Orofino Gold Corp. (ORFG.PK) is a new high growth gold company whose mandate is to acquire, explore and develop to compliant proven reserves major gold targets in historically rich gold bearing jurisdictions of Mexico and Colombia two of the most significant gold producing countries in the world.
Orofino’s competitive advantages are the close long term relationships to Mexico and Colombia with their numerous high quality low cost gold opportunities. ORFG has a Spanish speaking team with geological leadership with over 30 years in Mexico and 28 years in Colombia.
Orofino has several viable Gold development properties in Colombia, a current hot spot of gold production in the world markets.
The results from mineralized and un-mineralized material samples, as well as selected representative samples collected from its Colombian projects give ORFG four very strong targets and two extremely rich structures to target for Gold and Copper.
At the ORFG�s Senderos de Oro project, government recorded Gold production from the area has been significant with production records between 1987 to present of over 1,300,000 ounces. All production has been Artisanal (small miners) in nature and production continues to this day.
With the frequent occurrence of the very high grade gold vein systems in the central area of Orofino’s Senderos de Oro project and with several small scale grinding and amalgamation mills in-place, ORFG is planning to design a central processing and recovery facility that is modular in design (each additional module added creates 10,000 ounces of annual production) and will be capable of processing enough high grade material to produce up to 120,000 ounces of gold annually while Orofino continues to explore further the Primary Porphyry Target which is the bulk minable gold/copper porphyry systems.
Orofino has reviewed several engineering and design firms with gold production facilities design and operational experience and is currently creating a short list prior to engaging the design team.
ORFG intends to continue the relationships currently enjoyed with all government agencies, the local communities, as well as current production teams and will involve these groups in all major processing and production planning decisions.
Vista Gold Corp. (NYSE Amex Equities:VGZ) is pleased to report estimated proven and probable mineral reserves of two million ounces and the positive results of a Preliminary Feasibility Study (“PFS”) for the Batman deposit at the Company’s wholly-owned Mt. Todd gold project in Northern Territory, Australia.
The Mt. Todd gold project mine site is located 230 km southeast of the port of Darwin and 56 km by road north-northeast of the regional center of Katherine. Katherine and Darwin are connected by a railroad and the Stuart Highway. An existing paved road connects the mine site to the Stuart Highway.
Vista acquired the project in February 2006 for approximately $2.0 million, reaching agreements with Ferrier Hodgson, the Deed Administrators for Pegasus Gold Australia Pty Ltd., the government of the Northern Territory of Australia and the Jawoyn Association Aboriginal Corporation. Pegasus reported investing over $200 million to develop the Mt. Todd gold project mine and operated it from 1993 to 1997, when the Mt. Todd gold project was closed as a result of technical difficulties and low gold prices.
The mine’s plant and most of the equipment were sold in June 2001 and removed from the mine, but the tailings facility, fresh water storage reservoir, natural gas pipeline (for power generation), and various buildings and useful foundations remain.
Since acquiring the project in 2006, Vista has undertaken various studies and programs, including an initial Preliminary Economic Assessment (“PEA”) issued on December 29, 2006, an updated PEA issued on June 11, 2009, extensive sampling and diamond drilling (over 26,000 meters), an extensive metallurgical test program which included crushing and grinding, flotation and leach test work, mine design, as well as various preliminary engineering studies and cost estimates.
Allied Nevada Gold Corp. (AMEX:ANV) has reported that Newmont Mining Corp. has notified the Company that it does not elect to enter into a joint venture agreement for the Hasbrouck and Three Hills properties, located near Tonopah, Nevada.
Allied Nevada will begin a 30-hole exploration program at Hasbrouck in September 2010. The primary goals of this program are to upgrade and increase the current resource, test the depth of mineralization and provide further samples for metallurgical testing.
The Hasbrouck Mountain project is an advanced stage exploration project where, historically, 151 holes totaling 22,433 meters have been drilled on the property by various predecessors including Cordex and Newmont. All historical drilling on the property was completed using conventional rotary and reverse circulation technology. The property hosts an indicated mineral resource of 18.4 million tonnes at an average grade of 0.79 g/t Au and 10.97 g/t Ag for 459,000 contained ounces of gold and 6.5 million contained ounces of silver, as reported in the NI 43-101 compliant technical report dated August 14, 2006, and filed on SEDAR.
Hasbrouck mineralization was deposited by an epithermal hot-spring system and is accompanied by pervasive silicification, with associated adularia and pyrite. The property is located approximately 50 miles south of the Round Mountain open pit mine, a joint venture between Kinross Gold and Barrick Gold.
Allied Nevada will retain 100% ownership in these properties, subject to a 2% net smelter return royalty to Newmont upon attaining commercial production. As per the agreement between Allied Nevada’s predecessor company, Vista Gold Corp., and Newmont Capital Limited, Newmont is entitled to receive US$500,000 upon commencement of commercial production and an additional US$500,000 if the gold price exceeds US$400 per ounce for any three calendar month period following commercial production.
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