Month: October 2012

Yale Uncovers 25 Metres Averaging 0.67 g/t Gold at Orofino

Yale Resources Ltd. is pleased to report that a phase one work program performed on behalf of the optionee Overlord Capital Corp. has successfully confirmed multiple gold-silver soil anomalies as well as a trench over 25 metres averaging 0.67 g/t gold within the Orofino Project, located in Sonora State, Mexico.

Focus Makes New Discovery at Reventon: 98 g/t Ag over 24m in Trench

Focus Ventures Ltd. is pleased to announce assays from initial channel sampling at its Reventon property within the Santa Cruz project. Prospecting and sampling has confirmed high-grade silver mineralization associated with multiple zones of hydrothermal breccias in areas of strongly anomalous silver-in-soil geochemistry.

Cangold Discovers Four New Gold Zones At Plomo

Cangold Limited provides an update from the recent field work program on the Plomo gold project in northern Sonora, Mexico. Further geological mapping and detailed surface rock sampling was completed to locate and delineate complex structural zones and associated low grade bulk tonnage gold mineralization for follow-up drill testing. Several new areas of gold mineralization were discovered such that the Plomo project now has nine gold zones associated with low angle faulting within a one and a half by five kilometre area.

Oremex Gold Announces Private Placement

Oremex Gold Inc. today announced that it intends to complete a non-brokered private placement of up to 15,000,000 units of the Company, each Unit consisting of one common share and one common share purchase warrant of the Company, at a purchase price of $0.05 per Unit for aggregate gross proceeds of up to $750,000. All Warrants will be exercisable into Shares at a price of $0.10 per Share, expiring in five (5) years from the date of issue.

NWM Closes Extension of Debt Facility to June 2013

NWM Mining Corporation is pleased to announce that the current US$18,000,000 debt facility, which includes a US$2,000,000 convertible debenture, has been extended to June 14, 2013 has now been closed. The US$2,000,000 debentures conversion right has also been extended from September 24, 2012 to June 14, 2013. The Company may repay this debenture at any time prior to maturity at 110% of the principal amount with 10% payable in common shares at not less than $0.06 per share. The remaining US$16,000,000 is repayable on or before the maturity date at the principal amount. Additionally US$500,000 of interest payable in September and October 2012 will be capitalized in the form of a convertible debenture with a strike price of $0.06 due October 26, 2013. This convertible debenture also bears interest at a rate of 15% and is repayable on the maturity date at the principal amount. The Company may repay this debenture at any time prior to maturity at 125% of the principal amount payable in cash. The convertible debenture has been approved by the Company’s board of directors. None of the directors have a direct interest in the convertible debenture. A cash payment of $150,000 is payable and 10,500,000 common shares of NWM were issued on closing. The 10,500,000 common shares issued are subject to a hold period of four months and one day from closing ending on February 27, 2013.

MAG Silver Confirms Start of Phase 2 Drill Program on Canasil’s La Esperanza Project in Durango and Zacatecas States, Mexico

Canasil Resources Inc. announces that MAG Silver Corp. has confirmed that the Phase 2 drill program has started and is currently in progress at Canasil’s La Esperanza silver-lead-zinc project in Durango and Zacatecas States, Mexico. The planned program includes up to 3,500 metres of diamond drilling to test silver-lead-zinc veins in the northwest of the project area. This drill program will be part of the CAD 1,500,000 exploration expenditures required between September 2012 and September 2013 under the option agreement for MAG to earn a 60% interest in the La Esperanza project.

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