silver100
16 years ago
Press Release Source: Buffalo Gold Ltd.
Buffalo Gold Starts Drill Program to Expand Furtei Resources
Wednesday March 19, 9:15 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 19, 2008 -- Brian McEwen, President and CEO of Buffalo Gold Ltd. (CDNX:BUF.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News), is pleased to announce the commencement of a 3250 metre drill program at the Furtei project, Sardinia. A drill contract has been awarded to the Italian company SO.RI.GE. S.rl. for up to 1750 metres of diamond core drilling in four holes. In addition the program will include up to 1500 metres of reverse circulation (RC) drilling to be completed by Furtei employees using the Company's RC drill rig.
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The current known deposits at Furtei occur at structural intersections and lithological contacts. The RC program will therefore target the delineation of new mineralization through a series of shallow (150 metre) holes into similar structural and lithological intersections in close proximity to the known underground deposits such as Su Coru. Buffalo, with its consultants Wardrop Engineering, is completing an in-house feasibility study on the current underground targets with a goal of starting production in 2009.
The diamond drilling program will mainly test for mineralization in the black diatreme breccia unit. This flat-lying unit is a volcanic breccia with angular clasts and a dark grey pyrite-rich matrix that sits below several of the current underground targets. It has been followed on section for 180 metres and is open to the north and east. Historical drill intersections within this unit have included:
- 3 metres @ 12 g/t Au in hole MAD113
- 3 metres @ 7.8 g/t Au in hole SMND1
- 7 metres @ 4.9 g/t Au in hole CDRD153
Previous drilling into the black diatreme breccia has not been included in any historic resource calculations but Buffalo believes that with additional drill delineation it has the potential to add significant resources to the project.
Additional Updates
Mt. Kare Project
Buffalo recently completed a 21.7 line kilometre Induced Polarization (IP) survey over the southern extension of the Mt. Kare gold deposit. The survey, carried out by Elliot Geophysics International, followed up on previous work which outlined a broad IP response over the known mineralized zones, open-ended to the south. Elliott employed a different dipole configuration and more powerful transmitter compared to the previous survey, providing good quality readings and increased depth penetration. Modelling of the new data by GeoDiscovery Group, Brisbane indicates that a +/- 400 metre wide, 300 metre deep, strong chargeability anomaly extends southward for at least 250 metres beyond the most southerly line of drilling on Mt. Kare. The anomaly is interpreted as being in response to sulphide mineralization and defines a previously untested portion of the Mt. Kare gold-bearing epithermal system. This new anomaly is being reviewed to define drill targets and has the potential to add incremental ounces to the existing resource of 1.7 million ounces gold(i).
Kinbauri Gold
Buffalo holds a 19.8% strategic interest in Kinbauri Gold Corp. (CDNX:KNB.V - News) as part of the Company's on-going strategy of aggressively adding value through investing in or acquiring projects and companies that offer considerable growth potential (See Buffalo news release July 4th, 2007). Kinbauri is aggressively exploring and developing at its El Valle project in northwestern Spain and recently released new drill results from its on-going 23,000 metre underground drilling program. The news release from Tuesday March 18th said: "Highlights of the assay results include:
- 27.9m grading 5.4g Au/t, 14.5g Ag/t and 0.78% Cu in DDH 08KV1058
- including 3.5m grading 18.3g Au/t, 46.0g Ag/t and 1.6% Cu
- 10.1m grading 11.0g Au/t, 2.5g Ag/t and 0.54% Cu in DDH 08KV1058
- including 3.2m grading 29.3g Au/t, 4.0g Ag/t and 0.43% Cu
- 1.5m grading 10.1g Au/t, 2.0g Ag/t and 0.22% Cu in DDH 08KV1054
- 26.7m grading 3.0g Au/t, 6.1g Ag/t and 0.36% Cu in DDH 08KV1060
- including 4.1m grading 8.2g Au/t, 7.5g Ag/t and 0.27% Cu
- including 2.2m grading 5.6g Au/t, 13.9g Ag/t and 1.26% Cu
- 1.8m grading 8.0g Au/t, 25.0g Ag/t and 0.83% Cu in DDH 08KV1060
The underground infill program continues to generate excellent results, most notably high grade Au and Cu values where the Area 107 epithermal structure intersects Black Skarn mineralization..." For full text of the news release please see the Kinbauri website, www.kinbauri-gold.com.
Based on the work completed to date Kinbauri has initiated engineering and mining studies leading to feasibility with a plan of being in production by 2010.
About Buffalo Gold
Buffalo's vision is to build shareholder value by growing a gold mining company through a combination of exploration and acquisition. The Company became a gold producer in November 2007 with the acquisition of the Furtei mine and has produced over 1000 ounces of gold since then. Buffalo is exploring projects in Sardinia, PNG and Australia, and has made strategic investments into Kinbauri Gold with advanced projects in Northern Spain and AMI Resources with grassroots projects in Ghana.
(i) Buffalo has an NI 43-101 compliant gold resource estimate for Mt. Kare of 18,830 kt at 2.31 g/t Au for a total of 1.4 million ounces in the indicated category and 5,753 kt at 1.56 g/t Au for a total of 288,000 oz in the inferred category at a 1.0 g/t gold cut-off, as reported on June 21st 2007, verified by Snowden Mining Industry Consultants.
In April Buffalo will be attending two events in Europe and invites investors to come and learn more about the Company:
European Gold Forum, April 8-11, Zurich, Switzerland. www.denvergold.org
Invest 2008 Exhibition, April 11-13, Stuttgart, Germany. http://www.messe-stuttgart.de/cms/invest-infos-besucher00.0.html
To find out more about Buffalo Gold Ltd., please visit the company website at www.buffalogold.ca.
Brian McEwen is the Qualified Person for Buffalo and has read and approved the contents of this news release.
On behalf of the Board of Directors of
BUFFALO GOLD LTD.
Brian McEwen, President and CEO
This press release contains certain forward-looking statements, which are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. Buffalo undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Cautionary note to U.S. Investors
The United States Securities and Exchange Commission ("SEC") permits mining companies, in their filing with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this news release, such as "mineral resources", "measured", "indicated", and "inferred resources", that the SEC guidelines prohibit us from including in our filing with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-30150, available from us by contacting the Investor Relations Department.
This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. Investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd.
silver100
16 years ago
Press Release Source: Buffalo Gold Ltd.
Buffalo Gold Enters Into Contract for Furtei Mine Concentrates
Wednesday February 13, 9:00 am ET
Initial off-take agreement with MRI Trading AG for up to 5000 tonnes
Wardrop Engineering has commenced NI 43-101 report and update of underground mine plan
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 13, 2008 -- Brian McEwen, President and CEO of Buffalo Gold Ltd. (CDNX:BUF.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) is pleased to announce that the Company has entered into its first off-take agreement with MRI Trading AG ("MRI") of Zug, Switzerland to purchase gold and copper concentrate produced at the Furtei Mine in Sardinia. This initial contract is for up to 5000 tonnes to be produced from the Su Masoni and Sa Perrima open pits in 2008. The contract is open and can be extended if required. Production and shipping of the concentrate is expected to begin in the next few weeks.
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Brian McEwen, Buffalo Gold, President and CEO, stated, "This is a major step for the Company as it establishes the initial revenue stream for the Furtei mine. We are very pleased to be working with the MRI Group and look forward to their continued involvement as we grow our production at Furtei and other projects."
MRI has also expressed an interest in the purchase of concentrate produced from the underground targets at Furtei. Buffalo currently anticipates underground production to commence in late 2008 or Q1 2009 following the completion of a positive feasibility study on those targets. A NI 43-101 report is being prepared by Wardrop engineering, and will include updated geological models and resource estimates. This will form the basis of the in-house feasibility study of underground development, also being completed by Wardrop. Tim Manula, PGeo is the qualified person defined under NI 43-101 guidelines completing the first report from Wardrop, which is estimated to take 6 weeks.
In addition to selling concentrate Buffalo will continue to pour dore bars on site at Furtei by processing both pyrite ore from the Sa Perrima pit, and tailings from the concentrate circuit, through the on-site CIL plant.
About MRI Trading AG
MRI Trading AG is a top-tier trader of concentrates and other non-ferrous raw materials. It is part of the MRI group of companies, a leading investment and trading group in the commodities arena. The group has a global presence through its offices in Shanghai, Beijing, Johannesburg, Santiago de Chile, Lubumbashi, New Delhi and Brisbane.
About Buffalo Gold
Buffalo's vision is to build shareholder value by growing a gold mining company through a combination of exploration and acquisition. The Company became a gold producer in November 2007 with the acquisition of the Furtei mine and has produced over 1000 ounces of gold since then. Buffalo is exploring projects in Sardinia, PNG and Australia, and has made strategic investments into Kinbuari Gold with advanced projects in Northern Spain and AMI Resources with grassroots projects in Ghana.
To find out more about Buffalo Gold Ltd. (CDNX:BUF.V - News), please visit the company website at www.buffalogold.ca.
Brian McEwen is the Qualified Person for Buffalo and has read and approved the contents of this news release.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Brian McEwen, President and CEO
This press release contains certain forward-looking statements, which are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. Buffalo undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission ("SEC") permits mining companies, in their filing with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this website, such as "mineral resources", "measured", "indicated", and "inferred resources", that the SEC guidelines prohibit us from including in our filing with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-30150, available from us by contacting the investor relations department.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd.
silver100
16 years ago
Press Release Source: Buffalo Gold Ltd.
Buffalo Outlines Activities for 2008
Thursday February 7, 9:15 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 7, 2008 -- Brian McEwen, President and CEO of Buffalo Gold Ltd. (CDNX:BUF.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) is pleased to provide an overview of the Company's current and planned activities for 2008.
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Overall Corporate Goals
Buffalo's corporate goals for 2008 include increasing the production at our Furtei mine project, further advancing our exploration projects and continuing to pursue new acquisitions and investment opportunities. Buffalo management believes that the Company is in a position to take advantage of the current high gold price environment by being a gold producer. Therefore a strong focus in 2008 will be to get the Furtei mine operating efficiently and profitably.
Exploration will continue at the Mt. Kare project while other options for the 1.4 Million ounce resource(i) are considered at these high gold prices.
The Company believes that some level of blue sky exploration potential is important in building a well-rounded company with future resources and can be critical in enhancing shareholder value. As a result Buffalo has recently taken a significant position, approximately 22%, in AMI Resources (see Early Warning Report January 21, 2008). AMI has projects in Ghana and after completing technical due diligence on the projects, the Buffalo board believes this to be a good addition to its growing portfolio of gold projects.
(i) Buffalo has a NI 43-101 compliant gold resource estimate for Mt. Kare of 18,830 kt at 2.31 g/t Au for a total of 1.4 million ounces in the indicated category and 5,753 kt at 1.56 g/t Au for a total of 288,000 oz in the inferred category at a 1.0 g/t gold cut-off, as reported on June 21st, 2007, verified by Snowden Mining Industry Consultants.
An overview of Buffalo's activities follows:
Furtei Mine, Sardinia
Since its acquisition in November 2007, Buffalo has now poured over one thousand ounces of gold since at the Furtei Mine. The Company is currently processing gold-pyrite ore from the Sa Perrima open pit at a rate of approximately 1000 tonnes per day for five days per week. The ore is processed using the CIL (Carbon in Leach) facility with dore bars poured on-site. The current longer term plan sees underground development starting in the latter part of 2008, with production starting at the Su Coru (the Heart) deposit ultimately at a mining rate of 60,000 - 70,000 oz of gold equivalent per year for several years. The underground targets are mainly gold-copper mineralization from the sulphide mineral enargite and the ore would be processed using the flotation circuit at the Furtei mill. Buffalo is in negotiations with potential purchasers of the concentrate and when a contract is secured will move to begin the full scale mining from open pits while continuing the feasibility study on the development of the underground ore bodies.
Mt. Kare Gold Project, Papua New Guinea
The Company is waiting for final government approval of its third exploration license application, EL 1575. This 100% owned exploration license is 222 square kilometres in size and sits adjacent to the western edge of the Mt. Kare joint venture license (EL 1093) where Buffalo has a 60% interest and is earning a further interest from Madison Minerals and (EL1427) which is 100% owned by Buffalo. The new license is a strategic acquisition, as surface and geophysical work carried out to date indicates that significant geologic structures and anomalies are continuous onto this ground. Buffalo's now controls a total of 584 square kilometres of ground in three license blocks.
Aside from the surface work currently underway at the project, an IP survey is being conducted to test the southern extension of the Western Roscoelite Zone (WRZ) on EL 1093, which hosts the high grade zone of the Mt. Kare resource. The company expects to receive results from this survey in the first quarter of 2008.
Surface sampling including stream sediments, soils, BLEGs and ridge and spur has been concentrated on the initial 18 targets recognized as higher priority. The results have delineated several anomalous zones of silver, zinc, strontium and vanadium that will be followed up for possible drill targets. Any drilling would likely occur in the second half of the year once work is completed on all three licenses.
Australian Projects
Corridors Gold Project
Assay results have been received from the recent drilling program on the Langton and Dalton Tank tenements where Buffalo Gold is searching for high-grade multimillion ounce epithermal deposits similar to the Pajingo mine (held until recently by Newmont) and bulk-tonnage, medium-grade deposits like the historic Mt Leyshon mine. Ninety RAB holes were drilled for a total of 2523 metres. The holes tested numerous high priority targets beneath cover rocks based on a combination of surface soil/auger geochemistry, magnetics and Falcon(TM) gravity signatures. The drill line over the central geophysical and geochemical anomaly located a zone approximately 200 metres wide of anomalous gold. This includes two samples over 0.10ppm (the highest at 0.25ppm) with anomalous arsenic, lead and zinc. Several other holes in the line also returned gold over 0.01ppm with elevated lead and zinc. A follow-up program of reverse circulation drilling is being planned but field access to the area may be hindered for several months following the heavy rain that has resulted in regional flooding.
Croydon Gold Project
The Golden Gate and Oakland Park areas are centred on the historic Croydon Goldfield which produced over one million ounces of high-grade gold and silver. At Golden Gate, EPM 15826 has been granted and a draft native title agreement has been received from the QLD Nth Lands Council for this tenement and EPM 159381 (Golden Gate).
The absence of drill rigs in Queensland has delayed drilling of this project but Buffalo is looking at the possibility of sharing a drill rig with Bondi Mining in the spring. Targets identified include down-dip extensions of the historically mined high-grade stopes and extensions of the main line of lode along strike to the north and east.
Cadarga Gold Project
A new exploration permit application has been submitted in the May Queen Goldfield of Queensland. The permit comprises 236 square kilometres and lies approximately 90 kilometres southwest of the Mount Rawdon gold mine. A number of known gold occurrences within the application have been drilled by previous explorers with best results including 1 metre @ 149 g/t gold, 1 metre @ 71.7 g/t gold and 4 metre @ 38.7 g/t gold less than 40 metres from surface. Buffalo Gold has identified a number of targets in the magnetic data and beneath cover rocks which will be drill tested upon grant of title in 2008.
Key Investments
Kinbauri
Buffalo holds a 25.4% strategic interest in Kinbauri Gold Corp. (CDNX:KNB.V - News) a Canadian mineral exploration company focused on the development of mineral properties, including the El Valle project in Northwestern Spain. In November of last year Kinbauri released an updated resource estimate (See Buffalo news release November 28th, 2007), which saw increases in both indicated and inferred resources, for a total of:
Measured and Indicated: 727,618 ounces gold
(4,171,159 t at 5.4g Au/t) plus
84.8 million pounds copper
(3,920,159 t at 1.0% Cu).
Inferred: 1,100,962 ounces gold
(4,847,119 t at 7.1g Au/t) plus
51.9 pounds copper
(4,208,119 t at 0.6% Cu).
The company also announced for a subsequent 20,000 metres underground diamond drilling program at El Valle to occur between January 1st, 2008 and July 30th, 2008. This drilling will be an infill program designed to convert existing resources into reserves within Area 107 and the Black Skarn zone. These zones will be the focus of mining upon start-up of the mill at El Valle. For more information on Kinbauri, please see the company website at www.kinbauri-gold.com.
AMI Resources
As announced in Buffalo's news release of January 21st, 2008, the Company has acquired a 22% interest in AMI Resources Inc. (CDNX:AMU.V - News). AMI is exploring for gold at its North Ashanti Project which straddles fifteen kilometres of the Ashanti Gold Belt, approximately twenty kilometres west of Newmont's Akyem deposit and fifty kilometres northeast of AngloGold Ashanti's Obuasi Mine. AMI is currently embarked on a 3000 metre drill program at the project to test deep extensions of previously defined mineralization. In the news release from February 5th, AMI reports intersections of 28.0 metres at 2.92 g/t gold and 10.0 metres of 1.22 g/t gold. Buffalo is pleased to add AMI to its portfolio of investments that offer the Company and its shareholders significant blue-sky potential to increase in both value and gold resources. For more information on AMI, please see the company website, www.amiresources.com.
Bondi Mining
In May of this year Buffalo announced that it would monetize its portfolio of uranium properties by spinning them off to Australian explorer Bondi Mining Ltd (ASX:BOM.AX - News) in exchange for a 40% interest in that company (See Buffalo news release dated May 17th 2007). This transaction was formalized at the Extraordinary General Meeting of Bondi Mining Ltd on November 12th, 2007, where the resolution was passed to issue 25,000,000 shares and grant 5,000,000 options to Buffalo Gold for its uranium portfolio.
Bondi has been working aggressively on the uranium project portfolio. Field sampling and airborne geophysical surveying was completed at the Murphy Project in the Northern Territory during the last quarter of 2007. Track etch surveying highlighted 17 drill targets within the 7 priority areas chosen for ground surveying, and Bondi intends to carry out 10,000 metres of drilling in 2008, with field activities commencing in March.
A detailed airborne magnetic and radiometric survey was completed at Mount Hogan project, resulting in the identification of two new uranium targets in addition to the existing drill target with a historical drill intersection of 7 metres at 0.38% U3O8. The drill program has been delayed to early March 2008 however, due to flooding in the region.
Airborne magnetic and radiometric surveying was also completed at the North Maureen project. Again, however, the drill program has been delayed to March 2008 due to flooding in the area. For more information on Bondi, please see the company website, www.bondimining.com.au.
Brian McEwen is the Qualified Person for Buffalo and has read and approved the contents of this news release.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Brian McEwen, President and CEO
This press release contains certain forward-looking statements, which are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. Buffalo undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
CAUTIONARY NOTE TO U.S. INVESTORS
The United States Securities and Exchange Commission ("SEC") permits mining companies, in their filing with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this website, such as "mineral resources", "measured", "indicated", and "inferred resources", that the SEC guidelines prohibit us from including in our filing with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-30150, available from us by contacting the investor relations department.
This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. Investors that the S.E.C.'s mining guidelines strictly prohibit information of this type in documents filed with the S.E.C. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd.
silver100
16 years ago
Press Release Source: Buffalo Gold Ltd.
Buffalo Closes Second Tranche of Non-Brokered Private Placement
Monday January 21, 9:15 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 21, 2008 -- Further to its news releases of December 4, 2007 and December 10, 2007, Buffalo Gold Ltd. (the "Company") (CDNX:BUF.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) is pleased to report that it has closed the second tranche of the private placement. Pursuant to the second closing, the Company issued 9,104,001 units ("Units") at a price of $0.45 per Unit for aggregate gross proceeds of $4,096,800. Altogether, the Company issued an aggregate of 17,774,001 Units at a price of $0.45 per Unit for aggregate gross proceeds of $7,998,300 pursuant to this placement.
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Each Unit consists of one common share in the capital of the Company and one-half of one share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one common share at $0.75 per share until January 18, 2010. The Company paid finders' fees in connection with the financing consisting of $558,810 in cash and issued 1,114,711 warrants which entitle the holders to purchase one common share at $0.75 per share until January 18, 2010. All securities issued pursuant to this closing are subject to a four-month hold period expiring May 19, 2008. The proceeds from the sale of the Units will be used to fund exploration and development of the Company's mineral properties and for working capital.
The Company also reports that it acquired 5,724,500 common shares of AMI Resources Inc. ("AMI") at a price of $0.40 per share in a private transaction. As a result of this transaction, the Company now owns 7,170,000 common shares, representing approximately 22.3% of AMI's issued and outstanding share capital. The Company has no present intention of acquiring any additional securities of AMI.
To find out more about Buffalo Gold Ltd. (CDNX:BUF.V - News), please visit the company website at www.buffalogold.ca.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Brian McEwen, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd.
silver100
17 years ago
Press Release Source: Buffalo Gold Ltd.
Buffalo Gold Ltd.: Kinbauri Reports New Drill Results From El Valle, Spain; Including 57 g/t Au and 11.5 % Cu over 1.4 metres
Thursday December 13, 4:26 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 13, 2007 -- Buffalo Gold Ltd. (CDNX:BUF.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) ("Buffalo", or "the Company") is pleased to announce that Kinbauri Gold Corp. (CDNX:KNB.V - News) ("Kinbauri") has reported additional diamond drill results from its projects in Spain. The results include assays of holes from the on-going exploratory diamond drill program at El Valle in Area 208 and at Carles, and from the underground in-fill diamond drilling program at El Valle in Area 107. Highlights of the results include:
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- 57.0 g Au/t and 11.5% Cu over 1 metre (In-fill at Area 107)
- 24.1 g Au/t over 2 metres (In-fill at Area 107)
- 10.5 g Au/t and 1.1% Cu over 2.4 metres (Exploratory at Carles)
Buffalo holds a 25.4% strategic interest in Kinbauri as part of the Company's on-going strategy of aggressively adding value through investing in or acquiring projects and companies that offer considerable growth potential (See Buffalo news release July 4th, 2007).
Kinbauri further reports that: "Assay results have been received from six holes totalling 1,360m of in-fill drilling for Area 107, from two holes totalling 457m at Area 208 (El Valle) and from one hole totalling 144m at Carles. Results are summarized below:
In-fill: El Valle Area 107
HOLE(1) From (m) To (m) Interval(2)(m) Au (g/t) Ag (g/t) Cu(%)
--------------------------------------------------------------------------
07KV1031 215.4 219.00 3.60 6.24 2.00 .09
including 217.00 219.00 2.00 9.86 2.00 .02
07KV1031 229.00 250.75 21.75 3.58 2.00 .10
including 231.00 233.00 2.00 24.14 2.00 .05
07KV1031 286.60 288.30 1.70 17.30 2.00 .11
07KV1031 306.60 315.45 8.85 2.63 2.00 .10
including 313.8 315.45 1.65 9.16 2.00 .07
--------------------------------------------------------------------------
07KV1030 155.00 156.50 1.50 2.05 less than .07
--------------------------------------------------------------------------
07KV1029 155.5 156.5 1.00 3.30 less than .08
--------------------------------------------------------------------------
07KV1028 101.30 105.30 4.00 2.69 2.00 .12
07KV1028 172.00 173.40 1.40 57.00 185.00 11.47
--------------------------------------------------------------------------
07KV1027 No intercepts greater than 2g/t Au
--------------------------------------------------------------------------
07KV1026 82.5 83.5 1.00 17.49 110.00 2.16
07KV1026 343.7 345.20 1.50 2.39 less than .31
--------------------------------------------------------------------------
(1) See Schedule A for relative location; (2) True thicknesses are
estimated to be 65% of the interval for 07KV1029, 73% and 75% of
intervals for 07KV1030 and 07KV1028 respectively and 98% to 99% of
intervals for 07KV1026 and 07KV1031.
The first three in-fill holes drilled in Area 107, 07KV1026, 07KV1031 and 07KV1022, all returned high gold values. Hole 07KV1022, which was previously reported in release of October 16th, 2007, showed 10.85 g Au/t over 3.6m. Hole 07KV1028 is located in the central part of the west edge of Area 107 West, whereas 07KV1027 and 07KV1030 lie on the up-section extension of Area 107 West. An estimated 13,600m of in-fill drilling on Area 107 and Area 107 West is to be completed prior to August of 2008 to allow for the development of engineering plans to accelerate production from this zone.
Exploratory: Carles and El Valle Area 208
From To Interval(1) Au Ag Cu
HOLE (m) (m) (m) (g/t) (g/t) (%) Zone
---------------------------------------------------------------------------
07KC1001 132. 135.95 3.50 7.87 14.43 .84 Carles
including 132.45 134.85 2.40 10.52 16.00 1.07
---------------------------------------------------------------------------
---------------------------------------------------------------------------
07KVAL234 88.20 90.20 2.00 2.74 less than .04 A208
---------------------------------------------------------------------------
07KVAL235 109.70 111.45 1.75 2.42 4.00 .04 A208
07KVAL235 144.80 146.35 1.55 2.41 2.00 .01
---------------------------------------------------------------------------
(1) True thicknesses are estimated to be 65% of interval for 07KC1001,
80% for 07KVAL234 and 25% for 07KC235.
07KC1001 lies 100m down-dip from closest previously reported drill hole on Carles North, C120, which intercepted 3.75m of 4.6 g Au/t and 0.14% Cu. A total of 1,150m of exploratory drilling is to be completed in early 2008 at Carles North and Carles East. 07KVAL235 and 07KVAL236 are the first of two exploratory holes along the eastward extension of Area 208; a total of 1,750m (6 holes) is planned. Both holes intersected thick sections of jasperoid breccia and silicified dolomites, which generally host gold. Area 208 is open at depth and to the west where exploratory drilling will now be concentrated."
For full text of the news release and the accompany Schedule A please refer to the Kinbauri Gold Corp. news release dated today, December 13th, 2007.
About Kinbauri Gold Corp.
Kinbauri is a TSXV - Tier 1 mineral exploration company focused on the development of mineral properties, primarily precious metal prospects in northwestern Spain, Nevada and Canada. Its immediate focus is to expand and upgrade resources to reserves at the El Valle property in Asturias, Spain with a view to re-starting operations at the mine and mill complex there. It currently has 43,372,320 common shares issued and outstanding; 67,056,236, fully diluted. For additional details on the company, please see the website www.kinbauri-gold.com.
About Buffalo Gold Ltd.
Buffalo's management is dedicated to maximizing shareholder value through growth strategies that emphasize careful opportunity assessment and vigilant project management. The Company operates the Furtei gold mine in Sardinia, and is actively acquiring and advancing other gold resources to create producing assets. To find out more about Buffalo Gold Ltd. (CDNX:BUF.V - News), please visit the company website www.buffalogold.ca.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Brian R. McEwen, President and CEO
FORWARD-LOOKING STATEMENTS
Statements included here, which are not historical in nature, are Forward-Looking Statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, including without limitation, statements as to Management's beliefs, strategies, plans, expectations or opinions in connection with the Company's performance, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual future events or results. Readers are referred to the documents filed by the company with the pertinent Security Exchange Commissions, specifically the most recent quarterly reports, annual report and material change reports, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the Forward-Looking Statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd.
silver100
17 years ago
Press Release Source: Buffalo Gold Ltd.
Buffalo Gold Ltd.: Kinbauri Increases Resources at El Valle/Carlos, NW Spain
Wednesday November 28, 10:52 am ET
Indicated resources increase by 250,618 ounces Au, 12,565 tonnes of Cu
Inferred resources increase by 255,962 ounces Au, 11,999 tonnes of Cu
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Nov 28, 2007 -- Buffalo Gold Ltd. (CDNX:BUF.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) ("Buffalo", or "the Company") is pleased to announce that Kinbauri Gold Corp. (CDNX:KNB.V - News) ("Kinbauri") has received an updated NI 43-101 compliant resource estimate for the Area 107 ("107") and Black Skarn North ("BSN") deposits at the El Valle Project in northwest Spain. With the update, the new total resources for the property stand at:
- Measured and
Indicated: 727,618 ounces gold (4,171,159 t at 5.4g Au/t) plus
84.8 million pounds copper (3,920,159 t at 1.0% Cu).
- Inferred: 1,100,962 ounces gold (4,847,119 t at 7.1g Au/t) plus
51.9 pounds copper (4,208,119 t at 0.6% Cu).
Buffalo holds a 25.4% strategic interest in Kinbauri as part of the Company's on-going strategy of aggressively adding value through investing in or acquiring projects and companies that offer considerable growth potential (See Buffalo news release July 4th, 2007).
In the news release issued earlier today, Kinbauri reported:
"...Resources for 107 and BSN now stand as follows:
Indicated
Gold Copper Ounces Tonnes Gold cut-off
Area Tonnes (g/t) (%) Gold Copper (g/t)
BSN 1,194,353 3.74 0.75 143,677 8,933 2.6
107 382,806 8.69 0.95 106,940 3,632 3.5
BSN + 107 1,577,159 4.94 0.80 250,618 12,565
Inferred
BSN 1,697,964 3.92 0.50 213,931 8,548 2.6
107 1,348,155 10.54 0.63 457,031 8,451 3.5
BSN + 107 3,046,119 6.85 0.56 670,962 16,999
ADVERTISEMENT
This resource up-date was prepared by Mr. A. C. Noble, P.E. of ORE, a qualified person as defined by N.I. 43-101. Inverse distance power was utilized for estimating resources within geologically defined wire-frame solids. The up-date represents an increase of 250,618 ounces of gold and 12,565 tonnes of copper (1,577,159 tonnes at 5.0g Au/t and 0.8% Cu) indicated resources and 255,962 ounces of gold and 11,999 tonnes of copper (1,688,119t at 4.2g Au/t and 2,601,119t at 0.5% Cu) inferred resources from the previous N.I. 43-101 estimate prepared by ORE on March 21st, 2007. Full documentation for the up-date will be filed on Sedar during the next month. Most zones at El Valle and Carles, including Area 208, East Breccia, El Valle Fault, Charnella South, Monica and High Angle 1 and 2 are open. Zones 107 and BSN are open to the west and at depth. Underground exploration drilling is planned for 107, BSN, Area 208 and East Breccia in 2008 to expand resources in these areas..."
For full text of the news release please refer to the Kinbauri Gold Corp. news release dated today, November 28th, 2007.
About Kinbauri Gold Corp.
Kinbauri is a TSXV - Tier 1 mineral exploration company focused on the development of mineral properties, primarily precious metal prospects in northwestern Spain, Nevada and Canada. Its immediate focus is to upgrade resources to reserves at the El Valle property in Asturias, Spain in order to start operations at the mine and mill complex there. It currently has 43,538,320 common shares issued and outstanding; 67,056,236, fully diluted. For additional details on the company, please see the website www.kinbauri-gold.com.
About Buffalo Gold Ltd.
Buffalo's management is dedicated to maximizing shareholder value through growth strategies that emphasize careful opportunity assessment and vigilant project management. The Company operates the Furtei gold mine in Sardinia, and is actively acquiring and advancing other gold resources to create producing assets. To find out more about Buffalo Gold Ltd. (CDNX:BUF.V - News), please visit the company website www.buffalogold.ca.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Brian R. McEwen, President and CEO
FORWARD-LOOKING STATEMENTS
Statements included here, which are not historical in nature, are Forward-Looking Statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, including without limitation, statements as to Management's beliefs, strategies, plans, expectations or opinions in connection with the Company's performance, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual future events or results. Readers are referred to the documents filed by the Company with the pertinent Security Exchange Commissions, specifically the most recent quarterly reports, annual report and material change reports, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the Forward-Looking Statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd.
silver100
17 years ago
Press Release Source: Buffalo Gold Ltd.
Buffalo Gold Ltd.: Kinbauri Signs 20,000 M Infill Drilling Contract at El Valle
Thursday November 1, 11:29 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Nov 1, 2007 -- Buffalo Gold Ltd. (CDNX:BUF.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) ("Buffalo") is pleased to announce that Kinbauri Gold Corp. (CDNX:KNB.V - News) ("Kinbauri") has announced two new planned drilling programs at the El Valle project, including a 20,000 metre infill program designed to upgrade current resources to reserves.
ADVERTISEMENT
Buffalo holds a 25.4% strategic interest in Kinbauri as part of the Company's on-going strategy of aggressively adding value through investing in or acquiring projects and companies that offer considerable growth potential. (See Buffalo news release July 4th, 2007.) In a news release issued earlier today, Kinbauri reported:
"...that it has signed a contract with Geonor Sondeos y Perforacionnes of La Coruna, Asturias, Spain to complete 20,000 metres of underground diamond drilling at El Valle between January 1st, 2008 and July 30th, 2008. This drilling is an infill program designed to convert existing resources into reserves within Area 107 and the Black Skarn zone. These zones will be the focus of mining upon start-up of the mill at El Valle. Kinbauri is expected to be in receipt of a N.I. 43-101 compliant resource update for Area 107 and the Black Skarn North zones by mid-November. Results from Kinbauri's recently completed 6,273 metre drill program, which will form the basis of this update, can be reviewed in releases of July 19, 2007, August 27, 2007, September 11, 2007 and October 16, 2007; see also Schedule A.
A second contract is in the planning stages to complete exploratory drilling to expand the Black Skarn and Area 107 zones to the west of their present extent. On-going drifting will allow reasonable drilling access to this relatively unexplored area where previous drill holes by Rio Narcea Gold mines Ltd. ("RNGM") had encountered the following intersections (RNGM's quality control is reported in Kinbauri's release of January 16, 2007 and meet or exceed N.I. 43-101 requirements: true widths are approximately 50% of reported intervals):
- VAL 2049 7.6m @ 13.4g Au/t, 3.4% Cu; Area 107
- VAL 1033 14.6m @ 11.0g Au/t, 0.9% Cu; Area 107
- VAL 1032 42.9m @ 2.8g Au/t, 0.9% Cu; Black Skarn
including 6.5m @ 6.3g Au/t, 0.1% Cu; Area 107..."
For the complete news release and the accompanying Schedule A, please see the original Kinbauri news release dated today, November 1st, 2007.
About Kinbauri Gold Corp.
Kinbauri is a TSXV - Tier 1 mineral exploration company focused on the development of mineral properties, primarily precious metal prospects in northwestern Spain, Nevada and Canada. Its immediate focus is to expand and upgrade resources to reserves at the El Valle property in Asturias, Spain with a view to re-starting operations at the mine and mill complex there. It currently has 43,372,320 common shares issued and outstanding; 67,056,236, fully diluted. For more details on the company please see the website www.kinbauri-gold.com.
About Buffalo Gold Ltd.
Buffalo's management is dedicated to maximizing shareholder value through growth strategies that emphasize careful opportunity assessment and vigilant project management. The Company's portfolio of gold projects includes the Furtei Mine in Sardinia, the advanced Mt. Kare project in PNG and several exploration properties in Australia. To find out more about Buffalo Gold Ltd. (CDNX:BUF.V - News), please visit the company website www.buffalogold.ca .
Brian McEwen is the Qualified Person for Buffalo and has read and approved the contents of this news release.
On behalf of the Board of Directors of
BUFFALO GOLD LTD.
Brian R. McEwen, President and Chief Executive Officer
This press release contains certain forward-looking statements, which are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. Buffalo undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd.
silver100
17 years ago
Press Release Source: Buffalo Gold Ltd.
Buffalo Gold Completes Merger With Sargold
Monday October 29, 6:46 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Oct 29, 2007 -- Buffalo Gold Ltd. (CDNX:BUF.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) ("Buffalo") and Sargold Resource Corporation (CDNX:SRG.V - News)(Frankfurt:DU4.F - News) ("Sargold") are pleased to announce that they have received all approvals to complete the merger with Sargold Resource Corporation, as announced on July 13th, 2007.
ADVERTISEMENT
The Sargold shareholders voted 99.8%in favour of the merger on October 25th, and approval from the TSX Venture Exchange was received on October 26th. Final approval from the Supreme Court of British Columbia was received this morning.
Since its reactivation in late 2005, Buffalo has been pursuing an aggressive strategy of building value through the acquisition of properties and companies with significant growth potential, with a focus on assets that will provide gold production. The acquisition of Sargold represents the next step in the continuing growth of the company, moving Buffalo from pure explorer towards junior gold producer.
"We are pleased to see this merger completed as we believe that the Sardinian assets add considerable value to Buffalo," remarked Buffalo President and CEO Brian McEwen. "We look forward to ramping up the Furtei mining operation and exploring for new resources at all of the properties."
The flagship Sardinian asset is the Furtei mine project. The project includes a number of potential open pit and underground mines, a processing plant (1,000 tonne-per-day), multiple exploration targets and a fully permitted mining concession including future tailings disposal.
The Furtei processing plant was built in 1995-1996, and has a maximum annual capacity of 400,000 tonnes of ore. The Furtei mine produced 135,000 ounces of gold between 1996 and 2002 from oxide resource, after which the processing plant was converted from an oxide heap leach to a sulphide flotation plant.
The Furtei plant was re-commissioned for a marginal cost in the fourth quarter of 2006. The first new gold bar was poured in March 2007 to launch a near-term production plan based on processing the upgraded ore from the residual heap leach pad at the site. While the current production is relatively small-scale, based on metallurgical test work, internal studies and results to date the mine plan is now targeting to commence annual production of 15,000 -- 20,000 ounces of gold from the Sa Perrima gold zone within the next 3 months. The plan then includes ramping up production from the Su Coru underground zone, which is a gold-copper hosted mineralization, to produce between 60,000 -- 70,000 ounces of gold equivalent in its second year, before levelling off to approximately 50,000 ounces of gold equivalent per year for a minimum of five years.
In addition to the known mineralized zones at Furtei, there are a series of high priority gold exploration targets within the mine area, as well as at the Monte Ollasteddue and Osilo properties.
(Note: A feasibility study has not been completed on the Furtei project and there is no certainty that the projected production rates will be achieved, or that the proposed operations will be economically viable.)
Sargold will be amalgamated with a wholly-owned subsidiary of Buffalo, and shareholders of Sargold will receive one common share, common share purchase warrant or option of Buffalo in exchange for each 3.5 Sargold common shares, common share purchase warrants or options which they hold immediately prior to the date of the effective date of the Transaction, expected to be October 30, 2007. Following completion of the Transaction, Sargold shareholders will hold an approximate 25% equity ownership in the merged company.
According to the plan of arrangement approved by the Board of Buffalo Gold on October 25th, there are approximately 75,600,000 common shares of Sargold to be converted to Buffalo Gold shares. Buffalo will therefore issue approximately 22 million common shares to the Sargold shareholders. An aggregate of 67,435,643 Buffalo common shares are issued and outstanding as at the date of this news release.
To find out more about Buffalo Gold Ltd. please visit the company website at www.buffalogold.ca.
Brian McEwen is the Qualified Person for Buffalo and has read and approved the contents of this news release.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Brian R. McEwen, President and Chief Executive Officer
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission ("SEC") permits mining companies in filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. The Company uses certain terms in this news release, such as "indicated resource", that the SEC guidelines strictly prohibit from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure contained in the Company's Form 20-F Registration Statement, File No. 000- 30150. The Company's filings are available on the SEC's website at http://www.sec.gov/edgar.shtml.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd.
silver100
17 years ago
Press Release Source: Buffalo Gold Ltd.
Buffalo Gold Updates Progress of Exploration at Mt. Kare
Wednesday October 17, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Oct 17, 2007 -- Buffalo Gold Ltd. (CDNX:BUF.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) is pleased to report on the progress of its on-going exploration program at the Mt. Kare gold project in Papua New Guinea. In addition to continued work at the Mt. Kare joint venture license, (EL1093) Buffalo is exploring targets on its 100% owned license area (EL1427).
The drill results reported in Table 1 below are the last of the holes from the program completed in early summer, and include infill holes and holes that were drilled to test new targets based on geological interpretation, magnetic survey results and surface sampling. As with the Porgera Deposit, gold mineralization at Mt. Kare is closely associated with specific alteration and mineralization, therefore where neither was encountered in drill core the core was not sampled for assay. For a map of drill hole locations and zones of mineralization, please refer to the Mt. Kare page on the Buffalo website: http://www.buffalogold.ca/s/MtKareProject.asp.
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Details of Drill Hole Locations and Targets
Hole MK07-104 is an infill hole in the southern Western Roscoelite Zone (SWRZ) and returned two significant intersections of gold, including 14.5 metres of 2.27 g/t. Holes MK07-105 and 106 tested continuations of mineralization between the C9 and Black zones and did not return any significant intersections. MK07-107 tested the upper portion of the C9 Zone, encountering a strongly limonitic sandstone breccia that returned one intersection of 9.1 metres of 1.39 g/t gold. MK07-108 was drilled to explore for deep ENE to NE trending structures as potential hosts to mineralization. Results indicate patchy weak mineralization to 180 metres with an 18 metre, near-surface zone averaging 1.17 g/t Au. From 180-409 metres, the sandstone and sandstone-siltstone sequence returned a series of gold mineralized zones coinciding with local base metal veining. MK07-109, drilled on the Black Zone, returned 18.6 metres averaging 3.11 g/t gold for the base metal veined breccia intersected at 90 metre depth. This zone forms the western extension to the historic high grade MK98-130 intercept (70.85m at 8.65 g/t gold) and suggests a possible flatter plunge to the southern shoot of the Black Zone. Drillhole MK07-110 was aimed to test for deep ENE to NE trending structures as potential hosts to mineralization. The hole encountered a succession of weakly mineralized siltstones, calcareous siltstones and minor intrusive bodies, and included one significant intersection of 10 metres grading 2.47 g/t gold. MK07-111 drilled to explore a gap in the Central Zone drill pattern, and returned one significant intersection of 9.0 metres averaging 1.12 g/t gold. Hole MK07-112 was drilled for potentially mineralized dilational features but showed no alteration or mineralization and was not sampled. MK07-113 tested the southwesterly strike extension of the shallow gold mineralization from historical holes MK99-220 and 221 but did not return any significant intersections. A steep, shallow hole, MK07-114 was aimed at tracing a manganiferous-realgar zone down dip. Only one shallow low-grade intersection was returned. MK07-115 was drilled to test the upper portion of the C9 Zone and the possible extension of the incomplete, well mineralized zone in MK07-92 (22.5m @ 3.30 g/t gold). A significant shallow intersection was returned, with 38 metres averaging 1.06 g/t gold including 7 metres of 2.43 g/t gold. MK07-117 was drilled to explore for the southwesterly down-plunge continuation of the south shoot of the Black Zone and test for a possible extension of mineralization intersected in MK07-109 (18.6 metres @ 3.11 g/t Au). The hole did not return significant intersections. Holes MK07-116 and 118 through 120 were drilled to test the Pinuni Valley Structure. No alteration or mineralization was seen in the holes and therefore no sampling was done. MK07-121 was drilled 450 metres east of Red Hill, targeting an IP anomaly but no alteration or mineralization was found and the hole was not sampled.
-----------------------------------------------------------------
Table 1. Summary of Mt. Kare Drill Hole Intersections Received
from April 18th 2007 to October 15th 2007
-----------------------------------------------------------------
From To Intercept Gold Silver
Drill Hole No. (m) (m) (m) (g/t) (g/t)
-----------------------------------------------------------------
MK07-104 186.0 200.5 14.5 2.27 6.82
428.0 440.0 12.0 1.25 2.63
-----------------------------------------------------------------
MK07-105 No significant intersections
-----------------------------------------------------------------
MK07-106 No significant intersections
-----------------------------------------------------------------
MK07-107 16.9 26.0 9.1 1.39 4.38
-----------------------------------------------------------------
MK07-108 13.0 31.0 18.0 1.17 5.44
Including 13.0 18.6 5.6 2.25 5.06
289.5 305.0 15.5 1.82 8.42
398.0 408.5 10.5 1.64 24.46
Including 398.0 404.0 6.0 2.30 39.70
-----------------------------------------------------------------
MK07-109 90.0 108.6 18.6 3.11 48.88
-----------------------------------------------------------------
MK07-110 5.0 15.0 10.0 2.47 16.85
-----------------------------------------------------------------
MK07-111 104.0 113.0 9.0 1.12 2.97
-----------------------------------------------------------------
MK07-112 Not sampled
-----------------------------------------------------------------
MK07-113 No significant intersections
-----------------------------------------------------------------
MK07-114 15.3 23.6 8.3 0.66 3.68
-----------------------------------------------------------------
MK07-115 0.0 38.0 38.0 1.06 7.43
Including 31.0 38.0 7.0 2.43 15.89
-----------------------------------------------------------------
MK07-116 Not sampled
-----------------------------------------------------------------
MK07-117 No significant intersections
-----------------------------------------------------------------
MK07-118 to MK07-121 Not sampled
-----------------------------------------------------------------
Buffalo has modelled the available results and believes the drill widths reported represent true widths. All samples were analysed for gold by PT Intertek Utama Services in Jakarta, part of an internationally recognized lab testing group with ISO 17025 accreditation at the Jakarta facility. Samples were analysed using a 50g fire assay with AA finish for gold and an aqua regia digestion, ICP-OES finish for silver.
SURFACE EXPLORATION PROGRAM
Buffalo is evaluating 18 exploration targets defined this year from magnetic surveys over the EL1093 and EL1427 licenses. Exploration programs include geological mapping as well as pan concentrate, stream sediment and soil sampling programs (For a map of these targets please refer to the Mt. Kare page of the Buffalo website http://www.buffalogold.ca/s/MtKareProject.asp). Some analytical results are still awaited, and the sampling program is on-going, but Buffalo is pleased with the results to date.
"We are doing grassroots exploration in steep, covered terrain where there is little to no outcrop and access is not easy," commented Buffalo President and CEO, Brian McEwen. "So it takes some time to conduct a methodical and diligent sampling program. We are seeing it pay off though as the results are building evidence of significant anomalies at several targets. Once the final data is in and our team in PNG, Australia and Canada are able to evaluate all the data, we believe we will have some excellent targets for follow-up drilling."
Targets were tested both for gold and trace elements, as often gold is not seen in surface samples, but other specific minerals, such as Roscoelite, which are closely associated with high grade gold at Mt. Kare and Porgera, result in other trace element signatures.
On EL1093 the exploration team has collected nearly 600 surface samples. Pan concentrate, soil and stream sediment results outline a number of anomalous gold and zinc values in the northern and southern portions of Target 15, six kilometres north-northeast of Mt Kare. Further sampling and geomorphological studies are in progress on these targets. Follow-up sampling and field work will also be carried out to the south and west of Targets 8 and 9, near the boundary with Barrick's Porgera property, where similar anomalies were outlined. On Targets 10 and 11, the Buffalo team has identified anomalies in gold, zinc and arsenic, as well as low-level silver. Buffalo has engaged in follow-up sampling for BLEG analysis, as well as ridge and spur sampling. Target 13 returned only trace gold values but pan concentrates show anomalous and coincident anomalies for strontium, zinc and vanadium.
On the EL1427 license the team collected approximately 250 samples. Targets 2 and 16 are the highest priority at this time, as they returned multiple element anomalies, including elevated zinc, vanadium, arsenic, strontium, manganese and chromium, as well as low-level silver. Follow-up sampling for BLEG analysis, as well as ridge and spur sampling, will be undertaken. Targets 1 and 7 were variously locally elevated in zinc, arsenic, vanadium, iron, gold and strontium. Target 6 returned strongly anomalous strontium in pan concentrates, as well as arsenic, vanadium and zinc. Buffalo is still waiting for results from Targets 3 and 5.
Buffalo expects to complete the surface exploration program by the end of October of this year. Line cutting and other preparations are complete in anticipation of an Induced Polarization (IP) survey in the Mt. Kare area, but Buffalo is waiting for the delivery of equipment which has been delayed by the supplier.
Buffalo would also like to clarify its land position in Papua New Guinea. The Mt. Kare Joint Venture license area is 220 square kilometres. The recently acquired, 100% owned EL 1427 license package is 142 square kilometres, not 220 as stated in the Buffalo news release dated August 1st, 2007. Buffalo has applied for an additional license, EL 1575, which is 222 square kilometres and when granted will increase the total land package under exploration to 584 square kilometres.
Mr. Brian McEwen, P.Geol., President and CEO of Buffalo is the qualified person for the Mt. Kare project and has approved the contents of this news release.
Buffalo Gold Ltd. is dedicated to maximizing shareholder value through growth strategies that emphasize careful opportunity assessment and vigilant project management. Buffalo is aggressively exploring the Mt. Kare gold project in Papua New Guinea and a portfolio of gold exploration projects in producing and past-producing regions of Australia. In July 2007, Buffalo announced a merger with Sargold Resource Corporation (CDNX:SRG.V - News), a junior gold miner with mining and exploration projects in Sardinia, Italy.
To find out more about Buffalo Gold Ltd. (CDNX:BUF.V - News), please visit the company website at www.buffalogold.ca.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Brian McEwen, President and CEO
This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. Investors that the S.E.C.'S mining guidelines strictly prohibit information of this type in documents filed with the S.E.C. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
FORWARD-LOOKING STATEMENTS
Statements included here, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including without limitation, statements as to management's beliefs, strategies, plans, expectations or opinions in connection with the company's performance, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual future events or results. Readers are referred to the documents filed by the company with the pertinent security exchange commissions, specifically the most recent quarterly reports, annual report and material change reports, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd.
silver100
17 years ago
I am surprised there has not been a better reactions to this:
Press Release Source: Buffalo Gold Ltd.
Buffalo Gold Ltd.: Kinbauri Intersects 4.45 Metres Grading 39.1 g/t Gold & 1.6% Copper Drill Results at El Valle in NW Spain Exceed Expectations
Tuesday October 16, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Oct 16, 2007 -- Buffalo Gold Ltd. (CDNX:BUF.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) ("Buffalo", or "the Company") is pleased to announce that Kinbauri Gold Corp. (CDNX:KNB.V - News) ("Kinbauri") has reported new drill results from the on-going 7000 metre drill program at the El Valle gold-copper project in Spain. Buffalo holds a 25.4% strategic interest in Kinbauri as part of the Company's on-going strategy of aggressively adding value through investing in or acquiring projects and companies that offer considerable growth potential (See Buffalo news release July 4th, 2007). In a news release issued earlier today, Kinbauri reported:
ADVERTISEMENT
"...The latest set of drill results have exceeded expectations with numerous high grade intersections, including:
- 39.1 g Au/t and 1.6% Cu over 4.45 metres
- 85 g Au/t and 8.2% Cu over 2.35 metres
The objective of this exploratory drilling program was to delineate enough resource within Area 107 and the Black Skarn zones at El Valle to support a minimal six-year mine life. Kinbauri's management is encouraged by results from the completed drill program and has commissioned an up-date of the NI 43-101 resource estimates for these two zones to determine whether the mine life threshold has indeed been exceeded.
A total of 6,273 metres were drilled during this resource expansion program. Results from the final five holes are summarized below:
Zone(3)
From To Interval(2) Au Ag Cu -------
HOLE(1) (m) (m) (m) (g/t) (g/t) (%) Section
--------------------------------------------------------------------------
07KV1021 101.80 103.60 1.80 2.15 8 0.32 NBS & A107
07KV1021 109.25 113.70 4.45 39.10 106 1.58 ----------
including 109.25 110.75 1.50 81.65 194 3.02 4
--------------------------------------------------------------------------
less
than
07KV1022 163.80 167.40 3.60 10.85 2 0.06 A107
less ----
than 8
Including 163.80 166.20 2.40 15.03 2 0.09
--------------------------------------------------------------------------
NBS
07KV1023 50.10 54.00 3.90 3.80 17 0.40 ---
Including 53.00 54.00 1.00 10.10 38 0.74 12
--------------------------------------------------------------------------
A107
----
07KV1024 148.50 150.85 2.35 85.00 341 8.17 4
--------------------------------------------------------------------------
A107
07KV1015R 191.90 199.30 7.40 5.94 23 1.53 ----
Including 191.90 193.70 1.80 12.01 23 1.08 10
--------------------------------------------------------------------------
(1) See Schedule A for relative location; (2) True thicknesses are
estimated to be 85 to 95% of intervals for 07KV1015R, 07KV1022, 07KV1023
and 07KV1024; 55% of intervals for 07KV1021; (3) A107 is Area 107 and NBS
is Black Skarn North.
For a complete discussion of these results and the accompanying Schedule B, please see the original Kinbauri news release dated today, October 16th, 2007.
About Kinbauri Gold Corp.
Kinbauri is a TSXV - Tier 1 mineral exploration company focused on the development of precious metal prospects in northwestern Spain, Nevada and Canada. Its immediate focus is to expand and upgrade resources to reserves at the El Valle property in Asturias, Spain with a view to recommencement of operations at the mine and mill complex there. It currently has 43,372,320 common shares issued and outstanding; 67,056,236, fully diluted. For additional details on the company, please see the website www.kinbauri-gold.com.
About Buffalo Gold Corp.
Buffalo's management is dedicated to maximizing shareholder value through growth strategies that emphasize careful opportunity assessment and vigilant project management. The Company is actively acquiring and advancing gold resources to create producing assets. To find out more about Buffalo Gold Ltd. (CDNX:BUF.V - News), please visit the company website www.buffalogold.ca.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Brian R. McEwen, President and CEO
FORWARD-LOOKING STATEMENTS
Statements included here, which are not historical in nature, are Forward-Looking Statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, including without limitation, statements as to Management's beliefs, strategies, plans, expectations or opinions in connection with the Company's performance, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual future events or results. Readers are referred to the documents filed by the Company with the pertinent Security Exchange Commissions, specifically the most recent quarterly reports, annual report and material change reports, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the Forward-Looking Statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Corp.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd.
silver100
17 years ago
Press Release Source: Buffalo Gold Ltd.
Buffalo Gold Ltd.: Underground Exploration Development Is Underway at Kinbauri's El Valle Mine in NW Spain
Thursday September 27, 10:00 am ET
Drilling El Valle 208 Area Gold Zone, Carles Gold-Copper Zones and Godan Moly-Gold Targets
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 27, 2007 -- Buffalo Gold Ltd. (CDNX:BUF.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) ("Buffalo", or "the Company") is pleased to announce that Kinbauri Gold Corp. (CDNX:KNB.V - News) ("Kinbauri") has awarded a contract to INSERSA of Huelva, Spain to complete 500 metres of drifting at the 175 level of the El Valle mine to allow better access for completion of 24,000 plus metres of definition drilling at Area 107 and Black Skarn and to test mine Area 107. Completion of these programs is part of Kinbauri's plan to advance toward recommencement of mining and milling operations at the El Valle complex. Although Kinbauri will continue to have 2 drills operating underground at the 325 level during the 3 months that it will be required to complete the underground development work, two drills will be mobilized from underground at El Valle to drill potential extensions of (i) the 208 Area gold zone at El Valle, (ii) the gold-copper mineralized skarn at Carles North and (iii) the Mo-bearing granodiorite stock at Godan.
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Buffalo holds a 25.4% strategic interest in Kinbauri as part of the Company's on-going strategy of aggressively adding value through investing in or acquiring projects and companies that offer considerable growth potential (See Buffalo news release July 4th, 2007). In a news release issued earlier today, Kinbauri reported:
Six Holes to Test for New Resources in Area 208 Gold Target: In 2003, Rio Narcea Gold Mines Ltd. ("RNGM") began to explore for an epithermal gold zone paralleling the El Valle Fault (Area 107). This resulted in the discovery of Area 208, some 100 metres to the east, where drill hole Val 194 intersected 5.5g Au/t over a true width of 2.8 metres. This was followed up with Val 208, which intersected 13.5g/t over a true width of 4.3 metres. Kinbauri's objective with its 1,750 metres of drilling (6 holes) is to increase the inferred resources of 215,000t at 9.94g Au/t attributed to Area 208; these inferred resources form a part of the EV Fault resources (254,000t at 11.10g Au/t) reported by Ore Reserves Engineering ("ORE") on March 21st, 2007 (N.I. 43-101 Technical Report, filed July 3rd, 2007 on SEDAR).
Underground Drilling to Expand Carles Cu/Au Resources: At Carles, 1150 metres are to be drilled from underground platforms to add to the Carles North and Carles East measured and indicated resources of 109,200 oz Au (633,000t @ 5.4g Au/t) and 9.68M lbs Cu (633,000t @ 0.70% Cu) and inferred resources of 55,000 oz Au (345,000t @ 5.0g Au/t and 4.4M lbs Cu (345,000t @ 0.58% Cu), as estimated by ORE on March 21st, 2007 (N.I. 43-101 Technical Report, filed July 3rd, 2007 on SEDAR). In addition, plans are being implemented to extend the Carles open pit to allow the removal of approximately 300,000t of mineralized material grading 3.4g Au/t and 0.6% Cu upon recommencement of operations at the El Valle mill.
Significant Molybdenum Found at Godan; New Targets Investigated: Two holes totalling 600 metres are to be drilled on the Godan exploitation concession to investigate the extent of the molybdenum-bearing granodiorite where drill hole SAL-6X intersected 0.15% Mo and 0.55g Au/t over 54.1 metres, including 0.45% Mo and 1.28g Au/t over 9.8 metres; the latter interval included 1.21% Mo and 3.19g Au/t over 2.5 metres. SAL-6X was drilled vertically; the Mo mineralization began at a depth of 276 metres. Please note that the disclosure on page 2 of our press release of August 22nd, 2007 concerning "Mo mineralization at its Godan property where 0.15% Mo over 5.4m including 0.45% over 28m, was reported" is incorrect. These values incorrectly describe the intersections reported above for SAL-6X (the correct values can be confirmed in ORE's 43-101 Technical Report filed on Sedar, July 3rd, 2007).
At El Valle, initial review of drill hole records revealed a number of holes under the north end of the El Valle pit that contained significant Mo values:
Drill Hole From To Metres(2) Mo (%) Au (g/t) Cu (%)
VAL 171 (1) 62.3 67.10 4.8 0.05 .867 .78
VAL 170 (1) 93.25 96.2 2.95 0.07 1.295 .92
VAL 129 156.65 181.50 24.85 0.05 .193 .05
including 167.10 173.00 5.90 0.14 .308 .03
VAL 56 264.90 269.5 4.60 0.30 7.692 1.36
including 267.15 268.00 0.85 1.39 .649 .40
(1) Ore intersected by VAL 170 and VAL 171 was removed during development
of the El Valle pit.
(2) True widths are approximately 65% of reported intersections for VAL
56, VAL 129 and VAL 170 and 95% for VAL 171.
The above intersections were mostly contained within altered garnet skarn; part of the VAL 29 intersection was contained within grayish altered granite containing disseminated sulphides. Channel samples from exposures of similar rock types, some 30 metres north of holes VAL 129 and VAL 59, did not show any Mo values above 60 parts per million. Quartz veins containing traces of molybdenite in fresh granites from drill holes 07KV1006, 07KV1019 and 07KV1022 were also sampled; Mo was consistently anomalous, but did not exceed 221 parts per million.
Kinbauri plans to review all drill records at El Valle and Carles for additional reported Mo intersections and favourable rock types for Mo mineralization; one unit at Carles has been described as a molybdenite skarn in the literature (Journal of Geochemical Exploration 2000, v.71). RNGM retained most drill core samples from El Valle and Carles and core believed to contain Mo will be sampled and analyzed.
All operations in Spain, including data collation and review, are being supervised by Santiago Gonzalez-Nistal, Kinbauri Espana's senior geologist, with quality control being provided by Dr. C.F. Gleeson, P.Eng., Kinbauri's Vice President of Exploration: both are qualified persons as defined by N.I. 43-101. RNGM's Quality Assurance program for its drill holes reported herein are detailed in their press release of January 20th 2006. This press release was prepared by Dr. V. N. Rampton, P. Eng in his capacity as a qualified person.
About Kinbauri Gold Corp.
Kinbauri is a TSXV - Tier 1 mineral exploration company focused on the development of precious metal prospects in northwestern Spain, Nevada and Canada. Its immediate focus is to expand and upgrade resources to reserves at the El Valle property in Asturias, Spain with a view to recommencement of operations at the mine and mill complex there. It currently has 43,372,320 common shares issued and outstanding; 67,056,236, fully diluted. For additional details on the company, please see the website www.kinbauri-gold.com.
About Buffalo Gold Corp.
Buffalo's management is dedicated to maximizing shareholder value through growth strategies that emphasize careful opportunity assessment and vigilant project management. The Company is actively acquiring and advancing gold resources to create producing assets. To find out more about Buffalo Gold Ltd. (CDNX:BUF.V - News), please visit the company website www.buffalogold.ca.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Damien Reynolds, Executive Chairman
FORWARD-LOOKING STATEMENTS
Statements included here, which are not historical in nature, are Forward-Looking Statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including without limitation, statements as to Management's beliefs, strategies, plans, expectations or opinions in connection with the company's performance, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual future events or results. Readers are referred to the documents filed by the company with the pertinent Security Exchange Commissions, specifically the most recent quarterly reports, annual report and material change reports, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the Forward-Looking Statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd.
silver100
17 years ago
Press Release Source: Sargold Resource Corporation and Buffalo Gold Ltd.
Buffalo Gold and Sargold Sign Arrangement Agreement
Monday September 10, 9:15 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 10, 2007 -- Buffalo Gold Ltd. (CDNX:BUF-U.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) ("Buffalo") and Sargold Resource Corporation (CDNX:SRG.V - News)(Frankfurt:DU4.F - News) ("Sargold") are pleased to announce that their respective Boards of Directors have ratified and approved a definitive arrangement agreement (the "Agreement") with respect to the previously announced merger between Buffalo and Sargold (see news release dated July 13th 2007). The Agreement was effective as of August 31, 2007 among Sargold, Buffalo and 6833268 Canada Ltd., a wholly-owned subsidiary of Buffalo.
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The Agreement contemplates that the merger will be implemented by way of a court-approved plan of arrangement ("Arrangement") pursuant to the Canada Business Corporations Act whereby all outstanding securities of Sargold will be exchanged for common shares, common share purchase warrants and options of Buffalo.
Highlights of the Arrangement
Under the terms of the Arrangement, securityholders of Sargold will receive one common share, common share purchase warrant or option of Buffalo in exchange for each 3.5 Sargold common shares, common share purchase warrants or options which they hold immediately prior to the effective date of the Arrangement. This represents an approximate 90% premium on Sargold shares, based on the August 31, 2007 closing price of the shares of both companies. Following completion of the Arrangement, Sargold shareholders will hold an approximate 25% equity ownership in the combined entities.
The Agreement includes a commitment by Sargold not to solicit alternate transactions to the Arrangement. In addition, Sargold has granted a right to Buffalo to match an unsolicited competing offer. Both Buffalo and Sargold have agreed to pay the other a break fee of $1,000,000 in certain circumstances if the Arrangement is not completed.
In order to consider the Arrangement and make recommendations to the Board of Directors of Sargold, an independent special committee of Sargold's Board of Directors was constituted. The special committee has received a fairness opinion from Evans & Evans, Inc. with respect to the fairness of the Arrangement, from a financial point of view, to the shareholders of Sargold. The Board of Directors of Sargold has recommended approval of the Arrangement by Sargold shareholders.
The parties anticipate closing the Arrangement prior to October 31, 2007. Completion of the Arrangement is conditional upon, among other customary closing conditions, the approval by Sargold's shareholders, the approval of the TSX Venture Exchange, as well as approval of the British Columbia Supreme Court. The parties will apply to the British Columbia Supreme Court for an interim order calling a special meeting of Sargold's shareholders to be held in October 2007. There can be no assurance that the Arrangement will be completed as proposed or at all.
As at August 31 2007, the undiluted share capital of Sargold was 77,564,772 common shares, and 105,925,437 calculated on a fully diluted basis. Upon completion of the Arrangement, based on current Sargold issued and outstanding shares, Buffalo will issue approximately 22 million common shares to the Sargold shareholders. An aggregate of 67,435,643 Buffalo common shares are issued and outstanding as August 31, 2007.
About Buffalo Gold
Buffalo's management is dedicated to maximizing shareholder value through growth strategies that combine exploration and investment, while emphasizing careful opportunity assessment and vigilant project management. Buffalo is aggressively exploring at the Mt. Kare project in Papua New Guinea and at a portfolio of gold exploration projects in producing and past-producing regions of Australia. Buffalo's recent investments include a 25% interest in near-term gold producer Kinbauri Gold (CDNX:KNB.V - News) and a 44% interest in Australian uranium explorer Bondi Mining Ltd (ASX:BOM.AX - News).
About Sargold
Sargold controls the largest precious metals exploration land area in Sardinia, Italy. The company now holds a 90% interest in the assets, which range from the mine and full processing plant at Furtei, to a host of exploration prospects at Monte Ollasteddu and the advanced exploration properties at Osilo. The island of Sardinia has a long history of mining including the production of tin, alumina, industrial minerals, coal, base and precious metals. Sardinia is approximately 150 kilometres west of Rome and has excellent transportation, communication, business and political infrastructure.
To find out more about Buffalo Gold Ltd. and Sargold Resource Corporation please visit the company websites at www.buffalogold.ca and www.sargold.com.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Damien Reynolds, Executive Chairman of the Board of Directors
On behalf of the Board of Directors of SARGOLD RESOURCE CORPORATION
Richard W. Warke, Chairman of the Board of Directors, President and Chief Executive Officer
FORWARD LOOKING STATEMENTS - The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Buffalo's latest annual report and management discussion and analysis and Sargold's latest annual report and management discussion and analysis. Buffalo and Sargold assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
Sargold Resource Corporation
Marlo Hamer-Jackson
Investor Relations
(604) 638-2002 or Toll Free: 1-877-660-6239
Email: marlo@sargold.com
Website: http://www.sargold.com
--------------------------------------------------------------------------------
Source: Sargold Resource Corporation and Buffalo Gold Ltd.
silver100
17 years ago
Press Release Source: Buffalo Gold Ltd.
Buffalo Gold Provides Update on Activities
Wednesday August 1, 9:15 am ET
HIGHLIGHTS
Mt. Kare license area officially doubled; 18 high priority targets being aggressively explored
6,750 m drill program to commence at Corridors gold project, Australia
Sargold acquisition to move Buffalo into junior producer status
Kinbauri drilling hits 11.1 g/t Au, 2.27% Cu over 25.6 m; shares up approximately 40% in 3 months
Bondi Mining to drill 10,000 m; share shows approximately 30% growth in 2 months
CEO Damien Reynolds to lead conference call update on August 9th 2007.
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Aug 1, 2007 -- Following the recent set of announcements on mergers and acquisitions, Buffalo Gold Ltd. (CDNX:BUF-U.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) is pleased to take the opportunity to provide a summary of activities.
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CORPORATE STRATEGY
"Our goal is to build Buffalo Gold into a vital junior gold mining company, creating substantial value for our shareholders while mitigating risk," said Buffalo Chair and CEO Damien Reynolds. "We have taken a two pronged approach to our work, engaging in both exploration and investment. In both cases we have pursued strategies of careful opportunity assessment, and this has resulted in Buffalo now having control of significant gold resources, an investment portfolio that is showing a healthy bottom line and an enviable stable of projects ranging from early-stage exploration to gold production,. What's more, we strongly believe that both our projects and our investments have excellent potential for continued growth."
EXPLORATION PROJECTS
Mt. Kare Gold Project
Overview and Strategy
In late 2005, Buffalo entered into an agreement to earn into the Mt. Kare Joint Venture (MKJV) with Madison Minerals. With an existing resource at the project, a large land package and proximity to Porgera, one of the world's major gold deposits, Mt. Kare quickly became the foundation upon which Buffalo has built shareholder value. Over the following eighteen months Buffalo conducted a 7600 metre infill drilling program as part of the work required to earn a 49% interest in the project. The drill program successfully encountered significant intersections of gold and Buffalo was able to upgrade the existing resources to 1.4 million ounces of gold in the Indicated category at a 1.0 g/t gold-equivalent cut-off (See Buffalo News Release June 21, 2007.) As a result of work carried out concurrently outside of the main zones of mineralization, including an airborne magnetic survey, Buffalo and Madison concluded that it would be beneficial to pursue the numerous other targets with significant potential to add to the gold resources at Mt. Kare, prior to completing feasibility work. In order to implement this strategy, Buffalo and Madison renegotiated the earn-in deal to give Buffalo an immediate 60% interest in the MKJV, and extend the time for delivery of a bankable feasibility study until a more complete evaluation of the exploration potential of the region has been undertaken.
Exploration Plan
In addition to the ground owned by the MKJV, Buffalo has acquired additional ground in which it owns a 100% interest. EL1427, adjacent to the MKJV ground, doubles the size of the land package being explored to 440 square kilometres. EL1427 has lithologic and structural similarities to the Mt. Kare deposit area and gives Buffalo increased land coverage of the Porgera Transfer Structure (PTS) a major regional structure associated with mineralization at both the Porgera and Mt. Kare deposits. Buffalo has also applied for a third license adjacent to the other two, which when granted will triple the original Mt. Kare land package, to a total of 660 square kilometres.
Buffalo continues to explore both in the vicinity of the known mineralization, and on new targets throughout the MKJV and EL1427 areas. Aeromagnetic survey interpretation also allowed Buffalo to identify 18 new high priority targets identified in the MKJV and EL1427 license areas. The Company currently has three fly camps in operation to evaluate these targets. A program of stream sediment, soil and pan concentrate sampling, mapping and ground magnetics is currently underway and expected to last to approximately the end of August.
Interpretation of the recent aeromagnetic survey data from the Mt. Kare deposit highlights an anomaly in the immediate footwall of the well mineralized Black Zone. Modelling of the magnetic data indicates a buried intrusive body with associated mineralized potential. A ground magnetic survey has been completed over the anomalous zone with the aim of providing more definitive data for the identification of drill targets.
Buffalo is planning 20 line-kilometre Induced Polarization/Resistivity (IP) survey at Mt. Kare for September 2007. A previous survey in 2004 recorded a strong IP response associated with the Central, Western Roscoelite and Black/C9 mineralized zones. This strong IP anomaly is open to the south and the new survey will explore the southerly continuation of the anomaly over a distance of 1.6 kilometres. The work will encompass the Black Zone Southern Extension, where geochemistry, trenching and limited drilling have outlined gold/silver mineralization, and the projected southern continuation of the high-grade Western Roscoelite Zone, indicated by anomalous geochemistry and trench values. A deeper penetrating IP system will be employed with the potential to locate mineralized structures not exposed at surface.
Australian Gold Projects
Buffalo has two Australian gold projects in the gold producing areas of Queensland that it has been working on since early 2006.
The Corridors Project
The Corridors Gold Project is located in the Drummond Basin, approximately 150 kilometre southwest of the city of Townsville. An assessment of public domain geological, geophysical and geochemical data defined gold targets prospective for epithermal, diatreme/breccia-style and vein gold deposits in a 300 kilometre belt. Buffalo now holds licenses over 15 of those targets, including 780 square kilometre in ten granted exploration permits and one additional 50 square kilometre permit under application. In 2006 and early 2007 Buffalo completed regional surface sampling and follow-up soil sampling which returned anomalous results for gold, silver and antimony. Targets have been delineated and Buffalo Gold's team is now planning a AUD$374,000 work program starting in August that will include up to 6750 metres of rotary air blast (RAB) drilling, dependent on drill rig availability.
The Croydon Project
At the Croydon Gold Project the land package sits on northern structural extensions of the Croydon goldfields, an area reputed to have produced nearly two million ounces of gold and silver during the gold rush of the 1880's and 1890's. Buffalo's holdings include the 749 km2 licenses at Golden Gate and 500 square kilometre Oakland Park package. The licenses at Golden Gate have now been fully granted and exploration is commencing in earnest. Historical drill hole data from the area has been compiled and will be imported into a 3-D drill hole software package and used to locate target areas. This will be followed by an RC drilling program to test these target areas. Buffalo expects final granting of the Oakland Park licenses in September 2007, and has a detailed exploration program planned to explore two covered magnetic targets. These targets were defined by Buffalo's team and include a 25 x 5 kilometre area with a similar magnetic signature to the Croydon goldfield. The area has seen little to no previous exploration due to the cover. Buffalo's exploration budget at Croydon, including up to 3700 metres of drilling, is AUD$461,000.
Additional details of the Australian gold work programs will be released separately.
Sardinian Gold Properties
Acquisition
Buffalo recently announced a proposed friendly merger with Sargold Resource Corporation, ("Sargold"), a junior gold miner with projects in Sardinia, Italy. (See Buffalo News Release dated July 13th, 2007.) The terms of the LOI provide that shareholders of Sargold will receive one common share, common share purchase warrant or option of Buffalo in exchange for each 3.5 Sargold common shares, common share purchase warrants or options or, at Sargold's option, at a ratio that is determined by the price of Sargold's shares being CAD$0.30 and the price of Buffalo's shares being based on the weighted average price on the TSX Venture Exchange (converted to Canadian dollars) for the ten trading days immediately prior to the execution date of a definitive agreement.
Buffalo's management has completed a thorough review of Sargold's assets, including a preliminary valuation, technical and legal due diligence, and a site visit, and expects the merger to be approved by the end of October 2007.
Management believes that the acquisition of Sargold brings Buffalo ahead of competing gold explorers, moving the Company into junior miner status. The Furtei gold mine is a past producer with significant remaining mineralization that Sargold has recently started mining. Ramping up production will happen quickly, and there are a series of very good exploration targets that may help build reserves. In addition, there are two other gold projects in Sardinia, one of which has historical resources, and both of which have excellent potential for new gold discoveries.
Furtei Mine Project
The Furtei mine project is Sargold's flagship. Located 40 kilometres north of Cagliari, the capital of Sardinia, the mine is a past producer of 135,000 ounces of gold between 1996 and 2002 from an oxide resource. The mine project now includes a number of potential open pit and underground mines, a 1,000 tonne-per-day processing plant which was constructed at a cost of EUR15,000,000, multiple exploration targets, and a fully permitted mining concession including future tailings disposal. Sargold holds a 90% interest in the project, with the remaining 10% held by Progemisa SpA ("Progemisa"), a corporation owned by the Sardinian Government.
Buffalo is working on a feasibility study for expansion of the Furtei mine project that will include the building of geologic models, an optimized mine plan, and the calculation of NI 43-101 compliant resources and reserves. (The current resources for the mine were completed by previous owners and are therefore considered internal and non-compliant by the TSX Venture Exchange.)
Sargold's mine plan is currently targeting production of approximately 15,000 to 20,000 ounces of gold within the next six months from the Sa Perrima zone, ramping up to between 60,000 - 70,000 oz Au equivalent in its second year with the addition of the Su Coru underground zone, before levelling off to approximately 50,000 oz Au equivalent per year for a minimum of five years. (For details please see Sargold news release date May 14th, 2007.) The team is now working on a trial leach test for sulphide ore from Sa Perrima, and continued testing of the Intec process on ores from the Su Coru zone in order to determine the optimal treatment methods for these deposits. (Please note that a feasibility study has not been completed and there is no certainty that the proposed operations will be economically viable.)
Sargold geologists have used geologic models to delineate 20 high priority drill targets proximal to the Furtei mine that will test for mineralization to expand resources. Buffalo expects exploration drilling in 2008, subject to the issuance of permits.
Other Projects
In addition to the Furtei property, Sargold holds a 90% interest in the Osilo and Monte Ollasteddu projects in Sardinia, with the remaining 10% also being held by Progemisa. Sargold is currently pursuing exploration permits for both the Osilo and Monte Ollasteddu projects.
Osilo is located approximately 160 kilometres from the Furtei property and is accessible by paved road. It is a low sulphidation epithermal gold and silver vein field with over 50 kilometres of mapped veins. Twenty vein sets have been identified but only five have been tested. In June 2000, SRK Consulting ("SRK") was engaged to audit a resource estimate on the Osilo Property prepared by previous owners of the property. The audit delineated:
- an Indicated Mineral Resource of 800,000 tonnes grading 6.5 g/t Au (167,740 oz.) and 38.2 g/t Ag (985,800 oz.) and,
- an Inferred Mineral Resource of 860,000 tonnes grading 7.5 g/t Au (208,065 oz.) and 21.8 g/t Ag (604,770 oz.).
(The resources are reported as historical resource estimates for informational purposes only. Sargold has not done the work necessary to verify the classification of the resource and is not treating the resource figure as a NI 43-101 defined resource verified by a Qualified Person and therefore the resource figures should not be relied upon by investors. See Sargold News Release dated November 4th, 2003)
The Monte Ollasteddu property is a large mineralized system lying within a 50 kilometre geological belt in the Eastern Paleozoic Belt. The gold mineralization is associated with deep-seated structures and granite melts generated in the Hercynian deformation of Permo-Carboniferous (300 Ma) age. This deformation resulted in the important mineralizing epoch which hosts the large gold deposits of northwest Spain, central Massif in France, Slovakia, Russia, Kazakstan and Uzbekistan. Monte Ollasteddu has excellent potential for discovery of a significant gold resource, with more than 20 gold prospects identified in the region. Drilling by previous owners of the property returned values such as 25m @1.75 g/t gold including 5 m @ 5.54 g/t gold.
Buffalo looks forward to the issuance of exploration permits so that an aggressive exploration program to define deposits and resources can be undertaken.
For more information on the Sardinian assets, please see www.sargold.com.
EQUITY PORTFOLIO
Kinbauri Gold Corp.
In April of this year, Buffalo announced the purchase of a major stake in Kinbauri Gold Corp ("Kinbauri") (See Buffalo News Release dated April 5th, 2007.) Buffalo's purchase resulted in the acquisition of 11,000,000 common shares of Kinbauri at CAD$0.50 and 5,500,000 common share purchase warrants exercisable for 18 months at CAD$0.60. Kinbauri is currently trading at CAD$0.70 per share (at July 31st 2007).
Kinbauri has positioned itself as a potential near-term gold mining company by purchasing the El Valle and Carles gold mines and associated facilities and properties in the Rio Narcea Gold Belt. Following the closing of the financing in early July Buffalo now holds a 25.4% interest in Kinbauri, and by extension, its gold resources. As of March 21, 2007 Ore Reserves Engineering (ORE) has estimated Indicated Resources of 12,000 ounces gold (38,000 tonnes at 9.8g Au/t) and Inferred Resources of 342,000 ounces gold (913,000 tonnes at 11.6g Au/t) for Area 107; it is open at depth and along strike. The Black Skarn North has estimated Inferred Resources of 73,000 ounces gold and 5,000 tonnes (11 million lbs) copper (445,000 tonnes at 5.1g Au/t and 1% Cu) and is open to the east and west.
Kinbauri recently announced the first set of assay results from its 7000 metre drill program at the El Valle project. The objective of the drilling is to define resources to support six years of production, and results from the first ten holds includes several intersections that extend the known mineralization, including an intersection of 11.1 g/t gold and 2.27% copper over 25.6 metres. (See Buffalo News Release dated July 19th, 2007.) Kinbauri is continuing with the drill program and Buffalo's management believes that Kinbauri has excellent potential to increase both its gold resources and share price.
For more information on Kinbauri, please see www.kinbauri-gold.com.
Bondi Mining
In order to focus on the development of its current and new gold assets, Buffalo has reached an agreement with Bondi Mining Ltd. ("Bondi") to monetize Buffalo's uranium assets by selling them to Bondi in exchange for a 44% stake in that company (See Buffalo News Release dated May 13th, 2007). Since the announcement of the transaction in May, the price of shares of Bondi has risen by more than 50%. The transaction is expected to be finalized by mid August and approved by the shareholders of Bondi by the end of September.
In addition to the significant upward revaluation of its uranium assets, Buffalo believes its agreement with Bondi is a major step forward in advancing these assets due to Bondi's solid cash position and excellent management team who have a track record for discovering and delineating uranium resources.
Bondi is moving forward with exploration plans in anticipation of the completion of the acquisition of the uranium portfolio. Starting before the end of July and continuing to the end of 2007 the company has an estimated AUS$1 million budget to complete ground follow-up, magnetic/radiometric surveys and 10,000 metres of scout drilling at the Murphy and Maureen projects, as well as field reconnaissance and target definition at Juntala.
For details on Bondi and the uranium projects, please see www.bondimining.com.au.
SUMMARY
"Buffalo Gold has had substantial growth in the past three months," said Mr. Reynolds. "We believe that the changes we've made represent strategic opportunity management that will result in significant returns for our shareholders as we move forward. We are now in the enviable position of being in direct and indirect control of substantial gold resources and projects with excellent upside potential."
Buffalo will hold a conference call on August 9th, 2007, led by Chairman and CEO Damien Reynolds. Details of the call will follow in a later release.
To find out more about Buffalo Gold Ltd. (CDNX:BUF-U.V - News), please visit the company website at www.buffalogold.ca.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Damien Reynolds, Chair of the Board of Directors and Chief Executive Officer
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission ("SEC") permits mining companies in filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. The Company uses certain terms in this news release, such as "inferred resource", that the SEC guidelines strictly prohibit from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure contained in the Company's Form 20-F Registration Statement, File No. 000- 30150. The Company's filings are available on the SEC's website at http://www.sec.gov/edgar.shtml.
This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the S.E.C.'s mining guidelines strictly prohibit information of this type in documents files with the S.E.C. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
Statements included here, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including without limitation, statements as to management's beliefs, strategies, plans, expectations or opinions in connection with the Company's performance, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual future events or results. Readers are referred to the documents filed by the Company with the pertinent security exchange commissions, specifically the most recent quarterly reports, annual report and material change reports, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd.
silver100
17 years ago
Press Release Source: Buffalo Gold Ltd. and Sargold Resource Corporation
Buffalo Gold and Sargold Propose Merger
Friday July 13, 1:32 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jul 13, 2007 -- Buffalo Gold Ltd. (CDNX:BUF-U.V - News)(OTC BB:BYBUF.OB - News)(Frankfurt:B4K.F - News) ("Buffalo") and Sargold Resource Corporation (CDNX:SRG.V - News)(Frankfurt:DU4.F - News) ("Sargold") are pleased to announce they have signed a letter of intent ("LOI") to enter into a friendly merger ("the Transaction"). Under the LOI, all outstanding securities of Sargold will be exchanged for common shares and common share purchase warrants and options of Buffalo.
ADVERTISEMENT
Highlights of the Transaction
Under the terms of the Transaction, shareholders of Sargold will receive either one common share, common share purchase warrant or option of Buffalo in exchange for each 3.5 Sargold common shares, common share purchase warrants or options which they hold immediately prior to the effective date of the Transaction, or at Sargold's option, a ratio calculated on the basis of firstly, the weighted average price of Buffalo shares on the TSX Venture Exchange for the ten trading days immediately prior to the execution date of a definitive agreement (converted into Canadian dollars on the basis of the average closing exchange rate quoted by the Bank of Canada for the 10 banking days immediately prior to the execution date of the definitive agreement) and secondly, the price of the Sargold shares being CAD$0.30. This represents an approximate 80% premium on Sargold shares, based on the July 11, 2007 closing price of the shares of both companies. Following completion of the Transaction, Sargold shareholders will hold an approximate 25% equity ownership in the merged company.
Both Buffalo and Sargold have agreed to pay the other a break fee of $1,000,000 in certain circumstances if the Transaction is not completed.
Completion of the Transaction is subject to satisfaction of a number of conditions, including, but not limited to, the negotiation and execution of a definitive agreement, and the receipt of all required approvals, including those from the Shareholders of Sargold and the TSX Venture Exchange. There can be no assurance that the Transaction will be completed as proposed or at all. In order to consider the Transaction and make recommendations to the Board of Directors of Sargold, an independent special committee of Sargold's Board of Directors will be appointed. It is intended that a meeting of the shareholders of Sargold will be held as soon as possible to seek approval of the Transaction and it is anticipated that this meeting will be held on or before October 31, 2007.
As at July 11 2007, the undiluted share capital of Sargold was 77,564,772 common shares, and 105,925,427 calculated on a fully diluted basis. Upon completion of the Transaction, based on current Sargold issued and outstanding shares, Buffalo will issue approximately 22 million common shares to the Sargold shareholders. An aggregate of 67,435,643 Buffalo common shares are issued and outstanding as at the date of this news release.
About Buffalo Gold
Buffalo's management is dedicated to maximizing shareholder value through growth strategies that emphasize careful opportunity assessment and vigilant project management. Buffalo is aggressively exploring at the Mt. Kare project in Papua New Guinea where the Company has defined a NI 43-101 compliant indicated resource of 1.4 million ounces of gold at a 1.0 g/t gold equivalent cut-off. (See Buffalo news release dated June 21st, 2007.) Buffalo also has a portfolio of gold exploration projects in producing and past-producing regions of Australia. Recently, Buffalo acquired a 25% interest in near-term gold producer Kinbauri Gold (CDNX:KNB.V - News) and vended the Company's Australian uranium properties into Australian uranium explorer Bondi Mining Ltd (ASX:BOM.AX - News) for a 44% interest in that company.
About Sargold
Sargold controls the largest precious metals exploration land area in Sardinia, Italy. The company now holds a 90% interest in the assets, which range from the mine and full processing plant at Furtei, to a host of exploration prospects at Monte Ollasteddu and the advanced exploration properties at Osilo. Sardinia has a long history of mining including the production of tin, alumina, industrial minerals, coal, base and precious metals. The island sits approximately 150 kilometres west of Rome and has excellent transportation, communication, business and political infrastructure.
The Furtei mine includes a number of potential open pit and underground mines, a processing plant (1,000 tonne-per-day) which was constructed at a cost of EURO15,000,000, multiple exploration targets and a fully permitted mining concession including future tailings disposal. The Furtei processing plant was built in 1995-1996, and has a maximum annual capacity of 400,000 tonnes of ore. The Furtei mine produced 135,000 ounces of gold between 1996 and 2002 from oxide resource, after which the processing plant was converted from an oxide heap leach to a sulphide flotation plant.
Sargold successfully re-commissioned the Furtei plant for a marginal cost in the fourth quarter of 2006. Sargold poured its first gold bar at Furtei in March 2007 to launch a near-term production plan based on processing the upgraded ore from the residual heap leach pad at the site. While the current production is relatively small-scale, based on metallurgical testwork, internal studies and results to date Sargold is now targeting to commence annual production of 15,000 - 20,000 ounces of gold from the Sa Perrima gold zone within the next 6 months. The Company then plans to ramp up production by producing from the Su Coru underground zone, which is a gold-copper hosted mineralization, to produce between 60,000 - 70,000 ounces of gold equivalent in its second year, before levelling off to approximately 50,000 ounces of gold equivalent per year for a minimum of five years.
In addition to the known mineralized zones at Furtei, Sargold has defined a series of high priority gold exploration targets within the mine area, as well as at the Monte Ollasteddu and Osilo properties.
(Sargold has not completed a feasibility study and there is no certainty that the projected production rates will be achieved, or that the proposed operations will be economically viable. For details on the long-term production strategy, other projects and news releases, please see the Sargold website at www.sargold.com.)
Strategy for the Transaction
Since its reactivation in late 2005, Buffalo has been pursuing an aggressive strategy of building value through the acquisition of properties and companies with significant growth potential, with a focus on assets that will provide gold production. This strategy has resulted in Buffalo's current 60% interest in the advanced exploration stage Mt. Kare gold project in Papua New Guinea, and a 25% interest in near-term gold producer Kinbauri Gold Corp. (CDNX:KNB.V - News). The acquisition of Sargold represents the next step in the continuing growth of the company, moving Buffalo from pure explorer to gold producer.
"We are pleased with this development in the evolution of Buffalo," remarked Buffalo Chairman and CEO Damien Reynolds. "Sargold's assets add nicely to our stable of gold projects and allow us to move quickly to a production stage, greatly enhancing our overall value."
Sargold recognizes that the combination of the Buffalo assets with the Sargold assets allows the shareholders of Sargold to be involved in an energetic company with an aggressive growth strategy focused on gold, with wide geographic exposure and a diversified development portfolio.
To find out more about Buffalo Gold Ltd. and Sargold Resource Corporation please visit the company websites at www.buffalogold.ca and www.sargold.com.
Brian McEwen is the Qualified Person for Buffalo and has read and approved the contents of this news release.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Damien Reynolds, Chair of the Board of Directors and Chief Executive Officer
On behalf of the Board of Directors of SARGOLD RESOURCE CORPORATION
Richard W. Warke, Chairman of the Board of Directors, President and Chief Executive Officer
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission ("SEC") permits mining companies in filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. The Company uses certain terms in this news release, such as "indicated resource", that the SEC guidelines strictly prohibit from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure contained in the Company's Form 20-F Registration Statement, File No. 000-30150. The Company's filings are available on the SEC's website at http://www.sec.gov/edgar.shtml.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
Sargold Resource Corporation
Marlo Hamer-Jackson
Investor Relations
(604) 638-2002 or Toll Free: 1-877-660-6239
(604) 687-1715 (FAX)
Email: marlo@sargold.com
Website: http://www.sargold.com
--------------------------------------------------------------------------------
Source: Buffalo Gold Ltd. and Sargold Resource Corporation
Ed Monton
17 years ago
Buffalo Gold's indicated resource at 1.4 million oz Au
2007-06-21 14:57 ET - News Release
See News Release (C-BUF) Buffalo Gold Ltd
Mr. Damien Reynolds of Buffalo Gold reports
BUFFALO GOLD RELEASES NEW RESOURCE ESTIMATE FOR MT. KARE
Buffalo Gold Ltd. has received an updated mineral resource estimate for the Mt. Kare gold project which sees a 22-per-cent increase of the total property resources into the indicated category compared with the previous estimate.
The new resource estimate incorporates data from Buffalo's 2006 infill drilling program. That program was designed to convert inferred ounces to indicated ounces, as a requirement of the economic study for Buffalo to earn into the Mt. Kare project from Madison Minerals Inc. The resource estimate has been successfully increased from 1.1 million ounces of gold (see news in Stockwatch June 26, 2006) to 1.4 million ounces of gold in the indicated category, at a gold equivalent cut-off of one gram per tonne (g/t). The drilling also delineates a higher-grade core which runs most of the length of the Western Roscoelite zone and contains the majority of the 743,000 ounces gold or 4.59 million tonnes at 5.04 g/t gold with a gold-equivalent cut-off of three g/t.
MT. KARE MINERAL RESOURCE ESTIMATE
Mineral Cut-off Contained
resource equivalent tonnes Au Ag ounces Au
category (AuEq g/t) (thousands) (g/t) (g/t) (thousands)
Indicated 1.0 18,830 2.31 17.31 1,396
2.0 8,559 3.66 22.51 1,008
3.0 4,587 5.04 25.37 743
Inferred 1.0 5,753 1.56 9.53 288
2.0 1,331 2.77 11.77 119
3.0 476 3.85 11.22 59
These estimates are based on a block model where the gold-equivalent service variable is derived from the sum of the gold and silver grades under the assumptions of a gold price of $550 (U.S.) per ounce and a silver price of $10 (U.S.) per ounce (AuEq g/t equals Au g/t plus (10/550) multiplied by Ag g/t).
While the 2006 work increased the understanding and confidence in the mineralization at Mt. Kare, Buffalo believes that there is potential for significant additional mineralization outside of the known zones. Buffalo and Madison therefore agreed in May of 2007 to award Buffalo 60 per cent of the joint venture immediately and defer the Type 2 preliminary economic feasibility study to instead complete detailed exploration work on the many targets throughout the property (see news in Stockwatch May 18, 2007).
Based on the recent aeromagnetic survey, geological mapping and surface sampling, the company has outlined 18 new targets on the Mt. Kare joint venture licence area and the adjacent 100-per-cent-owned Buffalo licence. Buffalo is currently in the process of following up on those targets. New geological team members have been hired and fly-in camps have been established to aid in exploration.
In addition, Buffalo has applied for a new 100-per-cent-owned licence adjacent to the current holdings. The new licence, if awarded, will increase the total land package by approximately 30 per cent, to approximately 660 square kilometres. A map showing the new exploration targets is posted on the company's website.
Mineral resource estimation method
The resource model, including the underlying database and QA/QC verification, was completed by Robert Sim of Longview Technical and Dr. Bruce Davis in accordance with accepted industry standards. The basic modelling parameters and approach are summarized as follows:
Total of 340 drill holes (55,300 metres) composited to standard sample length of two metres;
Nominal block size of 10 by 10 by five millivolts;
Probability shell approach used to control domains of higher-grade gold and silver mineralization;
Top-cutting of outlier grades by domain;
Ordinary kriging used for grade estimates for gold and silver in model;
Inverse distance weighting (IDW to the power of two) used for bulk density in model.
The updated resource estimate was verified by Lynn Olssen of Snowden Mining Industry Consultants. Snowden validated the earlier estimate in its NI 43-101 technical report on the Mt. Kare project delivered to Buffalo in May, 2006 (see news in Stockwatch June 26, 2006). Snowden reviewed and validated the recent work, and will complete an NI 43-101 technical report incorporating the resource estimate on behalf of Buffalo to be filed on SEDAR within 45 days of this release. Snowden has reviewed the contents of this release.
Brian McEwen, PGeo, president and chief operating officer of Buffalo, is the qualified person for the Mt. Kare project.
Tackler
17 years ago
Buffalo to spend $11.4-million on Mt. Kare this year
2007-03-13 09:42 MT - News Release
Mr. Damien Reynolds reports
BUFFALO GOLD CORP. EXPLORATION UPDATE
In addition to acquiring new projects, Buffalo Gold Ltd. will continue its exploration activities at the Mt. Kare and Australian properties. Highlights for exploration activities from 2006 and plans for 2007 include:
* new targets defined near the Mt. Kare deposit from recent detailed aeromagnetic survey;
* a planned $11.4-million exploration program at Mt. Kare for 2007;
* two new strong surface gold anomalies identified at Corridors gold project; and
* strong conductive and radiometric responses from airborne electromagnetic at the Murphy Ridge uranium project.
Mt. Kare gold project, Papua New Guinea
In 2006, Buffalo completed an infill drilling program including 64 diamond drill holes for a total of approximately 9,000 metres. The resulting data have been used to update the geological model and resource estimate, as part of the type 2 economic prefeasibility study required for Buffalo's earn-in to a 49-per-cent interest of the Mt. Kare property. The modelling and estimate were completed by Longview Technical and are being validated by Snowden Mining Consultants as the qualified person and author of the previous National Instrument 43-101 report released in March, 2006.
Buffalo Gold has initiated its 2007 exploration program estimated at $11.4-million. This will include up to 12,000 metres of drilling in 60 holes, detailed geophysics, surface sampling and an assortment of other studies.
A detailed aeromagnetic survey has been completed over the Mt. Kare property and the contiguous 100-per-cent-owned property. The initial survey interpretations are very encouraging, identifying prominent structures, alteration and possible clusters of intrusions (which are the drivers of mineralization at the Mt. Kare and Porgera deposits) on both properties.
Several new drill targets have been identified by combining the aeromagnetic data with detailed geology and structural interpretations provided by Stuart Munroe of SRK Consulting. These targets include an interpreted blind extension of the Western Roscoelite zone to the north of recent drilling and potential downplunge continuation of the Black zone toward the C9 zone. In addition, while drilling to date at the Western Roscoelite zone has been limited to depths of approximately 200 metres, geological interpretations indicate the possibility of a separate, high-grade phase of quartz roscoelite mineralization at depth.
There are currently three drill rigs operating on site, with a fourth standing by to be used as required once additional drill sites have been constructed. Due to backlog and an extended Christmas break at the analytical facilities, very few drill results have been returned to date this year. Results from the first two drill holes at Red Hill have been received, but drilling did not intersect any significant mineralization. Due to the large size of the target at Red Hill, Buffalo plans to review the area in more detail using the new geophysical data prior to continuing to drill the target.
Australian exploration projects
Corridors gold project, Queensland
Situated in the Drummond basin that hosts multiple gold deposits and operating mines, the Corridors gold project has been the subject of a detailed surface sampling program. The program has identified two strong gold anomalies that will be followed up by a shallow drill program to be conducted over the next couple of months, pending availability of a drill rig.
Hannah project, Western Australia
Buffalo completed a single, deep diamond drill hole at the Hanna base metal prospect. The hole intersected disseminated sulphides at the target depth of 425 metres, with the zone continuing for more than 200 metres. Assay results from the core were not anomalous even with the presence of pyrite. Petrographic work on the samples is now being conducted to determine whether the environment could also host nickel, platinum group metals or other base metals of economic interests. Once this is complete, a decision to drill another hole will be made.
Murphy Ridge uranium project, Northern Territory
Buffalo has completed an airborne electromagnetic (EM) survey over the Murphy Ridge uranium property. The survey results identify numerous strong conductive and radiometric signatures. Buffalo plans to follow up these results with a detailed surface sampling program.
Brian McEwen, PGeol, president and chief operating officer, Buffalo Gold, is the qualified person for Buffalo projects and has approved the contents of this news release.
Tackler
17 years ago
Dynasty Gold, Buffalo Gold sign merger LOI
2007-03-13 07:41 MT - News Release
Mr. Stuart Angus reports
DYNASTY GOLD ENTERS FRIENDLY MERGER WITH BUFFALO GOLD LTD.
Dynasty Gold Corp. has signed a letter of intent to enter into a friendly merger with Buffalo Gold Ltd.
Under the agreement, Buffalo will acquire all of the outstanding securities of Dynasty in exchange for common shares and common share purchase warrants and options of Buffalo. Dynasty is a Vancouver-based publicly traded gold exploration company with three highly prospective projects in northwest China.
Highlights of the transaction
Under the terms of the transaction, shareholders of Dynasty will receive one common share of Buffalo in exchange for each 4.5 Dynasty common shares, common share purchase warrants or options which they hold immediately prior to the effective date of the merger. This represents an approximate 29-per-cent premium on Dynasty shares. Following completion of the transaction, Dynasty shareholders will hold an approximately 19.3-per-cent equity ownership in the merged company.
"This merger represents an excellent opportunity for Dynasty and its shareholders to become part of a larger, diverse entity with exceptional growth potential, while still participating in the development of Dynasty's outstanding suite of properties," commented Dynasty's chair of the board, Tookie Angus.
Completion of the transaction is subject to satisfaction of a number of conditions, including, but not limited to, completion of due diligence and the receipt of all required approvals, including approval of the Toronto Stock Exchange, the TSX Venture Exchange, and of the shareholders of Dynasty. There can be no assurance that the transaction will be completed as proposed or at all. It is intended that a meeting of the shareholders of Dynasty will be held as soon as possible to approve the transaction and it is anticipated that this meeting will be held by the second calendar quarter of 2007. Under certain circumstances, a termination fee will be payable if the transaction is not completed.
Buffalo intends to continue the operations of Dynasty including the employment of Dynasty's geological team, and in co-operation with all of the current exploration and joint venture partners.
As at March 12, 2007, approximately 68,279,160 common shares of Dynasty were outstanding. Upon completion of the transaction, assuming the exercise in full of all Dynasty options and warrants, Buffalo will issue approximately 15,173,146 common shares to the Dynasty shareholders. A total of 63,466,878 Buffalo common shares are issued and outstanding as at the date of this news release, which includes the 17 million shares issued March 12, 2007, and escrowed for 18 months as part of the Mt. Kare earn-in agreement.
calgarylady
17 years ago
Good article here for BUF and MMR. More pictures here but I wanted to see if I could still post pictures. Been awhile. :)
http://news.goldseek.com/StewartArmstrong/1172077200.php
Buffalo Gold - Mt Kare: Ain’t No Mountain High Enough …to keep me from getting that gold, babe!
By: D. Stewart Armstrong
Profile of Mt. Kare from the Air Showing Camp
Background
I first wrote about Buffalo in June of 2006 and then again on March of 2006. Both articles can be found in my archives on Goldseek. I believe there is ample information contained in those two articles to bring you up to speed.
When I added Buffalo to my list of Juniors, it was because I thought it had the potential to double in 2007. This is still my opinion, only now even more so.
Buffalo Gold (BYBUF-OTC and BUF.U-CA) has several areas of major focus. Of course, the flagship property is Mt. Kare in Papua New Guinea. I’ve been covering Mt. Kare fairly extensively over the past five years and plan on continuing the exercise. This is a project that is joint-ventured with Madison Minerals (MMRSF-OTC and MMR-CA). My reasons for continuing to cover it are because I personally believe that success is ever closer due to the ongoing commitment to the project by the companies involved. It has been a long and winding road as we’ve been climbing up Mt. Kare both literally and figuratively. Patience has been required. But then, patience is required on all of these quality junior mining projects. Patience also seems to be the one commodity in short supply in the investor arsenal.
Just so there is no misunderstanding, I work for both companies and have serious positions in each of them. Please read my disclaimer at the end of this article. I tell you this because there is nothing to be hiding in the closet. I think that by now, Howard Ruff and I are the two people that have been recommending Madison the longest. Since Buffalo is joint ventured with Madison, we want both companies to do well. I am going to cover this relationship between Madison and Buffalo in my next article about Madison. It is a relationship which I’ve promised readers I was going to elucidate upon at some point and I think that point is coming closer. But just for the record, this joint venture between Buffalo and Madison was an excellent deal for both parties and both parties stand to fairly participate in the equity being developed by the current operator—Buffalo Gold.
Recently, the share price has had a bit of a pull back. I remember that John Embry was on Rob-TV on February 8, 2007 at 12:30 PM EST with Jim O’Connell. Mr. Embry is one of the better respected analysts in the gold community. A viewer called in and asked about the share price of Buffalo which was then in the $1.20 C cent range give or take. John mentioned that he was a buyer at those levels. I would have to concur with Mr. Embry realizing that Buffalo Gold was above $2.00 US not too long ago, and that nothing has significantly changed within the company since then.
Why does a company such as Buffalo Gold or Madison Minerals trade within such extreme ranges? Simply put, it is the nature of the beast. There are many people that simply trade or flip these stocks not realizing that one day they should have zigged when they zagged, thereby discovering that they are out of position when the big move occurs. In my mind the big move is closer than we imagine. Junior Mining companies by their very nature are illiquid. My opinion is that it is better to let the others trade in and out for a dime or a quarter; I’m holding for the long term having full confidence in both the projects and the management of both companies. There is no doubt that the ball is now squarely in Buffalo’s Court.
The other consideration is that gold has been consolidating in the $650 range and the Junior Gold (and Silver) Mining Companies have been consolidating as well. I believe that if you buy the quality companies and “put them away” for the long haul you’ll do very well.
There is one point I’m going to repeatedly stress. A significant up move in gold is coming as the US dollar and its peripheral elements deteriorate. Eventually, gold and all quality gold companies will find their equilibrium within that context. Advanced stage exploration projects along with smaller producers are going to do extremely well. My take on it is that if we position ourselves correctly, I just might be able to pay off the mortgage. Catch my drift?
Buffalo’s Latest Press Release
The latest press release from Buffalo Gold was released on January 18, 2007. It pertained to Mt Kare and had a sub-title that stated Buffalo Gold Strengthens Geological team and moves Economic Study Foreword. Within it, they reported the results of a long list of drill holes on their infill program at the Western Roscoelite Zone (WRZ) There were several exceptional holes such as the one of 112.0 meters of 5.04g/t including 25 meters of 13.86 g/t gold. They also reported another hole of 100.9 meters of 1.56 g/t gold in hole MK06-75 including 25.9 meters of 2.25 g/t gold. These are very respectable numbers. Of course, the market always wants more and the old adage in the junior mining business comes to mind: “buy the rumor sell the news”. The only problem in this case is that the news is good. The “big picture” is beginning to emerge. If you visit their website at www.buffalogold.ca and go to their “investor info” section, you will find all of their press releases, including this latest one.
In that same press release they also stated that Buffalo is on schedule for completing its Stage 2 Preliminary Economic Feasibility Study at Mt. Kare by June 2007, and will use these results in the recalculated resource estimate to be released in conjunction with the Study. “Following the success of the infill program at the WRZ, Buffalo now has four diamond drills at site to test additional objectives both in the vicinity of known mineralization and new exploration target areas” was additional commentary.
River Down the Valley
The pre-feasibility and feasibility studies are extremely important in this business equation between Buffalo Gold and Madison Minerals. My understanding is that these studies are right on track. June could be a very important month for both companies. I know I’ll be watching closely as to how events unfold.
Buffalo Gold is more than a One-Trick Pony.
Buffalo is also exploring a highly prospective portfolio of properties in Australia which include targets for gold, uranium and nickel.
If I had to give reasons as to why BYBUF was a buy, I would have to refer to all the reasons I’ve stated in past articles. These would be reasons such as projects, management, the ability to fund, the willingness to promote, and integrity.
Damien Reynolds, the CEO of Buffalo is a smart enough; sharp enough CEO, President, Director, and Chairman of the Board to Realize that it is best to diversify. The diversification can be seen in Longview (LV) and in the multitude of companies that have emerged through that vehicle.
An Excellent Investor Relations, Public Relations Department
One of the best ways to be a successful investor in the Junior Mining Sector is to pick up the phone and talk directly with the companies you find interesting. The solid ones always have excellent “IR” departments. Julie Hajduk heads up the IR department for Buffalo and she is one of the best. No kidding, she really is. What makes her so valuable? She knows the deals inside and out and from every conceivable angle and then she is willing to talk with you so you understand them. Her contact information is: E-mail: julie@buffalogold.ca; Phone: 604.685.5492 or Toll free: 1.888.685.5492. Talk to Julie and don’t be afraid to be on their mailing list. Most importantly, people respect Ms. Hajduk as a professional because she cares about the companies she represents and I simply cannot overstate how important that trait is in this world of hurry up and get off the. If you have issues with any company always remember to be kind and courteous to the company representatives—in other words, don’t harm the messenger because you may need them at some point in the future. IR people are simply doing their jobs.
Speaking of Investor Relations, Buffalo will be participating in Goldseek’s February 22, Virtual Investment Gold Conference (goldseek.com/2007), wherein they will be presenting company focus, news and the particulars of Mt. Kare. It is an event I highly recommend. The traffic has increased with each subsequent conference that Peter has presented both in the Silver and in the Gold Sectors. As in Goldseek Radio, this is another avenue where Goldseek is assisting both the companies they represent along with the investors interested in them. If that sounds like an unadulterated plug for Goldseek, you are absolutely correct!
If you want to hear about Buffalo Gold direct from the source, this is the place to be. Remember, that the entire conference will be “archived” for at least a month so you have plenty of time to visit and revisit both the speakers and the company presentations. I am quite familiar with three out of the four companies involved and I have the utmost respect for the speakers. This should be a good one.
Conclusion
The gold community is in the third inning of a nine inning game. We’ve had a bit of a consolidation in gold and in quality junior gold companies over the past six months. Buffalo Gold is simply in the middle of this mix and when gold starts moving again, Buffalo Gold will move up right along with the rest of the sector that has excellent stories they are developing.
When a company like Buffalo, with its assets and management, has a pull back, it is usually for one of only several reasons. There is a lack of bids because there is a lack of news. Perhaps there is a major seller who is unloading into the market for one reason or another—usually because they took part in a major financing and need to raise cash in a hurry regardless of whether they are in the money or not. These entities can always fall back on their warrants. Or it is because gold is in a consolidation phase and people don’t have the patience to stay the long haul.
Right now, in my opinion, Buffalo Gold is a screaming buy. I personally will purchase it up to $2.50 and then hold it for the long haul. That’s how people make money in these markets. Those are not my words, but those of Richard Russell who suggests that people who really make money in markets that are in primary trends, purchase large positions early on and then adhere to those positions over the long haul.
Buffalo has the added benefit of people who care about what they know are quality projects. Don’t underestimate this for even a moment, Currently, thee is a good deal of “head hunting: going on within the industry. Management if they are smart are taking good care of their top people. Damien Reynolds, et al, understand this concept as well as any group I know.
Infrastructure with Road and Power Lines
Slide Area of Mt Kare
The Man and the Mountain
Until Next Time,
D. Stewart Armstrong
Consultant to the Junior Mining Community
If you’d like to be on my email list, please email us your name, address, and any other pertinent information you would like to share. We always like hearing from our readers.
consulting@seacoastpub.com
Disclosure and Disclaimer by the Author: In the spirit of full disclosure, although D. Stewart Armstrong, Seacoast Consulting, and or Seacoast Publishing, are independent entities, they may be employed by this particular company, may own shares in this company, and this company may be an advertiser on GoldSeeek.com which is an internet site in which the author is consistently involved. Although the author is an independent analyst, he is also a paid consultant by the Junior Mining and Exploration Sector. The author is a private investor in the precious metals markets. He is not a board qualified or licensed investment advisor. All material is deemed to be accurate and to have been gleaned from reliable sources in a timely fashion; but said material cannot be construed as being totally complete or absolute. Consequently, the aforementioned parties can take no responsibility for any investment decisions you make or the results thereof. The author does not accept responsibility for any possible errors in calculations disseminated by any company he represents or in which he is involved, nor does he guarantee or insinuate any type of investment results. Consider any and all recommendations as personal opinions on the part of the author. It is highly recommended, and even insisted by the author, that investors, individuals, and all interested parties, conduct their own due diligence before becoming involved in any investment or with the interests of any company mentioned. That process would include direct contact with the company to confirm any facts, opinions, or ideas represented by these companies in general or on any Company CD’s distributed and referred to in these articles. The author would suggest the possibility of hiring professional advice from a certified investment advisor before making any investment transactions. Again, please consider these articles as opinions and please understand that investing in Junior Mining Companies is a high-risk, high reward proposition and you must take full responsibility for your own actions because there is always the possibility of losing all or a portion of your investment capital. This disclaimer applies to this article, Email correspondences, and all communications with both public and private entities. This disclaimer is applicable to all articles and communications published previously and to ones to be published in the future.
Cautionary Note to U.S. Investors The United States Securities and Exchange Commission ("SEC") permits mining companies, in their filing with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this website, such as "mineral resources," "measured," "indicated," and "inferred resources," that the SEC guidelines prohibit us from including in our filing with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 0-30150, available from us by contacting the Investor Relations Department.
This article may contain information (photos) about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the S.E.C.'s mining guidelines strictly prohibit information of this type in documents files with the S.E.C. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
-- Posted Wednesday, 21 February 2007 | Digg This Article
http://news.goldseek.com/StewartArmstrong/1172077200.php
Ed Monton
17 years ago
Madison Minerals optionee drills 112 m of 5.04 g/t Au
2007-01-18 09:40 ET - News Release
Mr. Chet Idziszek reports
MADISON MINERALS INC.: ADDITIONAL DRILL RESULTS FROM MT. KARE
Madison Minerals Inc. has been advised by Buffalo Gold Ltd. of additional drilling results from Buffalo's 2006 exploration program on Madison's Mt. Kare property in Papua New Guinea. In a release issued today, Buffalo reported the final gold assay results from its first stage infill drill program, including:
112.0 metres of 5.04 grams per tonne gold in hole MK06-84;
including 25.0 metres of 13.86 g/t gold;
100.9 metres of 1.56 g/t gold in hole MK06-75; and
including 25.9 metres of 2.25 g/t gold.
All holes reported here are located in the Western Roscoelite zone (WRZ) at the Mt. Kare project, PNG, and represent the last of the infill drill holes from the first stage of the program that was completed in November. A summary of new drill intersections can be found below in table 1. Buffalo is on schedule for completing its stage 2 preliminary economic feasibility study at Mt. Kare by June, 2007, and will use these results in the recalculated resource estimate to be released in conjunction with the study.
Buffalo expands Mt. Kare camp -- four drill rigs on site and additions to the geological team
Following the success of the infill program at the WRZ, Buffalo now has four diamond drills at site to test additional objectives both in the vicinity of known mineralization and new exploration target areas.
In conjunction with the expansion of the drilling program, Buffalo is augmenting its geological team to assist with exploration at Mt. Kare.
Andrew Habets
Mr. Habets has more than 20 years of exploration experience covering all aspects of program design and implementation. Mr. Habets also has significant experience in interfacing with government and local authorities, remote communities and joint venture partners. Originally from Port Moresby, PNG, Mr. Habets has many local contacts and speaks the local language. Mr. Habets's multidiscipline background will be used in the supervising of exploration programs at the 100-per-cent-owned Buffalo licence area and the existing Mt. Kare property.
Stuart Munroe, PhD
Buffalo Gold has contracted SRK Consulting in Sydney to assist in the geological interpretation of the Mt. Kare project. Mr. Munroe will be the principal consultant working with Buffalo on the project. Mr. Munroe completed his PhD program on the world-class Porgera mine, now operated by Barrick just 17 kilometres from Mt. Kare. The SRK team will document the controls on mineralization and alteration systems at the Mt. Kare property, and build cross-section interpretations of the geology, alteration and structure. These sections will then be used to form a 3-D interpretation of the Mt. Kare deposit for input into resource models. The modelling will give a better understanding of the orientation of mineralization, which may have implications for additional drill targets to test possible along-strike and down-dip extensions to the system.
"I am excited about the world-class team we have assembled at Mt. Kare," commented Buffalo chairman and chief executive officer Damien Reynolds. "With this experienced group and four drills operating, management believes that we will successfully delineate the huge potential of these properties."
Lubu Creek stream sediment program defines targets
Lubu Creek lies approximately seven kilometres from the Mt. Kare deposit and features a magnetic anomaly coincident with known alluvial gold. Buffalo has completed a 263-sample stream sediment program at the Lubu Creek area that returned results ranging from two to 193 parts per billion (ppb). With these data Buffalo has defined a high-priority target together with a number of low level anomalous zones which are being further investigated by soil and pan concentrate sampling.
Airborne geophysical survey complete
GPX Airborne, on behalf of Buffalo, has now completed a 330-line, 4,000-kilometre airborne geophysical survey over the 220-square-kilometre Mt. Kare property and the adjacent 140-square-kilometre 100-per-cent-owned EL 1427 property. Results from previous airborne geophysical surveys have successfully identified magnetic anomalies and related structures, with which the known mineralization at Mt. Kare is associated. The new surveys will be used to identify additional magnetic anomalies and define exploration and drilling targets.
SUMMARY OF MT. KARE DRILL HOLE INTERSECTIONS RECEIVED
FROM OCT. 23, 2006, TO JAN. 11, 2007
From To Intercept Gold Silver
Drill hole No. (m) (m) (m) (g/t) (g/t)
MK06-69 138.0 141.0 3.0 1.35 40.00
155.9 157.0 1.2 3.78 100.00
MK06-70 122.0 126.3 4.3 2.46 6.78
MK06-71 56.0 60.0 4.0 2.66 150.73
113.0 117.0 4.0 1.68 5.58
MK06-72 195.0 216.4 21.4 2.30 9.75
MK06-73 173.0 189.0 16.0 1.08 6.33
MK06-74 31.5 46.2 14.7 2.08 6.24
MK06-75 16.2 26.1 9.9 2.42 9.50
98.2 199.0 100.9 1.56 15.50
Including 98.2 124.0 25.9 2.25 17.87
And 139.0 154.1 15.1 2.03 31.98
MK06-76 No significant intersections
MK06-77 52.0 61.0 9.0 2.57 12.34
113.0 119.6 6.6 4.56 31.39
MK06-78 174.0 192.0 18.0 1.31 4.33
Including 174.0 179.0 5.0 2.21 5.26
And 185.0 192.0 7.0 1.48 13.19
MK06-79 174.0 229.1 54.1 1.27 9.43
Including 214.0 229.1 15.1 2.23 22.37
MK06-80 0.0 48.0 48.0 1.64 6.52
Including 0.0 28.6 28.6 1.96 5.73
And including 40.0 48.0 8.0 1.94 11.64
MK06-81 4.0 89.8 85.8 1.41 12.09
Including 4.0 17.0 13.0 2.45 10.90
And including 36.0 40.0 4.0 4.91 56.86
And including 57.0 59.0 2.0 4.10 2.55
And including 74.0 89.8 15.8 2.48 7.88
MK06-82 Borehole abandoned -- no results
MK06-83 54.3 71.4 17.1 0.74 pending
MK06-84 29.0 58.0 29.0 1.96 pending
93.0 205.0 112.0 5.04 pending
Including 107.0 125.0 18.0 4.51 pending
141.0 166.0 25.0 13.86 pending
Including 235.0 236.4 1.4 28.30 pending
246.75 254.0 7.25 9.62 pending
MK06-85 No significant intersections pending
..........
Holes are not drilled in numerical or sequential order.
Buffalo has been modelling the results reported to date and has deemed that all reported intersections, including those in table 1, approximate true widths. Silver results reported in table 1 are similar to the range of results seen in the 2006 drill program results, which have a range of approximately one to 100 g/t. Gold and silver results received to date from the 2006 drill program are now posted to the Mt. Kare page of the company's website.
All samples were analyzed for gold by PT Intertek Utama Services in Jakarta, part of an internationally recognized lab testing group with ISO 17025 accreditation at the Jakarta facility. Samples were analyzed using a 50-gram fire assay with AA finish for gold and an aqua regia digestion, ICP-OES finish for silver.
Brian McEwen, PGeol, president and chief operating officer of Buffalo, is the qualified person for the Mt. Kare project and has approved the contents of this news release.
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