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Jul 31, 2008 -- Hunt Gold Corporation (PINKSHEETS: HGLC | Quote | Chart | News | PowerRating) confirmed on July 29, 2008 that it has received a number of serious offers for the Company; which if successful, could lead to a buyout of the Company. The Company can now confirm that it received, early this morning; a serious Takeover Offer for the Company. The Board of Directors will seek external advice on this Offer and advise stockholders accordingly. The Board is therefore now duty bound to enter into formal discussions with all of the various bidders for the Company.
Jul 31, 2008 -- Tornado Gold International Corp. (OTC BB: TOGI | Quote | Chart | News | PowerRating) has selected the Illipah property as its first drill program, based on results from its ongoing exploration program and historical data from previous exploration programs. Between 1982 and 1992, Alta Gold produced 37,000 ounces (greater than $33,000,000 dollars at current gold prices) from an open pit at the north end of the Illipah property. A number of other groups have conducted exploration programs on the property, including Barrick Gold, Tenneco, Battle Mountain Gold, and Cyprus Gold. Historically, from thirty four bore-holes drilled in previous exploration programs, one hole drilled by Battle Mountain Gold intersected 35 feet averaging 0.08 oz/ton gold at a depth of 750 feet. Similarly, Alta Gold intersected 20 feet of 0.27 oz/ton gold at 345 feet. Based on historical data from near-surface exploration of past programs, Tornado has derived a current resource estimate of 953,717 tons of ore grading 0.036 oz/ton gold for a total 34,657 oz/gold. These significant results have received no follow up to date. More importantly, drilling to date has not tested more promising, deeper formations on the Illipah property. Tornado Gold will focus the next phase of drilling operations on these deeper formations. Research shows a geological setting at Illipah similar to that at Newmont's Rain deposit, located 65 miles northwest of Illipah. The Rain Mine reportedly hosts an average grade of 0.40 oz/ton gold and Newmont estimated the resource potential at over 2.0 million ounces of gold over a 4,500 foot strike length. Newmont originally mined the Rain as an open pit, but later discovered higher grade gold at depth. This discovery is now reflected in the exploration concept for economic mineralization at Illipah, where Tornado intends on exploiting the known low grade ore reserves at shallow depths of 300-500 feet, as well as targeting deep high grade ore bodies between 1000-2500 feet. The Illipah property could potentially host up to seven million ounces of Gold based upon current and historical surface and sub-surface geological data compiled to date.
Jul 31, 2008 -- Goldcorp Inc. (NYSE: GG | Quote | Chart | News | PowerRating) and Gold Eagle Mines Ltd. today announced an agreement whereby Goldcorp will acquire, through a friendly plan of arrangement, all outstanding shares of Gold Eagle. Gold Eagle's principal asset is the world class Bruce Channel gold discovery which is situated along the prolific Red Lake Trend, adjacent to Goldcorp's Red Lake gold mine and immediately southwest of Goldcorp's past-producing Cochenour-Willans Mine. This transaction will enable Goldcorp to capitalize on its extensive exploration and operations expertise in the Red Lake district and its considerable human resources and related infrastructure. "This transaction secures for Goldcorp full control of 8 kilometres of strike length in the heart of the world's richest high grade gold district," said Kevin McArthur, Goldcorp's President and Chief Executive Officer. "Nearly 200 drill holes have defined an impressive gold deposit at Bruce Channel, with potential for additional expansion over time. Development of this strategically important zone can now move forward with our adjoining assets as a single, comprehensive project, sharing mine infrastructure, ore processing facilities and human talent with Red Lake, thus minimizing capital and operating costs and maximizing long-term shareholder value. Red Lake mine has operated for over 50 years, and Goldcorp's continued district consolidation efforts are designed to sustain this world-class operation for decades into the future. We are the natural partner to develop the Bruce Channel project with the geographic footprint preferred by our community."
Jul 31, 2008 -- NovaGold Resources Inc. (AMEX: NG | Quote | Chart | News | PowerRating) today announced that it has reached a binding agreement to sell 100% of its NovaGreenPower subsidiary for up to $40 million to AltaGas Ltd., a Calgary based energy infrastructure company. NovaGreenPower owns several development-stage run-of-river hydroelectric projects located in northwest British Columbia. The transaction is expected to close later today, with payment to NovaGold of $35 million on closing and an additional $5 million subject to completion of certain conditions by February 15, 2009. NovaGold acquired the NovaGreenPower hydroelectric assets in 2006. The carrying value to NovaGold of the assets being sold, along with transaction costs, is approximately $6 million. Canaccord Adams acted as financial advisor to NovaGold for this transaction. "NovaGold's strategy is to focus our financial and management resources on the advancement of our core mining projects: Donlin Creek, Galore Creek and Rock Creek," said Rick Van Nieuwenhuyse, President & CEO of NovaGold. "The sale of NovaGreenPower is consistent with the strategy to realize the value of our non-core assets for NovaGold shareholders. We believe AltaGas has the resources and expertise to develop Forrest Kerr and the other hydroelectric projects owned by NovaGreenPower. AltaGas' focus on rapidly advancing these projects will facilitate the timely development of power transmission infrastructure that will support future power requirements of the Galore Creek copper-gold-silver mine as well as the communities of northwest British Columbia."
Market Wrap for July 31, 2008
A late sell off knocked the stock market sharply lower before closing near its worst point of the session. The Dow and the S&P 500 finished 1.8% and 1.3% lower, respectively. The Nasdaq closed with a modest loss. Thursday's loss concluded what was an overall pessimistic session. The tone was set early on after disappointing economic data was unveiled. According to the latest government data, the U.S. economy expanded 1.9% in the second quarter, missing the 2.3% gain economists were expecting. Though the top line of this number is a bit disappointing, its downside surprise is due to a negative impact from inventories. What is more, trends in consumer spending, business investment, exports, and government spending were generally better than forecast. Many Wall Street pundits and economists believe U.S. economic growth will not return to its full potential until housing has successfully turned around. Former Fed Chairman Greenspan stated in an interview on CNBC that home prices are nowhere near a bottom. He also acknowledged there is still a 50-50 chance the U.S. will experience a recession. On a similar note, The Wall Street Journal reported Treasury Secretary Paulson noted that housing is still correcting, but the fiscal stimulus has helped economic growth. Adding to the dour mood among participants, jobless claims for the week ended July 26 climbed 44,000 to 448,000, marking the third time in the last five weeks claims have surpassed 400,000. Continuing claims rose 6.0% to 3.282 million, while the four-week moving average jumped to 393,000 from 382,000. In the end, the disappointing economic data trumped relatively upbeat earnings data from several widely held companies.
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