HIG in Papua mit Ramu und Frieda - 500 Beiträge pro Seite

[Tsuba]

Quelle siehe unten


Miner sells PNG asset to Barrick
================================

October 26, 2007


HIGHLANDS PACIFIC
=================

is to sell its 95 per cent interest in the Kainantu goldmine and surrounding exploration tenements in the Kainantu region of Papua New Guinea to the world's largest goldminer, Barrick Gold, for $US141.5 million ($156.6 million).

The sale will allow Highlands to pay out its gold hedge program of about $US93 million, and a loan facility of $US19.8 million, leaving cash reserves of about $US29 million for "other growth strategies".

The managing director of Highlands, John Gooding, said yesterday that it would also allow the company to retain full exposure to its Ramu nickel and Frieda copper/gold assets. The future of Highlands would be secured by the deal, he said.

At present Barrick operates the Porgera goldmine in Papua New Guinea, with a 95 per cent interest. "The Barrick offer of $US141.5 million effectively recapitalises Highlands whilst removing the significant financial risk faced by the company and shareholders from a deteriorating hedge book," Highlands told the stock exchange.

"The sale of Kainantu [is] the very best outcome for all stakeholders in Highlands, and will enable the company to unlock the value of its interest in two other world-class assets at Ramu and Frieda," Mr Gooding said.

At Ramu, Highlands has an 8.56 per cent interest carried to production, which can be increased to 11.3 per cent at no cost to the company after the debt for financing the project is repaid from the project's surplus cash flow. Highlands would then have the option to buy up to an another 9.25 per cent at market value, which, if exercised, would take its interest to 20.55 per cent.

Highlands also has 16.22 per cent of a copper/gold project at Frieda, managed by Xstrata, which was at "bankable feasibility study" stage, Mr Gooding said. "Highlands' shareholders [can] now look forward to a very bright and secure future with the upside from participation in these two world-class projects, and cash of $US29 million, but without the growing hedge book risks associated with Kainantu."

The deal with Barrick is subject to PNG regulatory and shareholder approvals. Shareholder approval will be sought before the end of the calendar year.



This story was found at: http://www.smh.com.au/articles/2007/10/25/1192941242601.html

[Tsuba]

LIHIR ist nicht HIG
=====

Aber Lihir ist Papua und wer Jahre dabei ist erkennt noch mehr Parallelen

Tsuba


Quelle: http://www.theage.com.au

Downgrade, cost pressures remove glitter from Lihir Gold

October 31, 2007


INVESTORS stripped about 7 per cent from Lihir Gold's share price after the miner downgraded its full-year production forecast and warned of cost pressures on a planned expansion.

Lihir has cut its forecast production for this year to about 750,000 ounces of gold, from an earlier guidance of 800,000 to 830,000 ounces.

The downgrade was a result of industrial action, which temporarily halted operations during the third quarter, and equipment failures.

Lihir managing director Arthur Hood said industrial action and the ensuing seven-day delay in resuming normal production reduced annual output by about 35,000 ounces.

Mr Hood said the strike at its mine in Papua New Guinea had flow-on effects, disrupting dewatering of the pit and delaying access to high-grade ore.

"As a consequence of these setbacks, production in the fourth quarter is expected to be about 220,000 ounces, taking full-year production to approximately 750,000 ounces," Mr Hood said in the company's production report.

"While this is below initial expectations, it will still be a record year for the company."

The company's operation is on Noilam Island, 900 kilometres north of Port Moresby, in New Ireland Province.

Lihir is conducting a feasibility study into increasing the production profile of the mine to more than 1 million ounces a year by 2009.

A scoping study last year put the capital expenditure for the expansion at a "conservative" $500 million to $550 million.

Mr Hood said the company did not have a final capital figure for the expansion, but the group was experiencing cost pressures.

"Right now we're seeing early indications there are some fluctuations in pricing from what we were given before," Mr Hood told analysts.

"It is somewhat higher … it would be wrong to try and give you any sort of guidance just yet."

Projects throughout the industry have been hit hard by rising labour and material costs, with the latest casualty being Oxiana's Prominent Hill copper and gold project in South Australia.

Lihir reported that it produced 156,991 ounces during the three months to September 30, taking production so far this year to 532,721 ounces.

Third-quarter output was 23 per cent higher than the previous corresponding quarter last year, but 14 per cent lower than the previous quarter.

Lihir said total cash costs for the year were expected to be in the range of the upper $200s an ounce of gold mined.

Lihir shares lost 31¢, or 7.01 per cent, to close at $4.11.

[Tsuba]

Warnung vor dem Tanzania_Krokodil DLKM.OB
=========================================


DLKM.OB ist der Papagei mit den buntesten Schwanzfedern

in meinem Depot. Ausserdem wird auf der homepage

getrommelt. Wo gibt es das sonst noch?



Wer klar bei Verstand ist sollte einen grossen Bogen

um die Company schlagen.

Andererseits ist ein 5-bagger ohne weiteres drin.


Tsuba





Douglas Lake Minerals Inc.
==============================

Douglas Lake Minerals Signs MOU With Chinese Mining Institute
Tuesday November 13, 10:30 am ET


VANCOUVER, British Columbia, Nov. 13, 2007 (PRIME NEWSWIRE) -- Harp Sangha, CEO/President of Douglas Lake Minerals Inc. (OTC BB: DLKM.OB - News), announced today the company has entered into a MOU with three significant government enterprises from the Peoples Republic of China (China). One is a Sovereign Fund, managed by one of the largest banks in China, and the other two are Mining Institutes with a mandate to find and acquire mineral rich resources in Africa.
Over the next several years, China is seeking to invest $20 billion in the commodities sector in Africa. And Tanzania, with its stable geopolitical environment, is at the top of their list. With DLKM's portfolio of 51 Tanzanian mining concessions, the company represents a compelling opportunity for Chinese investment. Precious metals, base metals, coal, uranium, PGM and diamonds are in high demand in China, and DLKM can provide the platform to some very prospective concessions in Tanzania. Harp Sangha has conducted high level meetings in Beijing with investment and technical personnel from these three groups.

``We are pleased their geologists are knowledgeable about the geological settings and the strong potential for mineral deposits that our Tanzanian properties represent. It boosts our confidence that their technical staff understands our strategy. China is already the largest investor in African infrastructure and the next logical step is to access mineral resources. They are going further downstream to acquire earlier stage projects and have a strong desire to partner with a company that has significant properties. The institutions are currently conducting due diligence and we expect them to make an official visit to our Tanzanian properties in the first quarter of 2008,'' stated Sangha.

ABOUT CHINA INVESTMENT

Excerpts from a recent article published in Bloomberg News stated that China Investment is a $200 billion sovereign wealth fund set up by the government to increase returns on its foreign exchange reserves. Creation of the agency has spurred speculation about a flood of Chinese investments in overseas companies and resources like oil and metals.

ABOUT DOUGLAS LAKE

DLKM is an emerging mineral exploration company focused on exploring and developing gold, copper, nickel, uranium and diamond mining opportunities in Tanzania. DLKM has a portfolio of 51 prospecting concessions and is negotiating to acquire an additional 80. For more information go to


http://www.douglaslakeminerals.com

This release contains forward-looking statements which involve

risks and uncertainties.
========================

Complete forward-looking statement available at http://www.douglaslakeminerals.com/forwardlooking.html

[Tsuba]

What a LAF Story!
=================

LAF, Laugh or Love it



nach kürzlicher Ausrufung "freiwilliger Insolvenz" von Lafayette LAF

Es schaelen sich neue "Muster" aus bei Austral_Pazifische Minen Compnies.


Tsuba



quelle: REUTERS vom 18.12.07



UPDATE 3-Australia's Lafayette moves to avoid bankruptcy

Tuesday December 18, 2007, 8:17 pm


(Adds analyst comment, more detail)

SYDNEY, Dec 18 (Reuters) - Australia-listed Lafayette Mining (ASX: LAF.ax) entered voluntary administration on Tuesday to avoid bankruptcy and give it time to obtain new capital or to sell its troubled Philippine mining business.

Lafayette was the first foreign company to operate a mine in the Philippines after a law granting full foreign ownership of local projects was upheld in 2004.

But cyanide spills in 2005 shut the copper and zinc mine for more than a year, causing huge financial strain and making the Australian owner the poster child for the perils of large-scale mining in a country deeply suspicious of the sector.

The ensuing uproar hampered government plans to attract billions of dollars in foreign investments to the minerals industry but after a period of quiet, big players are testing the waters and Lafayette's financial distress is unlikely to put off the industry's slow revival.

"Mining companies always have lessons learned and cautionary tales and Lafayette always comes up," said Tom Green, executive director of Pacific Strategies and Assessments, a risk consultancy.

"The mining companies are well aware of Lafayette's woes over this thing and what they went through. They were aware of it before they started to come in."

Environmental campaigners, who have kept up the pressure on Lafayette since the spills on the central island of Rapu Rapu, saw the group's financial difficulties as a victory.

"We hope this development will lead to the permanent closure of mining operations in Rapu Rapu," said Clemente Bautista, national coordinator for environmental group Kalikasan-PNE.

But Carlos Dominguez, the chairman of the Lafayette's Philippine operations, said the mine and its 1,000 strong workforce would continue working until the Australia-based administrator told them otherwise.

"We have no plans to shut down the mine. We will stay open for as long as it is profitable," Dominguez told Reuters.

He said the project, 350 km (218 miles) southeast of Manila, was forecast to generate net cash operating income of $52 million on gross revenues of $105 million in its 2007/08 fiscal year.

A bailout plan under consideration by a private equity group, South East Asian Strategic Asset Fund, would have eliminated around A$300 million ($260 million) of Lafayette's debt and bad hedges with the help of a $151 million capital raising.

Late last month, Lafayette said crucial financial support from the private equity group was a possibility. But on Tuesday it said that the level of certainty over the plan had declined, and it had no grounds to continue to hold that view.

Australia-based administrator Ferrier Hodgson has now been appointed to take control of the the company and its property.

The Rapu Rapu mine had been forecast to turn out 10,000 tonnes of copper in concentrate, 14,000 tonnes of zinc in concentrate, 50,000 ounces of gold, and 600,000 ounces of silver annually.

LG International Corp 001120.KS and state-run Korea Resources Corp together hold a 26 percent stake in the mine. (Reporting by James Regan; Additional reporting by Carmel Crimmins in Manila; editing by Jan Dahinten)

[Tsuba]

Parole: PoG gimme 5


Menue: Bouillabaise d`Arles, Bretton Wutz (Hauptgang), Framboises fraiches

Will sagen PazifikSuedsee IAU, TVI, NGG, Austral_GM einsteigen, zusteigen

Einzelne gehen vielleicht den Bach runter.

Also von allen einwenig. Ein 12_Ender holt alles raus.

Das Potenzial ist da.


Tsuba

[Tsuba]

Porgera kommt im Text vor

Tsuba


-Newcrest plans $525 mln PNG gold venture with Harmony
======================================================
Tue Apr 22, 2008


Quelle: REUTERS

SYDNEY, April 22 (Reuters) - Newcrest Mining Ltd (NCM.AX: Quote, Profile, Research), Australia's largest gold producer, said on Tuesday it will pay up to $525 million to co-develop gold mines in Papua New Guinea with Harmony Gold Mining Ltd (HARJ.J: Quote, Profile, Research) of South Africa.

The partnership with Harmony, the world's fifth biggest producer, comes as world bullion prices hover near record highs above $1,000 an ounce, but as Newcrest wrestles with lower gold production at home.

Newcrest said its full-year gold output would be at the lower end of its previous guidance after a 3.3 percent drop in production in its fiscal third quarter versus the second quarter.

The fall in output, which Newcrest blamed on repair work at its Telfer mine in Western Australia, drove the company's share down more than 3 percent at one point.

The tie-up is Newcrest's first step into Papua New Guinea (PNG), an impoverished island sitting across the Coral Sea from Australia, and will give it a share in some 15.2 million ounces of gold, 1.76 million tonnes of copper and 51 million ounces of silver that Harmony estimates lie in its undeveloped Hidden Valley and Wafi-Golpu deposits.

"These are very rich deposits with a lot of potential for the companies that get to mine them," said Eagle Mining Research analyst Keith Goode.

"Newcrest is paying a lot of money but in this cycle in gold, that's what it takes to acquire quality assets," Goode said.

Harmony Chief Executive Graham Briggs said the company may use the money from the venture to repay its 2 billion rand ($257.1 million) loan from South Africa's Nedbank (NEDJ.J: Quote, Profile, Research).

"We haven't earmarked the money particularly for anything... We've got good growth potential projects, but we also have some debt," he told a press conference in Johannesburg.

Harmony has been using the 2 billion rand loan to fund capital expenditure, which is particularly heavy this year due to requirements at the Hidden Valley mine in PNG.

Newcrest, which spent about A$2 billion last year to rid its books of undervalued gold hedges so it could ride gold's up-cycle, said it would make an initial payment of $180 million for a 30 percent stake and would then contribute to project costs to take its interest to 50 percent.

It will use its own cash to fund the partnership, set to start mining next year.



DOWN TO FIVE

Harmony earlier this year narrowed the number of potential partners to five before selecting Newcrest to help shoulder the cost of developing the lodes, located in the Highlands region near the giant Porgera mine owned by Canadian rival Barrick Gold Corp (ABX.TO: Quote, Profile, Research).

With bullion prices <XAU=> rising as much as 50 percent in the past 12 months to a record $1,030.80 an ounce, Newcrest Managing Director Ian Smith said his company faced stiff competition from other mining companies seeking a partnership with Harmony.

"The near-term production and cashflow from Hidden Valley, combined with the significant upside potential of Wafi-Golpu and the regional exploration tenements make this portfolio of assets very attractive to Newcrest," he said in a statement.

The Hidden Valley mine is scheduled to start in mid-2009 and produce about 250,000 ounces of gold and 3.6 million ounces of silver annually for 14 years.

Briggs said Harmony is currently not looking to tie up further joint venture projects in PNG or elsewhere.

"We're going to have our hands pretty full... I can't foresee anything in the near future in Papua New Guinea," he said.

"We're certainly a lot more pro joint venturing partnerships, but we've got nothing else on the cards right at this moment."

Hidden Valley will boost Newcrest's annual yield by about 14 percent based on the company"s production outlook this year.

The Wafi-Golpu lodes, located about 70 km (45 miles) away, are earmarked for later development.

Newcrest's expansion into Papua New Guinea came as the company's third-quarter gold output fell to 441,341 ounces.

Output would be at the bottom of its previous guidance of 1.81-1.89 million ounces. Annual output at the Telfer mine was pegged at 630,000 ounces.

Maintenance work cost 15,000 ounces in lost output at Telfer, it said.

Newcrest sold its gold for an average of A$1,035 ($976) an ounce in the third quarter versus A$863 in the previous quarter.

Its shares traded down 1.5 percent at $32.11 in a wider market down 0.9 percent at 0420 GMT. ($1=A$1.06) (Additional reporting by Denny Thomas and Serena Chaudhry in Johannesburg; Editing by Lincoln Feast and David Cowell)

[Tsuba]

Antwort auf Beitrag Nr.: 32.412.344 von Tsuba am 13.11.07 18:22:23

DOUGLAS LAKE MINER



Na, wer sagt´s denn. Geht doch....

Tsuba

02. Juni 2008



News contents

06/02/2008 15:01:00 -

PRESS RELEASE:

Chinese Institute Invests $6 Million in Douglas Lake Minerals
=============================================================


VANCOUVER, June 2 /PRNewswire-FirstCall/ - Harp Sangha,

CEO/President of Douglas Lake Minerals Inc. (DLKM-OTCBB),

announced today that a consortium led by Tianjin Institute of Geology and Mineral Resources (TIGMR) based in Tianjin,
Peoples Republic of China, has made a $6 million equity investment to be used for project financing,
as well as exploration and development of Douglas Lake's properties in Tanzania.

This will give TIGMR approximately 20% ownersip in Douglas Lake.
===============================================================

The funds will come in tranches with the first $1.5 million expected before June 10, 2008,
and the balance of $4.5 million shortly thereafter.

Use of proceeds will include a final payment to close the Mbwemkuru alluvial gold deposit in Tanzania with the balance being used to bring the project into production and fund ongoing geological work on Douglas Lake's top five exploration targets.

"We are extremely pleased to have gained such an internationally renowned and geologically experienced partner

to assist in maximizing the potential of our Tanzanian properties,

which now consists of over 10,000 square kilometers," stated Harp Sangha.

"Going forward, our new partners with their considerable industry and financial resources,

will enable Douglas Lake to aggressively explore its existing and future properties.

This partnersip will enable us to bring commercially viable deposits into production, generating near-term profits

with minimum further dilution to the company's stock.
=============================


TIGMR also has access to capital, equipment, and skilled manpower

that far exceeds the resources of most mining companies worldwide."



"We believe that Tanzania is a sleeping giant. On a global scale, it is endowed with the right geodynamics, and on a provincial scale it has the right history, tectonic and structural settings. With these ingredients we can expect ongoing discoveries! The considerable effort that Douglas Lake's senior management has made in the past three and half years to assemble their large portfolio of properties and knowledgeable staff provides us with excellent access to the country's resources," stated Dr. Zhang Wenqin, Vice Director of TIGMR. "We believe the Mbwemkuru project has huge potential, and with our capital investment, equipment and expertise in place, we will be able to quickly determine the size of the gold reserve. This, coupled with the low cost-of-production, makes the property a natural choice for the launch of TIGMR and Douglas Lake's new partnersip to explore and develop mining properties in Tanzania."



ABOUT THE INSTITUTE (TIGMR)


TIGMR is a subsidiary of the China Geological Survey,
a department of the Chinese Ministry of Land and Resources.

Established in the early 1960s, the institute deals directly with the ministry and the Central Government, and assists the government with special geological projects conducted in China and worldwide. Since its founding, TIGMR has achieved numerous earth science accomplisments and has accumulated significant scientific experience through its findings and related basic studies in Precambrian and Quaternary Geology, paleobotany and paleontology. Website http://old.cgs.gov.cn/Ev/about/cags/tianjin.htm



ABOUT DOUGLAS LAKE


DLKM is an emerging mineral exploration company focused on exploring and developing gold, copper, nickel, uranium, and diamond mining opportunities in Tanzania. DLKM has a portfolio of 55 prospecting concessions and is negotiating to acquire an additional 80. For more information, go to www.douglaslakeminerals.com

This release contains forward-looking statements, which involve risks and uncertainties. Complete forward-looking statement available at www.douglaslakeminerals.com/forwardlooking.html

[Tsuba]

GFI
===

Ein Überblick, Energiekosten und RSA
====================================

Quelle: Mineweb vom 16.06.2008


Gold Fields: it's a kind of carnage


When the stock price of a leading Tier I gold producer hits 12-month lows, it may be an ominous sign of things to come for others in the sector

Author: Barry Sergeant

Posted: Monday , 16 Jun 2008

JOHANNESBURG -



The past five trading sessions on the New York Stock Exchange has seen the pounding and hammering of the Gold Fields stock price. In just a week the stock has sacrificed 11% of its value, as it hit new daily lows; on Friday, it traded at fresh 12-month lows.

This sets Gold Fields, a Tier I global gold producer, apart from dozens of other listed gold stocks, but also highlights increasing investor awareness of rising operating costs across the global resources sector, along with the rapidly rising costs of new capital projects, and maintenance spending that blows through budgets. Gold bullion at $872 an ounce may be 36% above its 12-month low of $640, but Gold Fields has been unable to make any mileage on it.

The development seen in Gold Fields's stock price may be an ominous pointer of what could develop into a far wider theme among resources companies. A broader survey of the behaviour of stock pricing among listed gold stocks suggests that investors have a lightened appetite for stocks with a South African connection, for reasons that have been well flagged in the international media.

Beyond political risks, rising energy costs are a generic global phenomenon. South Africa carries additional risks in the now badly apparent mismanagement of Eskom, the parastatal electrical utility. Deep level gold mines, such as those run by Gold Fields at Driefontein and Kloof, two of the greatest gold mines ever known, use far more power than open cast gold mines.

Creeping investor concern over energy (and other input) costs is being seen elsewhere. To take one example, high-flying Randgold Resources has sacrificed one third of its market value in the past three months, not only on dollar gold bullion blowing off during the first week of March, but also on energy costs faced at its two operating interests, Morila and Loulo.

Both operations are in Mali and both depend on diesel for power generation. Randgold Resources posted net profit for calendar/financial 2007 of USD 45.6m, a decrease of 10% compared to the previous year, despite both higher gold production, and a higher gold price received.

The company put the slimmer profits down to "higher mining costs at both operations, due to the impact of higher diesel prices, the effect of the weak US dollar on the euro-based component of the operational costs, increased royalties payable resulting from the higher average gold price received and general cost increases in other commodities and consumables". This week, as energy futures traded at another round of fresh records, Randgold Resources continued to build new mines in Mali and Ivory Coast.

At Gold Fields, investor concerns have also been increasingly raised over longer term issues, not least the decline in South African yields. These have contracted by more than 25% since 1999, as mines have deepened across the sector. In an attempt to deal with this issue, Gold Fields in 2002 initiated what some analysts now describe as the disastrous (for Gold Fields) Wal-Mart strategy (high volume, low yield) of aggressively chasing after lower-grade material.

This was replaced full house in 2004 when Gold Fields moved to achieving higher yields (known as the Saks Fifth Avenue strategy - low volume, high yield). There was indeed some initial benefit, but after yields started declining again in 2005, Gold Fields again switched, back to the Wal-Mart strategy.

This significant and persistent decline in the South African gold yield profile is seen by a number of industry analysts as a chief reason as to why Gold Fields bought South Deep. Starting in the second half of 2006, Gold Fields went out of its way to acquire South Deep, mainly from Barrick, the world's biggest gold miner, and Western Areas, via JCI, the erstwhile flagship of the late Brett Kebble. These acquisitions, including Western Areas minorities, cost USD 2.5bn, and then, in January last year, Gold Fields closed the South Deep hedge book, one of the most toxic ever known in gold mining, for USD 538m.

After taking out the hedge book, Gold Fields announced a capital raising of USD 1.2bn. From the time Gold Fields took on South Deep, it was heavily and significantly at risk. South Deep, where shaft construction commenced in 1995, has continued to disappoint against production and cost targets. Most concerning of all, it continues to drain significant capital resources from the rest of the Gold Fields group. Given the details of its restructuring, South Deep is for the meantime more of a project than a gold mine.

Gold Fields has been in the markets selling some of its international assets, in order to bolster its cash holdings. Then, on 25 February this year, it announced, following the crisis at Eskom, that it would be scaling down South African gold production by some 20-25% for the March quarter, and then by some 15-20% on a longer-term sustainable basis.

The company also said that it may reduce its South African employee base. While Eskom's electricity constraints were given as the root cause, a number of analysts have for some time been warning about the South African gold industry's unsustainable rate of cost increases, and longer-term grade declines.

In effect South Deep has returned Gold Fields to a predominantly SA-based company, and is now contributing to the cannibalization of other SA operations. Gold Fields also said on 25 February that suspension of the No.9 Shaft project at Driefontein, also on the West Rand, now ensures funding for South Deep.

South Deep has brought with it significant value dilution and significantly higher cost and capital requirements, especially in the short term. South Deep has the capacity, however, to assist neighbour Kloof with higher-yielding ores. South Deep may also add some stability to the longer term yield profile of Gold Fields's overall South African operations base.

Gold Fields CEO Nick Holland, previously CFO, until erstwhile CEO Ian Cockerill suddenly announced his departure in April this year, has recently been on an offshore corporate road show. He is known to be keen to stress the international nature of the Gold Fields assets, but the total South African base currently contributes about 70% of Gold Fields' total gold output, with by far the majority from South African underground mines. This could increase to over 75% in the future as South Deep continues to build up to full production.

Global tier I gold stocks





Stock
From
From
Value


price
high*
low*
USD bn

Goldcorp
USD 38.46
-16.9%
83.1%
27.32

Polyus
USD 63.00
-21.3%
61.1%
12.01

Harmony
USD 11.11
-27.2%
32.1%
4.48

Lihir
AUD 2.91
-34.6%
7.4%
5.21

AngloGold Ashanti
USD 31.96
-34.9%
9.6%
11.09

Barrick
USD 38.55
-29.6%
38.7%
33.61

Newcrest
AUD 26.77
-33.9%
29.0%
11.40

Gold Fields
USD 11.13
-43.2%
2.9%
7.27

Kinross
USD 18.09
-34.0%
83.3%
11.13

Newmont
USD 47.01
-18.3%
23.7%
20.52

Buenaventura
USD 62.03
-27.7%
99.5%
8.53

Freeport-McMoRan
USD 123.30
-3.1%
83.8%
47.25

SPDR Gold Trust ETF
USD 85.83
-14.5%
35.4%
16.93

Tier I averages/total

-26.1%
45.3%
216.75

Weighted averages

-22.4%
48.4%








TIER II
Stock
From
From
Value


price
high*
low*
USD bn

Zhongjin
CNY 46.37
-70.9%
4.7%
2.38

Iamgold
USD 5.85
-43.9%
2.5%
1.73

Simmer & Jack
ZAR 4.34
-45.1%
17.3%
0.57

Yamana
USD 14.00
-29.8%
66.7%
8.77

High River
CAD 1.66
-52.6%
3.7%
0.53

Eldorado
USD 8.06
-7.4%
148.0%
2.78

Agnico-Eagle
USD 63.26
-24.2%
87.9%
9.09

Centerra
CAD 6.40
-60.2%
102.5%
1.43

Randgold Resources
USD 37.65
-32.9%
80.7%
2.87

Shandong
CNY 46.02
-61.5%
33.4%
2.34

Peter Hambro
GBP 12.94
-23.3%
52.2%
2.05

Hecla Mining
USD 8.20
-37.6%
24.6%
1.04

Golden Star
CAD 2.96
-32.4%
11.7%
0.72

Franco-Nevada
CAD 21.75
-7.4%
59.6%
2.25

Fresnillo
GBP 5.10
-11.4%
4.5%
7.12

JSC Polymetal
USD 8.40
-14.7%
86.7%
2.65

Kazakhmys
GBP 15.50
-21.2%
63.2%
13.73

Tier II averages/total

-33.9%
50.0%
62.04

Weighted averages

-32.0%
50.9%








TIER III
Stock
From
From
Value


price
high*
low*
USD bn

Western Goldfields
CAD 2.21
-46.5%
27.7%
0.31

Great Basin
CAD 3.27
-14.6%
65.2%
0.71

Sino Gold
AUD 4.91
-44.6%
25.3%
1.29

Alamos
CAD 6.40
-23.8%
32.8%
0.63

Highland
GBP 1.66
-34.2%
122.5%
1.05

Pan Australian
AUD 0.98
-21.6%
110.8%
1.32

Kingsgate
AUD 5.40
-10.9%
61.7%
0.47

Int'l Mining
CAD 5.15
-22.6%
12.0%
0.51

Allied Gold
AUD 0.63
-38.8%
80.0%
0.22

First Uranium
CAD 6.36
-48.3%
7.4%
0.86

Novagold
CAD 7.94
-60.9%
34.6%
0.86

Pan African
GBP 0.05
-47.6%
4.9%
0.11

Citigold
AUD 0.29
-47.2%
5.6%
0.18

Jaguar
CAD 10.20
-29.4%
90.3%
0.67

Pamodzi Gold
ZAR 6.00
-69.6%
9.1%
0.07

Oceanagold
AUD 1.09
-73.7%
6.9%
0.16

DRDGold
ZAR 5.30
-48.3%
51.4%
0.25

Central African
GBP 0.25
-57.6%
8.6%
0.08

Resolute
AUD 2.00
-21.6%
72.9%
0.53

Integra Mining
AUD 0.47
-33.8%
248.1%
0.17

Royal Gold
USD 29.80
-15.9%
28.2%
1.01

Chenzhou
CNY 20.06
-75.2%
60.5%
1.12

Red Back
CAD 8.27
-9.7%
83.8%
1.60

Kazakh Gold
USD 20.62
-30.8%
14.2%
1.07

Tier III averages/total

-38.6%
52.7%
15.27

Weighted averages

-41.9%
47.8%








DEVELOPERS
Stock
From
From
Value


price
high*
low*
USD bn

Anatolia
CAD 3.06
-56.2%
2.0%
0.26

Andean
CAD 1.70
-24.1%
151.9%
0.63

Norton Gold
AUD 0.25
-63.0%
42.9%
0.08

European Gold
CAD 4.43
-38.5%
5.0%
0.82

Banro
CAD 8.04
-38.2%
3.7%
0.34

Greystar
CAD 4.53
-46.4%
10.2%
0.21

Medusa
AUD 1.15
-27.4%
22.3%
0.16

Osisko
CAD 3.95
-45.4%
6.2%
0.65

Central Rand
ZAR 13.50
-34.3%
4.7%
0.41

Tamaya
AUD 0.10
-73.0%
4.3%
0.11

Gabriel
CAD 2.50
-49.5%
96.9%
0.66

Mintails
AUD 0.41
-57.4%
3.8%
0.26

Moto Goldmines
CAD 3.64
-40.2%
58.3%
0.33

Detour Gold
CAD 20.70
-6.0%
305.1%
0.95

Centamin
CAD 1.17
-26.9%
34.5%
1.06

Seabridge
CAD 20.60
-47.2%
11.4%
0.79

Gold Reserve
CAD 1.85
-71.9%
18.6%
0.11

Aurelian
CAD 4.60
-55.0%
50.8%
0.64

Herald Resources
AUD 2.98
-0.3%
195.0%
0.55

St Barbara
AUD 0.56
-42.9%
51.4%
0.52

Jinshan
CAD 2.58
-19.9%
77.9%
0.43

Developer averages/total

-41.1%
55.1%
9.97

Weighted averages

-39.9%
44.2%








Overall averages/total

-36.1%
51.5%
304.03

Overall weighted averages

-26.5%
48.8%


* 12-month





Source: market data; tables compiled by Barry Sergeant

[Tsuba]

SIEGEL beobachtet HIG schon lange Zeit.

So zusammengefasst und gewichtet findet man die Fakten sonst nirgends.


Tsuba



heute auf täglicher Kolumne

SIEGEL Investments
==================

Analyse

26.06.08 Highlands Pacific
==========================

(AUS, Kurs 0,12 A$, 78,10 A$)

meldet für das Märzquartal (Dezemberquartal) gute Fortschritte bei

der Vorbereitung des Ramu Nickel Projekts.

Highlands hält einen Anteil von 8,56 % an dem Projekt,

das derzeit von der chinesischen MCC finanziert und aufgebaut wird.


Durch Investitionen und Finanzierungen hat Highlands die Option, den Anteil bis auf 20,6 % zu erhöhen.

Ab dem 2. Halbjahr 2009 soll das Projekt jährlich etwa 2.700 t Nickel und 270 t Kobalt (jeweils Highlands Anteil von 8,56 %)
über einen Zeitraum von 20 Jahren produzieren.

Die Investitionskosten, die vom chinesischen Partner finanziert werden, werden derzeit auf 129,0 Mio A$ (Highlands Anteil) geschätzt.


Neben dem Ramu Projekt hält Highlands einen Anteil von 16,4 % am Frieda River Kupfer- und Goldprojekt,

das von Xstrata aufgebaut wird.

Am 03.03.08 konnte die Studie über die Entwicklungsmöglichkeiten des Projekts fertiggestellt werden.

In der Studie wird eine jährliche Kupferproduktion von 30.000 t Kupfer und 48.000 oz Gold (jeweils Highlands Anteil)
über einen Zeitraum von 26 Jahren in Aussicht gestellt.
Dabei werden Produktionskosten von 0,81 $/lb erwartet.

Die Erstellung einer Durchführbarkeitsstudie wird bis 2012 angestrebt, so daß die Produktion 2015 beginnen kann.

Die Investitionskosten belaufen sich auf 416,3 Mio A$ (Highlands Anteil).

Am 31.12.07 (30.06.07) stand einem Cashbestand von 22,6 Mio A$ (13,5 Mio A$)
eine gesamte Kreditbelastung von 3,7 Mio A$ (98,3 Mio A$) gegenüber.

Zum 31.03.08 stieg der Cashbestand auf 25,2 Mio A$.


Beurteilung: Highlands Pacific konnte sich durch den Verkauf des Kainantu Goldprojekts vollständig sanieren und verfügt mit den Beteiligungen am Ramu Nickelprojekt und am Frieda River Goldprojekt über Projektanteile mit hoher Substanz.

Da beide Projekte von großen Gesellschaften entwickelt und finanziert werden, ist das Risiko für Highlands Pacific derzeit relativ klein. Auf der Basis der Gegenwerte der Beteiligungen und dem aktuellen Cashbestand ist Highlands völlig unterbewertet und bietet sich für eine Beimischung in einem Explorationswertedepot an. Wir stellen Highlands mit einem Kursziel von 0,50 A$ zum Kauf.

Empfehlung: Halten, unter 0,15 A$ kaufen, aktueller Kurs 0,12 A$. Highlands Pacific wird auch in Frankfurt und Stuttgart notiert (vgl. Kaufempfehlung vom 08.04.08 bei 0,13 A$).

[Tsuba]

Quuelle Artikel in Austral.Tageszeitung vom 25.06.2008: THEAUSTRALIAN


Chinese management treads softly to win over localsFont
========

ONE of China's biggest corporations

admits that it has been on a steep learning curve since it began

to build an $1 billion nickel mine in Papua New Guinea.
========================================================

It has had to start addressing the same suite of issues that other PNG resource projects have faced: unhappy landowners, including different groups disagreeing among themselves; highly critical local politicians; influential church leaders and non-government organisations raising environmental and social issues; as well as the more usual array of unexpected technical concerns.

The company that controls the project,

MCC Ramu NiCo, is effectively a subsidiary of

Metallurgical Group Corp (MCC),
===============================

which recently bought the Cape Lambert iron ore venture in Western Australia for $400 million.

The company's chairwoman and president, Luo Shu, views the project as "challenging, exciting, but manageable".

"We are a responsible developer," she says.

There has been relatively little formal job-generating economic development in the area.

"They have been waiting 40 years," Luo says.

"Now is their time."

But the resulting high expectations have added to the pressure being felt by MCC.

Rural Madang has in the past seen the flourishing of cargo cults, and Luo says it is important to address such false expectations by providing material benefits through hard work.

"The mine has to become sustainable for it to work for everyone's benefit. That's why we also have to manage people's expectations."

The company -- which reports to the state-owned Assets Supervision and Administration Commission (Sasac) -- was one of the first selected 20 years ago by China's National Development and Reform Commission, the top planning agency, to "go global".

MCC Ramu NiCo is 85 per cent owned by MCC-JJJ Mining Development, of which 13 per cent is owned by each of three steel companies, the chief market for nickel: Jinchuan Group, Jinlin Nickel Industry Corp and Jinquan Iron and Steel Group.

The rest is owned by MCC.

The Brisbane-based, ASX-listed Highlands Pacific owns 8.56 per cent of the Ramu Nickel joint venture; Mineral Resources Ramu, a subsidiary of PNG's state-owned Mineral Resources Development Corp, owns 3.94 per cent; and landowner company Mineral Resources Madang owns 2.5 per cent.

The project was brought to MCC by Highlands, which needed a larger partner.

It appealed to MCC because of the intense demand in China for nickel. But MCC, the 30th biggest business in China with $15.3 billion turnover in 2007, was aware that Highlands had contacted many companies in its quest. And it initiated its own due diligence on the project.

As Luo points out, there are many ventures competing for MCC's capital and commitment, and the market then was only just recovering from a period of very low prices.

In 2003, MCC committed itself to Ramu, in the face of some critics at home who urged waiting for the nickel price to firm up, and ahead of rivals waiting for that price rise.

"After investigating, we felt it was a world-class deposit, so we went ahead," Luo says, "although the grade was not so great."

After metallurgical tests, MCC felt it could compensate for that.

By 2003, MCC had been working in Pakistan for six years, and had other projects in hand in Burma and the Philippines.

But this was a first for the Pacific, and will remain the biggest Chinese involvement in all of Oceania until Chalco starts work on the Aurukun project on Cape York in north Queensland.

Importantly, MCC has built not only mines, but also many of China's steel plants, so it has a strong technical understanding of both upstream and downstream technical needs. It runs 13 research institutes.

Luo says converting drawings into a plant is a challenge in itself.

Western Australia has three nickel laterite projects under way, all of which have stumbled at times, she says.

The mine will scrape topsoil off a mountainous area and then mix the nickel-bearing soil with water and slurry it 135km down a pipeline to an ore refinery and treatment plant at Basamuk Bay, from where the ore will be shipped to China and the waste deposited -- some by barge, some by pipe -- in a deep sea trench. The topsoil at the mine will be replaced and revegetation will begin while other areas are being mined.

One of the issues with the project, echoing questions asked in Australia, is whether the operator's priority will be to maximise the return, or to reduce the price for the buyer -- three of whom are among the owners, which are ultimately state-owned like MCC.

This is where Highlands plays a crucial role as joint venturer, with its stake due to increase to between 11.3 per cent and 20.55 per cent.

Although share markets in Shanghai and Shenzhen are still sliding, MCC has not abandoned the idea of listing on the former in August, with some shares also available in Hong Kong. This would require MCC to make more information available to the public on a regular basis.

Perhaps the crucial question for operators of a mine in PNG, as elsewhere, is how to get along with the communities in the area.

"We are focusing on this issue," Luo says, "so that we can handle it with confidence.

"We aim always to be transparent, to act in good faith, and to take initiatives, while also maintaining a reasonable boundary.

"We have to be rational. We are a responsible developer, not only oriented to profit.

"We understand that land is the blood of the people, and if we are to be a sustainable developer we first have to bring benefits to them. But we need to find the right way to do this."

There are a lot of spin-off business opportunities around the project, she says. But these need to provide a return while also ensuring deadlines and quality requirements are met.

"We try to give the people in the area as much as possible, while helping them grow sustainable businesses", rather than merely owning companies that outsource all the work to people from outside the area, she says.

And she wants to spread the opportunities beyond the immediate landowners.

She says that MCC is helping the landowner firms to grow, providing interest-free loans, and aiding them with management and training. Luo says there are three templates: joint ventures with other PNG companies; stand-alone landowner firms; and joint ventures with the project itself, though without MCC having any intention of profiting -- instead being "a stabilising force".

A landowner company is in a joint venture with National Catering Services, a PNG company that provides meals for workers at other resource projects, to cook for both Chinese and PNG employees.

A landowner engineering company is building access roads and camp facilities. And security is one of the early priorities, with 100 people providing security services for the whole project.

MCC also provides micro loans to individual families -- for instance, women building and operating a coconut oil press, and growing vegetables and rice for sale to the project's caterers.

"We are helping them plant rice successfully," Luo says.

The project also has four "umbrella companies" that cover a range of landowner groups and other community interests, each based in a different area.

Economic opportunities have been constrained in the past because of the difficulty in reaching markets in Madang -- some groups taking three and a half days to walk there.

Luo says MCC will help people develop roads beyond the project itself, as a priority they have clearly outlined.

"We say in China, that if a community wants to get richer it must first build a road."

At present, there are 400 Chinese people at the site, all technicians. At the peak construction period, Luo estimates that 5000 workers will be needed, of whom about 1500 are likely to be Chinese, mostly on six-month contracts. Construction is due to be completed at the end of 2009.

The number of Chinese workers directly and permanently employed by MCC will remain at about 400, the rest hired on contract for the project.

Once the mine is fully operational it will need about 2000 staff, of whom no more than a third will be Chinese, she says.

It has a likely lifetime of 20 years or more.

Ramu will not run on the fly-in fly-out basis of most remote mines elsewhere in PNG and in Australia.

The company is building a headquarters in Madang, and 300 people will live there semi-permanently, taking two vacations a year.

Only managers are likely to have their families with them.

Ramu has hired seven graduates from the University of Technology, Lae, and sent them to Beijing Language University to learn Chinese, and thereafter to on-the-job training with MCC operations inside China.

"This is just the start," Luo says, with 50 Papua New Guineans to be given such training.

"We hope they can act as a bridge between Chinese and PNG cultures. Communication is so important."

MCC already has about 100 permanent PNG employees, including some at the department management level.

There are a lot of rumours about the environmental impact, she says. "But at the mine site there is no chemical action, it's a simple physical process.

"And we ensure through neutralisation that there are no toxic elements following the processing at the bay, as a safety measure for the deep-sea tailings."

She says because the coastal region is very earthquake prone, with high rainfall, large amounts of land fall naturally into the bay every year -- vastly more than the mining process will create.

And this also makes sea deposits, in a constantly monitored trench 1km deep, much safer than land storage, she says.

The Lihir mine is depositing tailings at sea, and the Misima mine used to before it closed.

Luo acknowledges that communications has not been a strong point of the operation to date: "We need to organise more channels to give people information."

She stresses that Ramu has completed all the studies, reports and inquiries required by the PNG Government, including extensive peer review.

Ramu has hired a PNG national as its manager of community affairs.

"We tend to do things first in China, and then talk about what we have done," but in PNG, she says, it will be necessary to do more talking and explaining first.

Typically, she says, the cross-cultural relationship has started happily with a handshake, but then starts to encounter difficulties, best resolved by both sides adjusting.

To aid this, Chinese staff are studying English and Tok Pisin at Madang's Divine Word University.

"This is not only a Chinese company," she says, "it is not only a PNG company, it is a combination of both."

Recently when a Chinese manager returned to Beijing, he was farewelled by a large group of landowners at Madang airport.

This is the spirit Luo says she would like to see grow.

[Tsuba]

Caledonia CAL.TO, Veröffentlichung vom 30.06.2008
===================================================

Caledonia and Mitsubishi Corporation

Sign Agreement on the Rooipoort &
Mapochsgronde Platinum Projects in South Africa

Toronto, Ontario – June 30, 2008:

Caledonia Mining Corporation (“Caledonia”) (TSX:
CAL,

NASDAQ-OTCBB: CALVF, AIM: CMCL) is pleased to announce the signing of an
agreement with Mitsubishi Corporation (“MC”) on the Rooipoort & Mapochsgronde
(“Mapochs”) platinum exploration projects in South Africa. The agreement is subject to
certain conditions being satisfied within three months from the signature date. Caledonia
is confident that these conditions will be satisfied.
Under the terms of the Agreement, MC can earn an equity interest of up to 50% in each
of the Rooipoort and Mapochs projects by spending up to C$40 million over a six year
period on exploration (provided that the exploration results so warrant), or upon the
completion of a Bankable Feasibility Study on a project, whichever occurs first.
Caledonia will be the exploration operator.
Commenting on the transaction, Stefan Hayden, President and CEO of Caledonia, said
“I am delighted to be partnering with MC on the Rooipoort and Mapochs platinum
projects. The injection of up to C$40 million into these exciting exploration projects will
enable us to aggressively explore and assess the full potential of these projects through
to Bankable Feasibility Study stage. Subject to the completion of a number of mutually
agreed conditions, we will immediately commence drilling, with the aim of upgrading and
expanding the Rooipoort NI 43-101 resource.”
The Rooipoort platinum and nickel project is located approximately 10 kilometers south
of Mokopane at the southern end of the Northern Limb of the Bushveld Complex, in the
Limpopo Province of South Africa. Three separate outcropping reefs of platiniferous
mineralization have been located by diamond drilling in the area. Exploration to date has
resulted in the definition of an inferred resource on one of the reefs compliant with the
requirements of NI 43-101 and is published on Caledonia’s website.
The Mapochs platinum project is located in the Mpumalanga Province of South Africa
and, in addition to being underlain by both Merensky and UG2 reefs at depth, offers the
potential of near surface platinum mineralization.
New Order Prospecting Rights have been granted on these projects.

[Tsuba]

Quelle: press Release 09.07.2008 Etruscan Resources Inc. (EET.TSX)


production at the Youga Gold Mine

HALIFAX, July 9 /CNW/ -

Etruscan Resources Inc. (EET.TSX)

reported today

that it has

achieved commercial production
==============================

at its Youga Gold Mine, located in
===================================
Burkina Faso, West Africa.
==========================


The criteria established for commercial production
stipulated that all components of the processing plant were to operate over a
thirty consecutive day period at 60% of design capacity or better with gold
production achieving at least 60% of forecast. Mill throughput for the thirty
day period ended July 7, 2008 totaled 53,764 tonnes which represents 65% of
the design throughput and 4,094 ounces of gold were produced during this
period which represents 61% of the forecast amount. Production statistics
continue to show steady improvements and the gold recovery plant continues to
operate at projected efficiency with an average gold recovery of over 93%.
Gold production is scheduled to increase during July as plant throughput and
mill feed grades reach forecast levels. At design capacity the Youga Gold Mine
will be processing 83,000 tonnes per month and recovering an average of
6,700 ounces of gold per month.
The effective date for commercial production for accounting purposes will
be July 1, 2008, at which date gold sales and operating costs will be reported
on Etruscan's income statement. Prior to July 1, 2008 gold sales and operating
costs have been capitalized for financial accounting purposes.
Current mineable reserves at Youga are 6.6 million tonnes with an average
grade of 2.7 grams per tonne containing 580,000 ounces of gold, which is
contained in five separate pits. The mill feed to date has come from the A2
Main pit which has mineable reserves of 4.1 million tonnes with an average
grade of 3.1 grams per tonne and a strip ratio of 6.8 to 1. Mining operations
have recently commenced at the A2 West Zone 1 pit which is scheduled to be
mined during July and August. Mineable reserves at A2 West Zone 1 are
0.5 million tonnes at an average grade of 3.0 grams per tonne with a very low
strip ratio of 1.3 to 1. A number of potential satellite gold deposits have
already been identified on the Youga mining permit within a three kilometer
radius of the existing plant and are being evaluated for conversion into
reportable resources and reserves. Furthermore, an exploration program at the
Ouare gold deposit, located 35 kilometers northeast of the Youga Gold Mine,
has generated positive results (see news release dated May 29). The Ouare
deposit has the potential to develop additional reserves to further extend the
mine life at Youga.
Robert Harris, P.Eng., Vice President of Operations of Etruscan, is the
Qualified Person overseeing production and development in West Africa and has
reviewed and approved this press release.

About Etruscan Resources Inc.

Etruscan Resources Inc. is a gold focused Canadian junior mining company
with dominant land positions in district scale gold belts covering more than
13,000 square kilometers in West Africa. Its principal mine development
projects include the Youga Gold Project in Burkina Faso, the Agbaou Gold
Project in Côte d'Ivoire (press release dated February 21, 2008), and the
Finkolo Gold Project in Mali (press release dated July 2, 2008). Advanced and
early stage exploration projects are on-going in Burkina Faso, Mali, Côte
d'Ivoire, Ghana (press release dated June 10, 2008) and Namibia (press release
dated June 19, 2008). See press release dated May 6, 2008 for a comprehensive
update of explorations projects. Etruscan also has a 53.7% interest in
Etruscan Diamonds Limited which has a dominant land position in the
Ventersdorp Diamond District located in South Africa. (press release dated
June 13, 2008). The common shares of Etruscan are traded on The TSX Exchange
under the symbol "EET". More extensive information on Etruscan can be found on
its home page at http://www.etruscan.com

This press release may contain certain forward-looking statements which
involve known and unknown risks, ...................

[Tsuba]

SWG´s CEO hatte AU_Proben in China gefälscht.

Daraufhin wurde der Kurs zu Recht klein gefaltet.

Die Spekulation ist, dass SWG eventuell mit dieser Krise fertigwird.

Tsuba



Quelle:MARKETWATCH.COM vom 10.07.2008


Southwestern Increases Interest in Maxy Gold Corp.
==================================================


Last update: 7:31 a.m. EDT July 10, 2008

VANCOUVER, BRITISH COLUMBIA, Jul 10, 2008 (MARKET WIRE via COMTEX) --

Southwestern Resources Corp. (CA:SWG) , in accordance with regulatory requirements,

announces it has acquired 1,000,000 shares of Maxy Gold Corp.

("Maxy") upon the completion of the sale to Maxy of 15 gold and

base metal mineral exploration properties covering a total of

135,369 hectares

in Peru.(1)
========


Prior to acquiring the above noted shares, Southwestern held 2,909,600 shares or 8.7% of Maxy's outstanding shares. Southwestern now holds 3,909,600, or 11.3%, of the 34,461,860 issued and outstanding shares of Maxy, which trades on the TSX Venture Exchange.

Southwestern has acquired the shares for investment purposes. Southwestern reviews its investments on a continuing basis and such holdings may be increased or decreased in the future.
About Southwestern


Southwestern is a Vancouver-based mineral exploration company engaged in the identification, acquisition, evaluation and exploration of gold, silver and base metals mineral properties. The Company has a large portfolio of projects in Peru, including the Liam, Millo, Antay and Pacapausa projects in southern Peru. Southwestern is a reporting issuer in British Columbia, Alberta, Manitoba, and Ontario and trades on the Toronto Stock Exchange under the symbol SWG.

[Tsuba]

Quelle: Pacific Magazine vom 11.08.2008


Gold Miner Pushes Gameta, Wapolu Projects

Monday: August 11, 2008


Gold explorer Gold Aura

is hoping to fast-track it’s Gameta and Wapolu gold projects, on Papua New Guinea’s
Fergusson Island,
Milne Bay Province, after gaining important financial backing for its development plans.

Canadian
bioleaching specialist
BacTech Mining Corporation

has reached an agreement to acquire Yamana Gold’s 33 percent stake in the Fergusson Island gold project.

If the agreement is successfully concluded, BacTech’s wholly owned subsidiary BacTech (Barbados) Ltd (BBL) will, at Gold Aura’s option, either (i) pay approximately A$1.06 million to Gold Aura, or (ii) pay C$0.5 million and issue five million BacTech shares to Gold Aura, to increase BBL’s interest in the project from 33 percent to 43 percent.

An initial payment of approximately A$530,000 will be made after receipt of all regulatory approvals, with the balance (C$0.5 million or five million in BacTech shares) due in 12 months from the date of receipt of regulatory approvals. BBL will also solely fund project expenditure of approximately A$1.6 million within two years to increase its interest in the project to 50 percent.

As part of the agreement, BBL will retain Gold Aura’s current exploration management team to continue to manage the exploration and development of the project, until such time as BBL acquires a 50 percent participating interest. In return, Gold Aura will charge BacTech a 12 percent management fee on the exploration funds expended, while it continues to manage the exploration and development of the project.

During the period of up to two years during which BBL will be sole funding the project, it may offer to acquire all or part of Gold Aura’s interests in the project. During the first year under the new agreement the acquisition price will be approximately A$160,000 for each one percent and approximately A$212,000 for each one percent in the second year. Gold Aura shall have the right to either accept or reject this offer.

The Gameta and Wapolu deposits are both located on the north shore of Fergusson Island, approximately 30 km apart.

Since 1996
Gold Aura and Yamana have spent over $15 million on the project.
====================
Historically, both properties have been serviced by low-cost water access to their close proximity to the coast. Landowners are supportive of the project and its potential commercial development.

[Tsuba]