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Hallo,
hat sich schon mal jemand mit Queenstake auseinandergesetzt.
zur Zeit betreiben sie 4 Minen
positiver Cashflow ab 1.Quartal 2006 erwartet (ev. vorher)
bin mit kleiner Pos. schon drin
hat sich schon mal jemand mit Queenstake auseinandergesetzt.
zur Zeit betreiben sie 4 Minen
positiver Cashflow ab 1.Quartal 2006 erwartet (ev. vorher)
bin mit kleiner Pos. schon drin
bislang wurden mehr als 10 Mio Aktien gehandelt (4. bester Umsatz an der TSX und 10% im plus
Queenstake`s Third Quarter 2005 Operating Highlights on Track with Redevelopment Plan and 2005 Production Estimates
10/6/05
DENVER, COLORADO, Oct 6, 2005 (CCNMatthews via COMTEX) --
Queenstake Resources Ltd. (TSX:QRL)(AMEX:QEE) reported that its Jerritt Canyon operations in northeastern Nevada produced 49,613 ounces of gold during the third quarter of 2005, slightly better than was expected under the new redevelopment plan.
Third quarter gold sales totaled 54,445 ounces under the redevelopment plan, which was implemented in mid-August 2005. The financial results for the third quarter of 2005 are pending and will be reported by mid-November 2005.
Commenting on the third quarter operating performance, President and Chief Executive Officer of Queenstake Dorian L. (Dusty) Nicol said, "After seven weeks of operating under the redevelopment plan, several key indicators show that the Jerritt Canyon operations are progressing well under the redevelopment plan. Gold production of 49,613 ounces slightly exceeded the new plan average mill ore grade of 0.21 ounce of gold per ton (opt) was on target and capitalized mine development of 2,570 feet completed was on track during the quarter. The scale back in production from operating two roasters to one roaster at a time was clearly the right path towards optimization of Jerritt Canyon. Based on the operating results from the third quarter, we remain confident in our full year 2005 production estimate of 200,000 to 220,000 ounces."
Redevelopment Plan Progress
During the third quarter, the average processed ore grade progressively improved from 0.18 opt in July 2005 to 0.25 opt in September 2005 for an average processed grade of 0.21 opt for the third quarter, in line with the redevelopment plan. The mill recovery rate for the quarter held steady at 86.5% in accordance with the plan.
Capitalized mine development completed improved from 2,150 feet in the second quarter of 2005 to 2,570 feet for the third quarter of 2005. Jerritt Canyon has allocated more internal resources to capitalized mine development and engaged a mining contractor to accelerate capitalized mine development in order to maintain production in 2006 comparable to 2005`s estimates.
The connection between the SSX and Steer underground mines has been completed. This is expected to allow better operational efficiency of labor, equipment and maintenance in a combined SSX-Steer mining complex.
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon district in Nevada. Jerritt Canyon has produced over seven million ounces of gold since 1981. Current production at the property is from underground mines. The Jerritt Canyon district comprises over 100 square miles of geologically prospective ground and represents one of the largest contiguous exploration properties in Nevada.
Cautionary Statement - This news release contains "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake`s future plans are forward-looking statements that involve various known and unknown risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates and projections of future gold production and cash operating costs, (ii) estimates of savings or cost reductions and (iii) estimates related to financial performance, including cash flow. Forward-looking statements are subject to risks, uncertainties and other factors, including gold and other commodity price volatility, political and operational risks, mine development, production and cost estimate risks and other risks which are described in the Company`s most recent Annual Report on Form 40-F on file with the Securities and Exchange Commission (SEC), as it may be updated in subsequent filings. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SEC file number 0-24096
SOURCE: Queenstake Resources Ltd.
Queenstake Resources Ltd. Wendy Yang (303) 297-1557 ext. 105 or 1-800-276-6070 info@queenstake.com www.queenstake.com
Copyright (C) 2005 CCNMatthews. All rights reserved.
10/6/05
DENVER, COLORADO, Oct 6, 2005 (CCNMatthews via COMTEX) --
Queenstake Resources Ltd. (TSX:QRL)(AMEX:QEE) reported that its Jerritt Canyon operations in northeastern Nevada produced 49,613 ounces of gold during the third quarter of 2005, slightly better than was expected under the new redevelopment plan.
Third quarter gold sales totaled 54,445 ounces under the redevelopment plan, which was implemented in mid-August 2005. The financial results for the third quarter of 2005 are pending and will be reported by mid-November 2005.
Commenting on the third quarter operating performance, President and Chief Executive Officer of Queenstake Dorian L. (Dusty) Nicol said, "After seven weeks of operating under the redevelopment plan, several key indicators show that the Jerritt Canyon operations are progressing well under the redevelopment plan. Gold production of 49,613 ounces slightly exceeded the new plan average mill ore grade of 0.21 ounce of gold per ton (opt) was on target and capitalized mine development of 2,570 feet completed was on track during the quarter. The scale back in production from operating two roasters to one roaster at a time was clearly the right path towards optimization of Jerritt Canyon. Based on the operating results from the third quarter, we remain confident in our full year 2005 production estimate of 200,000 to 220,000 ounces."
Redevelopment Plan Progress
During the third quarter, the average processed ore grade progressively improved from 0.18 opt in July 2005 to 0.25 opt in September 2005 for an average processed grade of 0.21 opt for the third quarter, in line with the redevelopment plan. The mill recovery rate for the quarter held steady at 86.5% in accordance with the plan.
Capitalized mine development completed improved from 2,150 feet in the second quarter of 2005 to 2,570 feet for the third quarter of 2005. Jerritt Canyon has allocated more internal resources to capitalized mine development and engaged a mining contractor to accelerate capitalized mine development in order to maintain production in 2006 comparable to 2005`s estimates.
The connection between the SSX and Steer underground mines has been completed. This is expected to allow better operational efficiency of labor, equipment and maintenance in a combined SSX-Steer mining complex.
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon district in Nevada. Jerritt Canyon has produced over seven million ounces of gold since 1981. Current production at the property is from underground mines. The Jerritt Canyon district comprises over 100 square miles of geologically prospective ground and represents one of the largest contiguous exploration properties in Nevada.
Cautionary Statement - This news release contains "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake`s future plans are forward-looking statements that involve various known and unknown risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates and projections of future gold production and cash operating costs, (ii) estimates of savings or cost reductions and (iii) estimates related to financial performance, including cash flow. Forward-looking statements are subject to risks, uncertainties and other factors, including gold and other commodity price volatility, political and operational risks, mine development, production and cost estimate risks and other risks which are described in the Company`s most recent Annual Report on Form 40-F on file with the Securities and Exchange Commission (SEC), as it may be updated in subsequent filings. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SEC file number 0-24096
SOURCE: Queenstake Resources Ltd.
Queenstake Resources Ltd. Wendy Yang (303) 297-1557 ext. 105 or 1-800-276-6070 info@queenstake.com www.queenstake.com
Copyright (C) 2005 CCNMatthews. All rights reserved.
die Zahlen für das 3.Quartal werden am kommenden Montag veröffentlicht.
es könnte dann langfristig wieder bergauf gehen, wenn sich ein positiver Cash-Flow abzeichnet.
Analysten sehen ein Kursziel von 0,40-0,50 Can$.
DENVER, COLORADO, Nov 8, 2005 (CCNMatthews via COMTEX) --
Queenstake Resources Ltd. (TSX:QRL)(AMEX:QEE) announces its third quarter results conference call on Monday, November 14th at 12:00 noon, EST.
The conference call may be accessed by telephone:
United States and Canada (Toll-Free): 1-800-683-1575
International (Toll): 1-973-935-2405
The conference call may also be accessed via the Queenstake web site at www.queenstake.com, under the audio webcast link on the homepage.
A replay of this call will be available for a limited time on the Queenstake web site or by calling:
United States and Canada (Toll Free): 1-877-519-4471
International (Toll): 1-973-341-3080
Replay Pin Number: 6657758
SEC file number 0-24096
SOURCE: Queenstake Resources Ltd.
Queenstake Resources Ltd. Wendy Yang (303) 297-1557 ext. 105 or Toll Free: 1-800-276-6070 info@queenstake.com www.queenstake.com
Copyright (C) 2005 CCNMatthews. All rights reserved.
es könnte dann langfristig wieder bergauf gehen, wenn sich ein positiver Cash-Flow abzeichnet.
Analysten sehen ein Kursziel von 0,40-0,50 Can$.
DENVER, COLORADO, Nov 8, 2005 (CCNMatthews via COMTEX) --
Queenstake Resources Ltd. (TSX:QRL)(AMEX:QEE) announces its third quarter results conference call on Monday, November 14th at 12:00 noon, EST.
The conference call may be accessed by telephone:
United States and Canada (Toll-Free): 1-800-683-1575
International (Toll): 1-973-935-2405
The conference call may also be accessed via the Queenstake web site at www.queenstake.com, under the audio webcast link on the homepage.
A replay of this call will be available for a limited time on the Queenstake web site or by calling:
United States and Canada (Toll Free): 1-877-519-4471
International (Toll): 1-973-341-3080
Replay Pin Number: 6657758
SEC file number 0-24096
SOURCE: Queenstake Resources Ltd.
Queenstake Resources Ltd. Wendy Yang (303) 297-1557 ext. 105 or Toll Free: 1-800-276-6070 info@queenstake.com www.queenstake.com
Copyright (C) 2005 CCNMatthews. All rights reserved.
das kam gestern nachbörslich, Queenstake erweitert Resourcen:
Queenstake Drills High Grade Mineralization
Tuesday November 8, 6:58 pm ET
Potential to Extend Mine Life at Smith Mine
DENVER--(BUSINESS WIRE)--Nov. 8, 2005--Queenstake Resources Ltd. (TSX:QRL - News; AMEX:QEE - News) reported that its surface drilling program has encountered high grade gold intercepts, extending the known mineralization outside the current resource(1) boundary of the Smith Mine. The results(2) will be incorporated in a new mine model that will be used in the estimation of reserves and resources(1) at year-end 2005 and could extend the projected life of mine at Smith.
Commenting on the exploration results, President and Chief Executive Officer Dorian L. (Dusty) Nicol said, "These excellent results from the Mahala and West Dash deposits suggest likely gold resource additions at the Smith Mine and associated high-grade Mahala deposit that could extend the mine life at Smith. Pending incorporation of these results into a new mine model, we believe these results could expand the resource and improve the grade at West Dash and could expand near-term mineable reserves at Mahala. Our geologists have done an excellent job in interpreting the controlling structures for drill targets and continuing to discover high-grade mineralization around our mines."
At the Mahala deposit, which commenced commercial production in mid-August 2005 following commissioning of the ventilation and escape-way raise, three reverse circulation(3) holes were completed in September 2005, totaling 2,735 feet. Positive results included an intercept of 20 feet with an average grade of 0.972 ounce of gold per ton (opt). This drill hole is approximately 800 feet northwest of the current drift in Zone 4 at Smith. Follow up drilling is planned this year that could add reserves to be mined in 2007. Mahala had measured and indicated resources, including reserves of 486,000 tons at 0.305 opt, containing 148,000 ounces of gold, at year-end 2004. The following table shows drill intercepts of 10 feet or more at a grade of 0.20 opt or higher.
Table 1: Mahala Results Highlights (4, 5)
--------------------------------------------------
From To Length Grade
Hole # Dip (feet) (feet) (feet) (opt)
--------------------------------------------------
MAH-280 -90 665 675 10 0.265
--------------------------------------------------
MAH-282 -90 635 675 40 0.241
--------------------------------------------------
with -90 655 675 20 0.333
--------------------------------------------------
and -90 730 750 20 0.972
--------------------------------------------------
In October 2005, six reverse circulation(3) holes were completed from surface, totaling 4,140 feet, to expand the West Dash resource, which is approximately 800 feet west of the main drift for the Smith Mine. Positive results from four of the holes indicate expected additions at year-end 2005 to the 2004 indicated resources of 83,000 tons grading 0.269 opt, containing 22,300 ounces of gold, and inferred resources of 109,600 tons grading 0.244 opt, containing 11,700 ounces of gold. Results included one hole with intercepts of 30 feet of 0.544 opt and 15 feet of 0.456 opt, which could improve the average grade of mineralization. The following table shows intercepts of 10 feet or more at a grade of 0.20 opt or higher.
Table 2: West Dash Results Highlights (4, 5)
--------------------------------------------------
From To Length Grade
Hole # Dip (feet) (feet) (feet) (opt)
--------------------------------------------------
SH-1058A -80 440 455 15 0.229
--------------------------------------------------
SH-1059 -90 545 575 30 0.544
--------------------------------------------------
585 600 15 0.456
--------------------------------------------------
SH-1091 -90 545 560 15 0.258
--------------------------------------------------
(See Appendix Maps 1 and 2 for the location of the drill holes. These maps are available under the Investor Information/News Releases section at www.queenstake.com). A near-mine surface and underground drilling program continues, targeting resource conversion and discovery of new resources and reserves. The Company currently has two surface drill rigs conducting near-mine exploration at Mahala and West Dash and another three surface rigs being utilized for district exploration at Starvation Canyon.
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon district in Nevada. Jerritt Canyon has produced over seven million ounces of gold since 1981. Current production at the property is from underground mines. The Jerritt Canyon district comprises over 100 square miles of geologically prospective ground and represents one of the largest contiguous exploration properties in Nevada.
Notes:
(1) "Resources" or "resource" used in this news release are as defined in National Instrument 43-101 of the Canadian Securities Administrators and are not terms recognized or defined by the U.S. Securities and Exchange Commission (SEC). Mineral resources are not reserves and do not have economic viability. For further information, please refer to the risk factors and definitions of reserves and resources in the Company`s filings on SEDAR and with the SEC on the Company`s website, www.queenstake.com. The Qualified Person for the technical information contained in this news release is Mr. Dorian L. (Dusty) Nicol, President and Chief Executive Officer of Queenstake.
(2) A complete data set, from which the drill results highlighted in this news release were derived, is available as an Appendix to this news release under the Investor Information/News section on the Company`s website, www.queenstake.com.
(3) Surface and underground drilling use either core or reverse circulation methods for near-mine and surface exploration programs at Jerritt Canyon. Underground reverse circulation drilling has demonstrated accuracy in ore control definition drilling and for resource conversion at Jerritt Canyon`s mines. However, reverse circulation drilling can result in a lower degree of confidence and less geologic information than core drilling.
(4) Results presented in this news release were analyzed using standard fire assay techniques at the Company`s Jerritt Canyon laboratory. Intercepts are reported as drilled and are not necessarily "true width".
(5) A description of the geology, sampling procedures and the Company`s laboratory Quality Assurance/Quality Control procedures are described in the Company`s National Instrument 43-101 Technical Report filed on Sedar on February 23, 2005. This report is available under Investor Information/Financial Information/Sedar Filings at www.queenstake.com.
Cautionary Statement - This news release contains "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake`s future plans are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates and projections of reserves and resources, (ii) estimates and opinions regarding geologic and mineralization interpretation and (ii) estimates of exploration investment and scope of exploration programs. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements, in particular the estimates do not include input cost increases that could occur in future. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Queenstake does not undertake any obligation to update forward-looking statements should conditions or management`s estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including gold and other commodity price volatility, political and operational risks, which are described in in the Company`s 2004 Annual Report on Form 40-F on file with the Securities and Exchange Commission as well as the Company`s other SEC filings.
SEC file number 0-24096
The Toronto Stock Exchange has neither reviewed nor accepts respon sibility for the adequacy or accuracy of this release. Queenstake Resources Ltd. (TSX:QRL - News; AMEX:QEE - News)
Contact:
Queenstake Resources Ltd.
Wendy Yang
(303) 297-1557 ext. 105 or 1-800-276-6070
info@queenstake.com
www.queenstake.com
Queenstake Drills High Grade Mineralization
Tuesday November 8, 6:58 pm ET
Potential to Extend Mine Life at Smith Mine
DENVER--(BUSINESS WIRE)--Nov. 8, 2005--Queenstake Resources Ltd. (TSX:QRL - News; AMEX:QEE - News) reported that its surface drilling program has encountered high grade gold intercepts, extending the known mineralization outside the current resource(1) boundary of the Smith Mine. The results(2) will be incorporated in a new mine model that will be used in the estimation of reserves and resources(1) at year-end 2005 and could extend the projected life of mine at Smith.
Commenting on the exploration results, President and Chief Executive Officer Dorian L. (Dusty) Nicol said, "These excellent results from the Mahala and West Dash deposits suggest likely gold resource additions at the Smith Mine and associated high-grade Mahala deposit that could extend the mine life at Smith. Pending incorporation of these results into a new mine model, we believe these results could expand the resource and improve the grade at West Dash and could expand near-term mineable reserves at Mahala. Our geologists have done an excellent job in interpreting the controlling structures for drill targets and continuing to discover high-grade mineralization around our mines."
At the Mahala deposit, which commenced commercial production in mid-August 2005 following commissioning of the ventilation and escape-way raise, three reverse circulation(3) holes were completed in September 2005, totaling 2,735 feet. Positive results included an intercept of 20 feet with an average grade of 0.972 ounce of gold per ton (opt). This drill hole is approximately 800 feet northwest of the current drift in Zone 4 at Smith. Follow up drilling is planned this year that could add reserves to be mined in 2007. Mahala had measured and indicated resources, including reserves of 486,000 tons at 0.305 opt, containing 148,000 ounces of gold, at year-end 2004. The following table shows drill intercepts of 10 feet or more at a grade of 0.20 opt or higher.
Table 1: Mahala Results Highlights (4, 5)
--------------------------------------------------
From To Length Grade
Hole # Dip (feet) (feet) (feet) (opt)
--------------------------------------------------
MAH-280 -90 665 675 10 0.265
--------------------------------------------------
MAH-282 -90 635 675 40 0.241
--------------------------------------------------
with -90 655 675 20 0.333
--------------------------------------------------
and -90 730 750 20 0.972
--------------------------------------------------
In October 2005, six reverse circulation(3) holes were completed from surface, totaling 4,140 feet, to expand the West Dash resource, which is approximately 800 feet west of the main drift for the Smith Mine. Positive results from four of the holes indicate expected additions at year-end 2005 to the 2004 indicated resources of 83,000 tons grading 0.269 opt, containing 22,300 ounces of gold, and inferred resources of 109,600 tons grading 0.244 opt, containing 11,700 ounces of gold. Results included one hole with intercepts of 30 feet of 0.544 opt and 15 feet of 0.456 opt, which could improve the average grade of mineralization. The following table shows intercepts of 10 feet or more at a grade of 0.20 opt or higher.
Table 2: West Dash Results Highlights (4, 5)
--------------------------------------------------
From To Length Grade
Hole # Dip (feet) (feet) (feet) (opt)
--------------------------------------------------
SH-1058A -80 440 455 15 0.229
--------------------------------------------------
SH-1059 -90 545 575 30 0.544
--------------------------------------------------
585 600 15 0.456
--------------------------------------------------
SH-1091 -90 545 560 15 0.258
--------------------------------------------------
(See Appendix Maps 1 and 2 for the location of the drill holes. These maps are available under the Investor Information/News Releases section at www.queenstake.com). A near-mine surface and underground drilling program continues, targeting resource conversion and discovery of new resources and reserves. The Company currently has two surface drill rigs conducting near-mine exploration at Mahala and West Dash and another three surface rigs being utilized for district exploration at Starvation Canyon.
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon district in Nevada. Jerritt Canyon has produced over seven million ounces of gold since 1981. Current production at the property is from underground mines. The Jerritt Canyon district comprises over 100 square miles of geologically prospective ground and represents one of the largest contiguous exploration properties in Nevada.
Notes:
(1) "Resources" or "resource" used in this news release are as defined in National Instrument 43-101 of the Canadian Securities Administrators and are not terms recognized or defined by the U.S. Securities and Exchange Commission (SEC). Mineral resources are not reserves and do not have economic viability. For further information, please refer to the risk factors and definitions of reserves and resources in the Company`s filings on SEDAR and with the SEC on the Company`s website, www.queenstake.com. The Qualified Person for the technical information contained in this news release is Mr. Dorian L. (Dusty) Nicol, President and Chief Executive Officer of Queenstake.
(2) A complete data set, from which the drill results highlighted in this news release were derived, is available as an Appendix to this news release under the Investor Information/News section on the Company`s website, www.queenstake.com.
(3) Surface and underground drilling use either core or reverse circulation methods for near-mine and surface exploration programs at Jerritt Canyon. Underground reverse circulation drilling has demonstrated accuracy in ore control definition drilling and for resource conversion at Jerritt Canyon`s mines. However, reverse circulation drilling can result in a lower degree of confidence and less geologic information than core drilling.
(4) Results presented in this news release were analyzed using standard fire assay techniques at the Company`s Jerritt Canyon laboratory. Intercepts are reported as drilled and are not necessarily "true width".
(5) A description of the geology, sampling procedures and the Company`s laboratory Quality Assurance/Quality Control procedures are described in the Company`s National Instrument 43-101 Technical Report filed on Sedar on February 23, 2005. This report is available under Investor Information/Financial Information/Sedar Filings at www.queenstake.com.
Cautionary Statement - This news release contains "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake`s future plans are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates and projections of reserves and resources, (ii) estimates and opinions regarding geologic and mineralization interpretation and (ii) estimates of exploration investment and scope of exploration programs. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements, in particular the estimates do not include input cost increases that could occur in future. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Queenstake does not undertake any obligation to update forward-looking statements should conditions or management`s estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including gold and other commodity price volatility, political and operational risks, which are described in in the Company`s 2004 Annual Report on Form 40-F on file with the Securities and Exchange Commission as well as the Company`s other SEC filings.
SEC file number 0-24096
The Toronto Stock Exchange has neither reviewed nor accepts respon sibility for the adequacy or accuracy of this release. Queenstake Resources Ltd. (TSX:QRL - News; AMEX:QEE - News)
Contact:
Queenstake Resources Ltd.
Wendy Yang
(303) 297-1557 ext. 105 or 1-800-276-6070
info@queenstake.com
www.queenstake.com
die Zahlen für das 3.Quartal sind soeben erschienen, der Conference Call ist für 12 Uhr EST vorgesehen.
News Release 2005-30 November 14, 2005
SEC file number 0-24096
Queenstake`s Third Quarter 2005 Results in Line with Redevelopment Plan;
Full Year 2005 Estimates Reaffirmed
Denver, Colorado - November 14, 2005 - Queenstake Resources Ltd. (TSX:QRL, AMEX:QEE) reported gold sales of 54,446 ounces at cash operating costs of $401 per ounce for the third quarter of 2005, in line with the redevelopment plan as previously announced. (Refer to the news releases of August 11 and September 26, 2005.) Third quarter gold production of 49,613 ounces slightly exceeded the redevelopment plan as the Jerritt Canyon operations made good progress in execution of the new plan.
Under the redevelopment plan implemented in mid-August 2005, Jerritt Canyon production was scaled back from operating two roasters to one roaster at a time to match mill processing with an optimal mining rate. Highlights from operating and financial results included:
* Positive key indicators showed the redevelopment plan was on track in ounces produced, cash operating costs, mill ore grade and capitalized development footage;
* Cash generated from operating activities increased 80% to $5.4 million from the third quarter of 2004;
* Cash and cash equivalents on September 30, 2005 totaled approximately $14.0 million, compared with $16.9 million at the end of the second quarter of 2005 and $6.1 million at the end of 2004; and
* Commercial production commenced at the new Steer Mine in early October 2005 and from the Mahala deposit, one of the highest grade reserves at Jerritt Canyon and mined as part of the Smith Mine, in August 2005. The SSX Mine produced its millionth ounce in October 2005 since the mine commenced production in 1997, becoming the fifth mine to exceed a million ounces of production at Jerritt Canyon.
For the third quarter of 2005, the Company reported a net loss of $4.3 million, compared with net losses of $5.7 million in the second quarter of 2005 and $5.4 million in the year ago quarter.
Commenting on the results, Queenstake President and Chief Executive Officer Dorian L. (Dusty) Nicol said, "Jerritt Canyon has made significant progress in optimizing the operations under the redevelopment plan over the last seven weeks of the third quarter. Based on the quarter results and steady operating performance in October 2005, we remain confident in our full year 2005 production estimate of 200,000 to 220,000 ounces at cash operating costs of $380 to $390 per ounce."
Financial Review
Third quarter revenue from gold sales totaled $23.7 million compared with $28.0 million for the year ago quarter. This was due to less gold ounces sold, as was expected under the redevelopment plan, partially offset by a higher realized gold price of $442 per ounce in the third quarter of 2005 compared with $402 a year ago. Third quarter 2005 operating costs were $22.4 million as expected under the redevelopment plan. Cash operating costs at $401 per ounce for the third quarter were in line with the redevelopment plan as ounces produced and ore tons processed were better than expected, offsetting higher energy and commodity costs
Depreciation, depletion and amortization decreased 34% from the 2004 quarter to $3.5 million in the third quarter of 2005 as a result of lower production. General and administrative costs of $890,000 were 25% lower than the year ago quarter as a result of the reduction of staff at the corporate office during 2005. Queenstake has one of the lowest corporate overhead costs among emerging gold producers.
Cash generated from operating activities improved to $5.4 million compared to the second quarter of 2005 of negative $3.3 million and was 80% higher than the $3.0 million generated in the third quarter of 2004. Cash from operating activities includes cash provided by working capital assets, which during the third quarter was primarily due to a draw down of finished goods inventory. Working capital assets in the 2004 quarter were augmented by a temporary increase in accounts payable.
The Company`s balance sheet remains strong with cash and cash equivalents of approximately $14.0 million at the end of the third quarter, compared with $16.9 million at the end of the second quarter of 2005 and $6.1 million at the end of 2004. The Company has no long-term debt other than capital leases for mining equipment.
Operations Review & Redevelopment Plan Update
To view all tables, please visit www.queenstake.com/currentnews.php
The Jerritt Canyon operations improved during the quarter on several key indicators gauging the implementation of the redevelopment plan. Jerritt Canyon produced 49,613 ounces, slightly better than expected, at cash operating costs of $401 per ounce in line with the redevelopment plan. Jerritt Canyon mined 220,779 ore tons, slightly lower than expected in the redevelopment plan.
The average processed ore grade progressively improved to 0.25 ounce of gold per ton (opt) in September from 0.18 opt in July in line with the redevelopment plan. Mill performance in the changeover to operating one roaster at a time was on track with the redevelopment plan with an average processed ore grade of 0.21 opt and a mill recovery rate of 86.5% for the quarter. Both the average grade processed and mill recovery rate are expected to improve under the plan in the fourth quarter. For October 2005, the average mill ore grade was 0.25 opt at an 87.0% recovery rate.
During the third quarter, capitalized mine development completed increased 20% from 2,150 feet in the second quarter of 2005 to 2,570 feet for the third quarter of 2005. Jerritt Canyon allocated more internal resources to development and engaged a mining contractor to accelerate capitalized mine development.
Exploration Update
District exploration expenses for the third quarter were $1.5 million, primarily for the drilling program at the Starvation Canyon project, 12 miles southwest of the Jerritt Canyon mill on private land owned by Queenstake.
As announced on September 27, 2005, the Company estimated its 19-hole drilling program had increased the Starvation Canyon`s indicated resources1 by 16% to approximately 181,600 contained ounces (617,800 tons at a grade of 0.294 ounce of gold per ton) from year-end 2004. Significantly, the grade improved to 0.29 opt from 0.27 opt in 2004. The Company estimated inferred resources1 at Starvation Canyon increased to 78,900 tons at almost 0.30 opt containing 23,300 ounces, compared with 51,600 tons at 0.23 opt, containing 11,729 ounces, at year-end 2004. An infill and step-out drilling program resumed at Starvation Canyon in October and is expected to continue through the fall, with the objective of further upgrading and expanding this resource.
A near-mine surface and underground drilling program continues, targeting resource conversion and discovery of new resources and reserves. Results announced in the news release of November 8, 2005 for the Mahala and West Dash deposits could extend the life of the Smith Mine. The Company currently has two surface drill rigs at Mahala and West Dash and another three surface rigs at Starvation Canyon.
Guidance
Based on Queenstake`s confidence in the ongoing turnaround at the Jerritt Canyon operations, the Company reaffirmed its production estimate of 200,000 to 220,000 ounces of gold at cash operating costs of $380 to $390 per ounce for the full year 2005. Fourth quarter of 2005 estimated cash operating costs are also unchanged at between $370 and $380 per ounce, which would be a 5% to 8% improvement over the third quarter.
To view all tables, please visit www.queenstake.com/currentnews.php
News Release 2005-30 November 14, 2005
SEC file number 0-24096
Queenstake`s Third Quarter 2005 Results in Line with Redevelopment Plan;
Full Year 2005 Estimates Reaffirmed
Denver, Colorado - November 14, 2005 - Queenstake Resources Ltd. (TSX:QRL, AMEX:QEE) reported gold sales of 54,446 ounces at cash operating costs of $401 per ounce for the third quarter of 2005, in line with the redevelopment plan as previously announced. (Refer to the news releases of August 11 and September 26, 2005.) Third quarter gold production of 49,613 ounces slightly exceeded the redevelopment plan as the Jerritt Canyon operations made good progress in execution of the new plan.
Under the redevelopment plan implemented in mid-August 2005, Jerritt Canyon production was scaled back from operating two roasters to one roaster at a time to match mill processing with an optimal mining rate. Highlights from operating and financial results included:
* Positive key indicators showed the redevelopment plan was on track in ounces produced, cash operating costs, mill ore grade and capitalized development footage;
* Cash generated from operating activities increased 80% to $5.4 million from the third quarter of 2004;
* Cash and cash equivalents on September 30, 2005 totaled approximately $14.0 million, compared with $16.9 million at the end of the second quarter of 2005 and $6.1 million at the end of 2004; and
* Commercial production commenced at the new Steer Mine in early October 2005 and from the Mahala deposit, one of the highest grade reserves at Jerritt Canyon and mined as part of the Smith Mine, in August 2005. The SSX Mine produced its millionth ounce in October 2005 since the mine commenced production in 1997, becoming the fifth mine to exceed a million ounces of production at Jerritt Canyon.
For the third quarter of 2005, the Company reported a net loss of $4.3 million, compared with net losses of $5.7 million in the second quarter of 2005 and $5.4 million in the year ago quarter.
Commenting on the results, Queenstake President and Chief Executive Officer Dorian L. (Dusty) Nicol said, "Jerritt Canyon has made significant progress in optimizing the operations under the redevelopment plan over the last seven weeks of the third quarter. Based on the quarter results and steady operating performance in October 2005, we remain confident in our full year 2005 production estimate of 200,000 to 220,000 ounces at cash operating costs of $380 to $390 per ounce."
Financial Review
Third quarter revenue from gold sales totaled $23.7 million compared with $28.0 million for the year ago quarter. This was due to less gold ounces sold, as was expected under the redevelopment plan, partially offset by a higher realized gold price of $442 per ounce in the third quarter of 2005 compared with $402 a year ago. Third quarter 2005 operating costs were $22.4 million as expected under the redevelopment plan. Cash operating costs at $401 per ounce for the third quarter were in line with the redevelopment plan as ounces produced and ore tons processed were better than expected, offsetting higher energy and commodity costs
Depreciation, depletion and amortization decreased 34% from the 2004 quarter to $3.5 million in the third quarter of 2005 as a result of lower production. General and administrative costs of $890,000 were 25% lower than the year ago quarter as a result of the reduction of staff at the corporate office during 2005. Queenstake has one of the lowest corporate overhead costs among emerging gold producers.
Cash generated from operating activities improved to $5.4 million compared to the second quarter of 2005 of negative $3.3 million and was 80% higher than the $3.0 million generated in the third quarter of 2004. Cash from operating activities includes cash provided by working capital assets, which during the third quarter was primarily due to a draw down of finished goods inventory. Working capital assets in the 2004 quarter were augmented by a temporary increase in accounts payable.
The Company`s balance sheet remains strong with cash and cash equivalents of approximately $14.0 million at the end of the third quarter, compared with $16.9 million at the end of the second quarter of 2005 and $6.1 million at the end of 2004. The Company has no long-term debt other than capital leases for mining equipment.
Operations Review & Redevelopment Plan Update
To view all tables, please visit www.queenstake.com/currentnews.php
The Jerritt Canyon operations improved during the quarter on several key indicators gauging the implementation of the redevelopment plan. Jerritt Canyon produced 49,613 ounces, slightly better than expected, at cash operating costs of $401 per ounce in line with the redevelopment plan. Jerritt Canyon mined 220,779 ore tons, slightly lower than expected in the redevelopment plan.
The average processed ore grade progressively improved to 0.25 ounce of gold per ton (opt) in September from 0.18 opt in July in line with the redevelopment plan. Mill performance in the changeover to operating one roaster at a time was on track with the redevelopment plan with an average processed ore grade of 0.21 opt and a mill recovery rate of 86.5% for the quarter. Both the average grade processed and mill recovery rate are expected to improve under the plan in the fourth quarter. For October 2005, the average mill ore grade was 0.25 opt at an 87.0% recovery rate.
During the third quarter, capitalized mine development completed increased 20% from 2,150 feet in the second quarter of 2005 to 2,570 feet for the third quarter of 2005. Jerritt Canyon allocated more internal resources to development and engaged a mining contractor to accelerate capitalized mine development.
Exploration Update
District exploration expenses for the third quarter were $1.5 million, primarily for the drilling program at the Starvation Canyon project, 12 miles southwest of the Jerritt Canyon mill on private land owned by Queenstake.
As announced on September 27, 2005, the Company estimated its 19-hole drilling program had increased the Starvation Canyon`s indicated resources1 by 16% to approximately 181,600 contained ounces (617,800 tons at a grade of 0.294 ounce of gold per ton) from year-end 2004. Significantly, the grade improved to 0.29 opt from 0.27 opt in 2004. The Company estimated inferred resources1 at Starvation Canyon increased to 78,900 tons at almost 0.30 opt containing 23,300 ounces, compared with 51,600 tons at 0.23 opt, containing 11,729 ounces, at year-end 2004. An infill and step-out drilling program resumed at Starvation Canyon in October and is expected to continue through the fall, with the objective of further upgrading and expanding this resource.
A near-mine surface and underground drilling program continues, targeting resource conversion and discovery of new resources and reserves. Results announced in the news release of November 8, 2005 for the Mahala and West Dash deposits could extend the life of the Smith Mine. The Company currently has two surface drill rigs at Mahala and West Dash and another three surface rigs at Starvation Canyon.
Guidance
Based on Queenstake`s confidence in the ongoing turnaround at the Jerritt Canyon operations, the Company reaffirmed its production estimate of 200,000 to 220,000 ounces of gold at cash operating costs of $380 to $390 per ounce for the full year 2005. Fourth quarter of 2005 estimated cash operating costs are also unchanged at between $370 and $380 per ounce, which would be a 5% to 8% improvement over the third quarter.
To view all tables, please visit www.queenstake.com/currentnews.php
schnell noch rein bevor die Kurse hier anziehen.
aktuell $0,20 in USA und $0,23 in Kanada
aktuell $0,20 in USA und $0,23 in Kanada
Interessantes Interview des CEO`s vom Wallstreet-Reporter:
http://wallstreetreporter.com/linked.php?id=14763
http://wallstreetreporter.com/linked.php?id=14763
Queenstake präsentiert sich ab kommenden Sonntag in San Francisco auf einer Investoren Messe.
Sie sind kurz davor " Schwarze Zahlen" zu schreiben, nachdem seit August nur noch mit einem Roaster produziert wird, um Kosten einzusparen.
Die Produktionsmenge liegt für 2006 zwischen 200.000 und 220.000 Unzen, allerdings belaufen sich die Kosten nur noch auf ca. $330 bis $350 im Gegensatz zu 2005 ($380 bis $390). Positiver Cash Flow ab $425/Unze !!!
siehe hier:
http://www.stockhouse.ca/news/news.asp?newsid=2930714&tick=Q…
Viele Grüsse
Sie sind kurz davor " Schwarze Zahlen" zu schreiben, nachdem seit August nur noch mit einem Roaster produziert wird, um Kosten einzusparen.
Die Produktionsmenge liegt für 2006 zwischen 200.000 und 220.000 Unzen, allerdings belaufen sich die Kosten nur noch auf ca. $330 bis $350 im Gegensatz zu 2005 ($380 bis $390). Positiver Cash Flow ab $425/Unze !!!
siehe hier:
http://www.stockhouse.ca/news/news.asp?newsid=2930714&tick=Q…
Viele Grüsse
Ui, die sind ja wieder einigermaßen billig geworden.
Hatte Queenstake nach dem 2003er Anstieg nicht mehr genau verfolgt und aus den Augen verloren.
Hat jemand die aktuellen Zahlen zu Reserven, Ressourcen und (fully diluted) Aktienzahl parat?
Hatte Queenstake nach dem 2003er Anstieg nicht mehr genau verfolgt und aus den Augen verloren.
Hat jemand die aktuellen Zahlen zu Reserven, Ressourcen und (fully diluted) Aktienzahl parat?
[posting]18.999.194 von borazon am 26.11.05 16:06:41[/posting]hier der Link zu den Reserven/Resourcen (Stand Ende 2004)
http://www.queenstake.com/reserves-summary.php
etwa 200.000 - 220.000 Unzen werden in 2005 abgebaut und ca. 150.000 - 200.000 wurden im Laufe des Jahres wieder hinzugefügt.
Es existieren knapp 550 Million Aktien (630 Mio fully diluted).
http://www.queenstake.com/reserves-summary.php
etwa 200.000 - 220.000 Unzen werden in 2005 abgebaut und ca. 150.000 - 200.000 wurden im Laufe des Jahres wieder hinzugefügt.
Es existieren knapp 550 Million Aktien (630 Mio fully diluted).
Danke vorerst.
Mein Browser mag die Seite nicht, kann von dort aus nicht weiternavigieren.
Werde da was tricksen müssen, aber erst morgen.
Du hast Glück, daß du nicht Lou Seyffer heißt
Mein Browser mag die Seite nicht, kann von dort aus nicht weiternavigieren.
Werde da was tricksen müssen, aber erst morgen.
Du hast Glück, daß du nicht Lou Seyffer heißt
[posting]19.001.109 von borazon am 27.11.05 00:28:46[/posting]2004 Total Resources
Measured: 650.100 oz
Indicated: 1.759.500 oz
Inferred: 888.400 oz
Measured & Indicated: 2.409.600
eine aktualisierte Liste wird es wohl im Januar/Februar geben.
Measured: 650.100 oz
Indicated: 1.759.500 oz
Inferred: 888.400 oz
Measured & Indicated: 2.409.600
eine aktualisierte Liste wird es wohl im Januar/Februar geben.
jseyffer,
habe mir QRL/QEE mal angeschaut und bin zu einer anderen Einschätzung als Du gekommen. Vorweg; die Reserve-/Resoucenschätzungen nutzen Dir hier rein gar nüscht, wenn der Laden nicht kostendeckend arbeitet.
Deine Vermutung, dass bereits der break-even erreicht sein könnte, teile ich nicht, denn bei den Planzahlen (jeweils Mittelwert) von 50k produzierten Oz bei Kosten von 375 US$/oz und einem Goldpreis von 470 US$/oz komme ich c.p. auf ca. -3,3 Mio US$ operativen Verlust. Selbst bei optimaler Annahme, würde man bei -2,6 Mio US$ landen.
Fraglich ist zudem, ob die anscheinend zu niedrig kalkulierten Energiekosten sich nicht doch stärker auswirken als Du annimmst.
IMO lassen sich die operativen Kosten kaum unter die 370 US$/oz drücken und die Produktion läßt sich kaum über die 220.000 t/pa ausdehnen, zumindest nicht bei der alternierenden Roaster-Strategie bzw. ohne die Head Grades signifikant zu erhöhen. D.h. die einzige Variable ist der Goldpreis, da die übrigen Kostenpositionen relativ fix sind.
Die Market-Cap beträgt z.Zt. 107 Mio. US$, d.h. die Gesellschaft müßte mind. 10 Mio. USD p.a. Net Profit zeigen, um die Market Cap zu halten - wohlgemerkt ohne Kurssteigerungen. Nehmen wir also die -2,6 Mio. US$ Verlust bei optimaler Auslastung und Kostenstruktur der Minen, dann müßte der Umsatz um 12,6 Mio. US$ p.a. gesteigert werden, um die Cap zu rechtfertigen. (Steuern habe ich mal gnz rausgelassen aus dieser Betrachtung, weil wohl noch genügend Verlustvorträge - über 80 Mio US$ - vorhanden sein müßten)
Ausgehend von einem Goldpreis von 470 US$ in der obigen Kalkulation und 220.000 Oz p.a., müßte der durchschnittliche Verkaufspreis für QRL/QEE somit bei 527 US$/oz liegen, was einem Spotpreis von rd. 560 US$ entspräche.
Erst ab diesem Goldpreis würde die Cap in Ordnung gehen. Einzig der Hebel ist dann recht groß, denn 1% Goldsteigerung würde ungefähr 10% Kurssteigerung bedeuten (ganz grob).
Ich meine, wer einen guten Goldhebel sucht, der ist mit einem Derivat besser aufgehoben, das die unternehmerischen Risiken komplett ausblendet.
My opinion - your choice !!!
Art
habe mir QRL/QEE mal angeschaut und bin zu einer anderen Einschätzung als Du gekommen. Vorweg; die Reserve-/Resoucenschätzungen nutzen Dir hier rein gar nüscht, wenn der Laden nicht kostendeckend arbeitet.
Deine Vermutung, dass bereits der break-even erreicht sein könnte, teile ich nicht, denn bei den Planzahlen (jeweils Mittelwert) von 50k produzierten Oz bei Kosten von 375 US$/oz und einem Goldpreis von 470 US$/oz komme ich c.p. auf ca. -3,3 Mio US$ operativen Verlust. Selbst bei optimaler Annahme, würde man bei -2,6 Mio US$ landen.
Fraglich ist zudem, ob die anscheinend zu niedrig kalkulierten Energiekosten sich nicht doch stärker auswirken als Du annimmst.
IMO lassen sich die operativen Kosten kaum unter die 370 US$/oz drücken und die Produktion läßt sich kaum über die 220.000 t/pa ausdehnen, zumindest nicht bei der alternierenden Roaster-Strategie bzw. ohne die Head Grades signifikant zu erhöhen. D.h. die einzige Variable ist der Goldpreis, da die übrigen Kostenpositionen relativ fix sind.
Die Market-Cap beträgt z.Zt. 107 Mio. US$, d.h. die Gesellschaft müßte mind. 10 Mio. USD p.a. Net Profit zeigen, um die Market Cap zu halten - wohlgemerkt ohne Kurssteigerungen. Nehmen wir also die -2,6 Mio. US$ Verlust bei optimaler Auslastung und Kostenstruktur der Minen, dann müßte der Umsatz um 12,6 Mio. US$ p.a. gesteigert werden, um die Cap zu rechtfertigen. (Steuern habe ich mal gnz rausgelassen aus dieser Betrachtung, weil wohl noch genügend Verlustvorträge - über 80 Mio US$ - vorhanden sein müßten)
Ausgehend von einem Goldpreis von 470 US$ in der obigen Kalkulation und 220.000 Oz p.a., müßte der durchschnittliche Verkaufspreis für QRL/QEE somit bei 527 US$/oz liegen, was einem Spotpreis von rd. 560 US$ entspräche.
Erst ab diesem Goldpreis würde die Cap in Ordnung gehen. Einzig der Hebel ist dann recht groß, denn 1% Goldsteigerung würde ungefähr 10% Kurssteigerung bedeuten (ganz grob).
Ich meine, wer einen guten Goldhebel sucht, der ist mit einem Derivat besser aufgehoben, das die unternehmerischen Risiken komplett ausblendet.
My opinion - your choice !!!
Art
[posting]19.005.978 von Art Bechstein am 27.11.05 11:38:41[/posting]Hallo Art,
danke für deine Einschätzung.
For 2006, Queenstake expects production comparable to 2005`s estimated production, with cash operating costs of $330 to $350 per ounce. The lower cash operating costs during 2006 are expected to result from an anticipated increase in average ore grade together with a greater proportion of higher grade ore tons mined and milled compared to 2005. In addition, 2006 is expected to represent a full year of the cost saving initiatives from the redevelopment plan. More definitive estimates for 2006 are pending completion of the 2006 budget and will be announced in early 2006.
Die operativen Kosten sollen in 2006 bei $330 - $350 liegen. Ob das stimmt ist natürlich auch von den Energie- und Benzinpreisen abhängig.
Laut CEO soll in 2006 ein positiver Cashflow ab einem Unzenpreis von $425 möglich sein.
Jerritt Canyon should be well positioned to generate positive cash flow in early 2006, based on a gold price of $425 per ounce or better."
Ob es gelingt, wird sich zeigen. Ich denke um $0,20 Can hat sich hier ein Boden gebildet. Bin mit kleiner Pos. auf alle Fälle längerfristig drin.
Viele Grüsse
danke für deine Einschätzung.
For 2006, Queenstake expects production comparable to 2005`s estimated production, with cash operating costs of $330 to $350 per ounce. The lower cash operating costs during 2006 are expected to result from an anticipated increase in average ore grade together with a greater proportion of higher grade ore tons mined and milled compared to 2005. In addition, 2006 is expected to represent a full year of the cost saving initiatives from the redevelopment plan. More definitive estimates for 2006 are pending completion of the 2006 budget and will be announced in early 2006.
Die operativen Kosten sollen in 2006 bei $330 - $350 liegen. Ob das stimmt ist natürlich auch von den Energie- und Benzinpreisen abhängig.
Laut CEO soll in 2006 ein positiver Cashflow ab einem Unzenpreis von $425 möglich sein.
Jerritt Canyon should be well positioned to generate positive cash flow in early 2006, based on a gold price of $425 per ounce or better."
Ob es gelingt, wird sich zeigen. Ich denke um $0,20 Can hat sich hier ein Boden gebildet. Bin mit kleiner Pos. auf alle Fälle längerfristig drin.
Viele Grüsse
[posting]19.006.014 von jseyffer am 27.11.05 11:51:16[/posting]jseyffer,
die Einschätzung des CEO ist IMO viel zu optimistisch. Die Kosten werden steigen und die 220.000 t müssen die auch erstmal aus dem Berg holen. Das sind schon sehr optimistische Annahmen. ich werde das mal verfolgen und wette jetzt schon, dass die Kosten nicht unter 370 USD/oz absinken werden.
Man darf sich auch nicht durch Q3 irritieren lassen. Das Ergebnis wäre eine Katastrophe geworden, wenn man nicht rd. 5.000 Oz mehr verkauft hätte als produziert worden sind.
Insofern wundert es schon, wie spät das Management auf die Bremse getreten hat - 80 Mio US$ Verlustvortrag kommen ja auch nicht von irgendwoher. Ich will mir nicht anmaßen, das Management zu kritisieren, aber wäre hinsichtlich der Glaubwürdigkeit der Aussagen eher skeptisch.
Würde dabei bleiben, dass Queestake ein (zu) riskanter Call auf steigende Goldpreise ist. Wir können ja mal ab 28.11. einen hoch gehebelten Gold-Call neben den Chart von QEE legen und die nächsten Monate beobachten.
Was ich mir höchstens vorstellen könnte ist, dass QEE von einer größeren Adresse mit besseren Möglichkeiten aus dem Markt genommen wird. QEE konnte ja nicht vorwärts verkaufen, weil sie sich sonst selbst die Kugel gegeben hätten und mußten die riesige KE machen - das könnte sich jetzt als Vorteil erweisen, denn Hedge Books werden immer unbeliebter in diesen Tagen.
Art
die Einschätzung des CEO ist IMO viel zu optimistisch. Die Kosten werden steigen und die 220.000 t müssen die auch erstmal aus dem Berg holen. Das sind schon sehr optimistische Annahmen. ich werde das mal verfolgen und wette jetzt schon, dass die Kosten nicht unter 370 USD/oz absinken werden.
Man darf sich auch nicht durch Q3 irritieren lassen. Das Ergebnis wäre eine Katastrophe geworden, wenn man nicht rd. 5.000 Oz mehr verkauft hätte als produziert worden sind.
Insofern wundert es schon, wie spät das Management auf die Bremse getreten hat - 80 Mio US$ Verlustvortrag kommen ja auch nicht von irgendwoher. Ich will mir nicht anmaßen, das Management zu kritisieren, aber wäre hinsichtlich der Glaubwürdigkeit der Aussagen eher skeptisch.
Würde dabei bleiben, dass Queestake ein (zu) riskanter Call auf steigende Goldpreise ist. Wir können ja mal ab 28.11. einen hoch gehebelten Gold-Call neben den Chart von QEE legen und die nächsten Monate beobachten.
Was ich mir höchstens vorstellen könnte ist, dass QEE von einer größeren Adresse mit besseren Möglichkeiten aus dem Markt genommen wird. QEE konnte ja nicht vorwärts verkaufen, weil sie sich sonst selbst die Kugel gegeben hätten und mußten die riesige KE machen - das könnte sich jetzt als Vorteil erweisen, denn Hedge Books werden immer unbeliebter in diesen Tagen.
Art
[posting]19.006.073 von Art Bechstein am 27.11.05 12:06:02[/posting]Hallo Art,
es stimmt, dass in der Vergangenheit viele Fehler gemacht wurden. Seit März 2005 ist nun Dorian (Dusty) Nicol als CEO verantwortlich, mal schauen ob er es besser macht.
Vielleicht erst mal das 4.Quartal abwarten. Hier wird dann komplett unter dem "Redevelopment Plan" produziert, im Gegensatz zum 3.Quartal (nur 6-7 Wochen), zuzüglich der Kosten für das Redesign der Anlage.
Nochmals Danke für deine Meinung.
Viele Grüsse
es stimmt, dass in der Vergangenheit viele Fehler gemacht wurden. Seit März 2005 ist nun Dorian (Dusty) Nicol als CEO verantwortlich, mal schauen ob er es besser macht.
Vielleicht erst mal das 4.Quartal abwarten. Hier wird dann komplett unter dem "Redevelopment Plan" produziert, im Gegensatz zum 3.Quartal (nur 6-7 Wochen), zuzüglich der Kosten für das Redesign der Anlage.
Nochmals Danke für deine Meinung.
Viele Grüsse
der Abwärtstrend scheint gebrochen.
die "Tax loss sellings" beendet.
beobachten und kaufen !!!
die "Tax loss sellings" beendet.
beobachten und kaufen !!!
[posting]19.190.056 von jseyffer am 07.12.05 17:36:53[/posting]Ausbruch beginnt
langsam geht`s bergauf!
noch jemand drin?
MfG
noch jemand drin?
MfG
Ich nö.
2 Mio oz krieg ich woanders billiger.
2 Mio oz krieg ich woanders billiger.
#borazon
Wo denn?
Wo denn?
Queenstake startet!
Jahresproduktion ca 220.000 Unzen
MK ca $110 Mio.
Jahresproduktion ca 220.000 Unzen
MK ca $110 Mio.
SK Kanada $0,285 , Umsatz 5.171.224 +21,3%
SK USA $0,24, Umsatz 2.516.200 + 20%
nächstes Ziel: €0,40
noch jemand mit an Bord?
SK USA $0,24, Umsatz 2.516.200 + 20%
nächstes Ziel: €0,40
noch jemand mit an Bord?
SK Kanada $0,31 , Umsatz 7.182.399 +10,7%
SK USA $0,28, Umsatz 2.465.400 + 12%
SK USA $0,28, Umsatz 2.465.400 + 12%
hi
bin auch seit ein paar tagen dabei. sollten nun die cad 0.3 nachhaltig mit weiterhin gutem volumen durchstossen werden, sieht es charttechnisch rosig aus. aber auch das fundamentale stimmt. qrl ist ein super bet auf steigende goldpreise. und das diese steigen, ist für mich sonnenklar...
grüsse
fl74
bin auch seit ein paar tagen dabei. sollten nun die cad 0.3 nachhaltig mit weiterhin gutem volumen durchstossen werden, sieht es charttechnisch rosig aus. aber auch das fundamentale stimmt. qrl ist ein super bet auf steigende goldpreise. und das diese steigen, ist für mich sonnenklar...
grüsse
fl74
QUEENSTAKE RESOURCES LTD
Daily Commentary
Our system posted a BUY-IF today. The previous BUY recommendation that was confirmed was made on 12.07.2005 (32) days ago, when the stock price was 0.1800. Since then QEE has gained 55.56% .
Daily Commentary
Our system posted a BUY-IF today. The previous BUY recommendation that was confirmed was made on 12.07.2005 (32) days ago, when the stock price was 0.1800. Since then QEE has gained 55.56% .
Event Calendar
Vancouver Investment Conference
2006-01-22
http://www.queenstake.com/eventcalendar.php
Vancouver Investment Conference
2006-01-22
http://www.queenstake.com/eventcalendar.php
Real-Time ECN Get Real-Time ECN for:
QUEENSTAKE RES LTD (RT-ECN)
Symbol: QEE
Last Trade: 0.31 10:00AM ET
After Hours Change: N/A
Today`s Change: 0.03 (10.71%)
Bid: 0.29
Ask: 0.31
QUEENSTAKE RES LTD (RT-ECN)
Symbol: QEE
Last Trade: 0.31 10:00AM ET
After Hours Change: N/A
Today`s Change: 0.03 (10.71%)
Bid: 0.29
Ask: 0.31
bin heute wieder ausgestiegen. gut 30% in 2 handelstagen haben mich dazu ja schon fast gezwungen. qrl bleibt aber auf meinem radar...
Queenstake meldet meines Erachtens ordentliche Zahlen - aber auch steigende Kosten (ca. 390 $ per ounce / Prognose: 200.000 -220.000 ounces in 2006):
Wie beurteilt ihr die aktuellen Infos?
Queenstake`s 4th Quarter 2005 Operating Highlights Remain on Track with Redevelopment Plan
2006-01-17
Queenstake Resources Ltd. reported that its Jerritt Canyon operations in northeastern Nevada produced 45,555 ounces of gold during the fourth quarter of 2005, in line with the redevelopment plan initiated in mid-August 2005. Gold production was 204,091 ounces for the full year 2005. Production for the quarter and the year was within the prior guidance provided.
Wie beurteilt ihr die aktuellen Infos?
Queenstake`s 4th Quarter 2005 Operating Highlights Remain on Track with Redevelopment Plan
2006-01-17
Queenstake Resources Ltd. reported that its Jerritt Canyon operations in northeastern Nevada produced 45,555 ounces of gold during the fourth quarter of 2005, in line with the redevelopment plan initiated in mid-August 2005. Gold production was 204,091 ounces for the full year 2005. Production for the quarter and the year was within the prior guidance provided.
Queenstake Announces $10 Million Private Placement From Newmont
2006-03-30 08:47 ET - News Release
DENVER, March 30 /PRNewswire-FirstCall/ -- Queenstake Resources Ltd. has entered into an agreement with Newmont Canada Limited (Newmont) whereby Newmont will purchase 28.51 million Queenstake common shares at Cdn$0.41 per share for gross proceeds of US$10 million through an equity private placement.
As part of the private placement, Newmont will receive warrants that can be exercised to acquire up to 28.51 million common shares of Queenstake at a price of Cdn$0.55 for a four-year period, which would generate Cdn$15.7 million in cash if exercised. After closing, Newmont will own approximately 4.9% of Queenstake's basic common shares. If Newmont were to exercise all of its warrants and maintain its holdings of Queenstake's basic outstanding common shares, Newmont would hold approximately 8.5% of Queenstake's fully diluted outstanding common shares. For a period of two years from closing, Newmont will have the right to participate in future equity offerings by Queenstake to preserve its fully diluted shareholding percentage and will have certain additional rights to participate in debt financings.
An affiliate of Newmont will also convey three of its Nevada exploration properties, including the Shwin Ranch project along the Cortez-Battle Mountain Trend, to Queenstake. In addition, another affiliate of Newmont will sell concentrates and ore from its Nevada operations to Queenstake for processing at its Jerritt Canyon roasting and milling facility in Northeastern Nevada. The contract calls for the purchase of at least 500,000 tons per year over two years. Ore purchases with Newmont may continue for up to three more years if Queenstake has the spare processing capacity.
Dorian L. (Dusty) Nicol, President and Chief Executive Officer of Queenstake, said, "We are leveraging the value of our Jerritt Canyon assets through this multi-faceted strategic transaction with Newmont. This deal delivers four significant value enhancers for our shareholders -- processing and production optimization, exploration acceleration, financial flexibility and portfolio diversification. The alliance with the world's leading gold company reflects positively on our exploration and processing expertise and our prospective, 119-square mile exploration land package."
The locations of the three Nevada early stage exploration properties with respect to Jerritt Canyon are shown on the map in the Appendix (please refer to www.queenstake.com for the map). A brief description of each property follows:
* Shwin Ranch -- Located on the Cortez Trend. The property has potential
for sediment-hosted Carlin style gold mineralization as well as skarn
mineralization. Some drilling has been done on the property, but there
are several recognized targets that remain undrilled together with the
potential to generate additional targets.
* South Carlin -- Located on the Carlin Trend, between Newmont's Rain and
Gold Quarry mines. The property hosts Carlin style gold targets.
Limited historical drilling has not fully tested these targets and
there is also potential to generate additional targets.
* Baxter -- Located on the north end of the Carlin Trend, about 25 miles
southwest of the Jerritt Canyon property boundary, six miles northwest
of Barrick's Meikle Mine and about a mile from Hecla Mining's Hollister
project. Past drilling has only partially tested potential
sediment-hosted Carlin type gold targets.
The properties are subject to a sliding scale net smelter royalty, dependent on the gold price, of 3% to a maximum of 5% if gold is at or above $500 per ounce, with Newmont retaining the right to back into a 51% joint venture interest in each of the properties.
The purchase of Newmont's concentrates and ore for processing of at least 500,000 tons per year over two years will increase the Jerritt Canyon mill throughput to approximately 95% of its past demonstrated capacity of approximately 1.5 million tons (1.4 million tonnes) per year. Queenstake had previously projected a steady state mining and processing rate of approximately 0.9 million tons annually under the redevelopment plan. This contract is expected to lower the Company's cash operating costs by approximately $15-$20 per ounce for production from Jerritt Canyon by reducing the fixed costs per ounce. It also will allow blending of Jerritt Canyon ore for improved efficiency.
The private placement, which remains subject to certain closing conditions, including regulatory approvals, is expected to close within about four weeks. Proceeds will be used to fund exploration and for other corporate uses.
Queenstake was advised in this transaction by Blackmont Capital Inc. and will pay advisory fees in connection with the transaction.
The securities referenced herein have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, unless an exemption from registration is available. After a contractual six-month holding period, the shares held by Newmont may be freely traded in Canada.
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon mining operations and district in Nevada. Jerritt Canyon has produced over seven million ounces of gold from open pit and underground mines since 1981. Current production at the property is from underground mines. The Jerritt Canyon District comprises 119 square miles (308 square kilometers) of geologically prospective ground and represents one of the largest contiguous exploration properties in Nevada.
For further information call:
Wendy Yang 303-297-1557 ext. 105
800-276-6070
Email - info@queenstake.com web - www.queenstake.com
Cautionary Statement -- This news release contains "Forward-Looking Statements" within the meaning of applicable Canadian securities regulations and Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake's future plans are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates and projections of future gold production, processing rates and cash operating costs, (ii) estimates of savings or cost reductions and (iii) estimates related to financial performance, including cash flow. Forward-looking statements are subject to risks, uncertainties and other factors, including gold and other commodity price volatility, operational risks, mine development, production and cost estimate risks and other risks which are described in the Company's most recent Annual Information Form filed on SEDAR (www.sedar.com) and Annual Report on Form 40-F on file with the Securities and Exchange Commission (SEC; www.sec.gov) as well as the Company's other regulatory filings. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Queenstake Resources Ltd.
CONTACT: Wendy Yang of Queenstake Resources Ltd., +1-303-297-1557, ext.
105, or +1-800-276-6070, info@queenstake.com
Web site: http://www.queenstake.com//
Klasse Volumen gestern, fast auf TH geschlossen
(umgerechnet 0,36 €)!
Kursziel 1 €
(umgerechnet 0,36 €)!
Kursziel 1 €
Antwort auf Beitrag Nr.: 21.011.968 von printmedien am 30.03.06 16:30:35QUEENSTAKE (CA7483141015, WKN 924828, QRL, Toronto)
Newmont Mining beteiligt am Aktienkapital Der Goldgigant Newmont Mining investierte 10 Mio. US$ und kaufte dafür Aktien von Queenstake Mining zum Kurs von je 0,41 US$ und zahlte damit zum damaligen Tageskurs einen Prämie von 20%. Zugleich sicherte sich der Goldkonzern das Recht, weitere 28 Mio. Aktien zu je 0,55 US$ und auf vier Jahre laufende Warrants beziehen zu können. Ich halte den Einstieg des nordamerikanischen Gold-Konzerns für einen Vertrauensbeweis für Queenstake.
Newmont Mining beteiligt am Aktienkapital Der Goldgigant Newmont Mining investierte 10 Mio. US$ und kaufte dafür Aktien von Queenstake Mining zum Kurs von je 0,41 US$ und zahlte damit zum damaligen Tageskurs einen Prämie von 20%. Zugleich sicherte sich der Goldkonzern das Recht, weitere 28 Mio. Aktien zu je 0,55 US$ und auf vier Jahre laufende Warrants beziehen zu können. Ich halte den Einstieg des nordamerikanischen Gold-Konzerns für einen Vertrauensbeweis für Queenstake.
Queenstake Expands Known Gold Mineralization at Jerritt Canyon Mines
http://freeserve.advfn.com/news_Queenstake-Expands-Known-Gol…
http://freeserve.advfn.com/news_Queenstake-Expands-Known-Gol…
Antwort auf Beitrag Nr.: 21.474.478 von SilberEagle am 08.05.06 15:07:59Queenstake Drills 140 Feet of 0.46 opt Gold at Starvation Canyon
8/3/2006
DENVER, Aug 03, 2006 /PRNewswire-FirstCall via COMTEX News Network/ --
A recently completed surface drill hole by Queenstake Resources Ltd. (TSX: QRL; Amex: QEE) at the Starvation Canyon project identified one of the best intervals of high-grade gold mineralization in the history of Jerritt Canyon exploration: 140 feet with an average grade of 0.46 ounce of gold per ton (opt) or 43 meters of 16 grams of gold per tonne (gpt), beginning at 280 feet (85 meters) from surface. This interval includes an intercept of 70 feet of 0.63 opt (21 meters of 22 gpt), which in turn includes 40 feet of 0.87 opt (12 meters of 30 gpt).
Commenting on this exploration result, President and Chief Executive Officer Dorian L. (Dusty) Nicol said, "This exciting discovery of additional high-grade gold mineralization at Starvation Canyon is significant due to its location, as much as its thickness and grade. The 140-foot interval at 0.46 opt is located between the two known gold resource zones and could represent a newly identified northwest trending gold-bearing structure. It is also considerably higher grade than our Starvation Canyon estimated measured and indicated resources of 676,400 tons at 0.28 opt (190,700 contained ounces). We are following up with additional step-out drilling intended to extend the west zone of Starvation Canyon."
Starvation Canyon's gold resources are contained in two northwest trending zones (see the Appendix: Map 1), which currently extend 1,700 feet (518 meters) and are open in several directions. The currently defined resource is within a prospective 4.5-mile (7.2 kilometer) corridor of gold occurrences in favorable geologic settings. This trend appears comparable geologically and geochemically to the mineralized trends in the northern and central parts of the Jerritt Canyon district that have combined to produce over 7.5 million ounces of gold since 1981.
Two reverse-circulation rigs are drilling at the project, with a core rig expected to be added to the program later this year. Queenstake expects to invest $3 million in exploration at Starvation Canyon in 2006. The project is located on Queenstake's private land, approximately 12 miles southwest of the Jerritt Canyon mill. The Starvation Canyon deposit lies above the water table in an area of steep topography and could be easily accessed by development of a drift from the hillside.
Evaluation of Starvation Canyon Exploration Drift
Mr. Nicol added, "With a very large area of favorable geology for exploration drilling, we are optimistic about resource additions at Starvation Canyon and advancing the project to production within the next two years. We are currently evaluating development of an exploration drift that could more rapidly advance the project from underground drill platforms. Preliminary designs indicate that an 800-foot drift would reach the known boundary of the west zone. We expect to make a decision regarding the exploration drift in the fourth quarter of 2006."
The exploration results(1) from surface reverse circulation drilling in the west zone described in this news release are outside of the boundary of estimated resources(2) identified at year-end 2005 (refer to the March 5, 2006 news release announcing estimated mineral reserves(2) and resources).
The table below provides highlights from a completed drilling campaign of three 500-foot (152-meter) holes in the west zone of Starvation Canyon. Drill hole TJ-248 was approximately 80 feet east of the eastern boundary of the West Zone at Starvation Canyon and drill hole TJ-246 was approximately 300 feet (91 meters) west of TJ-248.
Table 1: Starvation Canyon West Zone Drill Results Highlights(1),(3),(4)
Dip From To Interval Grade Drill
Hole # (feet) (feet) (feet) (opt) Type*
TJ-246 -90 410 420 10 0.224 RC
TJ-247 -90 380 390 10 0.150 RC
TJ-248 -90 280 420 140 0.459 RC
including 285 355 70 0.625 RC
with 305 345 40 0.871 RC
and 390 420 30 0.547 RC
* RC denotes reverse circulation drilling
Drilling is ongoing in other parts of Starvation Canyon for which results will be reported later this year. Drill testing of some prospective targets at Starvation Canyon has been hampered this year by a lack of sample recovery at the targeted depths using reverse circulation drilling. Testing of these areas awaits the arrival of a core drilling rig.
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada. Jerritt Canyon has produced over 7.5 million ounces of gold from open pit and underground mines since 1981. Current production at the property is from underground mines. The Jerritt Canyon District comprises 119 square miles (308 square kilometers) of geologically prospective ground controlled by Queenstake, representing one of the largest contiguous exploration properties in Nevada.
Notes:
(1) A complete data set, from which the drill results highlighted in this
news release were selected, is available as an Appendix to this news
release under the Investor Information/News section on the Company's
website, www.queenstake.com.
(2) Mineral "resources" or "resource" used in this news release are as
defined in National Instrument 43-101 of the Canadian Securities
Administrators and are not terms recognized or defined by the U.S.
Securities and Exchange Commission (SEC). Mineral resources are not
reserves and do not have demonstrated economic viability. For further
information, please refer to the risk factors and definitions of
reserves and resources in the Company's filings on SEDAR and with the
SEC on the Company's website, www.queenstake.com. The Qualified
Person for the technical information contained in this news release is
Mr. Dorian L. (Dusty) Nicol, President and Chief Executive Officer of
Queenstake.
(3) Results presented in this news release were analyzed using standard
fire assay techniques at the American Assay Lab in Elko and Reno.
Intercepts are reported as drilled and are not necessarily "true
widths," which have not yet been calculated.
(4) A description of the geology, sampling procedures and the Company's
laboratory Quality Assurance/Quality Control procedures are described
in the Company's National Instrument 43-101 Technical Report filed on
SEDAR on May 4, 2006. This report is available under Investor
Information/Financial Information/SEDAR filings at
www.queenstake.com or at www.sedar.com under the Company's name.
For further information call:
Wendy Yang, 303-297-1557 ext. 105
800-276-6070
Email - info@queenstake.com Web - www.queenstake.com
Cautionary Statement - This news release contains "Forward-Looking Statements" within the meaning of applicable Canadian securities regulations and Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake's future plans are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates and projections of reserves and resources, (ii) estimates and opinions regarding geologic and mineralization interpretation, (iii) timing of project advancement, (iv) timing of commencement of production from a deposit, and (iv) timing of availability of drills and other equipment. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements, in particular the estimates do not include input cost increases that could occur in future. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Queenstake does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including gold and other commodity price volatility, political and operational risks, which are described in the Company's 2005 Annual Information Form filed on SEDAR and 2005 Annual Report on Form 40-F on file with the Securities and Exchange Commission as well as the Company's other regulatory filings.
SOURCE Queenstake Resources Ltd.
Wendy Yang of Queenstake Resources Ltd., +1-303-297-1557, ext. 105, or +1-800-276-6070, info@queenstake.com http://www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights reserved.
8/3/2006
DENVER, Aug 03, 2006 /PRNewswire-FirstCall via COMTEX News Network/ --
A recently completed surface drill hole by Queenstake Resources Ltd. (TSX: QRL; Amex: QEE) at the Starvation Canyon project identified one of the best intervals of high-grade gold mineralization in the history of Jerritt Canyon exploration: 140 feet with an average grade of 0.46 ounce of gold per ton (opt) or 43 meters of 16 grams of gold per tonne (gpt), beginning at 280 feet (85 meters) from surface. This interval includes an intercept of 70 feet of 0.63 opt (21 meters of 22 gpt), which in turn includes 40 feet of 0.87 opt (12 meters of 30 gpt).
Commenting on this exploration result, President and Chief Executive Officer Dorian L. (Dusty) Nicol said, "This exciting discovery of additional high-grade gold mineralization at Starvation Canyon is significant due to its location, as much as its thickness and grade. The 140-foot interval at 0.46 opt is located between the two known gold resource zones and could represent a newly identified northwest trending gold-bearing structure. It is also considerably higher grade than our Starvation Canyon estimated measured and indicated resources of 676,400 tons at 0.28 opt (190,700 contained ounces). We are following up with additional step-out drilling intended to extend the west zone of Starvation Canyon."
Starvation Canyon's gold resources are contained in two northwest trending zones (see the Appendix: Map 1), which currently extend 1,700 feet (518 meters) and are open in several directions. The currently defined resource is within a prospective 4.5-mile (7.2 kilometer) corridor of gold occurrences in favorable geologic settings. This trend appears comparable geologically and geochemically to the mineralized trends in the northern and central parts of the Jerritt Canyon district that have combined to produce over 7.5 million ounces of gold since 1981.
Two reverse-circulation rigs are drilling at the project, with a core rig expected to be added to the program later this year. Queenstake expects to invest $3 million in exploration at Starvation Canyon in 2006. The project is located on Queenstake's private land, approximately 12 miles southwest of the Jerritt Canyon mill. The Starvation Canyon deposit lies above the water table in an area of steep topography and could be easily accessed by development of a drift from the hillside.
Evaluation of Starvation Canyon Exploration Drift
Mr. Nicol added, "With a very large area of favorable geology for exploration drilling, we are optimistic about resource additions at Starvation Canyon and advancing the project to production within the next two years. We are currently evaluating development of an exploration drift that could more rapidly advance the project from underground drill platforms. Preliminary designs indicate that an 800-foot drift would reach the known boundary of the west zone. We expect to make a decision regarding the exploration drift in the fourth quarter of 2006."
The exploration results(1) from surface reverse circulation drilling in the west zone described in this news release are outside of the boundary of estimated resources(2) identified at year-end 2005 (refer to the March 5, 2006 news release announcing estimated mineral reserves(2) and resources).
The table below provides highlights from a completed drilling campaign of three 500-foot (152-meter) holes in the west zone of Starvation Canyon. Drill hole TJ-248 was approximately 80 feet east of the eastern boundary of the West Zone at Starvation Canyon and drill hole TJ-246 was approximately 300 feet (91 meters) west of TJ-248.
Table 1: Starvation Canyon West Zone Drill Results Highlights(1),(3),(4)
Dip From To Interval Grade Drill
Hole # (feet) (feet) (feet) (opt) Type*
TJ-246 -90 410 420 10 0.224 RC
TJ-247 -90 380 390 10 0.150 RC
TJ-248 -90 280 420 140 0.459 RC
including 285 355 70 0.625 RC
with 305 345 40 0.871 RC
and 390 420 30 0.547 RC
* RC denotes reverse circulation drilling
Drilling is ongoing in other parts of Starvation Canyon for which results will be reported later this year. Drill testing of some prospective targets at Starvation Canyon has been hampered this year by a lack of sample recovery at the targeted depths using reverse circulation drilling. Testing of these areas awaits the arrival of a core drilling rig.
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada. Jerritt Canyon has produced over 7.5 million ounces of gold from open pit and underground mines since 1981. Current production at the property is from underground mines. The Jerritt Canyon District comprises 119 square miles (308 square kilometers) of geologically prospective ground controlled by Queenstake, representing one of the largest contiguous exploration properties in Nevada.
Notes:
(1) A complete data set, from which the drill results highlighted in this
news release were selected, is available as an Appendix to this news
release under the Investor Information/News section on the Company's
website, www.queenstake.com.
(2) Mineral "resources" or "resource" used in this news release are as
defined in National Instrument 43-101 of the Canadian Securities
Administrators and are not terms recognized or defined by the U.S.
Securities and Exchange Commission (SEC). Mineral resources are not
reserves and do not have demonstrated economic viability. For further
information, please refer to the risk factors and definitions of
reserves and resources in the Company's filings on SEDAR and with the
SEC on the Company's website, www.queenstake.com. The Qualified
Person for the technical information contained in this news release is
Mr. Dorian L. (Dusty) Nicol, President and Chief Executive Officer of
Queenstake.
(3) Results presented in this news release were analyzed using standard
fire assay techniques at the American Assay Lab in Elko and Reno.
Intercepts are reported as drilled and are not necessarily "true
widths," which have not yet been calculated.
(4) A description of the geology, sampling procedures and the Company's
laboratory Quality Assurance/Quality Control procedures are described
in the Company's National Instrument 43-101 Technical Report filed on
SEDAR on May 4, 2006. This report is available under Investor
Information/Financial Information/SEDAR filings at
www.queenstake.com or at www.sedar.com under the Company's name.
For further information call:
Wendy Yang, 303-297-1557 ext. 105
800-276-6070
Email - info@queenstake.com Web - www.queenstake.com
Cautionary Statement - This news release contains "Forward-Looking Statements" within the meaning of applicable Canadian securities regulations and Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake's future plans are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates and projections of reserves and resources, (ii) estimates and opinions regarding geologic and mineralization interpretation, (iii) timing of project advancement, (iv) timing of commencement of production from a deposit, and (iv) timing of availability of drills and other equipment. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements, in particular the estimates do not include input cost increases that could occur in future. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Queenstake does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including gold and other commodity price volatility, political and operational risks, which are described in the Company's 2005 Annual Information Form filed on SEDAR and 2005 Annual Report on Form 40-F on file with the Securities and Exchange Commission as well as the Company's other regulatory filings.
SOURCE Queenstake Resources Ltd.
Wendy Yang of Queenstake Resources Ltd., +1-303-297-1557, ext. 105, or +1-800-276-6070, info@queenstake.com http://www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights reserved.
Antwort auf Beitrag Nr.: 23.299.823 von jseyffer am 03.08.06 15:51:52Sieht gut aus, was die Kanadier da machen.
Antwort auf Beitrag Nr.: 23.300.753 von EasySkunker am 03.08.06 16:47:29Bei den Ami's siehts auch gut aus!
der Starvation Canyon wird wohl das Flagschiff in Nevada werden!
The 140-foot interval at 0.46 opt is located between the two known gold resource zones and could represent a newly identified northwest trending gold-bearing structure
eine ähnliche Meldung gab es bei Aurizon auch. Hoffe das hier bald weitergebohrt wird!
MfG
der Starvation Canyon wird wohl das Flagschiff in Nevada werden!
The 140-foot interval at 0.46 opt is located between the two known gold resource zones and could represent a newly identified northwest trending gold-bearing structure
eine ähnliche Meldung gab es bei Aurizon auch. Hoffe das hier bald weitergebohrt wird!
MfG
Antwort auf Beitrag Nr.: 23.302.571 von jseyffer am 03.08.06 18:25:48Schade daß es in D mal wieder keine Sau interessiert.
Na ja, aber solange es Aufwärts geht, solls mir recht sein.
mfg
Na ja, aber solange es Aufwärts geht, solls mir recht sein.
mfg
Antwort auf Beitrag Nr.: 23.302.924 von EasySkunker am 03.08.06 18:52:53innerhalb der nächsten 2 Wochen kommen noch die Zahlen für das 2.Quartal!
Es gab keine Produktionsausfälle und der hohe Goldpreis wird seinen Teil zum Ergebnis besteuern.
MfG
Es gab keine Produktionsausfälle und der hohe Goldpreis wird seinen Teil zum Ergebnis besteuern.
MfG
Antwort auf Beitrag Nr.: 23.303.237 von jseyffer am 03.08.06 19:20:50Bid Orders
Price Order Size
0.36 70400
0.35 200
0.34 21500
0.32 3500
0.30 10000
0.28 3000
0.26 1000
Ask Orders
Price Order Size
0.37 5300
0.38 10500
0.39 42120
0.40 4200
0.44 1000
0.45 2000
0.49 30000
0.50 5300
0.99 49
1.45 200
http://finance.yahoo.com/q/ecn?s=QEE&book
Price Order Size
0.36 70400
0.35 200
0.34 21500
0.32 3500
0.30 10000
0.28 3000
0.26 1000
Ask Orders
Price Order Size
0.37 5300
0.38 10500
0.39 42120
0.40 4200
0.44 1000
0.45 2000
0.49 30000
0.50 5300
0.99 49
1.45 200
http://finance.yahoo.com/q/ecn?s=QEE&book
Ein wirklich imposanter Start in den Tag.
Antwort auf Beitrag Nr.: 23.318.543 von EasySkunker am 04.08.06 16:04:26die Quartalszahlen kommen vorraussichtlich am 15. August (laut email der Sekretärin and Bullboard-User).
könnte eine kleine Überraschung geben ,zudem sind 2 Drill-Rigs am Starvation-Canyon am bohren!
MfG
könnte eine kleine Überraschung geben ,zudem sind 2 Drill-Rigs am Starvation-Canyon am bohren!
MfG
Antwort auf Beitrag Nr.: 23.318.836 von jseyffer am 04.08.06 16:22:00News Release 2006-16 August 11, 2006
QUEENSTAKE ANNOUNCES SECOND QUARTER 2006 RESULTS CONFERENCE CALL
Denver, Colorado - August 11, 2006 - Queenstake Resources Ltd. (TSX: QRL; AMEX:QEE) will announce its second quarter 2006 results on Monday, August 14th and will hold a conference call hosted by President and Chief Executive Officer Dorian (Dusty) Nicol to review the quarter highlights at 1:00 p.m. Eastern Daylight Time that day.
The conference call may be accessed by telephone:
United States and Canada (Toll-Free): 1-888-459-5609
International (Toll): 1-973-321-1024
The conference call may also be accessed via the Queenstake web site at www.queenstake.com, under the Audio Webcast Link on the homepage.
A replay of this call will be available for a limited time on the Queenstake web site or by calling:
United States and Canada (Toll Free): 1-877-519-4471
International (Toll): 1-973-341-3080
Replay Pin Number: 7710813
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada. Jerritt Canyon has produced over seven million ounces of gold from open pit and underground mines since 1981. Current production at the property is from underground mines. The Jerritt Canyon District comprises 119 square miles (308 square kilometers) of geologically prospective ground, controlled by Queenstake, representing one of the largest contiguous exploration properties in Nevada.
For further information call:
Wendy Yang 303-297-1557 ext. 105
800-276-6070
Email - info@queenstake.com web - www.queenstake.com
QUEENSTAKE ANNOUNCES SECOND QUARTER 2006 RESULTS CONFERENCE CALL
Denver, Colorado - August 11, 2006 - Queenstake Resources Ltd. (TSX: QRL; AMEX:QEE) will announce its second quarter 2006 results on Monday, August 14th and will hold a conference call hosted by President and Chief Executive Officer Dorian (Dusty) Nicol to review the quarter highlights at 1:00 p.m. Eastern Daylight Time that day.
The conference call may be accessed by telephone:
United States and Canada (Toll-Free): 1-888-459-5609
International (Toll): 1-973-321-1024
The conference call may also be accessed via the Queenstake web site at www.queenstake.com, under the Audio Webcast Link on the homepage.
A replay of this call will be available for a limited time on the Queenstake web site or by calling:
United States and Canada (Toll Free): 1-877-519-4471
International (Toll): 1-973-341-3080
Replay Pin Number: 7710813
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada. Jerritt Canyon has produced over seven million ounces of gold from open pit and underground mines since 1981. Current production at the property is from underground mines. The Jerritt Canyon District comprises 119 square miles (308 square kilometers) of geologically prospective ground, controlled by Queenstake, representing one of the largest contiguous exploration properties in Nevada.
For further information call:
Wendy Yang 303-297-1557 ext. 105
800-276-6070
Email - info@queenstake.com web - www.queenstake.com
Antwort auf Beitrag Nr.: 23.425.577 von jseyffer am 13.08.06 00:35:12Queenstake Generates Positive Cash Flow in Second Quarter
Monday August 14, 8:00 am ET
DENVER, Aug. 14 /PRNewswire-FirstCall/ -- Queenstake Resources Ltd. (TSX: QRL, Amex: QEE) generated net income of $731,000 from gold sales of 51,216 ounces in the second quarter of 2006, compared to a net loss of $5.6 million in the second quarter of 2005. Queenstake had record revenues of $32.2 million for the second quarter.
During the second quarter, the Company's Jerritt Canyon operations in northeastern Nevada produced 50,421 ounces of gold at cash operating costs per ounce of $461, a 69% increase in production and a 17% improvement in costs per ounce from the first quarter of 2006. Second quarter production and costs were impacted by a 12-day mill refurbishment shut down in April 2006. Since the shut down, the mill has been operating uninterrupted at near capacity.
Highlights from the 2006 second quarter included:
* Operating cash flow, after working capital changes, was $2.6 million;
* Cash and cash equivalents at June 30, 2006 totaled $10.5 million;
* Working capital improved by $2.6 million from year-end 2005 and by
$9.7 million from the end of the first quarter 2006 to $7.4 million at
June 30;
* Capitalized mine development footage was significantly ahead of plan;
and
* Jerritt Canyon marked its 25th anniversary as a gold producer and its
7.5-millionth ounce of gold produced.
Commenting on the results, Queenstake President and Chief Executive Officer Dorian L. (Dusty) Nicol said, "With an average realized gold price of $627 per ounce and cash operating costs per ounce of $461, our cash margin was $166 per ounce for the quarter, the best since we acquired Jerritt Canyon in mid-2003. We remain an unhedged US gold producer. Queenstake is one of the most leveraged gold equities, allowing maximum investment exposure to the gold price and to our continuing exploration success."
Operating Highlights 2Q 2006 2Q 2005 1H 2006 1H 2005
Gold ounces produced 50,421 54,156 80,294 108,923
Gold ounces sold 51,216 50,560 79,704 101,410
Average realized gold price ($/oz) $627 $428 $597 $398
Cash operating costs per ounce(1) $461 $371 $497 $372
Ore tons mined 188,283 234,625 417,246 515,260
Tons processed 271,857 316,800 422,085 628,234
Grade processed (opt) 0.22 0.21 0.23 0.21
Process recovery 86.0% 87.3% 86.3% 86.6%
(1) Cash operating costs per ounce is a non-GAAP measure intended to
complement conventional GAAP reporting. Management believes that cash
operating costs per ounce is a useful indicator of a mine's
performance. Please refer to Table 5 of the Management Discussion
and Analysis on file at www.sedar.com and www.sec.gov for further
information.
Financial Review
For the second quarter of 2006, the Company reported net income of $731,000, compared with a net loss of $5.6 million in the year ago quarter. Revenues were $32.2 million from 51,216 ounces of gold sold at an average realized price of $627 per ounce during the quarter, which is a 47% higher realized gold price than in the year ago quarter.
Cash operating costs per ounce were $461 in the second quarter, 24% higher than the 2005 second quarter due mainly to higher labor, contractor, energy and commodity costs, mill gear repairs and lower gold production. Over the past 12 months, cash operating costs were impacted by $3 million in rising commodity costs, including fuel, electric power, commodities and freight, $2.1 million in higher labor costs from wage increases and higher than anticipated overtime, and $4 million from increased contractor costs. These factors accounted for increases in cash operating costs per ounce of $52 in the past 12 months.
Depletion was lower at $3.9 million during the quarter than a year ago as a result of lower gold production, with an additional $0.1 million expensed due to the reduction of ore stockpiles and work-in-process inventory levels from the first quarter.
Second quarter corporate general and administrative costs were $1.3 million compared with $0.8 million in the year ago quarter. The increase was primarily due to professional advisory services related to Sarbanes-Oxley compliance and financial consulting.
Cash flow from operations, after working capital changes, was $2.6 million in the second quarter, compared with cash used in operations of $5.3 million in the 2005 second quarter. Net cash generated before changes in non-cash working capital was $5.6 million, compared with $0.4 million in the year ago quarter and negative $1.8 million in the first quarter of 2006.
During the quarter, the Company closed its equity private placement with Newmont, raising $10 million on April 13, 2006. Cash and cash equivalents were $10.5 million on June 30, 2006.
The Company invested $6.7 million in capital expenditures during the second quarter, principally in underground mine development, $0.4 million for an additional underground exploration drill and in purchasing and refurbishing plant and equipment, including an unanticipated $0.9 million related to the mill refurbishment.
Operations Review
During the second quarter, Jerritt Canyon produced 50,421 ounces of gold, slightly less than called for by the 2006 operating plan. Production was negatively affected by a 12-day mill refurbishment shut down in April, which resolved the first quarter's mechanical issues.
In the second quarter, Jerritt Canyon mined 274,961 tons, of which 188,283 tons were ore. The mining rate and ore tons mined were lower than expected as a result of a greater emphasis on underground development in view of the build-up of ore stockpiles at the mill from the first quarter, longer haul distances at the SSX-Steer Mine and additional required dewatering at the Smith Mine. In addition, further underground development was required to optimize mining of stopes in the Mahala deposit at Smith in the second half of 2006. Capitalized mine development footage of 2,868 feet for the Jerritt Canyon mines was significantly ahead of the 2006 plan.
At the mill, 271,857 tons were processed with an 86% average recovery during the second quarter of 2006. Due to first quarter's build up of the Jerritt Canyon mined ore in stockpiles adjacent to the mill, during the second quarter, the mill was able to run at near capacity entirely from Jerritt Canyon mined and stockpiled ore without the need to supplement with purchased ore from Newmont. The 81% increase in throughput from the first quarter of 2006 was due to increased mill availability with the seasonal weather improvement, running two roasters simultaneously and completion of the mill repairs and refurbishment.
The temporary mill interruptions in the first quarter and in April 2006 resulted in the rescheduling of the processing of the stockpiled ore through the rest of the year. At the end of the second quarter, there was an estimated 12,000 contained ounces of Jerritt Canyon ore in lower-grade stockpiles.
Exploration Update
Queenstake invested $1.1 million in exploration during the second quarter with four surface drill rigs working at the Jerritt Canyon District, including two rigs at Starvation Canyon project in the southern part of the district. On August 3, the Company announced one of the best drill intervals in the three-decade history of Jerritt Canyon exploration of 140 feet with an average grade of 0.46 ounce of gold per ton (opt) or 43 meters of 16 grams of gold per ton (gpt). This interval included an intercept of 70 feet of 0.6 opt (21 meters of 22 gpt). This discovery of high-grade gold mineralization at Starvation Canyon is located between two known mineral resource zones and could represent a newly identified northwest trending gold-bearing structure.
The Company is evaluating development of an exploration drift that could more rapidly advance the Starvation Canyon project using underground drill platforms. Preliminary designs indicate that an 800-foot drift would reach the known boundary of the west zone. A decision regarding the exploration drift is expected in the fourth quarter of 2006.
The near-mine exploration program, comprising both surface and underground drilling, continues and the Company expects to announce updated results during this quarter.
Other Business
The Company's auditors Staley, Okada & Partners of Vancouver have merged with PricewaterhouseCoopers (PwC) and Staley Okada will operate under the PwC name, effective August 1, 2006. Following the audit firms' merger announcement, Michael Smith resigned as a Director of Queenstake, as he feels it is appropriate to step down from the Board of Directors to avoid any potential conflict as he is a retired partner of PwC. Mr. Smith, who was elected to the Board in 2004, was chairman of the Audit Committee and a member of the Disclosure Committee of the Board.
Robert L. Zerga, Chairman of Queenstake, said, "It is with reluctance that we accept Mike's resignation as he was a conscientious and hard-working Board member. We will miss his valuable contribution to Board, Audit Committee and Disclosure Committee discussions."
The Corporate Governance and Nominating Committee of the Board will be reviewing qualified candidates to fill this vacancy.
2006 Outlook
For the full year 2006, the Company has lowered its Jerritt Canyon production estimate from 200,000-220,000 ounces of gold to 180,000-200,000 ounces, reflecting the first and second quarter mill-related production shortfalls, delays in accessing ore at the underground mines in the second quarter and the need to process ore purchased from Newmont in the second half of 2006. Cash operating costs per ounce for 2006 continue to be adversely affected by increases in basic commodity prices. The operations are sensitive to increases in diesel, propane and electric power, all of which have experienced significant increases through the first half of 2006. At current energy and commodity prices, cash operating costs per ounce are expected to continue at approximately $460.
Exploration expenditures are expected to be $8 million in 2006, compared with $3.9 million in 2005. Capital expenditures in 2006 are estimated to be approximately $21 million, compared with $21.6 million in 2005. Estimated capital expenditures for the year include approximately $15 million for capitalized mine development, which has increased from higher contractor and commodity costs, $1 million for the unbudgeted new pinion gear and bull gear spares, $2.5 million for underground exploration drilling and the remaining for a new underground drill, a road grader and equipment refurbishment. Ongoing corporate general and administrative costs are estimated at approximately $4.0 million in 2006. The Company expects to fund the balance of these estimated expenditures from existing cash and expected cash flow from operations for 2006.
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada. Jerritt Canyon has produced over seven-and-a-half million ounces of gold from open pit and underground mines since 1981. Current production at the property is from underground mines. The Jerritt Canyon District comprises 119 square miles (308 square kilometers) of geologically prospective ground controlled by Queenstake, representing one of the largest contiguous exploration properties in Nevada.
For further information call:
Wendy Yang 303-297-1557 ext. 105
800-276-6070
Email - info@queenstake.com web - www.queenstake.com
Cautionary Statement -- This news release contains "Forward-Looking Statements" within the meaning of applicable Canadian securities law requirements and Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake's future plans are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates and projections of future gold production, processing rates and cash operating costs, (ii) estimates of savings or cost reductions, mill refurbishment and maintenance costs, (iii) estimates related to financial performance, including cash flow, capital expenditures, exploration and administrative costs, (iv) estimates and projections of reserves and resources, (v) estimates and opinions regarding geologic and mineralization interpretation, (vi) estimates of exploration investment, scope of exploration programs and timing of project advancement, commencement of production and availability of drills and other equipment, and (vii) estimates of reclamation and closure costs. Forward-looking statements are subject to risks, uncertainties and other factors, including gold and other commodity price volatility, operational risks, mine development, production and cost estimate risks and other risks which are described in the Company's most recent Annual Information Form filed on SEDAR (www.sedar.com) and Annual Report on Form 40-F on file with the Securities and Exchange Commission (SEC; www.sec.gov) as well as the Company's other regulatory filings. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Mineral "resources" or "resource" used in this news release are as defined in National Instrument 43-101 of the Canadian Securities Administrators and are not terms recognized or defined by the U.S. Securities and Exchange Commission (SEC). Mineral resources are not reserves and do not have demonstrated economic viability. For further information, please refer to the risk factors and definitions of reserves and resources in the Company's filings on SEDAR and with the SEC on the Company's website, www.queenstake.com. The Qualified Person for the technical information contained in this news release is Mr. Dorian L. (Dusty) Nicol, President and Chief Executive Officer of Queenstake. The Company's technical report on reserves and resources with respect to Canadian National Instrument 43-101 was filed on SEDAR on May 4, 2006. This report is available under Investor Information/Financial Information/SEDAR filings at www.queenstake.com or at www.sedar.com under the Company's name.
INTERIM CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)
Unaudited
For the For the
Three Months Ended Six Months Ended
(In Thousands of U.S. Dollars, June 30 June 30
except per share amounts) 2006 2005 2006 2005
Gold sales $32,153 $21,669 $47,918 $43,375
Costs and expenses
Cost of sales 24,369 19,503 40,890 39,139
Depreciation, depletion and
amortization 3,931 4,866 7,201 10,353
Non-hedge derivatives 24 618 207 1,140
Exploration 1,124 861 1,324 1,385
General and administrative 1,284 843 2,356 3,200
Accretion of reclamation and
mine closure liability 293 134 587 266
Stock-based compensation 838 341 914 425
31,863 27,166 53,479 55,908
Income (loss) from operations 290 (5,497) (5,561) (12,533)
Interest expense 43 278 106 325
Other income, net (275) (209) (523) (395)
Foreign exchange (gain) loss (112) 77 (158) 259
(Gain) loss on disposal of
assets (97) -- (97) --
Loss on write down of assets -- -- 166 --
(441) 146 (506) 189
Net income (loss) $731 $(5,643) $(5,055) $(12,722)
Net Income (loss) per share -
basic and diluted $0.00 ($0.01) ($0.01) ($0.03)
Weighted average number of shares
outstanding (000's) - basic 576,634 563,833 563,282 467,946
INTERIM CONSOLIDATED STATEMENTS OF DEFICIT
Unaudited
For the Three Months For the Six Months
Ended June 30 Ended June 30
(In Thousands of U.S. Dollars) 2006 2005 2006 2005
Deficit, beginning of period -
as previously reported $(88,646) $(70,268) $(82,860) $(63,189)
Net Income (loss) 731 (5,643) (5,055) (12,722)
Deficit, end of period $(87,915) $(75,911) $(87,915) $(75,911)
INTERIM CONSOLIDATED BALANCE SHEETS June 30, December 31,
(In Thousands of U.S. Dollars) 2006 2005
ASSETS Unaudited
Current assets
Cash and cash equivalents $10,452 $10,225
Trade and other receivables 983 463
Inventories 12,838 6,519
Marketable securities 13 13
Prepaid expenses 560 1,499
Total current assets 24,846 18,719
Restricted cash 26,930 27,165
Mineral property, plant and
equipment, net 50,839 45,692
Other assets 3,801 1,763
Total assets $106,418 $93,339
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
liabilities $16,022 $11,063
Other current liabilities 1,398 2,846
Total current liabilities 17,420 13,909
Other long-term obligations 4,469 2,117
Reclamation and mine closure 26,607 26,382
Total liabilities 48,496 42,408
Shareholders' equity
Common shares, no par value,
unlimited number authorized
Issued and outstanding
582,476,489 (2005 - 550,021,360) 142,952 131,804
Contributed surplus 2,871 1,973
Convertible securities 14 14
Deficit (87,915) (82,860)
Total shareholders' equity 57,922 50,931
Total liabilities and
shareholders' equity $106,418 $93,339
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
For the For the
Three Months Six Months
Ended June 30 Ended June 30
(In Thousands of U.S. Dollars) 2006 2005 2006 2005
OPERATING ACTIVITIES
Net loss $731 $(5,643) $(5,055) $(12,722)
Non-cash items:
Depreciation, depletion and
amortization 3,931 4,866 7,201 10,353
Write down of assets -- -- 166 --
(Gain) on disposal of assets (97) -- (97) --
Accretion of reclamation and
mine closure liability 293 134 587 266
Amortization of non-hedge
derivatives 6 618 10 1,140
Write down of non-hedge
derivatives 18 -- 197 --
Stock-based compensation 838 340 914 424
Foreign exchange loss (112) 77 (158) 259
Loss on sale of marketable
securities -- -- -- 38
Write down of marketable
securities -- 4 -- 4
5,608 396 3,765 (238)
Changes in non-cash working
capital:
Inventories (822) (1,562) (5,637) (2,349)
Accounts receivable and
prepaid accounts (76) 340 419 (306)
Accounts payable and
accruals (2,071) (4,438) 7,112 (9,462)
Cash provided by (used in)
operating activities 2,639 (5,264) 5,659 (12,355)
INVESTING ACTIVITIES
Property, plant and equipment
expenditures (6,724) (1,980) (14,959) (7,061)
Proceeds from sale of assets 21 -- 21 --
Sale of marketable securities -- -- -- 442
Reclamation costs incurred (362) -- (362) --
Restricted cash 506 (132) 235 (251)
Cash (used in) investing
activities (6,559) (2,112) (15,065) (6,870)
FINANCING ACTIVITIES
Common shares issued, net of
costs 11,402 6,938 11,131 30,349
Notes payable and leases (503) (115) (1,498) (390)
Deferred financing costs -- -- -- --
Cash provided by (used in)
financing activities 10,899 6,823 9,633 29,959
Net increase (decrease) in cash
and cash equivalents 6,979 (553) 227 10,734
Cash and cash equivalents,
beginning of period 3,473 17,419 10,225 6,132
Cash and cash equivalents, end
of period $10,452 $16,866 $10,452 $16,866
--------------------------------------------------------------------------------
Source: Queenstake Resources Ltd.
Monday August 14, 8:00 am ET
DENVER, Aug. 14 /PRNewswire-FirstCall/ -- Queenstake Resources Ltd. (TSX: QRL, Amex: QEE) generated net income of $731,000 from gold sales of 51,216 ounces in the second quarter of 2006, compared to a net loss of $5.6 million in the second quarter of 2005. Queenstake had record revenues of $32.2 million for the second quarter.
During the second quarter, the Company's Jerritt Canyon operations in northeastern Nevada produced 50,421 ounces of gold at cash operating costs per ounce of $461, a 69% increase in production and a 17% improvement in costs per ounce from the first quarter of 2006. Second quarter production and costs were impacted by a 12-day mill refurbishment shut down in April 2006. Since the shut down, the mill has been operating uninterrupted at near capacity.
Highlights from the 2006 second quarter included:
* Operating cash flow, after working capital changes, was $2.6 million;
* Cash and cash equivalents at June 30, 2006 totaled $10.5 million;
* Working capital improved by $2.6 million from year-end 2005 and by
$9.7 million from the end of the first quarter 2006 to $7.4 million at
June 30;
* Capitalized mine development footage was significantly ahead of plan;
and
* Jerritt Canyon marked its 25th anniversary as a gold producer and its
7.5-millionth ounce of gold produced.
Commenting on the results, Queenstake President and Chief Executive Officer Dorian L. (Dusty) Nicol said, "With an average realized gold price of $627 per ounce and cash operating costs per ounce of $461, our cash margin was $166 per ounce for the quarter, the best since we acquired Jerritt Canyon in mid-2003. We remain an unhedged US gold producer. Queenstake is one of the most leveraged gold equities, allowing maximum investment exposure to the gold price and to our continuing exploration success."
Operating Highlights 2Q 2006 2Q 2005 1H 2006 1H 2005
Gold ounces produced 50,421 54,156 80,294 108,923
Gold ounces sold 51,216 50,560 79,704 101,410
Average realized gold price ($/oz) $627 $428 $597 $398
Cash operating costs per ounce(1) $461 $371 $497 $372
Ore tons mined 188,283 234,625 417,246 515,260
Tons processed 271,857 316,800 422,085 628,234
Grade processed (opt) 0.22 0.21 0.23 0.21
Process recovery 86.0% 87.3% 86.3% 86.6%
(1) Cash operating costs per ounce is a non-GAAP measure intended to
complement conventional GAAP reporting. Management believes that cash
operating costs per ounce is a useful indicator of a mine's
performance. Please refer to Table 5 of the Management Discussion
and Analysis on file at www.sedar.com and www.sec.gov for further
information.
Financial Review
For the second quarter of 2006, the Company reported net income of $731,000, compared with a net loss of $5.6 million in the year ago quarter. Revenues were $32.2 million from 51,216 ounces of gold sold at an average realized price of $627 per ounce during the quarter, which is a 47% higher realized gold price than in the year ago quarter.
Cash operating costs per ounce were $461 in the second quarter, 24% higher than the 2005 second quarter due mainly to higher labor, contractor, energy and commodity costs, mill gear repairs and lower gold production. Over the past 12 months, cash operating costs were impacted by $3 million in rising commodity costs, including fuel, electric power, commodities and freight, $2.1 million in higher labor costs from wage increases and higher than anticipated overtime, and $4 million from increased contractor costs. These factors accounted for increases in cash operating costs per ounce of $52 in the past 12 months.
Depletion was lower at $3.9 million during the quarter than a year ago as a result of lower gold production, with an additional $0.1 million expensed due to the reduction of ore stockpiles and work-in-process inventory levels from the first quarter.
Second quarter corporate general and administrative costs were $1.3 million compared with $0.8 million in the year ago quarter. The increase was primarily due to professional advisory services related to Sarbanes-Oxley compliance and financial consulting.
Cash flow from operations, after working capital changes, was $2.6 million in the second quarter, compared with cash used in operations of $5.3 million in the 2005 second quarter. Net cash generated before changes in non-cash working capital was $5.6 million, compared with $0.4 million in the year ago quarter and negative $1.8 million in the first quarter of 2006.
During the quarter, the Company closed its equity private placement with Newmont, raising $10 million on April 13, 2006. Cash and cash equivalents were $10.5 million on June 30, 2006.
The Company invested $6.7 million in capital expenditures during the second quarter, principally in underground mine development, $0.4 million for an additional underground exploration drill and in purchasing and refurbishing plant and equipment, including an unanticipated $0.9 million related to the mill refurbishment.
Operations Review
During the second quarter, Jerritt Canyon produced 50,421 ounces of gold, slightly less than called for by the 2006 operating plan. Production was negatively affected by a 12-day mill refurbishment shut down in April, which resolved the first quarter's mechanical issues.
In the second quarter, Jerritt Canyon mined 274,961 tons, of which 188,283 tons were ore. The mining rate and ore tons mined were lower than expected as a result of a greater emphasis on underground development in view of the build-up of ore stockpiles at the mill from the first quarter, longer haul distances at the SSX-Steer Mine and additional required dewatering at the Smith Mine. In addition, further underground development was required to optimize mining of stopes in the Mahala deposit at Smith in the second half of 2006. Capitalized mine development footage of 2,868 feet for the Jerritt Canyon mines was significantly ahead of the 2006 plan.
At the mill, 271,857 tons were processed with an 86% average recovery during the second quarter of 2006. Due to first quarter's build up of the Jerritt Canyon mined ore in stockpiles adjacent to the mill, during the second quarter, the mill was able to run at near capacity entirely from Jerritt Canyon mined and stockpiled ore without the need to supplement with purchased ore from Newmont. The 81% increase in throughput from the first quarter of 2006 was due to increased mill availability with the seasonal weather improvement, running two roasters simultaneously and completion of the mill repairs and refurbishment.
The temporary mill interruptions in the first quarter and in April 2006 resulted in the rescheduling of the processing of the stockpiled ore through the rest of the year. At the end of the second quarter, there was an estimated 12,000 contained ounces of Jerritt Canyon ore in lower-grade stockpiles.
Exploration Update
Queenstake invested $1.1 million in exploration during the second quarter with four surface drill rigs working at the Jerritt Canyon District, including two rigs at Starvation Canyon project in the southern part of the district. On August 3, the Company announced one of the best drill intervals in the three-decade history of Jerritt Canyon exploration of 140 feet with an average grade of 0.46 ounce of gold per ton (opt) or 43 meters of 16 grams of gold per ton (gpt). This interval included an intercept of 70 feet of 0.6 opt (21 meters of 22 gpt). This discovery of high-grade gold mineralization at Starvation Canyon is located between two known mineral resource zones and could represent a newly identified northwest trending gold-bearing structure.
The Company is evaluating development of an exploration drift that could more rapidly advance the Starvation Canyon project using underground drill platforms. Preliminary designs indicate that an 800-foot drift would reach the known boundary of the west zone. A decision regarding the exploration drift is expected in the fourth quarter of 2006.
The near-mine exploration program, comprising both surface and underground drilling, continues and the Company expects to announce updated results during this quarter.
Other Business
The Company's auditors Staley, Okada & Partners of Vancouver have merged with PricewaterhouseCoopers (PwC) and Staley Okada will operate under the PwC name, effective August 1, 2006. Following the audit firms' merger announcement, Michael Smith resigned as a Director of Queenstake, as he feels it is appropriate to step down from the Board of Directors to avoid any potential conflict as he is a retired partner of PwC. Mr. Smith, who was elected to the Board in 2004, was chairman of the Audit Committee and a member of the Disclosure Committee of the Board.
Robert L. Zerga, Chairman of Queenstake, said, "It is with reluctance that we accept Mike's resignation as he was a conscientious and hard-working Board member. We will miss his valuable contribution to Board, Audit Committee and Disclosure Committee discussions."
The Corporate Governance and Nominating Committee of the Board will be reviewing qualified candidates to fill this vacancy.
2006 Outlook
For the full year 2006, the Company has lowered its Jerritt Canyon production estimate from 200,000-220,000 ounces of gold to 180,000-200,000 ounces, reflecting the first and second quarter mill-related production shortfalls, delays in accessing ore at the underground mines in the second quarter and the need to process ore purchased from Newmont in the second half of 2006. Cash operating costs per ounce for 2006 continue to be adversely affected by increases in basic commodity prices. The operations are sensitive to increases in diesel, propane and electric power, all of which have experienced significant increases through the first half of 2006. At current energy and commodity prices, cash operating costs per ounce are expected to continue at approximately $460.
Exploration expenditures are expected to be $8 million in 2006, compared with $3.9 million in 2005. Capital expenditures in 2006 are estimated to be approximately $21 million, compared with $21.6 million in 2005. Estimated capital expenditures for the year include approximately $15 million for capitalized mine development, which has increased from higher contractor and commodity costs, $1 million for the unbudgeted new pinion gear and bull gear spares, $2.5 million for underground exploration drilling and the remaining for a new underground drill, a road grader and equipment refurbishment. Ongoing corporate general and administrative costs are estimated at approximately $4.0 million in 2006. The Company expects to fund the balance of these estimated expenditures from existing cash and expected cash flow from operations for 2006.
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada. Jerritt Canyon has produced over seven-and-a-half million ounces of gold from open pit and underground mines since 1981. Current production at the property is from underground mines. The Jerritt Canyon District comprises 119 square miles (308 square kilometers) of geologically prospective ground controlled by Queenstake, representing one of the largest contiguous exploration properties in Nevada.
For further information call:
Wendy Yang 303-297-1557 ext. 105
800-276-6070
Email - info@queenstake.com web - www.queenstake.com
Cautionary Statement -- This news release contains "Forward-Looking Statements" within the meaning of applicable Canadian securities law requirements and Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake's future plans are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates and projections of future gold production, processing rates and cash operating costs, (ii) estimates of savings or cost reductions, mill refurbishment and maintenance costs, (iii) estimates related to financial performance, including cash flow, capital expenditures, exploration and administrative costs, (iv) estimates and projections of reserves and resources, (v) estimates and opinions regarding geologic and mineralization interpretation, (vi) estimates of exploration investment, scope of exploration programs and timing of project advancement, commencement of production and availability of drills and other equipment, and (vii) estimates of reclamation and closure costs. Forward-looking statements are subject to risks, uncertainties and other factors, including gold and other commodity price volatility, operational risks, mine development, production and cost estimate risks and other risks which are described in the Company's most recent Annual Information Form filed on SEDAR (www.sedar.com) and Annual Report on Form 40-F on file with the Securities and Exchange Commission (SEC; www.sec.gov) as well as the Company's other regulatory filings. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Mineral "resources" or "resource" used in this news release are as defined in National Instrument 43-101 of the Canadian Securities Administrators and are not terms recognized or defined by the U.S. Securities and Exchange Commission (SEC). Mineral resources are not reserves and do not have demonstrated economic viability. For further information, please refer to the risk factors and definitions of reserves and resources in the Company's filings on SEDAR and with the SEC on the Company's website, www.queenstake.com. The Qualified Person for the technical information contained in this news release is Mr. Dorian L. (Dusty) Nicol, President and Chief Executive Officer of Queenstake. The Company's technical report on reserves and resources with respect to Canadian National Instrument 43-101 was filed on SEDAR on May 4, 2006. This report is available under Investor Information/Financial Information/SEDAR filings at www.queenstake.com or at www.sedar.com under the Company's name.
INTERIM CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)
Unaudited
For the For the
Three Months Ended Six Months Ended
(In Thousands of U.S. Dollars, June 30 June 30
except per share amounts) 2006 2005 2006 2005
Gold sales $32,153 $21,669 $47,918 $43,375
Costs and expenses
Cost of sales 24,369 19,503 40,890 39,139
Depreciation, depletion and
amortization 3,931 4,866 7,201 10,353
Non-hedge derivatives 24 618 207 1,140
Exploration 1,124 861 1,324 1,385
General and administrative 1,284 843 2,356 3,200
Accretion of reclamation and
mine closure liability 293 134 587 266
Stock-based compensation 838 341 914 425
31,863 27,166 53,479 55,908
Income (loss) from operations 290 (5,497) (5,561) (12,533)
Interest expense 43 278 106 325
Other income, net (275) (209) (523) (395)
Foreign exchange (gain) loss (112) 77 (158) 259
(Gain) loss on disposal of
assets (97) -- (97) --
Loss on write down of assets -- -- 166 --
(441) 146 (506) 189
Net income (loss) $731 $(5,643) $(5,055) $(12,722)
Net Income (loss) per share -
basic and diluted $0.00 ($0.01) ($0.01) ($0.03)
Weighted average number of shares
outstanding (000's) - basic 576,634 563,833 563,282 467,946
INTERIM CONSOLIDATED STATEMENTS OF DEFICIT
Unaudited
For the Three Months For the Six Months
Ended June 30 Ended June 30
(In Thousands of U.S. Dollars) 2006 2005 2006 2005
Deficit, beginning of period -
as previously reported $(88,646) $(70,268) $(82,860) $(63,189)
Net Income (loss) 731 (5,643) (5,055) (12,722)
Deficit, end of period $(87,915) $(75,911) $(87,915) $(75,911)
INTERIM CONSOLIDATED BALANCE SHEETS June 30, December 31,
(In Thousands of U.S. Dollars) 2006 2005
ASSETS Unaudited
Current assets
Cash and cash equivalents $10,452 $10,225
Trade and other receivables 983 463
Inventories 12,838 6,519
Marketable securities 13 13
Prepaid expenses 560 1,499
Total current assets 24,846 18,719
Restricted cash 26,930 27,165
Mineral property, plant and
equipment, net 50,839 45,692
Other assets 3,801 1,763
Total assets $106,418 $93,339
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
liabilities $16,022 $11,063
Other current liabilities 1,398 2,846
Total current liabilities 17,420 13,909
Other long-term obligations 4,469 2,117
Reclamation and mine closure 26,607 26,382
Total liabilities 48,496 42,408
Shareholders' equity
Common shares, no par value,
unlimited number authorized
Issued and outstanding
582,476,489 (2005 - 550,021,360) 142,952 131,804
Contributed surplus 2,871 1,973
Convertible securities 14 14
Deficit (87,915) (82,860)
Total shareholders' equity 57,922 50,931
Total liabilities and
shareholders' equity $106,418 $93,339
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
For the For the
Three Months Six Months
Ended June 30 Ended June 30
(In Thousands of U.S. Dollars) 2006 2005 2006 2005
OPERATING ACTIVITIES
Net loss $731 $(5,643) $(5,055) $(12,722)
Non-cash items:
Depreciation, depletion and
amortization 3,931 4,866 7,201 10,353
Write down of assets -- -- 166 --
(Gain) on disposal of assets (97) -- (97) --
Accretion of reclamation and
mine closure liability 293 134 587 266
Amortization of non-hedge
derivatives 6 618 10 1,140
Write down of non-hedge
derivatives 18 -- 197 --
Stock-based compensation 838 340 914 424
Foreign exchange loss (112) 77 (158) 259
Loss on sale of marketable
securities -- -- -- 38
Write down of marketable
securities -- 4 -- 4
5,608 396 3,765 (238)
Changes in non-cash working
capital:
Inventories (822) (1,562) (5,637) (2,349)
Accounts receivable and
prepaid accounts (76) 340 419 (306)
Accounts payable and
accruals (2,071) (4,438) 7,112 (9,462)
Cash provided by (used in)
operating activities 2,639 (5,264) 5,659 (12,355)
INVESTING ACTIVITIES
Property, plant and equipment
expenditures (6,724) (1,980) (14,959) (7,061)
Proceeds from sale of assets 21 -- 21 --
Sale of marketable securities -- -- -- 442
Reclamation costs incurred (362) -- (362) --
Restricted cash 506 (132) 235 (251)
Cash (used in) investing
activities (6,559) (2,112) (15,065) (6,870)
FINANCING ACTIVITIES
Common shares issued, net of
costs 11,402 6,938 11,131 30,349
Notes payable and leases (503) (115) (1,498) (390)
Deferred financing costs -- -- -- --
Cash provided by (used in)
financing activities 10,899 6,823 9,633 29,959
Net increase (decrease) in cash
and cash equivalents 6,979 (553) 227 10,734
Cash and cash equivalents,
beginning of period 3,473 17,419 10,225 6,132
Cash and cash equivalents, end
of period $10,452 $16,866 $10,452 $16,866
--------------------------------------------------------------------------------
Source: Queenstake Resources Ltd.
Antwort auf Beitrag Nr.: 23.438.221 von jseyffer am 14.08.06 14:07:01Queenstake Drilling Extends High-Grade Gold Mineralization at Mahala Deposit
8/16/2006
DENVER, Aug 16, 2006 /PRNewswire-FirstCall via COMTEX News Network/ --
Queenstake Resources Ltd. (Amex: QEE; TSX: QRL) has intercepted high-grade gold mineralization in underground exploration drilling along extensions of mineralized trends at the Mahala deposit (Smith Mine). Results included intercepts 40 feet grading 1.82 ounces of gold per ton (opt) or 12.2 meters of 62 grams of gold per tonne (gpt) and 30 feet of 0.91 opt (9.1 meters of 31 gpt) along the Mahala Dike Trend and located in close proximity to the current development drift at Smith.
Commenting on the exploration results, President and Chief Executive Officer Dorian L. (Dusty) Nicol said, "These are some of the most impressive drill results Queenstake has received from its near-mine underground program. These positive results are expected to provide resource and reserve additions this year and to extend the mine life at Smith beyond 2008. We are excited that these high-grade mineralized drill intercepts are within 180 feet of the current development drift and are currently adapting our mine plans to include initial mining of these mineralized extensions in the fourth quarter of 2006."
The extensions of high-grade mineralization along the Mahala Dike Trend remain open along strike to the northwest and southeast, and will be followed up with additional drilling.
In addition, positive results from underground drilling at the prospective R4 Dike Trend at the Smith Mine has indicated an extension of high-grade mineralization, including separate core drill intercepts of 29 feet of 0.47 opt (9 meters of 16 gpt) and 20 feet of 0.56 opt (6 meters of 19 gpt). These intercepts are within 150 feet of the current development drift in the R4 Dike Trend. The mineralized extension is open along strike to the northwest, and will be followed up with additional drilling.
All results highlighted in this news release are outside of the Company's year-end 2005 mineral resource boundary. (Refer to the Appendix Map 1 and 2 for the location of Mahala and the R4 dike trends.) These results will be incorporated in new mine models that will be used in the estimation of reserves and resources(1) for year-end 2006. These drill intercepts at Mahala and R4 trends are significantly higher grade than the average grade of Mahala's measured and indicated mineral resources at year-end 2005, which were 420,600 tons at a grade of 0.296 opt (124,360 contained ounces), and indicate the potential for enhancing the average grade at year-end 2006.
Underground reverse circulation(2) and core(2) drilling results highlighted in this news release were part of the near-mine exploration program(3) conducted at the Smith Mine from April through July 2006. Eighty-two holes, totaling 20,092 feet, were drilled, consisting of 20 core holes for 8,267 feet and the rest from reverse circulation drilling.
Table 1: Smith Mine-Mahala Deposit Significant Results(4),(5)
From To Length Grade Drill
Hole # (feet) (feet) (feet) (opt) Type(2)
Mahala Dike Trend
C40531 50 70 20 0.652 RC
C40538 50 80 30 0.908 RC
C40545 60 100 40 0.528 RC
C40551 60 100 40 1.821 RC
LX-656 350 365 15 0.328 Core
LX-658 360 375 15 0.615 Core
LX-661 405 440 35 0.56 Core
R4 Dike Trend
LX-646 130 155 25 0.383 Core
LX-647 131 160 29 0.473 Core
LX-649 120 140 20 0.562 Core
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada. Jerritt Canyon has produced over 7.5 million ounces of gold from open pit and underground mines since 1981. Current production at the property is from underground mines. The Jerritt Canyon District comprises 119 square miles (308 square kilometers) of geologically prospective ground controlled by Queenstake, representing one of the largest contiguous exploration properties in Nevada.
Notes:
(1) Mineral "resources" or "resource" used in this news release are as defined in National Instrument 43-101 of the Canadian Securities Administrators and are not terms recognized or defined by the U.S. Securities and Exchange Commission (SEC). Mineral resources are not reserves and do not have demonstrated economic viability. For further information, please refer to the risk factors and definitions of mineral reserves and resources in the Company's filings on SEDAR and with the SEC on the Company's website, www.queenstake.com. The Qualified Person for the technical information contained in this news release is Mr. Dorian L. (Dusty) Nicol, President and Chief Executive Officer of Queenstake.
(2) Underground drilling uses either core or reverse circulation (RC) methods for near-mine exploration programs at Jerritt Canyon. Reverse circulation drilling has demonstrated accuracy in ore control definition drilling and for resource conversion at Jerritt Canyon's mines. However, reverse circulation drilling can result in a lower degree of confidence and less geologic information than core drilling.
(3) A complete data set, from which the drill results highlighted in this news release were selected, is available as an Appendix to this news release under the Investor Information/News section on the Company's website, www.queenstake.com.
(4) Results presented in this news release were analyzed using standard fire assay techniques at the Company's Jerritt Canyon laboratory. Intercepts are reported as drilled and are not necessarily "true widths," which have not yet been calculated.
(5) A description of the geology, sampling procedures and the Company's laboratory Quality Assurance/Quality Control procedures are described in the Company's National Instrument 43-101 Technical Report filed on SEDAR on May 4, 2006. This report is available under Investor Information/Financial Information/SEDAR filings at www.queenstake.com or at www.sedar.com under the Company's name.
For further information call: Wendy Yang, 303-297-1557 or 800-276-6070 Email - info@queenstake.com Web - www.queenstake.com
8/16/2006
DENVER, Aug 16, 2006 /PRNewswire-FirstCall via COMTEX News Network/ --
Queenstake Resources Ltd. (Amex: QEE; TSX: QRL) has intercepted high-grade gold mineralization in underground exploration drilling along extensions of mineralized trends at the Mahala deposit (Smith Mine). Results included intercepts 40 feet grading 1.82 ounces of gold per ton (opt) or 12.2 meters of 62 grams of gold per tonne (gpt) and 30 feet of 0.91 opt (9.1 meters of 31 gpt) along the Mahala Dike Trend and located in close proximity to the current development drift at Smith.
Commenting on the exploration results, President and Chief Executive Officer Dorian L. (Dusty) Nicol said, "These are some of the most impressive drill results Queenstake has received from its near-mine underground program. These positive results are expected to provide resource and reserve additions this year and to extend the mine life at Smith beyond 2008. We are excited that these high-grade mineralized drill intercepts are within 180 feet of the current development drift and are currently adapting our mine plans to include initial mining of these mineralized extensions in the fourth quarter of 2006."
The extensions of high-grade mineralization along the Mahala Dike Trend remain open along strike to the northwest and southeast, and will be followed up with additional drilling.
In addition, positive results from underground drilling at the prospective R4 Dike Trend at the Smith Mine has indicated an extension of high-grade mineralization, including separate core drill intercepts of 29 feet of 0.47 opt (9 meters of 16 gpt) and 20 feet of 0.56 opt (6 meters of 19 gpt). These intercepts are within 150 feet of the current development drift in the R4 Dike Trend. The mineralized extension is open along strike to the northwest, and will be followed up with additional drilling.
All results highlighted in this news release are outside of the Company's year-end 2005 mineral resource boundary. (Refer to the Appendix Map 1 and 2 for the location of Mahala and the R4 dike trends.) These results will be incorporated in new mine models that will be used in the estimation of reserves and resources(1) for year-end 2006. These drill intercepts at Mahala and R4 trends are significantly higher grade than the average grade of Mahala's measured and indicated mineral resources at year-end 2005, which were 420,600 tons at a grade of 0.296 opt (124,360 contained ounces), and indicate the potential for enhancing the average grade at year-end 2006.
Underground reverse circulation(2) and core(2) drilling results highlighted in this news release were part of the near-mine exploration program(3) conducted at the Smith Mine from April through July 2006. Eighty-two holes, totaling 20,092 feet, were drilled, consisting of 20 core holes for 8,267 feet and the rest from reverse circulation drilling.
Table 1: Smith Mine-Mahala Deposit Significant Results(4),(5)
From To Length Grade Drill
Hole # (feet) (feet) (feet) (opt) Type(2)
Mahala Dike Trend
C40531 50 70 20 0.652 RC
C40538 50 80 30 0.908 RC
C40545 60 100 40 0.528 RC
C40551 60 100 40 1.821 RC
LX-656 350 365 15 0.328 Core
LX-658 360 375 15 0.615 Core
LX-661 405 440 35 0.56 Core
R4 Dike Trend
LX-646 130 155 25 0.383 Core
LX-647 131 160 29 0.473 Core
LX-649 120 140 20 0.562 Core
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada. Jerritt Canyon has produced over 7.5 million ounces of gold from open pit and underground mines since 1981. Current production at the property is from underground mines. The Jerritt Canyon District comprises 119 square miles (308 square kilometers) of geologically prospective ground controlled by Queenstake, representing one of the largest contiguous exploration properties in Nevada.
Notes:
(1) Mineral "resources" or "resource" used in this news release are as defined in National Instrument 43-101 of the Canadian Securities Administrators and are not terms recognized or defined by the U.S. Securities and Exchange Commission (SEC). Mineral resources are not reserves and do not have demonstrated economic viability. For further information, please refer to the risk factors and definitions of mineral reserves and resources in the Company's filings on SEDAR and with the SEC on the Company's website, www.queenstake.com. The Qualified Person for the technical information contained in this news release is Mr. Dorian L. (Dusty) Nicol, President and Chief Executive Officer of Queenstake.
(2) Underground drilling uses either core or reverse circulation (RC) methods for near-mine exploration programs at Jerritt Canyon. Reverse circulation drilling has demonstrated accuracy in ore control definition drilling and for resource conversion at Jerritt Canyon's mines. However, reverse circulation drilling can result in a lower degree of confidence and less geologic information than core drilling.
(3) A complete data set, from which the drill results highlighted in this news release were selected, is available as an Appendix to this news release under the Investor Information/News section on the Company's website, www.queenstake.com.
(4) Results presented in this news release were analyzed using standard fire assay techniques at the Company's Jerritt Canyon laboratory. Intercepts are reported as drilled and are not necessarily "true widths," which have not yet been calculated.
(5) A description of the geology, sampling procedures and the Company's laboratory Quality Assurance/Quality Control procedures are described in the Company's National Instrument 43-101 Technical Report filed on SEDAR on May 4, 2006. This report is available under Investor Information/Financial Information/SEDAR filings at www.queenstake.com or at www.sedar.com under the Company's name.
For further information call: Wendy Yang, 303-297-1557 or 800-276-6070 Email - info@queenstake.com Web - www.queenstake.com
Queenstake Continues to Define Gold Mineralization at Starvation Canyon
Tuesday January 23, 8:00 am ET
DENVER, Jan. 23 /PRNewswire-FirstCall/ -- Queenstake Resources Ltd. (Amex: QEE - News; Toronto: QRL - News) recently concluded a surface drilling program at the Starvation Canyon gold project in Nevada, with one drill hole intersecting 45 feet of 0.33 ounce of gold per ton (opt) or 13.7 meters at 11 grams per tonne (gpt).
The above mentioned intercept is located outside the 2005 resource estimate boundary, south of the west zone of Starvation Canyon and is likely to expand the gold resources in this area. The project is located on Queenstake's private land, approximately 12 miles southwest of the Jerritt Canyon mill. The Starvation Canyon deposit lies above the water table in an area of steep topography and could be accessed by development of a drift from the hillside.
Starvation Canyon's gold resources, as currently defined, are contained in two northwest trending zones, which extend 1,700 feet (518 meters) and are open in several directions. The main objective of the recent drilling program was to continue to define a high-angle geologic structure containing gold mineralization in the northern part of the east zone and for definition drilling of the known resource shapes.
As part of the Starvation Canyon drilling program, six high angle reverse-circulation holes were drilled targeting a high-angle mineralized structure as well as to follow up on drill hole TJ-248 which, as reported in the August 3, 2006 news release, intercepted 135 feet of 0.47 opt (21 meters of 22 gpt), including 40 feet of 0.87 opt (12 meters of 30 gpt). The recent drill results confirmed the northwest extension of this structure, identifying low grade gold mineralization. However, definition of the high-grade gold mineralization identified by TJ-248 within this structure will require further angle core drilling to improve sample recovery at the targeted depths in 2007. Due to the high demand for drill rigs in Nevada, the Company was unable to obtain a core rig for the recent program.
Four holes intersected the structure, with the best intercept being 15 feet of 0.22 opt (4.6 meters of 8 gpt), but were too high in the structure, missing the level of the significant gold intercept of TJ-248. The two remaining reverse-circulation holes did not reach the target depth due to ground conditions.
The Starvation Canyon surface drilling program completed 32 reverse-circulation drill holes totaling 23,450 feet (7,147.6 meters), including 12 infill drill holes totaling 8,465 feet (2580.1 meters) within the 2005 resource boundary.
The drill results(1) described in this news release are all outside of the Company's year-end 2005 mineral resource estimate boundary, and the drill intercepts(2) highlighted are at least 10 feet of 0.225 opt or higher (>3 meters of approximately 8 gpt or higher). These results will be included in the modeling of reserve and resource estimates for year-end 2006, which will be reported when available later during the first quarter of 2007.
At year-end 2005, Starvation Canyon's measured and indicated resources(3) were estimated at 676,400 tons at 0.28 opt (613,620 tonnes at 10 gpt) for 190,700 contained ounces, of which probable reserves(3) were estimated at 400,500 tons at 0.30 opt (363,330 tonnes at 10 gpt) for 121,100 contained ounces. The currently defined resource is within a prospective 4.5-mile (7.2 kilometer) corridor of gold occurrences in favorable geologic settings. This trend appears comparable geologically and geochemically to the mineralized trends in the northern and central parts of the Jerritt Canyon District that have combined to produce over 7.5 million ounces of gold since 1981.
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada. Jerritt Canyon has produced over 7.5 million ounces of gold from open pit and underground mines since 1981. Current production at the property is from underground mines. The Jerritt Canyon District comprises 119 square miles (308 square kilometers) of geologically prospective ground controlled by Queenstake, representing one of the largest contiguous exploration properties in Nevada.
Notes:
(1) A complete data set, from which the drill results highlighted in this
news release were selected, is available as an Appendix to this news
release under the Investor Information/News section on the Company's
website, www.queenstake.com.
(2) Results presented in this news release were analyzed using standard
fire assay techniques at the American Assay Lab in Elko and Reno.
Intercepts are reported as drilled and are not necessarily "true
widths," which have not yet been calculated.
(3) Mineral "resources" or "resource" used in this news release are as
defined in National Instrument 43-101 of the Canadian Securities
Administrators and are not terms recognized or defined by the U.S.
Securities and Exchange Commission (SEC). Mineral resources are not
reserves and do not have demonstrated economic viability. For
further information, please refer to the risk factors and definitions
of reserves and resources in the Company's filings on SEDAR and with
the SEC on the Company's website, www.queenstake.com. The Qualified
Person for the technical information contained in this news release
is Mr. Dorian L. (Dusty) Nicol, President and Chief Executive Officer
of Queenstake.
For further information call:
Wendy Yang, 303-297-1557 ext. 105
800-276-6070
Email -- info@queenstake.com Web -- www.queenstake.com
Cautionary Statement -- This news release contains "Forward-Looking Statements" within the meaning of applicable Canadian securities regulations and Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake's future plans are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates and projections of reserves and resources, and resource additions, (ii) estimates and opinions regarding geologic and mineralization interpretation, (iii) timing of project advancement, (iv) timing of commencement of production from a deposit, and (v) timing of availability of drills and other equipment. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements, in particular the estimates do not include input cost increases that could occur in future. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Queenstake does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including gold and other commodity price volatility, political and operational risks, which are described in the Company's 2005 Annual Information Form filed on SEDAR and 2005 Annual Report on Form 40-F on file with the Securities and Exchange Commission as well as the Company's other regulatory filings.
--------------------------------------------------------------------------------
Source: Queenstake Resources Ltd.
Tuesday January 23, 8:00 am ET
DENVER, Jan. 23 /PRNewswire-FirstCall/ -- Queenstake Resources Ltd. (Amex: QEE - News; Toronto: QRL - News) recently concluded a surface drilling program at the Starvation Canyon gold project in Nevada, with one drill hole intersecting 45 feet of 0.33 ounce of gold per ton (opt) or 13.7 meters at 11 grams per tonne (gpt).
The above mentioned intercept is located outside the 2005 resource estimate boundary, south of the west zone of Starvation Canyon and is likely to expand the gold resources in this area. The project is located on Queenstake's private land, approximately 12 miles southwest of the Jerritt Canyon mill. The Starvation Canyon deposit lies above the water table in an area of steep topography and could be accessed by development of a drift from the hillside.
Starvation Canyon's gold resources, as currently defined, are contained in two northwest trending zones, which extend 1,700 feet (518 meters) and are open in several directions. The main objective of the recent drilling program was to continue to define a high-angle geologic structure containing gold mineralization in the northern part of the east zone and for definition drilling of the known resource shapes.
As part of the Starvation Canyon drilling program, six high angle reverse-circulation holes were drilled targeting a high-angle mineralized structure as well as to follow up on drill hole TJ-248 which, as reported in the August 3, 2006 news release, intercepted 135 feet of 0.47 opt (21 meters of 22 gpt), including 40 feet of 0.87 opt (12 meters of 30 gpt). The recent drill results confirmed the northwest extension of this structure, identifying low grade gold mineralization. However, definition of the high-grade gold mineralization identified by TJ-248 within this structure will require further angle core drilling to improve sample recovery at the targeted depths in 2007. Due to the high demand for drill rigs in Nevada, the Company was unable to obtain a core rig for the recent program.
Four holes intersected the structure, with the best intercept being 15 feet of 0.22 opt (4.6 meters of 8 gpt), but were too high in the structure, missing the level of the significant gold intercept of TJ-248. The two remaining reverse-circulation holes did not reach the target depth due to ground conditions.
The Starvation Canyon surface drilling program completed 32 reverse-circulation drill holes totaling 23,450 feet (7,147.6 meters), including 12 infill drill holes totaling 8,465 feet (2580.1 meters) within the 2005 resource boundary.
The drill results(1) described in this news release are all outside of the Company's year-end 2005 mineral resource estimate boundary, and the drill intercepts(2) highlighted are at least 10 feet of 0.225 opt or higher (>3 meters of approximately 8 gpt or higher). These results will be included in the modeling of reserve and resource estimates for year-end 2006, which will be reported when available later during the first quarter of 2007.
At year-end 2005, Starvation Canyon's measured and indicated resources(3) were estimated at 676,400 tons at 0.28 opt (613,620 tonnes at 10 gpt) for 190,700 contained ounces, of which probable reserves(3) were estimated at 400,500 tons at 0.30 opt (363,330 tonnes at 10 gpt) for 121,100 contained ounces. The currently defined resource is within a prospective 4.5-mile (7.2 kilometer) corridor of gold occurrences in favorable geologic settings. This trend appears comparable geologically and geochemically to the mineralized trends in the northern and central parts of the Jerritt Canyon District that have combined to produce over 7.5 million ounces of gold since 1981.
Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado. Its principal asset is the wholly owned Jerritt Canyon gold operations in Nevada. Jerritt Canyon has produced over 7.5 million ounces of gold from open pit and underground mines since 1981. Current production at the property is from underground mines. The Jerritt Canyon District comprises 119 square miles (308 square kilometers) of geologically prospective ground controlled by Queenstake, representing one of the largest contiguous exploration properties in Nevada.
Notes:
(1) A complete data set, from which the drill results highlighted in this
news release were selected, is available as an Appendix to this news
release under the Investor Information/News section on the Company's
website, www.queenstake.com.
(2) Results presented in this news release were analyzed using standard
fire assay techniques at the American Assay Lab in Elko and Reno.
Intercepts are reported as drilled and are not necessarily "true
widths," which have not yet been calculated.
(3) Mineral "resources" or "resource" used in this news release are as
defined in National Instrument 43-101 of the Canadian Securities
Administrators and are not terms recognized or defined by the U.S.
Securities and Exchange Commission (SEC). Mineral resources are not
reserves and do not have demonstrated economic viability. For
further information, please refer to the risk factors and definitions
of reserves and resources in the Company's filings on SEDAR and with
the SEC on the Company's website, www.queenstake.com. The Qualified
Person for the technical information contained in this news release
is Mr. Dorian L. (Dusty) Nicol, President and Chief Executive Officer
of Queenstake.
For further information call:
Wendy Yang, 303-297-1557 ext. 105
800-276-6070
Email -- info@queenstake.com Web -- www.queenstake.com
Cautionary Statement -- This news release contains "Forward-Looking Statements" within the meaning of applicable Canadian securities regulations and Section 21E of the United States Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake's future plans are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates and projections of reserves and resources, and resource additions, (ii) estimates and opinions regarding geologic and mineralization interpretation, (iii) timing of project advancement, (iv) timing of commencement of production from a deposit, and (v) timing of availability of drills and other equipment. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements, in particular the estimates do not include input cost increases that could occur in future. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Queenstake does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change. Forward-looking statements are subject to risks, uncertainties and other factors, including gold and other commodity price volatility, political and operational risks, which are described in the Company's 2005 Annual Information Form filed on SEDAR and 2005 Annual Report on Form 40-F on file with the Securities and Exchange Commission as well as the Company's other regulatory filings.
--------------------------------------------------------------------------------
Source: Queenstake Resources Ltd.
Press Release Source: YGC Resources Ltd.
Queenstake and YGC to merge
Monday February 5, 10:45 am ET
DENVER, CO and VANCOUVER, BC, Feb. 5 /CNW/ - Queenstake Resources Ltd. ("Queenstake") (TSX: QRL - News; AMEX: QEE - News) and YGC Resources Ltd. ("YGC") (TSX: YGC; F:ZH6) are pleased to announce that they have agreed to combine the two companies to create a new publicly traded company ("Newco"). The business combination is proposed to be structured as a plan of arrangement, but other structures are being considered. Under the agreed upon terms, shareholders of YGC will receive one common share of Newco for each share of YGC held, and shareholders of Queenstake will receive one common share of Newco for each ten shares of Queenstake held. Outstanding warrants and options in each company will be exchanged on the basis of the same ratio.
ADVERTISEMENT
The proposed transaction will combine Queenstake's and YGC's mineral property interests throughout North America to create operating efficiency with emphasis on production from the Jerritt Canyon Gold Mine in Nevada, and the advancement towards production of the Ketza River gold property in the Yukon. The business combination will yield benefits to the shareholders of Newco by providing a greater asset base and capitalization, creating operating synergies and efficiency, reducing overhead and creating a broader share trading market with the potential for greater liquidity. In addition, the transaction will allow an aggressive and sustained exploration program throughout the extensive and prospective land packages that will be wholly owned by Newco in Nevada and the Yukon.
The Board of Directors of Newco will comprise all of the current members of the Board of Directors of YGC together with Dorian (Dusty) Nicol and Peter Bojtos of Queenstake. The two current Boards have agreed that the President and CEO of Newco will be Graham C. Dickson, currently President and CEO of YGC. Dorian (Dusty) Nicol, currently President and CEO of Queenstake, will be Executive Vice President of Exploration of Newco.
The business combination is subject to the completion of mutual due diligence, regulatory approvals and other conditions precedent, including a significant financing to be completed by YGC for the benefit of Newco. Subject to the satisfaction of initial conditions precedent, the two companies will proceed with the execution of a definitive agreement as soon as practicable, followed by the fixing of the date for their respective shareholder meetings, expected to be held no later than May 2007.
ON BEHALF OF THE BOARD OF ON BEHALF OF THE BOARD OF
DIRECTORS OF QUEENSTAKE RESOURCES LTD. DIRECTORS OF YGC RESOURCES LTD.
"Dorian (Dusty) Nicol", President "Graham C. Dickson", President
If you would like to receive press releases via email please contact nicole(at)ygcr.ca and specify "YGC releases" in the subject line.
The TSX Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
WARNING: The Company relies upon litigation protection for "forward-looking" statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For further information
For Queenstake: Wendy Yang, (303) 297-1557 ext. 105, (800) 276-6070, Email - info@queenstake.com, www.queenstake.com
For YGC: Graham C. Dickson, President, (604) 688-9427, Email: graham@ygcr.ca, www.ygcr.ca
CHF Investor Relations: Jan C. Moir, Vice President, Tel: (416) 868-1079 ext. 237, Email: jan@chfir.com, www.chfir.com
--------------------------------------------------------------------------------
Source: YGC Resources Ltd.
Queenstake and YGC to merge
Monday February 5, 10:45 am ET
DENVER, CO and VANCOUVER, BC, Feb. 5 /CNW/ - Queenstake Resources Ltd. ("Queenstake") (TSX: QRL - News; AMEX: QEE - News) and YGC Resources Ltd. ("YGC") (TSX: YGC; F:ZH6) are pleased to announce that they have agreed to combine the two companies to create a new publicly traded company ("Newco"). The business combination is proposed to be structured as a plan of arrangement, but other structures are being considered. Under the agreed upon terms, shareholders of YGC will receive one common share of Newco for each share of YGC held, and shareholders of Queenstake will receive one common share of Newco for each ten shares of Queenstake held. Outstanding warrants and options in each company will be exchanged on the basis of the same ratio.
ADVERTISEMENT
The proposed transaction will combine Queenstake's and YGC's mineral property interests throughout North America to create operating efficiency with emphasis on production from the Jerritt Canyon Gold Mine in Nevada, and the advancement towards production of the Ketza River gold property in the Yukon. The business combination will yield benefits to the shareholders of Newco by providing a greater asset base and capitalization, creating operating synergies and efficiency, reducing overhead and creating a broader share trading market with the potential for greater liquidity. In addition, the transaction will allow an aggressive and sustained exploration program throughout the extensive and prospective land packages that will be wholly owned by Newco in Nevada and the Yukon.
The Board of Directors of Newco will comprise all of the current members of the Board of Directors of YGC together with Dorian (Dusty) Nicol and Peter Bojtos of Queenstake. The two current Boards have agreed that the President and CEO of Newco will be Graham C. Dickson, currently President and CEO of YGC. Dorian (Dusty) Nicol, currently President and CEO of Queenstake, will be Executive Vice President of Exploration of Newco.
The business combination is subject to the completion of mutual due diligence, regulatory approvals and other conditions precedent, including a significant financing to be completed by YGC for the benefit of Newco. Subject to the satisfaction of initial conditions precedent, the two companies will proceed with the execution of a definitive agreement as soon as practicable, followed by the fixing of the date for their respective shareholder meetings, expected to be held no later than May 2007.
ON BEHALF OF THE BOARD OF ON BEHALF OF THE BOARD OF
DIRECTORS OF QUEENSTAKE RESOURCES LTD. DIRECTORS OF YGC RESOURCES LTD.
"Dorian (Dusty) Nicol", President "Graham C. Dickson", President
If you would like to receive press releases via email please contact nicole(at)ygcr.ca and specify "YGC releases" in the subject line.
The TSX Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
WARNING: The Company relies upon litigation protection for "forward-looking" statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For further information
For Queenstake: Wendy Yang, (303) 297-1557 ext. 105, (800) 276-6070, Email - info@queenstake.com, www.queenstake.com
For YGC: Graham C. Dickson, President, (604) 688-9427, Email: graham@ygcr.ca, www.ygcr.ca
CHF Investor Relations: Jan C. Moir, Vice President, Tel: (416) 868-1079 ext. 237, Email: jan@chfir.com, www.chfir.com
--------------------------------------------------------------------------------
Source: YGC Resources Ltd.
hi!
Bin grad per Zufall auf den Wert gestoßen...
Kann jemand von euch mal bitte die wichtigsten Fakten präsentieren...?
Bin grad per Zufall auf den Wert gestoßen...
Kann jemand von euch mal bitte die wichtigsten Fakten präsentieren...?
Also im 2. Quartal 2006 hat die Firma gewinn gemacht?
Und im 3. und. Quartal? wie siehts da aus?
Und im 3. und. Quartal? wie siehts da aus?
Queenstake Resources
Produktion 2006
170.000 Unzen Gold
Ressourcen
Proven/Probable -> 877.900 Unzen
Measured & Indicated -> 2,079.100 Unzen
Inferred -> 605.600 Unzen
Cash
US$ 6,6 Mio.
Marktkapital
US$ 116,7 Mio.
Common shares, basic 583.7 million
Fully diluted 675.6 million
Quelle: www.queenstake.com
Produktion 2006
170.000 Unzen Gold
Ressourcen
Proven/Probable -> 877.900 Unzen
Measured & Indicated -> 2,079.100 Unzen
Inferred -> 605.600 Unzen
Cash
US$ 6,6 Mio.
Marktkapital
US$ 116,7 Mio.
Common shares, basic 583.7 million
Fully diluted 675.6 million
Quelle: www.queenstake.com
Antwort auf Beitrag Nr.: 27.829.741 von TyphoonRally am 19.02.07 18:35:11Queenstake Reports 1.9 Million Gold Ounces in Measured and Indicated Resources
March 30, 2007
http://www.queenstake.com/page.php?ID=313
March 30, 2007
http://www.queenstake.com/page.php?ID=313
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