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Recently, Chancery announced its financial results for the quarter and fiscal year ended November 30, 2008 and provided a summary of financial results and operating highlights for 2008. Management has stated they will be releasing more information on its Colombia project and operating activities update very soon!!! Keep your eye on the market and watch this company!
Up to now, more detailed operational and financial highlights are summarized in Chancery's annual 10-K filing available on the SEC's website at www.sec.gov and on Chancery's website at www.chancerymining.com. Here's a summary:
Antioquia, Colombia:
El Cafetal Project: The El Cafetal Project consists of 135 hectares located in the historic Valparaiso, Department of Antioquia, the most prolific gold producing region in Colombia for hundreds of years. The Company has recently completed a preliminary sampling and chemical analyses on the El Cafetal property. As results are concluded, the company will update shareholders in the near future.
Within the property, four large zones have been identified as mineralized with gold, silver and other base metals. Additionally, the company has performed an assessment of the equipment in place to upgrade the existing processing plant.
On January 30, 2009, we incorporated a wholly owned subsidiary pursuant to the laws of Colombia under the name Minera Chancery Colombia. Management plans to continue exploration of the El Cafetal property at the same time that the Company undertakes efforts to place the property into production. As we intend to continue exploration at the El Cafetal Project for the foreseeable future, we are moving forward with our plans to make improvements to the property, which will include recondition of current equipments and replacement of some parts and materials.
British Columbia, Canada:
HCL Property consists of 20 contiguous mining claims located in Merritt, British Columbia, Canada with approximately 415 hectares. The geology in the area is described to be in the Nicola Group known to host economic mineralization. Historically, the deposit types that predominate in the general area are copper, gold, palladium or copper-molybdenum.
The company has established a wholly owned subsidiary, Chancery Mining Canada Ltd in British Columbia, Canada, which will contribute to cost reductions in operations, build a solid presence in the province and the mining industry and make the most of the government commitment to the industry.
Fiddler Creek Property is comprised of 25 mineral claims located within the Omineca Mining Division in northwestern British Columbia totaling 466 hectares. The geology in the area is described to be underlain by agillites of the Jurassic to Cretaceous Bowser Lake Group, in which auriferous quartz veins are probable resources for placer gold. The deposit types that predominate historically in the Fiddler area are silver, gold, lead and zinc. The Company also intends to begin exploration of the HCL and Fiddler Creek property as fieldwork season 2009 starts for more detailed sampling and mapping of the area.
It has moving upward lately. Keep an eye on this one.
Stock Price as of today: 0.008 on 168,000 shares traded
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