Tag: Exploration and Development

Baja Mining Provides Update on Governance and Boleo Project • Independent Chair of the Board Appointed • • Boleo Project Progress Continues • • Drilling Program Advances, With Assays Expected in Q1 2012 • Vancouver, January 3, 2012 – Baja Mining Corp. today announced the appointment of former independent Lead Director Giles Baynham as independent Chair of Baja’s Board of Directors, the adoption of several new policies relating to corporate governance, and provided an update on the Company’s 70% owned, Boleo copper-cobalt-zinc project located in Baja California Sur, Mexico.

Lone Star Gold, Inc. is pleased to announce the Company has decided to move forward with signing a Definitive Agreement to acquire an undivided 65% interest in the San Antonio del Potrero mine tailings project based on positive due diligence sampling results. The Definitive Agreement will be signed in early January 2012.

Westridge Resources Inc. is pleased to announce it plans a further diamond drilling program on its Charay project, located near the seaside city of Los Mochis, Sinaloa Mexico, in the first quarter of 2012 as a result of the December 23rd closing of the first tranche of the previously announced financing (gross proceeds of $1,001,369).

Silver Scott Mines, Inc. (OTC: SILS.pk) is pleased to announce the execution of a stock based 4 year earn in agreement for exploration covering more than 14,000 hectares in Baja California Sur. These two main concessions are located near the recently discovered gold deposit, Los Planes, by Pediment Gold Corp. in 2007 containing 1.66 million ounces of gold and the Concordia gold deposit with 2.28 million ounces of gold. Agreement allows the company to investigate high potential targets within these two mineralization trends, one of known gold deposits and the second trend having silver-gold deposits.

Citation Resources Inc. is pleased to announce that it has today entered into an option agreement with Esperanza Resources Corp. to acquire 100% of Esperanza’s Biricu Prospect mineral exploration concession located in Guerrero State, Mexico. The Biricu concessions comprise more than 41,000 hectares of highly prospectable ground and are the direct on-strike extension of five skarn deposits in the Guerrero Gold Belt (El Limon-Los Guajes – Torex Gold Resources Inc.; Bermejal, Los Filos, and Nukay – Goldcorp Inc.; Ana Paula – Newstrike Capital Inc.). To date, very limited exploration activity has been conducted on the concessions.

G4G Resources Ltd. pursuant to the announcement of the joint venture agreement with Almaden Minerals Ltd. on June 21, 2011, whereby G4G could acquire a 70% interest in Almaden’s 100% owned Yago gold-silver project located in Nayarit State, Mexico, announces that Almaden and G4G have mutually agreed to cancel this agreement.

Silver Scott Mines, Inc. is pleased to announce the initiation of a 6000 meter RC drill program at the Quitovac gold mine project. The drilling began after the signing of a long term surface land agreement with the local controlling Quitovac community.

Mammoth Capital Corp.is pleased to announce that, further to its announcement on September 14, 2011, it has completed the acquisition of the option from Yale Resources Ltd. pursuant to which the Company can acquire up to an undivided 100% interest in and to the Urique Project. The Urique Project currently consists of 11 mining concessions owned by Yale and its Mexican subsidiary Minera AV, including the San Pedro concession title which was formally released to Yale on December 19, 2011. The Urique Project covers approximately 289 square kilometres located within the southern Sierra Madre mineralized belt in southwestern Chihuahua State, Mexico and is prospective for gold and silver.

Soltoro Ltd. announced a resource estimate for its El Rayo Silver Project in Jalisco State, Mexico. The 43-101 includes an updated silver estimate for Las Bolas and Highway Zone structures, an initial silver estimate for La Soledad structure and an initial gold estimate for El Rayo Northern Zone.The estimates for all zones use a 20 g/t silver cutoff. Total measured and indicated estimates showed 42.2 million tonnes grading 57.11 g/t for 77.4 million ounces silver. Total inferred estimates showed 580,000 tonnes grading 65.51 g/t for 1.18 million ounces silver.Las Bolas estimate showed 6.1 million tonnes grading 63.44 g/t for 12.4 million ounces silver measured and 29.3 million tonnes grading 49.49 g/t for 46.6 million ounces silver indicated.The Highway Zone estimate showed 2.9 million tonnes grading 57.39 g/t for 5.4 million ounces silver indicated and 210,000 tonnes grading 36.34 g/t for 245,000 ounces silver inferred.La Soledad estimate showed 3.9 million tonnes grading 104.2 g/t for 13 million ounces silver indicated and 370,000 tonnes grading 82.15 g/t for 935,000 ounces silver inferred.The silver estimates used prices of $27 an ounce. No credits were assigned for other metals.

Yale Resources Ltd. has terminated the option agreement for the Carol Property with El Condor Resources Inc. as certain financial milestones in the agreement were not met.