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Oct 01, 2008 -- Elray Resources, Inc. (OTCBB: ELRA), a technically-driven gold and precious mineral exploration company, today announced details of its 24-month staged exploration and drilling works program, which is intended to prove up the reported reserves estimates of gold and other precious metals on the Company's properties in South East Asia. If the works program confirms management's expectations and is successful in proving up estimated reserves, the value of Elray's properties, and shares, can be expected to experience rapid growth. Investors continued to seek safe haven with gold and the metal saw its largest ever one day price advance on Wednesday, 17th September. "I am pleased to report to shareholders that Elray is entering an aggressive expansion period," commented Elray Chairman Mr. Barry Lucas. "We have a top caliber team, detailed work program and properties with excellent potential." Initial focus for the Company's works program will be on Cambodia, where the Company has over 15,000 hectares with multiple areas with historical small scale mines and grab samples that have returned up to 71.9 grams/tonne of gold. Work on the ground will commence during the month of October 2008, at the beginning of the Cambodian dry season. The three selected priority projects are Senator, Angkor Wat and Porphyry Creek, with Senator and Angkor Wat containing immediate drill targets. The works plan includes completing exploration drilling, preliminary metallurgical test work and scoping studies. Running in parallel on the projects will be completions on data compilation, geological mapping, surface geological sampling and geological surveys to define drill targets.
Oct 01, 2008 -- Richmont Mines Inc. (AMEX: RIC | Quote | Chart | News | PowerRating) and Louvem Mines Inc. today reported results from the 2008 exploration drilling program at their Beaufor Mine. Mining operations are currently conducted mainly in the C, CH and F Zones at a maximum depth of 630 metres. Exploration drilling has been focused on identifying opportunities to extend the mine below current infrastructure. Approximately 20 exploration holes have been drilled through the first half of 2008 for a total of 9,871 metres. The drilling has been mostly in the northwest portion of the Beaufor property. As is expected in an exploration drilling program, grades are running in a wide range, but are demonstrating strong mineralization and excellent potential. Similar to the producing C Zone, Q Zone and associates (R, S, T) are included in a massive diorite dyke averaging 3 to 5 meters in thickness and reaching 10 metres in specific locations. Actual lateral and vertical known extensions are also of comparable siz e, and most importantly, all the zones remain open laterally and at depth. For the second half of 2008, an estimated 25 additional holes totalling 14,600 metres are planned. The objective is to increase the overall inferred resources to a depth of 610 metres below the lower level of the mine, where inferred resources stood at 133,692 tonnes at a grade of 7.03 g/t at the end of 2007. Beaufor has been in production since 1996 and has produced 474,391 ounces of gold as of June 30, 2008. In the first half of 2008, 59,759 tonnes of ore were processed at an average grade of 8.69 g/t, and 16,705 ounces of gold were sold at an average price of US$928 (CAN$935) per ounce. Definition drilling is ongoing near the current mining areas and the objective is to replace the proven and probable reserves depleted by the 2008 production.
Oct 01, 2008 -- Peabody Energy (NYSE: BTU | Quote | Chart | News | PowerRating) has entered into an agreement with the government of Inner Mongolia and other Chinese partners to explore development opportunities for a large surface mine and downstream coal gasification facility that would produce methanol, chemicals or fuel products. The majority of coal from the mine would be dedicated for fuel supply to the coal conversion plant. The agreement was signed today in St. Louis with the Inner Mongolia Jitong Railway Group Limited Company, the People's Government of Inner Mongolia Autonomous Region and the Administrative Office of Xilinguole Region. An 11-member delegation participated in the signing ceremony, including Mr. Ren Yaping, Executive Vice Chairman of People's Government of Inner Mongolia Autonomous Region; Mr. Wang Zhiyuan, Deputy Chief Executive of Xilinguole League of Inner Mongolia Autonomous Region; and Mr. Su Nan, Vice Chairman of the Board, Inner Mongolia Jitong Railway Group Limited Company. The project is expected to have an annual capacity of at least 1.2 million tonnes of methanol or equivalent fuel and chemical production, and is being planned for the Xilinguole League. In the coming months, the companies will begin a feasibility study to examine the potential for the project. Peabody is also continuing discussions with major global chemical companies as project partners. The major open-cut mine would be located on coal resources that, subject to additional confirmatory drilling, could total up to 3 billion tonnes. "China's coal conversion initiatives are providing the vital energy security that China needs by using abundant domestic energy resources to reduce dependence on increasingly expensive oil and natural gas," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. "Peabody is continuing our global leadership in advancing coal conversion projects. We are pleased to be working with our Chinese partners in cooperation with the Chinese gov ernment to develop a world-class coal-to-chemicals facility."
Oct 01, 2008 -- Constitution Mining Corp. (OTCBB: CMIN | Quote | Chart | News | PowerRating) announces that the company has entered into a Mineral Rights Option Agreement to acquire 382 km2 of strategically positioned mining properties in the developing Gold Sands district of northeastern Peru. Constitution Mining CEO, Dr. Willem Fuchter commented, "We believe that the Gold Sands district in northeastern Peru offers the potential for large-scale, low-cost production of gold. Potential, if the indicated gold mineralization in the Gold Sands continues to expand, that may be realized by employing modern dredging and processing methods that do not use cyanide, mercury, or any other disruptive chemical processes." Dr. Fuchter continued, "Until fairly recently, open-pit mining has dominated the mining industry as the preferred low-cost means of extracting gold. And over the past 25 years many of the world's leachable deposits have been tapped, leaving the industry in search of newer and more environmentally sound met hods of extracting gold. The Gold Sands potential is on a scale that is comparable to the prolific tar sands of Alberta. The key question now, and what we intend to discover, is whether or not a new paradigm in gold production is about to unfold."
Market Wrap for October 1st, 2008 Stocks traded in a roller coaster fashion before settling with a modest loss on Wednesday as investors digested uncertainty surrounding the government's financial relief plan, a disappointing manufacturing reading and news that Warren Buffett is making another major investment. The S&P 500 fell as much as 2.2% at its low, and climbed to a gain of 0.1% at its high, before settling with a loss of 0.5%. Helping the market pare its losses was word that Warren Buffett is investing $3 billion in General Electric (GE 24.47, -1.03). GE announced late in the afternoon that it will raise at least $12 billion in a public common stock offering and is selling $3 billion in preferred stock yielding 10% to Warren Buffett's Berkshire Hathaway (BRK.A 135,600, +5,000). Berkshire will also get $3 billion in warrants, granting the option to purchase GE at $22.25 per share within the next five years. GE's move to shore up investor confidence came after its stock fell as much as 10% earlier in th e session. Financial market relief plan negotiations are ongoing. According to reports, the Senate is going to vote on its version of the plan this evening. The Senate version is said to include provisions for an increase to the FDIC's deposit insurance limit and tax breaks for business and alternative energy. It's unclear if the House of Representatives supports the plan. In economic news, manufacturing contracted by a larger-than-expected amount in September, although it does not necessary mean the broader economy is contracting, according to the Institute for Supply Management's national survey. The ISM Manufacturing Index fell to 43.5 from 49.9 (consensus 49.5) -- its lowest level since October 2001. ISM prices paid, which includes energy and food but excludes crude oil, fell a sharper-than-expected 23.5 to 53.5 (consensus 73). August construction spending was unchanged month-over-month, which was better than the expected decline of 0.5%, although the market paid little a ttention to this report. On average, construction spending has declined 0.3% each month in 2008. In commodity trading, Crude oil futures fell 2.0% to $98.61 per barrel and gasoline fell 3.7% to $2.37 per gallon. The government's weekly energy inventory report showed a larger-than-expected increase in crude inventories, and an unexpected increase in gasoline stockpiles. In the end, four of the ten economic sectors posted a gain, led by financial stocks (+2.2%). Industrials (-2.6%) was the main laggard following the weak manufacturing data. Tech (-1.1%) also faced selling pressure. IBM (IBM 110.14, -6.82) dropped 6%, the most in three years, on market speculation that the company was going to issue an earnings warning. Treasury prices rose across all constant maturities as investors remained concern about the credit markets. The benchmark 10-year note rose 24 ticks, sending its yield down to 3.73%.
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