Magellan Minerals Ltd - high grade gold in Brazil - 500 Beiträge pro Seite
eröffnet am 13.08.13 22:10:58 von
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ID: 1.184.791
ID: 1.184.791
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ISIN: CA55908M1086 · WKN: A0Q3EQ
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Letzter Kurs 09.05.16 München
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| TitelBeiträge |
|---|
Werte aus der Branche Stahl und Bergbau
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 0,6040 | +129,64 | |
| 53,97 | +17,33 | |
| 11,430 | +13,73 | |
| 7.732,00 | +13,71 | |
| 3,1600 | +13,56 |
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 61,24 | -9,84 | |
| 4,1000 | -13,68 | |
| 525,00 | -15,05 | |
| 3,55 | -16,47 | |
| 0,6200 | -19,48 |
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Hallo,
da es zu diesem Unternehmen noch keinen thread gibt, soll sich dies hiermit ändern.
Das Unternehmen wird scheinbar kaum wahrgenommen, dabei bietet es so einiges.
Die Website:
http://www.magellanminerals.com
Der Kursverlauf, bei dem der Tiefpunkt bald gefunden sein könnte…
https://www.comdirect.de/inf/aktien/detail/uebersicht.html?S…" target="_blank" rel="nofollow ugc noopener">https://www.comdirect.de/inf/aktien/detail/uebersicht.html?S…
shares issued and outstanding: 117,2 Mio
(laut Präsentation vom März 2013)
fully diluted: 128,8 Mio
(laut Präsentation vom März 2013)
cash (Dec. 31, 2012) $ 2,2 M
(laut Präsentation vom März 2013)
Das Management hielt per März 2013 immerhin 8,2 % der Aktien, aber ….
Hohe Insiderkäufe in der letzten Zeit:
http://www.canadianinsider.com/node/7?menu_tickersearch=MNM" target="_blank" rel="nofollow ugc noopener">http://www.canadianinsider.com/node/7?menu_tickersearch=MNM
Die letzte Präsentation:
http://magellanminerals.com/_resources/presentations/Corpora…
Es gibt zwei Goldprojekte in Brasilien - in der weiteren Umgebung von Colossus Minerals:
„Coringa“ - 561,000oz M&I (3.2Mt @ 5.5g/t gold) + 534,000oz of Inferred (5.5Mt @ 3.0 g/t gold) sowie „Cuiú Cuiú“ - 100,000oz M&I (3.4Mt @ 1.0g/t gold) + 1,200,000oz of Inferred (31Mt @ 1.2g/t gold)
Für Coringa gibt es ein PEA vom November 2012 mit folgenden Werten:
IRR: 33 % (nach Steuern)
NPV: 110 Mio bei einem Goldpreis von $ 1.350,--/oz bei einer jährlichen Produktion von 51.000 Unzen
CAPEX: 65 Mio. US$
payback period: 2,9 years
Die Entscheidung zum Bau der Mine soll Ende 2013 erfolgen. Die Produktion beginnt nach heutigem Stand im zweiten Quartal 2015.
Die FS steht kurz vor der Vollendung (September bzw. Oktober 2013)
Das Management hat einen guten Ruf, Beispiel:
The Gold Report im Interview mit James West (Midas Letter) vom 17.02.2009:
“TGR: Your Midas Letter lists your top 10 junior stocks for 2009. Aren’t you also coming out with a small portfolio of recommendations?
JW: My mini portfolio for February includes the near-term 43-101-compliant companies such as we’ve been talking about, or companies with major exploration indicators based on either fantastic drill results or very high-caliber talent.
An example of the latter is Magellan Minerals Ltd. (TSX.V:MNM), which is at the top of my list in February’s mini-portfolio. It’s run by Dr. Alan Carter. A PhD geologist, he’s worked with BHP Billiton Ltd. (NYSE:BHP) (ASX:BHP) (PK SHEETS:BHPLF). He’s worked with the biggest and the best. He’s very well connected. He’s the one who discovered the Tocantinzinho project that is currently in Brazauro Resources Corp. (TSX.V:BZO). Brazauro just did a deal with El Dorado Gold Corporation (ELD.TO) (AMEX:EGO), whereby Eldorado Gold is going to earn into as much as 70% of the project in exchange for spending $123 million on it over the next six years. He discovered that project; he and his partner, Dennis Moore, are both principals in Magellan now. They retain an NSR (Net Smelter Royalty) on that property from Brazauro, but they’ve got this Ciúi Ciúi project, with a drill result there last summer of 220 meters of 2.01 grams per ton gold. That’s just spectacular.
TGR: Where is this project?
JW: It’s in the Tapajós region of Brazil on the same trend as the Tocantinzinho project, and that’s in Northern Brazil. So at Ciúi Ciúi, which is another district-sized play—something like 450 square kilometers—they’ve drilled into five targets that all have yielded substantial results, either long intercepts of low grade or smaller intercepts of high grade. Some of them have 3, 4, 5, 6 ounces of gold per ton. So that’s across five different deposits in a massive land package that has historically produced 20 to 30 million ounces from alluvial workings for the last 100 years.
So these guys just acquired the property in February last year. They started drilling it and got exceptional grades across all five targets. They have a massive bauxite showing; I think 42% is considered an economic commercial level of bauxite, and theirs ranges from 42% to 48%. That same area is home to one of the largest bauxite mines in the world, so they’ve got good diversity and super-high quality projects. They don’t have a 43-101-compliant resource yet, so this year 10,000 meters of drilling will put them in the position to make a determination as to a 43-101 resource. That’s the project.
Magellan Minerals has a total of some 30 million shares outstanding. Newmont Mining invested in 8% of those in the IPO at a dollar a share, and that was Magellan Minerals’ only financing. So it’s a great deal because you can basically bet along with Newmont at a 30% discount to what Newmont paid—just a fantastic opportunity.
TGR: Remarkable story.”
https://www.theaureport.com/pub/na/2246
Das war mit Sicherheit noch nicht alles Erwähnenswertes zu diesem Unternehmen.
Wann hier was geht, ist in meinen Augen eine Frage der Zeit…..Ich freue mich auf konstruktive Beiträge in diesem thread.
Grüße
pmodds
da es zu diesem Unternehmen noch keinen thread gibt, soll sich dies hiermit ändern.
Das Unternehmen wird scheinbar kaum wahrgenommen, dabei bietet es so einiges.
Die Website:
http://www.magellanminerals.com
Der Kursverlauf, bei dem der Tiefpunkt bald gefunden sein könnte…
https://www.comdirect.de/inf/aktien/detail/uebersicht.html?S…" target="_blank" rel="nofollow ugc noopener">https://www.comdirect.de/inf/aktien/detail/uebersicht.html?S…
shares issued and outstanding: 117,2 Mio
(laut Präsentation vom März 2013)
fully diluted: 128,8 Mio
(laut Präsentation vom März 2013)
cash (Dec. 31, 2012) $ 2,2 M
(laut Präsentation vom März 2013)
Das Management hielt per März 2013 immerhin 8,2 % der Aktien, aber ….
Hohe Insiderkäufe in der letzten Zeit:
http://www.canadianinsider.com/node/7?menu_tickersearch=MNM" target="_blank" rel="nofollow ugc noopener">http://www.canadianinsider.com/node/7?menu_tickersearch=MNM
Die letzte Präsentation:
http://magellanminerals.com/_resources/presentations/Corpora…
Es gibt zwei Goldprojekte in Brasilien - in der weiteren Umgebung von Colossus Minerals:
„Coringa“ - 561,000oz M&I (3.2Mt @ 5.5g/t gold) + 534,000oz of Inferred (5.5Mt @ 3.0 g/t gold) sowie „Cuiú Cuiú“ - 100,000oz M&I (3.4Mt @ 1.0g/t gold) + 1,200,000oz of Inferred (31Mt @ 1.2g/t gold)
Für Coringa gibt es ein PEA vom November 2012 mit folgenden Werten:
IRR: 33 % (nach Steuern)
NPV: 110 Mio bei einem Goldpreis von $ 1.350,--/oz bei einer jährlichen Produktion von 51.000 Unzen
CAPEX: 65 Mio. US$
payback period: 2,9 years
Die Entscheidung zum Bau der Mine soll Ende 2013 erfolgen. Die Produktion beginnt nach heutigem Stand im zweiten Quartal 2015.
Die FS steht kurz vor der Vollendung (September bzw. Oktober 2013)
Das Management hat einen guten Ruf, Beispiel:
The Gold Report im Interview mit James West (Midas Letter) vom 17.02.2009:
“TGR: Your Midas Letter lists your top 10 junior stocks for 2009. Aren’t you also coming out with a small portfolio of recommendations?
JW: My mini portfolio for February includes the near-term 43-101-compliant companies such as we’ve been talking about, or companies with major exploration indicators based on either fantastic drill results or very high-caliber talent.
An example of the latter is Magellan Minerals Ltd. (TSX.V:MNM), which is at the top of my list in February’s mini-portfolio. It’s run by Dr. Alan Carter. A PhD geologist, he’s worked with BHP Billiton Ltd. (NYSE:BHP) (ASX:BHP) (PK SHEETS:BHPLF). He’s worked with the biggest and the best. He’s very well connected. He’s the one who discovered the Tocantinzinho project that is currently in Brazauro Resources Corp. (TSX.V:BZO). Brazauro just did a deal with El Dorado Gold Corporation (ELD.TO) (AMEX:EGO), whereby Eldorado Gold is going to earn into as much as 70% of the project in exchange for spending $123 million on it over the next six years. He discovered that project; he and his partner, Dennis Moore, are both principals in Magellan now. They retain an NSR (Net Smelter Royalty) on that property from Brazauro, but they’ve got this Ciúi Ciúi project, with a drill result there last summer of 220 meters of 2.01 grams per ton gold. That’s just spectacular.
TGR: Where is this project?
JW: It’s in the Tapajós region of Brazil on the same trend as the Tocantinzinho project, and that’s in Northern Brazil. So at Ciúi Ciúi, which is another district-sized play—something like 450 square kilometers—they’ve drilled into five targets that all have yielded substantial results, either long intercepts of low grade or smaller intercepts of high grade. Some of them have 3, 4, 5, 6 ounces of gold per ton. So that’s across five different deposits in a massive land package that has historically produced 20 to 30 million ounces from alluvial workings for the last 100 years.
So these guys just acquired the property in February last year. They started drilling it and got exceptional grades across all five targets. They have a massive bauxite showing; I think 42% is considered an economic commercial level of bauxite, and theirs ranges from 42% to 48%. That same area is home to one of the largest bauxite mines in the world, so they’ve got good diversity and super-high quality projects. They don’t have a 43-101-compliant resource yet, so this year 10,000 meters of drilling will put them in the position to make a determination as to a 43-101 resource. That’s the project.
Magellan Minerals has a total of some 30 million shares outstanding. Newmont Mining invested in 8% of those in the IPO at a dollar a share, and that was Magellan Minerals’ only financing. So it’s a great deal because you can basically bet along with Newmont at a 30% discount to what Newmont paid—just a fantastic opportunity.
TGR: Remarkable story.”
https://www.theaureport.com/pub/na/2246
Das war mit Sicherheit noch nicht alles Erwähnenswertes zu diesem Unternehmen.
Wann hier was geht, ist in meinen Augen eine Frage der Zeit…..Ich freue mich auf konstruktive Beiträge in diesem thread.
Grüße
pmodds
Antwort auf Beitrag Nr.: 45.244.057 von pmodds am 13.08.13 22:10:58Hallo pmodds,
auf den ersten Blick eine interessante Firma, danke für die Thread Eröffnung !
Durch Beadell Resources kenne ich mich ja in Brasilien etwas aus und weiß das man dort günstig profitable Minen eröffnen kann so mindestens bei klassischen Abbau & Verarbeitungsmethoden.
Coringa PEA
Bei der PEA von 2012 geht man von einem Goldpreis 1350$ aus, was "damals" absolut in Ordnung war, allerdings würde ich das mittlerweile als "bestes Szenario" beurteilen,ich vermute das sog. Paypack Period sich auf 4 Jahre belaufen dürfte. "Opex" von 531$ ist natürlich phantastisch,allerdings würde ich im Kopf mal +150$ rechnen bis 2015 (voraussichtlicher Produktionsbeginn)
Ich sehe das Problem bei der Finanzierung des Projektes auf Grund der derzeitigen Ressource von ca. 0.6 Mio. Unzen. Nach der Hälfte der Minen-Lebensdauer wird erst richtig Geld verdient, da müssen Investoren schon Geduld mitbringen,auch Du als Aktionär!
Die g/t Grade sind klasse, aber mich stört etwas dass die gesamte Ressource nicht höher ist !
Auch die anderen Projekte können sich sehen lassen ! Deshalb dürften auch 50% der Aktien in festen Händen sein/bleiben
Brasilien ist ein klasse Land für Explorer und Juniors, aber dennoch würde Magellan nur auf meiner <Watschlist> landen !
- Finanzierung ( da scheitern im Moment auch Firmen die die 10fache Ressource haben )
- Goldpreis Entwicklung
Aber schauen wir mal, wie bei vielen anderen guten Firmen muss man nicht sofort Aktionär werden
Viel Erfolg
Pirat
auf den ersten Blick eine interessante Firma, danke für die Thread Eröffnung !
Durch Beadell Resources kenne ich mich ja in Brasilien etwas aus und weiß das man dort günstig profitable Minen eröffnen kann so mindestens bei klassischen Abbau & Verarbeitungsmethoden.
Coringa PEA
Bei der PEA von 2012 geht man von einem Goldpreis 1350$ aus, was "damals" absolut in Ordnung war, allerdings würde ich das mittlerweile als "bestes Szenario" beurteilen,ich vermute das sog. Paypack Period sich auf 4 Jahre belaufen dürfte. "Opex" von 531$ ist natürlich phantastisch,allerdings würde ich im Kopf mal +150$ rechnen bis 2015 (voraussichtlicher Produktionsbeginn)
Ich sehe das Problem bei der Finanzierung des Projektes auf Grund der derzeitigen Ressource von ca. 0.6 Mio. Unzen. Nach der Hälfte der Minen-Lebensdauer wird erst richtig Geld verdient, da müssen Investoren schon Geduld mitbringen,auch Du als Aktionär!
Die g/t Grade sind klasse, aber mich stört etwas dass die gesamte Ressource nicht höher ist !
Auch die anderen Projekte können sich sehen lassen ! Deshalb dürften auch 50% der Aktien in festen Händen sein/bleiben
Brasilien ist ein klasse Land für Explorer und Juniors, aber dennoch würde Magellan nur auf meiner <Watschlist> landen !
- Finanzierung ( da scheitern im Moment auch Firmen die die 10fache Ressource haben )
- Goldpreis Entwicklung
Aber schauen wir mal, wie bei vielen anderen guten Firmen muss man nicht sofort Aktionär werden
Viel Erfolg
Pirat
Ich weis zwar nicht was du unter einiges bieten verstehst, aber das was man hier lesen kann ist für mich alles nichtsagend.
Daher für mich. Finger von die Dinger.
Daher für mich. Finger von die Dinger.
Hallo Pirat,
vielen Dank für Dein feedback.
Klar würde ich mich auch freuen, wenn die Ressource höher wäre. Mal sehen, was da noch kommt.
Nachfolgend eine Pressemitteilung vom 12.06.13:
Magellan Agrees Financial Advisory Role With Endeavour Financial For Project Financing At Coringa
June 12, 2013
Vancouver, BC, June 12th, 2013 – Magellan Minerals Ltd. (TSX-V: MNM, OTCQX: MAGNF) (“Magellan”) is pleased to announce that it has engaged Endeavour Financial Limited (Cayman) (“Endeavour”) to act as Magellan’s financial advisor regarding all aspects of identifying, assessing and securing project financing for the development of Magellan's Coringa gold project.
The Coringa project is located in the southern part of Para state in northern Brazil close to existing infrastructure.
Commenting on the agreement with Endeavour, Alan Carter, President & CEO, stated “despite extremely difficult market conditions, we continue to progress with the feasibility study at Coringa. Our PEA of December 2012 indicates a life of mine grade of 5.7 g/t gold, an IRR of 33% at an assumed gold price of $1,350/oz, and an initial capital cost of $65M for a gold mine that is expected to produce in excess of 50,000oz of gold per year. Our agreement with Endeavour will allow us to thoroughly assess in a timely fashion, the available project financing alternatives as we advance the project through feasibility to a construction decision”.
About Endeavour
Endeavour Financial Limited (Cayman) is a private independent merchant banking company focused on providing expert and unbiased financial advisory services to the global natural resources sector. Endeavour has a history of achieving success for clients based on resource industry focus, innovative transaction skills and the diverse professional backgrounds of its award-winning team. Offering advice in project, corporate and debt capital markets; equity-linked financings; mergers and acquisitions; and strategic business development over more than two decades, Endeavour has established itself as a leading financial advisor in the natural resources sector. Specific to the mining sector, in the last ten years the firm has closed in excess of US$ 4 billion of development financings for single-asset emerging producers.
About Magellan
Magellan Minerals (TSX-V: MNM)(OTCQX: MAGNF) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Coringa project is currently the subject of a Feasibility Study and contains Measured and Indicated resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold). The Cuiu Cuiu project contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and 1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold).
http://magellanminerals.com/news/news_releases/index.php?&co…
Grüße
pmodds
vielen Dank für Dein feedback.
Klar würde ich mich auch freuen, wenn die Ressource höher wäre. Mal sehen, was da noch kommt.
Nachfolgend eine Pressemitteilung vom 12.06.13:
Magellan Agrees Financial Advisory Role With Endeavour Financial For Project Financing At Coringa
June 12, 2013
Vancouver, BC, June 12th, 2013 – Magellan Minerals Ltd. (TSX-V: MNM, OTCQX: MAGNF) (“Magellan”) is pleased to announce that it has engaged Endeavour Financial Limited (Cayman) (“Endeavour”) to act as Magellan’s financial advisor regarding all aspects of identifying, assessing and securing project financing for the development of Magellan's Coringa gold project.
The Coringa project is located in the southern part of Para state in northern Brazil close to existing infrastructure.
Commenting on the agreement with Endeavour, Alan Carter, President & CEO, stated “despite extremely difficult market conditions, we continue to progress with the feasibility study at Coringa. Our PEA of December 2012 indicates a life of mine grade of 5.7 g/t gold, an IRR of 33% at an assumed gold price of $1,350/oz, and an initial capital cost of $65M for a gold mine that is expected to produce in excess of 50,000oz of gold per year. Our agreement with Endeavour will allow us to thoroughly assess in a timely fashion, the available project financing alternatives as we advance the project through feasibility to a construction decision”.
About Endeavour
Endeavour Financial Limited (Cayman) is a private independent merchant banking company focused on providing expert and unbiased financial advisory services to the global natural resources sector. Endeavour has a history of achieving success for clients based on resource industry focus, innovative transaction skills and the diverse professional backgrounds of its award-winning team. Offering advice in project, corporate and debt capital markets; equity-linked financings; mergers and acquisitions; and strategic business development over more than two decades, Endeavour has established itself as a leading financial advisor in the natural resources sector. Specific to the mining sector, in the last ten years the firm has closed in excess of US$ 4 billion of development financings for single-asset emerging producers.
About Magellan
Magellan Minerals (TSX-V: MNM)(OTCQX: MAGNF) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Coringa project is currently the subject of a Feasibility Study and contains Measured and Indicated resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold). The Cuiu Cuiu project contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and 1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold).
http://magellanminerals.com/news/news_releases/index.php?&co…
Grüße
pmodds
Magellan Minerals Ltd. bohrt bei Coringa 3 m mit 12,58 g/t Gold
Magellan Minerals Ltd. Magellan Minerals Limited veröffentlichte gestern die Ergebnisse von sechs weiteren Diamantbohrlöchern über insgesamt 1,455 m, welche bei den Zonen Come Quieto, Mae de Leite und Serra innerhalb seines Coringa-Projektes im brasilianischen Bundesstaat Pará angefertigt wurden, um die bestehenden abgeleiteten Goldressourcen zu testen. Zu den besten neuen Ergebnissen gehören:
Come Quieto:
• Bohrloch DDH 174:
8,0 m mit 2,05 g/t Gold (darin 2,0 m mit 7,05 g/t Gold)
• Bohrloch DDH 175:
0,5 m mit 1,01 g/t Gold, 0,5 m mit 1,15 g/t Gold und 0,5 m mit 1,55 g/t Gold
Mae de Leite:
• Bohrloch DDH 176:
0,5 m mit 3,82 g/t Gold und 3,0 m mit 12,58 g/t Gold
• Bohrloch DDH 178:
2,2 m mit 4,91 g/t Gold, 1,2 m mit 1,65 g/t Gold und 0,5 m mit 8,78 g/t Gold
Serra:
• Bohrloch DDH 177:
0,5 m mit 0,80 g/t Gold und 0,6 m mit 0,68 g/t Gold
• Bohrloch DDH 179:
1,7 m mit 12,05 g/t Gold
© Redaktion MinenPortal.de
Redaktion, 12.09.13 - 11:07 Uhr
http://www.minenportal.de/artikel.php?sid=25458#Magellan-Min…
Magellan Minerals Ltd. Magellan Minerals Limited veröffentlichte gestern die Ergebnisse von sechs weiteren Diamantbohrlöchern über insgesamt 1,455 m, welche bei den Zonen Come Quieto, Mae de Leite und Serra innerhalb seines Coringa-Projektes im brasilianischen Bundesstaat Pará angefertigt wurden, um die bestehenden abgeleiteten Goldressourcen zu testen. Zu den besten neuen Ergebnissen gehören:
Come Quieto:
• Bohrloch DDH 174:
8,0 m mit 2,05 g/t Gold (darin 2,0 m mit 7,05 g/t Gold)
• Bohrloch DDH 175:
0,5 m mit 1,01 g/t Gold, 0,5 m mit 1,15 g/t Gold und 0,5 m mit 1,55 g/t Gold
Mae de Leite:
• Bohrloch DDH 176:
0,5 m mit 3,82 g/t Gold und 3,0 m mit 12,58 g/t Gold
• Bohrloch DDH 178:
2,2 m mit 4,91 g/t Gold, 1,2 m mit 1,65 g/t Gold und 0,5 m mit 8,78 g/t Gold
Serra:
• Bohrloch DDH 177:
0,5 m mit 0,80 g/t Gold und 0,6 m mit 0,68 g/t Gold
• Bohrloch DDH 179:
1,7 m mit 12,05 g/t Gold
© Redaktion MinenPortal.de
Redaktion, 12.09.13 - 11:07 Uhr
http://www.minenportal.de/artikel.php?sid=25458#Magellan-Min…
Trading Spotlight
Ich habe die Aktie nicht. Aber gegen ein schönes Projekt in Brasilien würde ich mich auch nicht mit aaaaaller Kraft wehren:
Magellan Signs Letter of Intent on Pocone Project, Brazil - Mar 3, 2014
www.marketwired.com/press-release/magellan-signs-letter-of-i…
"Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to announce that it has signed a binding Letter of Intent with Ross Beaty ("RB") to partner on its interests in the Pocone gold belt in the state of Mato Grosso in western Brazil.
Magellan holds interests in two joint ventures in the Pocone area that include approximately 64,090ha which are held in a 50:50 joint venture with a private Canadian company, ECI Exploration and Mining Limited ("ECI"). In addition, Magellan owns a 35% interest in Pocone Gold Mineracao Ltda ("Pocone Gold"), a private Brazilian company which is also 35% owned by ECI, and a private Brazilian company called Brasil Central Engenharia Ltda which owns a 30% interest. Pocone Gold controls approximately 122,390 ha in the Pocone region.
The principal terms of the agreement are as follows:
- RB will pay Magellan a total of $1M in cash including $250,000 on execution of a definitive agreement within 30 days, and a further $250,000 on the first anniversary
- An additional $250,000 will be paid to Magellan once ECI and Magellan complete the transfer of their claims to Newco, and the remaining $250,000 will be paid on the first anniversary of this transfer
- ECI will sell its interests in the Pocone belt to RB according to the same terms
- In addition, RB will invest a total of $5M into Newco on signing a definitive agreement for a 60% interest. Magellan and ECI will each retain a 20% interest in Newco. In the event that Magellan's interest drops below 10% it shall convert to a 0.5% NSR on any future gold production
- RB will also reimburse Magellan and ECI up to a maximum of $80,000 to cover the annual cost of holding the properties
The Pocone gold belt extends for at least 90km and is located in the southern part of the state of Mato Grosso. It is characterized by a series of highly deformed schists that are cut by gold-bearing vein swarms. Approximately 50 small open pit gold mines are currently in operation throughout the belt which has an estimated historic production of 6-12Moz of gold.
Commenting on the agreement, Alan Carter, President and CEO of Magellan said "we are extremely pleased to have Ross Beaty as a partner in the Pocone gold belt which we "believe" has world class "potential". Ross brings significant resources and technical expertise to the venture, as well as a highly respected team that has a proven track record in creating significant shareholder value".
The agreement is subject to approval of Magellan's Board of Directors and the TSXV exchange. A definitive agreement will be executed within 30 days.
Ross Beaty is a geologist and mining entrepreneur with more than 38 years of experience in the international minerals industry.
Magellan Minerals Ltd. (TSX VENTURE:MNM) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Coringa project contains Measured and Indicated resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold) and is currently undergoing a bankable feasibility study. The Cuiu Cuiu project contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and 1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold).
Contact Information
Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
info@magellanminerals.com "
Magellan Signs Letter of Intent on Pocone Project, Brazil - Mar 3, 2014
www.marketwired.com/press-release/magellan-signs-letter-of-i…
"Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to announce that it has signed a binding Letter of Intent with Ross Beaty ("RB") to partner on its interests in the Pocone gold belt in the state of Mato Grosso in western Brazil.
Magellan holds interests in two joint ventures in the Pocone area that include approximately 64,090ha which are held in a 50:50 joint venture with a private Canadian company, ECI Exploration and Mining Limited ("ECI"). In addition, Magellan owns a 35% interest in Pocone Gold Mineracao Ltda ("Pocone Gold"), a private Brazilian company which is also 35% owned by ECI, and a private Brazilian company called Brasil Central Engenharia Ltda which owns a 30% interest. Pocone Gold controls approximately 122,390 ha in the Pocone region.
The principal terms of the agreement are as follows:
- RB will pay Magellan a total of $1M in cash including $250,000 on execution of a definitive agreement within 30 days, and a further $250,000 on the first anniversary
- An additional $250,000 will be paid to Magellan once ECI and Magellan complete the transfer of their claims to Newco, and the remaining $250,000 will be paid on the first anniversary of this transfer
- ECI will sell its interests in the Pocone belt to RB according to the same terms
- In addition, RB will invest a total of $5M into Newco on signing a definitive agreement for a 60% interest. Magellan and ECI will each retain a 20% interest in Newco. In the event that Magellan's interest drops below 10% it shall convert to a 0.5% NSR on any future gold production
- RB will also reimburse Magellan and ECI up to a maximum of $80,000 to cover the annual cost of holding the properties
The Pocone gold belt extends for at least 90km and is located in the southern part of the state of Mato Grosso. It is characterized by a series of highly deformed schists that are cut by gold-bearing vein swarms. Approximately 50 small open pit gold mines are currently in operation throughout the belt which has an estimated historic production of 6-12Moz of gold.
Commenting on the agreement, Alan Carter, President and CEO of Magellan said "we are extremely pleased to have Ross Beaty as a partner in the Pocone gold belt which we "believe" has world class "potential". Ross brings significant resources and technical expertise to the venture, as well as a highly respected team that has a proven track record in creating significant shareholder value".
The agreement is subject to approval of Magellan's Board of Directors and the TSXV exchange. A definitive agreement will be executed within 30 days.
Ross Beaty is a geologist and mining entrepreneur with more than 38 years of experience in the international minerals industry.
Magellan Minerals Ltd. (TSX VENTURE:MNM) is a TSX Venture Exchange listed exploration and development company with two advanced gold properties in the Tapajos Province of northern Brazil. The Coringa project contains Measured and Indicated resources of 561,000oz of gold (3.2Mt @ 5.5g/t gold) and Inferred resources of 534,000oz of gold (5.5Mt @ 3.0g/t gold) and is currently undergoing a bankable feasibility study. The Cuiu Cuiu project contains 100,000oz of gold in the Indicated category (3.4Mt @ 1.0g/t gold) and 1,200,000oz of gold in the Inferred category (31Mt @ 1.2g/t gold).
Contact Information
Magellan Minerals Ltd.
Alan Carter
President and CEO
604.676.5663
info@magellanminerals.com "
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