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Jul 11, 2008 -- Chancery Resources, Inc. (OTCBB: CCRY | Quote | Chart | News | PowerRating) is pleased to report the initial sampling results of the Yarumalito sector at the El Cafetal Mine. The Yarumalito sector is the second of the four mineralized zones Chancery geologists have identified to date within the concession. The chip samples were taken along the exposed veins and the surrounding host rock with disseminated sulfides in the Yarumalito sector. The samples assayed ranged from 2.45 to 34.57 gms/tonne Au (Gold) and 12.53 to 389.03 gms/ton Ag (Silver). Chancery's geologists have identified four large zones within the concession mineralized with gold, silver and other base metals. On June 18, 2008 Chancery released sample results from the El Pomo tunnel with the assayed vein samples ranging from 35.75 to 79.28 gms/tonne Au (Gold) and 157.80 to 319.43 gms/ton Ag (Silver). Field geologists have been sampling and exploring these zones and the company will release more results as they come available. Chancery's core project is the El Cafetal Gold Mine in the historic Valparaiso gold mining district of Colombia. The El Cafetal concession covers an area of 135 hectares and Chancery's management team is focused on the expansion and exploitation of this gold, silver and copper deposit. Chancery's plans include a complete upgrade of the existing processing plant at El Cafetal installing a modern mineral recovery plant and greatly increasing production rates. The current operation is processing and capturing only the gold, so the new processing plant would be capturing gold, silver and copper maximizing cash flow and lowering operating costs. The upgraded processing plant should greatly assist and accelerate Chancery's plan to fund and expand the El Cafetal concession.
Jul 11, 2008 -- Eldorado Gold Corp. (AMEX: EGO | Quote | Chart | News | PowerRating) and Brazauro Resources Corp. have signed a joint venture agreement giving Eldorado a piece of Brazauro's latest gold mining project in Brazil. Total potential payments by Eldorado to Houston-based Brazauro, which trades in Canada on the TSX Venture exchange, could reach $122.5 million including share and warrant purchases for its stake in the Tocantinzinho gold project.
To exercise the first option, Vancouver-based Eldorado will invest $8.3 million in a private placement to purchase 8.8 million units of Brazauro and then pay as much as $39.6 million to acquire a 60 percent interest in the gold mining project. Eldorado, which will oversee the joint venture, can boost its holdings in the project to as much as 75 percent by exercising further options within two years, depending on the amount of proven gold reserves discovered. Each unit issued to Eldorado includes one share and a share purchase warrant. Two warrants can be converted into one common share at $1.28 during an 18-month period. The deal also includes a provision giving Eldorado first right of refusal to form joint ventures with Brazauro on other gold mining properties acquired in Brazil.
Jul 11, 2008 -- BHP Billiton (NYSE: BHP | Quote | Chart | News | PowerRating) today announced that it has completed the previously announced acquisition of all the issued and outstanding common shares of Anglo Potash Ltd. ("Anglo Potash") for C$8.15 per share in cash. This acquisition provides BHP Billiton with 100 per cent control of the Canadian potash Joint Venture development project established between BHP Billiton and Anglo Potash in June 2006.
BHP Billiton also announced that an application to delist Anglo Potash's common shares has been filed with the TSX Venture Exchange and the delisting is expected to be effective within three trading days. An application is expected to be filed shortly to allow Anglo Potash to cease to be a reporting issuer under applicable Canadian provincial securities laws. BHP Billiton Diamonds & Specialty Products President Graham Kerr said, "I am pleased with the overwhelming support received from shareholders of Anglo Potash for this acquisition, which further enhances BHP Billiton's position in the world's major potash basin by adding flexibility for future growth."
Jul 11, 2008 -- Alcoa (NYSE: AA | Quote | Chart | News | PowerRating) today announced that its Alcoa Electrical and Electronic Systems business has initiated a restructuring of its Honduran and Mexican operations serving the North American auto market as a result of continued market softness. In total, the workforce reduction across the Honduran and Mexican operations will impact approximately 1,240 jobs as AEES adjusts capacity to economic and structural changes in the North America light truck and SUV market demand. Upcoming actions include the closure of its electrical distribution (EDS) facility in El Progreso, Honduras, affecting approximately 700 employees, the layoff of approximately 40 workers at the Choloma wire manufacturing facility in Honduras, and approximately 500 AEES associates throughout its Mexico locations in Acuna, Ciudad Juarez, Piedras Negras, and Torreon. AEES currently employs approximately 11,600 associates in Mexico and Honduras. "The conditions in the North American automotive market are well known," said Jon A. Jensen, AEES President for Light Vehicle Market and Operations-Americas. "The entire market is facing difficulty. This action is a result of our customers' significant volume reduction for several vehicle platforms and in no way is a reflection on our workforce, which has done an incredible job under very trying circumstances. Unfortunately, in order to align our capacity with this redefined market demand and to improve overall efficiency and competitiveness, we have had to make this very difficult decision. We will work with the community and stakeholders to try to minimize the impact as much as possible. We recognize the impact that this workforce reduction will have on the lives of our employees, their families, and the community," said Jensen. "Full severance, in addition to a combination of outplacement and transition support services, will be made available to all affected employees."
Market Wrap for July 11th, 2008
It was another volatile session on Wall Street as the Dow Jones Industrial Average fell more than 200 points to break below 11,000 for the first time in two years. It made its way back into positive ground, though only for a moment. Renewed pessimism sent the Dow markedly lower to finish the session with a 128 point loss. Stocks spent nearly the entire session trading with sizeable losses as investors continued to fret over Fannie Mae (FNM 10.25, -2.95) and Freddie Mac (FRE 7.75, -0.25). Only when a Reuters source indicated the two lenders would have access to the Fed's discount window did stocks rally into the green. The notion that capital would be available to the lenders if they were in dire need assuaged concern and lifted the shares; short-covering aided in the recovery. However, when the Fed would not confirm it would lend to Fannie or Freddie, stocks surrendered their gains. The concerns surrounding Fannie and Freddie overwhelmed news from General Electric (GE 27.66, +0.02), an enriched buyout bid for Anheuser-Busch (BUD 66.50, +5.29), and encouraging economic data. For the second quarter GE earned $0.54 per share matching the consensus earnings estimate. GE also announced it is divesting its consumer finance business in Japan for $5.4 billion. GE announced yesterday it is considering spinning off its consumer and industrial business. The firm is trying to focus on higher return opportunities. Belgian brewer InBev increased its bid to acquire shares of BUD to $70 per share, up from $65 per share, according to The Wall Street Journal. Shares of BUD climbed higher in response to the offer, unaffected by the turmoil surrounding the broader market. Importantly, the May trade deficit narrowed to $59.8 billion from a revised $60.5 billion in April. The real trade deficit fell to $43.6 billion from $46.7 billion in April. After trading off its highs in recent sessions, crude oil prices surged to a new record of $147.27 per barrel in early trading, only adding to the session's pessimism. It closed its session just below the $145 per barrel mark.
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