through its wholly owned subsidiary Burey Gold SARL can earn a 70% interest in the Mansounia Gold Project (Exploration Permit No. A2006/017/DIGM/CPDM of 145kmsq) by completing a Bankable Feasibility Study for that project. The Permit is located on the tectonic SW margin of the Siguiri Basin, in the Kouroussa Prefecture in the West African Republic of Guinea.

Burey's objective in undertaking its recent drilling on the Permit was to: confirm the presence, locate the peripheral limits to and est the internal continuity of a large body of low grade gold mineralization interpreted from drill data provided by the previous explorer, Gold Fields Ltd. Burey's recent campaign of RC drilling on the Mansounia project and the associated programme of detailed sampling and analytical activity took place during the 3 rd and 4 th Quarters of 2006.


About Field Public Relations

Field Public Relations provides leading edge communications advice to a broad range of clients - drawing on 20 years experience at the forefront of Australian media and public relations.

The consultancy's expertise covers all aspects of communication strategies.

Source : www.acnnewswire.net

Klondex Announces Active 2007 Drilling and Underground Development Program; Extends New Ore Zone at Battle Mountain-Eureka Trend Property

Klondex Mines Ltd. (TSX: KDX) today announced that its exploratory drilling program at its Fire Creek Property in the Battle Mountain-Eureka Trend in Northern Nevada is scheduled to resume by mid-April. The drilling program is intended to expand the resource in the Main Zone as well as to test the remaining IP anomalies (possible ore bearing structures) identified outside of the Main and Far North Zones. Additionally, the Company is filing an Amendment to its Plan of Operations to permit underground access to the Main Zone mineralization for the purpose of definition drilling and bulk sampling.

To support its increased level of activity at Fire Creek, Klondex will establish an administrative office in North Central Nevada and a field office on site. The Company is pleased to announce the appointment of James L. Balagna III, B.A. (Geology) as Senior Geologist and manager of the Company’s underground development program. Mr. Balagna has 18 years of gold mining experience in Northern Nevada, most recently with Glamis Gold at their Marigold project near Valmy, Nevada, where he served as Senior Geologist. Prior to joining Glamis in 1999, Mr. Balagna also worked with FirstMiss Gold, Rayrock Mines and Placer Dome. He earned his geology degree from the University of Colorado at Denver. Given Mr. Balagna’s substantial experience in exploration and mining geology, he is expected to make a valuable contribution to the progress of the Company and its plans for Fire Creek.

In September 2006, Klondex announced an NI-43-101 compliant Indicated Mineral Resource totaling 1,045,738 ounces of gold in two zones: the Main Zone (801,681 ounces in 912,366 metric tonnes grading 27.33 grams per tonne “gpt”) and the Far North Zone (244,047 ounces in 724,188 tonnes grading 10.48 gpt).

2007 Fire Creek Development Program:

1. Main Zone Resource Expansion; Seven holes totaling 2,560 meters will be drilled in the untested areas of the “boiling zone” (which carries most of the gold values) in the Main Resource area. Constraints imposed on the area of influence of individual drill intercepts in the September resource estimate resulted in the exclusion of these areas from the resource calculation, and it is believed that these seven drill holes may result in a significant addition to the overall high-grade resource. The primary purpose of these holes will be to extend known high-grade mineralization to depths as shown in Table 1 below.
Table 1; Fire Creek Main Zone Resource Expansion Drilling 2007 (Potential Targets)
Proposed Targets and Objectives
Extend zone to south indicated by FC0619 on Vein #2 (34.0 gpt over est true 2.4 m width)
1 Extend zone to south indicated by FC0619 on Vein #3 (85.8 gpt over est true 2.13 m width)


Additional Intercept on Vein # 4 near FC0619 (54.8 gpt/3.7m), FC0519 (9.1 gpt/1.0m) and FCO508 (8.0 gpt/2.1m)
Extend zone to depth indicated by FC0619 on Vein #2 (34.0 gpt over est true 2.4 m width)
2 Extend zone to depth indicated by FC0619 on Vein #3 (85.8 gpt over est true 2.13 m width)
Additional Intercept on Vein # 4 below FC0519 (9.1 gpt/1.0m)
Extend zone to depth indicated by FC0621 on Vein #2 (43.6 gpt over est true 2.4 m width)
3

Extend zone to depth indicated by FC0621 on Vein #3 (5.5 gpt over est true 1.0 m width)
Additional Intercept on Vein # 4
Intercept on Vein #2 between FC0621 (43.2 gpt/2.4m) and FC0416 (5.6 gpt/3.7m)
4 Extend zone to depth indicated by FC0412 on Vein #3 (8.5 gpt over est true 2.13 m width)
Additional Intercept on Vein # 4 and Vein #5
Additional Intercept on Vein # 2
5 Extend zone to depth indicated by FC0408 on Vein #3 (14.2 gpt over est true 2.13 m width)
Additional Intercept on Vein # 4 and Vein #5
Extend zone to depth indicated by FC0416 on Vein #6 (19.4 gpt over est true 2.13 m width)
Additional Intercept on Vein # 2
Extend zone to depth indicated by FC0405 on Vein #3 (14.9 gpt over est true 2.13 m width)
6 Additional Intercept on Vein # 4
Intercept on Vein #5 between 95825 (4.0 gpt/2.5m) and FC0515 (88.8 gpt/2.13m)
Additional Intercept on Vein # 6
Extend zone to depth indicated by FC0417 on Vein #7 (8.7 gpt over est true 2.13 m width)
Intercept on Vein # 3 between 95830(9.9 gpt/3.1m) and FC0515C (18.9 gpt/2.13m)
7 Additional Intercept on Vein # 4
Extend zone to south indicated by FC0512 on Vein # 5 (12.7 gpt over est true 2.13 m width)
Intercept on Vein # 6 between FC0417 (118.0 gpt/2.5m) and FC0426 (37.2 gpt/1.52m)
Extend zone to depth indicated by FC0417A on Vein # 7 (8.7 gpt over est true 2.13 m width)

2. Outside Target Exploration; In the summer of 2006 a large induced polarization (IP) survey was conducted in an effort to identify additional possible ore targets. The survey, which used 100 meter dipole spacing, demonstrated a positive response from the Main and Far North Zones and identified an additional 15 targets outside these zones. The anomalies which could be drilled from areas permitted under the current Plan of Operations were tested in the fall of 2006. The most encouraging results came from drilling on Anomaly # 4. Drill hole FC0632 (previously reported) included 7.55 gpt over 3.05 m and 8.17 gpt over 3.05 m. Results for hole FC0634 located 100 meters to the north have been received and include 6.34 gpt over 4.6 meters. Results from other 2006 drilling and plans for 2007 are shown in Table 2 below. The Company’s exploration consultants, MinQuest Inc. of Reno, Nevada, have noted that most of the known gold-bearing veins are within a N45°W trending 350 meters-wide – the “Fire Creek Mineral Trend” - suggesting that the area between the Main and Far North Zones is very prospective. Target priorities and drill plans are shown on the Company’s website at http://www.klondexmines.com/s/News.asp.
Table 2; Fire Creek IP Target Drilling
Anomaly Status Hole # Result Comments


0
Tested FC0639

1.23 gpt over 42.7 m and 7.2 gpt over 2.43 m


Possible open pit target
Definition drilling in 2007

1
Untested First level Priority in 2007 Drilling

2
Untested Second level priority in 2007 drilling

3
Untested Second level priority in 2007 drilling

4
Tested FC0632 7.55 gpt over 3.05 m and 8.17 gpt over 3.05 m "New North Zone"
Definition drilling planned
FC0634 6.34 gpt over 4.6 m

5
Untested Second level priority in 2007 drilling

6
Tested Pyrite only No further work

7
Tested Pyrite only No further work

8
Tested Pyrite only No further work

9
Tested Pyrite only No further work

10 to 14
Untested Third level priority in 2007 drilling

3. Underground Program; Fire Creek’s current Plan of Operations is being amended to include about 3,000 meters of underground workings to permit access to the Main Zone on two levels. Subject to obtaining approval and availability of contractors, this work is scheduled to commence in September of this year. The underground levels will facilitate in-fill drilling to improve knowledge regarding grade and vein continuity. Klondex will file an application for designation as a “Small Scale Facility” as defined by Nevada Regulation NAC 445A.377, allowing for the extraction and processing of not more than 33,180 metric tonnes of ore per year and no more than 109,090 metric tonnes in total. This designation will allow for the extraction of a series of bulk samples from selected areas in the Main Zone. Possible sites for this activity as defined by previous drilling and estimated in the NI 43-101 resource summary are listed in table 3.
Table 3; Possible locations for Bulk Sampling at Fire Creek Main Zone
VEIN Section

Drill
Gold Grams True Width Area Sq. Tonnes Gold


Hole
Per Ton Meters Meters Oz.
M6A 3+50-N FC0417 118.00 3.62 5,838 53,891 204,445
M5 3+00N FC0515C 88.78 2.13 6,028 32,805 93,630
M3 0+50N FCO619 85.80 2.13 3,195 17,354 47,870
M2 1+00 FC0413 68.01 2.44 1,121 6,972 15,244
M4 3+50N FC0513 64.90 2.13 2,696 14,643 30,554
M4 0+50N FCO619 54.80 3.66 1,112 10,378 18,285
M2 0+50N FCO618 55.42 2.13 1,185 6,436 11,468
M2 1+00N FC0621 43.80 2.44 3,268 20,333 28,633
M2 0+50N FC0419 38.74 2.29 1,147 6,688 8,329
M12 750N FC0608 34.13 3.20 5,441 44,399 48,718
M2 0+50N FCO619 34.00 2.44 2,994 18,629 20,363
M4 4+00N FC0403 30.65 2.29 2,674 15,592 15,364
M3 3+50N FC0402 30.11 2.13 1,299 7,056 6,830
Weighted
Average 61.07 Total 255,175 549,731

Underground Development/Bulk Sampling Opportunity:

During the exploration and development phase of the underground program Feasibility Studies and Permit Applications will be carried out to advance the deposit to full production. The Company anticipates that the processing of bulk samples may be carried out at mills within trucking distance, such as those owned by Newmont and Barrick. Based on preliminary estimates developed in-house for permitting, underground access, exploration, drilling, mining and other costs, Klondex believes it could generate a substantial operating profit during a proposed three-year underground development/bulk sampling program. Klondex currently believes that proceeds from such an effort could be more than sufficient to fund the Company’s move into full production of the Fire Creek property, as well as to pursue other development opportunities. The Company has determined that the extraction of these bulk samples will not materially affect the overall economics of the Main Zone.

Klondex’s current working capital position is approximately CDN$9.5 million and currently 22.5 million shares are issued and outstanding. Dilution to 26.9 million shares through the exercise of existing options and warrants would result in an additional CDN$8.1 million in working capital.

Richard Kern (P.Geo) of Reno, Nevada, is the Company’s qualified person on the project as required under NI 43-101and has reviewed the technical information contained in this press release.

Klondex has in place a rigorous QA/QC program consistent with National Instrument 43-101 and using best industry practice. Core is sawed in half and assayed on 5-foot maximum lengths by ALS Chemex Labs of Reno, Nevada, responsible for all Klondex Mine’s assaying at Fire Creek.

Source : www.klondexmines.com

GOLD EXPLORATION - Eastmain mine changes hands

CAMPBELL RESOURCES of Montreal has sold its Eastmain deposit to EASTMAIN RESOURCES of Toronto for $2.5 million in cash at closing and 500,000 warrants for the purchase of shares at the price of $1.00 each over 12 months. In May Eastmain will also issue to Campbell an additional 1.0 million common shares and 500,000 warrants for the purchase of shares at $1.50 each.

Eastmain will be the sole owner of the property. Development of the mine, 310 km northeast of Chibougamau, was suspended in 1995 by previous owners. A ramp and two levels of lateral development had been accomplished. The deposit is believed to contain 255,750 oz of gold and 4.1 million lb of copper.

Source : www.Eastmain.com

GOLD EXPLORATION - Bulk sampling progress at Santoy 7 and Porky Lake

Bulk sampling is in full swing at the Santoy 7 and Porky Lake zones. These are satellite deposits of the Seabee gold mine belonging to CLAUDE RESOURCES of Saskatoon. The Santoy 7 zone lies 11 km east and the Porky Lake property lies approximately 5 km north of the mine, near La Ronge.

The Santoy ramp has reached the mineralized structure 40 m below surface, and 45 rounds of muck have been sampled. The samples indicate an estimated grade of 12.62 g/t Au with a “top cut” of 48.2 g/t; the average uncut grade is 13.6 g/t Au. Last year the Santoy resource was estimated to be 200,000 t at 8.50 g/t Au.

At the Porky West zone some preliminary bulk sampling work was done as well. A decline was driven to access the top, lower-grade portion of the zone on both the 45-m and 65-m levels. A total of 7,500 tonnes was processed in the mill at 3.69 g/t Au with a 95.5% recovery rate. A resource for Porky West was reported last year to be 220,000 t at 5.95 g/t Au.

Additional bulk sampling will be performed on Porky West from the 65-m level and below where previous diamond drilling indicated grade improving with depth. The timing of additional bulk sampling depends on Porky West’s merits relative to Santoy 7, Santoy 8 and the newest exploration project at Don's Lake, 5 km east of the Seabee mill.

Source : www.ClaudeResources.com

Crosshair Exploration & Mining Corp.: Jaclyn Zone Expanded to 750 Meters, Zone Remains Open; Partners Consider Mini Bulk Sample

Crosshair Exploration & Mining Corp. (TSX VENTURE:CXX) (the "Company") is pleased to announce drill results from the recently completed expansion drill program at the Golden Promise Project, located 35 kilometres west of Grand Falls - Windsor in central Newfoundland. The 14 hole, 3,073 meter program was successful in extending the main Jaclyn vein system to a current defined strike length of 750 meters, and to a depth of 225 meters. This represents an increased strike extension of 275 meters (or more than 50%) compared to the start of the program. The zone remains open.

Maps have been posted on the company website:

http://www.crosshairexploration.com/s/NewsReleases.asp?ReportID=174477

Visible gold was noted in 10 of the 14 holes completed in this phase of drilling, which included some of the highest grades reported to date. Highlights of the results, including previously released Phase 2 holes, are summarized as follows:




GP06-62: 8.31 g/t gold over 1.20 metres,
including 21.50 g/t gold over 0.45 metres;
GP06-63: 5.58 g/t gold over 0.40 metres and 1.16 g/t gold over 0.40 metres
and 3.02 g/t gold over 0.40 metres;
GP06-65: 20.65 g/t gold over 1.60 metres,
including 55.03 g/t gold over 0.60 metres;
GP06-66: 11.90 g/t gold over 1.05 metres,
including 21.87 g/t gold over 0.55 metres;
GP06-68: 4.74 g/t gold over 1.45 metres,
including 11.57 g/t gold over 0.55 metres;
GP07-70: 3.41 g/t Au over 1.85 meters,
including 7.29 g/t Au over 0.85 meters;
GP07-71: 1.33 g/t Au over 2.10 meters,
including 6.21 g/t Au over 0.40 meters;
GP07-74: 3.88 g/t Au over 1.35 meters,
including 5.16 g/t au over 0.45 meters;





The work completed to date has unveiled a significant gold bearing system at the main Jaclyn Zone. In addition, the expansion drilling focussed exclusively on the main Jaclyn Zone and did not address any other targets on the property such as the Jaclyn North vein system, which lies parallel to and 250 meters northwest of the main Jaclyn Zone. At Jaclyn North, which remains open in all directions, 4 of 6 holes completed to date intersected visible gold bearing quartz veins, including GP06-51 which intersected 1.70 meters grading 5.24 g/t Au. Given its potentially high grade nature and its close proximity to the main Jaclyn Zone, the Jaclyn North system could prove to be an extremely important component of the Golden Promise project and will be addressed with additional drilling in the future. Numerous additional geochemical and geological targets on the property remain untested, suggesting that multiple vein systems could occur elsewhere on the property.

Bulk Sample

Exploration at Golden Promise has now progressed to the stage where the Company and partner Paragon Minerals are considering the extraction of a surface mini bulk sample from the main Jaclyn Zone. A bulk sample will test the intra-hole continuity of the mineralized vein system and assist in ascertaining grade continuity, given the nugget effect common in this style of mineralization (in several instances, core with visible gold reported weaker than expected assays).

In advance of the planned spin out of its Newfoundland gold and base metal assets, the Company plans to commission a NI 43-101 document covering the Golden Promise (gold) and Victoria Lake (zinc/copper/silver/gold) properties.

About Crosshair

Crosshair is an aggressive uranium and gold exploration and development Company with select projects in Newfoundland and Labrador. The Company has developed into a dominant player in the exploration for uranium in the Central Mineral Belt of Labrador. The 685 sq km Moran Lake Uranium / IOCG Project is host to potentially three significant types of uranium mineralization - Iron Oxide Copper Gold (IOCG - Olympic Dam), structurally controlled, shear zone ("Michelin") and unconformity types of mineralization. In addition, through option agreements with Paragon Minerals Corporation, Crosshair has secured a position in one of the most prospective massive sulphide districts in Canada as well as a promising early stage high grade gold property at South Golden Promise and Golden Promise.

Source : www.crosshairexploration.com.

First Gold Exploration Inc.: Work in Progress and Options Granted to Officers and Directors

irst Gold Exploration Inc. (TSX VENTURE: EFG) is pleased to announce that a diamond drill program has started on the Noyell property. This program consists of a minimum of 5,000 meters of drilling. The Noyell property is composed of 89 claims located in the Noyon township roughly 35 km south of Matagami in the Abitibi region. The property covers an area of 1,414 hectares and is accessible via road 109 that joins Amos to Matagami and then 16 km of forestry road.

First Gold Exploration Inc. also announces that it has granted 650,000 stock options to the management and the directors of the Company. Mr. Pierre Forget, President and Chief executive officer, Mr. Robert P. Boisjoli, Chief financial officer and Mr. Andre Bergeron and Denis Simoneau, both directors will each be granted 150,000 options. Mrs. Nathalie Laurin, administrative officer will be granted 50,000 options. Each option will entitle the holder to subscribe to one common share of the Company at a price of $0.19 per share for two year period.



The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Source : www.firstgoldexploration.com

Carpathian Gold Inc. (the "Corporation") Announces $11 Million Financing

Carpathian Gold Inc (TSX:CPN) (the
"Corporation") announces that it has entered into an agreement to issue on a
"bought deal", basis with Jennings Capital Inc., as lead underwriter and
Clarus Securities Inc. as underwriter (collectively the "Underwriters"), a
private placement offering (the "Offering") of 11,000,000 Units of the
Corporation at a price of $1.00 per unit for gross proceeds of $11,000,000.
Each Unit comprises one (1) common share in the capital of the Corporation (a
"Common Share") and one half (1/2) of one Common Share purchase warrant. Each
full warrant entitles the holder thereof to acquire one Common Share at a
price of Cdn $1.30 for 16 months after closing.