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Archive for the month “July, 2012”

31 Jul 2012

Red Eagle (RD.V) Mining Announces Final Phase Two Drilling Results for Santa Rosa

VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 31, 2012) – Red Eagle Mining Corporation (RD.V)(RDEMF) is pleased to announce that all assay results have now been received from the 24 hole, 5,400m phase two core drill program at the San Ramon gold system located within the Santa Rosa gold project in Colombia. Highlights from the remaining four holes (SR-062 to SR-065) include intercepts in hole SR-064 of 0.8 metres at 41.50 grams gold per tonne and in hole SR-065 of 23.3 metres at 1.44 grams per tonne gold. These latest results continue to show strong gold mineralisation over good widths. The most significant intercepts from phase two were previously released:

 

– SR-042 – 66.9m at 3.06 g/t Au incl. 6.0m at 31.85 g/t Au

– SR-045 – 35.5m at 2.28 g/t Au incl. 1.5m at 28.26 g/t Au and 1.9m at

14.36 g/t Au

– SR-053 – 17.7m at 17.14 g/t Au incl. 7.0m at 41.53 g/t Au

– SR-060 – 11.4m at 16.04 g/t Au incl. 2.0m at 30.73 g/t Au and 3.5m at

29.29 g/t Au

 

“Our phase two delineation drilling at San Ramon was successfully completed along the entire 1.8km strike and discovered new high grade mineralisation over significant intercepts. Phase two was focused on delineating the primary mineralisation that could potentially be mined in an open pit from approximately 100m to 200m in depth. The average grade of the drilling intercepts from all core drilling to date has increased to 2.1 g/t Au from 1.2 g/t Au,” comments Ian Slater, Chief Executive Officer. “We are now looking forward to releasing the results from this summer’s phase three delineation drilling program which will focus on the oxide and transitional mineralisation from surface to up to 100m in depth. Together with the existing results this shallow drilling will culminate in an initial NI 43-101 resource report by the end of 2012.”

The San Ramon structure trends east-west, dips 60 degrees-70 degrees to the north, extends over 1,800m, is up to 60m in width and is exposed at surface. Drilling intercepts to date average 2.1 g/t Au to a vertical depth of over 250m. The mineralisation extends to surface where oxide channel sampling has averaged approximately 1.0 g/t Au and is open at depth. The 2012 work program for San Ramon includes:

 

– Phase two core drill program (24 holes totaling 5,400m) – complete

– Phase three core drill program in the near surface oxides on 50m spacing

(18 holes totaling 1,221m completed to date out of a 5,000m programme) -

commenced in June

– Preliminary metallurgical test work – complete

– Scoping study level metallurgical test work

– Environmental base line studies

– NI 43-101 compliant measured and indicated resource

Table 1 – San Ramon Phase Two Drill Intercepts

—————————————————————————

Hole ID From (m) To (m) Interval (m) Au (g/t)

—————————————————————————

SR-041 68.4 75.4 7.0 1.96

—————————————————————————

incl.

74.9 75.4 0.5 22.10

—————————————————————————

113.0 147.6 34.6 0.63

—————————————————————————

incl.

146.5 147.6 1.1 8.35

—————————————————————————

SR-042 138.7 205.6 66.9 3.06

—————————————————————————

incl.

184.0 190.0 6.0 31.85

—————————————————————————

SR-044 213.9 247.9 34.0 0.71

—————————————————————————

SR-045 115.6 117.6 2.0 6.87

—————————————————————————

147.0 182.5 35.5 2.28

—————————————————————————

incl.

149.9 151.4 1.5 28.26

—————————————————————————

incl.

173.9 175.8 1.9 14.36

—————————————————————————

SR-047 162.0 168.0 6.0 0.44

—————————————————————————

174.0 223.0 49.0 1.08

—————————————————————————

incl.

180.0 181.0 1.0 11.70

—————————————————————————

incl.

220.0 223.0 3.0 6.10

—————————————————————————

SR-048 114.8 125.9 11.1 1.77

—————————————————————————

incl.

116.8 117.8 1.0 14.40

—————————————————————————

SR-049 127.0 131.8 4.8 6.14

—————————————————————————

SR-050 95.2 98.6 3.4 1.21

—————————————————————————

SR-052 161.6 172.7 11.1 1.34

—————————————————————————

incl.

164.6 165.6 1.0 8.09

—————————————————————————

SR-053 52.5 54.5 2.0 2.37

—————————————————————————

137.6 141.6 4.0 0.67

—————————————————————————

162.8 166.7 3.9 1.00

—————————————————————————

179.2 183.2 4.0 0.63

—————————————————————————

198.3 216.0 17.7 17.14

—————————————————————————

incl.

204.0 211.0 7.0 41.53

—————————————————————————

SR-055 212.7 213.2 0.5 8.31

—————————————————————————

370.5 374.5 4.0 1.22

—————————————————————————

SR-056 128.5 147.1 18.6 1.52

—————————————————————————

incl.

145.1 147.1 2.0 7.61

—————————————————————————

SR-057 64.2 75.8 11.6 2.87

—————————————————————————

89.4 91.4 2.0 1.77

—————————————————————————

SR-058 106.7 107.7 1.0 5.91

—————————————————————————

125.1 133.0 7.9 2.21

—————————————————————————

incl.

131.1 131.6 0.5 17.80

—————————————————————————

SR-059 274.9 284.6 9.7 0.79

—————————————————————————

SR-060 143.3 154.7 11.4 16.04

—————————————————————————

incl.

143.3 145.3 2.0 30.73

—————————————————————————

incl.

151.2 154.7 3.5 29.29

—————————————————————————

197.3 205.5 8.2 2.29

—————————————————————————

incl.

204.5 205.5 1.0 15.10

—————————————————————————

217.5 218.5 1.0 3.43

—————————————————————————

SR-061 93.0 96.0 3.0 0.88

—————————————————————————

180.0 187.5 7.5 1.75

—————————————————————————

incl.

185.1 185.6 0.5 20.70

—————————————————————————

195.5 196.2 0.7 3.70

—————————————————————————

SR-063 238.2 243.5 5.3 1.48

—————————————————————————

SR-064 41.8 42.8 1.0 4.69

—————————————————————————

136.7 140.0 3.3 10.66

—————————————————————————

incl.

138.2 139.0 0.8 41.50

—————————————————————————

SR-065 136.3 159.6 23.3 1.44

—————————————————————————

Table 2 – Drill Hole Specifications

—————————————————————————

Hole Easting Northing Elevation (m) Azimuth Dip EOH (m)

—————————————————————————

SR-041 857796 1223267 2445 180 -45 178

—————————————————————————

SR-042 857796 1223267 2455 180 -70 239

—————————————————————————

SR-043 856191 1223330 2462 na -90 194

—————————————————————————

SR-044 857907 1223294 2470 180 -65 290

—————————————————————————

SR-045A 857694 1223258 2454 180 -75 199

—————————————————————————

SR-046 856191 1223330 2462 180 -80 162

—————————————————————————

SR-047 857604 1223297 2450 180 -70 264

—————————————————————————

SR-048 857918 1223229 2467 180 -45 151

—————————————————————————

SR-049 856204 1223390 2478 180 -45 148

—————————————————————————

SR-050 857605 1223231 2464 175 -45 169

—————————————————————————

SR-051 856204 1223390 2478 180 -75 227

—————————————————————————

SR-052 856516 1223311 2471 180 -75 209

—————————————————————————

SR-053 857493 1223275 2473 180 -75 250

—————————————————————————

SR-054 856804 1223264 2475 180 -45 133

—————————————————————————

SR-055 857402 1223391 2511 180 -70 404

—————————————————————————

SR-056 856804 1223264 2475 180 -75 216

—————————————————————————

SR-057 856583 1223279 2465 180 -45 111

—————————————————————————

SR-058 856583 1223279 2465 180 -75 194

—————————————————————————

SR-059 857232 1223325 2486 180 -75 321

—————————————————————————

SR-060 857313 1223269 2510 180 -90 235

—————————————————————————

SR-061 856965 1223269 2538 175 -75 214

—————————————————————————

SR-062 857008 1223437 2507 170 -45 330

—————————————————————————

SR-063 856909 1223292 2522 185 -75 253

—————————————————————————

SR-064 856909 1223292 2522 190 -45 170

—————————————————————————

SR-065 856724 1223287 2463 180 -75 187

—————————————————————————

 

Table 1 summarizes the significant (+0.20 g/t) uncut gold intercepts from all phase two core drill holes (see Figure 1 – Drill Hole Plan http://redeaglemining.com/siteFiles/89/files/maps-lg/Stage1_San_Ramon_Drill_Map_June_2012Large.jpg and Figure 2 – Long Section http://redeaglemining.com/siteFiles/89/files/maps-lg/SR_SE_Sector_Long_Section_Schematic_22June12-Large.jpg). All results have been previously released except for SR-062 to SR-065, which are released herein. True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Internal dilution within intercepts is limited to the inclusion of runs of no more than 6m below cut-off. Holes SR-043, SR-046, SR-051, SR-054 and SR-062 did not intercept economic mineralisation. For pictures of the drill core see Red Eagle’s photostream on Flickr http://www.flickr.com/photos/redeaglemining/sets/.

Quality Control and Assurance (QC/QA)

All drill samples were collected with diamond core drill rigs using approximately one metre sample intervals and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 30g charge with an AA finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. QC/QA included the insertion and continual monitoring of standards and blanks into 10% of the sample stream batches, along with check assays conducted at alternate accredited laboratories.

The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson, P.Geo., who is a “Qualified Person” as defined under National Instrument 43-101.

About Red Eagle Mining

Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced exploration and management team. Red Eagle Mining is currently developing the Santa Rosa gold project in Colombia. Santa Rosa is an intrusive hosted structurally-controlled quartz stockwork system within the prolific Cretaceous Antioquia Batholith. Gold mining within the Santa Rosa project pre-dates the 16th century when an estimated 30 million tonnes were mined. Santa Rosa is located 70km north of Medellin near the town of Santa Rosa de Osos in a region characterized by gently rolling hills and excellent infrastructure. Santa Rosa is also located 50km west of AngloGold Ashanti’s Gramalote gold deposit (2.5 million ounce M&I resource grading 0.8 g/t Au) and 60km east of Continental Gold’s Buritica gold deposit (630,000 ounce M&I resource grading 17.8 g/t Au). Red Eagle Mining also holds an extensive package of exploration ground in Colombia, including the Pavo Real project in the Mid-Cauca gold belt. For further information on Red Eagle Mining please refer to our website www.redeaglemining.com.

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact:
Ian Slater Red Eagle Mining Chief Executive Officer +1 604 638 2545 +1 604 638 2546 (FAX) www.redeaglemining.com
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30 Jul 2012

Pan American Fertilizer (CNSX: PAF) Announces Letter of Intent with Argentinean Distributor Mamasu S.R.L.

Pan American Fertilizer (CNSX: PAF) Announces Letter of Intent with Argentinean Distributor Mamasu S.R.L.

(via Thenewswire.ca)

VANCOUVER, BRITISH COLUMBIA, July 30, 2012 – Pan American Fertilizer Corp., (CNSX: PAF) (“Pan American” or the “Company”) is pleased to announce that it has entered into a non-binding Letter Of Intent (the “LOI”) with Mamasu S.R.L. (“Mamasu”). Under the terms of the LOI, (the “Transaction”) Pan American will acquire all of the issued and outstanding share capital of Servicios y Fertilizantes Sudamericanos S.A. (“SFS”), a wholly-owned subsidiary of Mamasu, which will constitute a “major acquisition” for Pan American under the policies of the Canadian National Stock Exchange (the “CNSX”).  SFS is a company incorporated under the laws of Argentina and is engaged in the business of distributing and applying fertilizers, with a focus on calcium sulphate (also referred to as “Agricultural Gypsum”), which is Pan American’s main product.

Pursuant to the terms of LOI, Pan American will acquire 100% of the issued and outstanding shares of SFS in exchange for Pan American paying a total of USD $3,000,000 in cash and issuing a total of 4,500,000 common shares of Pan American at a deemed price of $1.00 per share for a total purchase price of up to USD $7,000,000 (the “Purchase Price”).  The Purchase Price will be paid as follows:

-USD $50,000 upon signing the LOI (which has been paid);

-USD $350,000 upon satisfactory completion of the following:

-due diligence; and

-financial audit of the financial statements of SFS and/or Mamasu by Pan American’s auditor;

-USD $650,000 upon signing the definitive agreement (the “Definitive Agreement”);

-USD $2,000,000 to be paid as a percentage for each ton of product sold (on the basis of USD $5.00 per ton sold and collected); and

-4,500,000 common shares of the Company to be issued upon achieving the sales and other  milestones, at a deemed price of $1.00 per share, which will be finalized on the definitive agreement:

Under the terms of the LOI, upon closing of the Transaction, Pan American will enter into an employment agreement with Sebastian Pivetta, President of Mamasu, to provide ongoing operational and management services to SFS; and pay commissions to SFS’s current sales staff based on sales generated by them, to be calculated and payable monthly basis.

The completion of the Transaction is subject to a number of conditions, including but not limited to the execution of the Definitive Agreement, completion of satisfactory due diligence, and approval of the Transaction by the board of directors and shareholders of Pan American and Mamasu, if applicable.  There can be no assurance that the Transaction will be completed as proposed, or at all.

“The proposed acquisition of Mamasu’s wholly-owned SFS subsidiary is a natural next step for Pan American. With SFS comes a robust, loyal customer base and over 59 years of industry experience. The acquisition of SFS is expected to result in significantly higher profit margins for Pan American, as well as benefitting our overall sales logistics” reported Randy Wright President and CEO of Pan American.

“We at Mamasu view this proposed transaction as the foundation of a long term strategic partnership. We are very impressed with the progress Pan American has made in short span of time and a professional organization like PAF has a very bright future in Argentina. We look forward to a long mutually beneficial partnership and look forward to building on Mamasu’s fifty plus years of successful business history  in Argentina” reported Sebastian Pivetta, President of Mamasu.

About Pan American Fertilizer Corp.

Pan American is a Canadian company dedicated to providing fertilizer to a growing global market. The company is focused on the extraction of a specific type of fertilizer called calcium sulphate (also referred to as “Agricultural Gypsum”). To ensure long term development and increase shareholder value, Pan American currently plans to significantly expand its current operational objectives while expanding its asset base by acquiring additional calcium sulphate and other fertilizer related assets.

When used as a fertilizer and as a soil remediator, calcium sulphate is a soft sulfate mineral composed of calcium sulfate dihydrate which is extremely rich in sulphur and calcium. When dissolved in water, the mineral becomes calcium and sulphate sulphur ions, both of which are required nutrients for plants. Calcium sulphate plays a vital role in establishing and maintaining good chemical balance in soil, water and plants, specifically with healthy root development. Ultimately, calcium sulphate increases overall crop quality and yields. http://www.PAFertilzer.com

About Mamasu S.R.L.

Mamasu is an Argentine fertilizer distribution and application company specializing in applying fertilizer mixes to Argentine soils. They also supply rentals of farm machinery as well as manufacture agricultural equipment.  They have been in business since 1953. http://www.mamasu.com.ar

On behalf of the board of directors of Pan American Fertilizer Corp.

“Randy Wright”

Randy Wright

President and CEO

FOR MORE INFORMATION, PLEASE CONTACT:

Jeff French

Investor Relations

jfrench@pafertilizer.com

(604)638-3480

The CNSX does not accept responsibility for the adequacy or accuracy of this release.

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30 Jul 2012

Clean Diesel Technologies, Inc (CDTI) . Announces Honda Win

VENTURA, Calif., July 30, 2012 /PRNewswire/ — Clean Diesel Technologies, Inc. (CDTI) (“Clean Diesel” or the “Company”), a cleantech emissions control company, is pleased to announce that it has begun supplying catalysts for next-generation four- and six-cylinder Honda Accord models. The Company expects to announce additional model programs in 2013 as it continues close collaboration with Honda on other high-performance six-cylinder and hybrid vehicle applications.

Clean Diesel’s latest catalyst offerings to Honda leverage its proprietary breakthrough MPC© technology and include a high-performance catalyst which is designed to meet stringent California Air Resources Board (“CARB”) Super Ultra Low Emissions Vehicle (“SULEV”) emission standards. Clean Diesel will also supply a palladium-only (“Pd-only”) catalyst that significantly reduces precious metal content when compared to competitive products that typically include more expensive and price volatile metals such as Platinum and Rhodium.

“We are proud to be Honda’s catalyst supplier for the Accord — one of the best selling cars in North America — and we look forward to our catalysts being introduced on other new and exciting Honda vehicle models. Honda’s confidence in our ability to consistently provide superior catalyst solutions is a clear indicator of our technology leadership. We believe that these latest product introductions highlight our strategy to grow sustainable OEM business through technological innovation which expands our footprint with existing customers and creates opportunities to selectively add new customers,” said R. Craig Breese, Clean Diesel’s President and Chief Executive Officer.

Clean Diesel’s Catalyst Division began delivering catalysts to Honda in 2001 – offering a unique combination of high performance and low precious group metal content, resulting in significant economic benefits. Since then, Clean Diesel’s catalysts have been sourced for new model programs that typically span four to five years, including the popular model years 2004 and 2008 Accord.

About Clean Diesel Technologies, Inc. Clean Diesel is a vertically integrated global manufacturer and distributor of emissions control systems and products, focused on the heavy duty diesel and light duty vehicle markets. Clean Diesel utilizes its proprietary patented Mixed Phase Catalyst (MPC®) technology, as well as its ARIS® selective catalytic reduction, Platinum Plus® fuel-borne catalyst, and other technologies to provide high-value sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road engine applications. Clean Diesel is headquartered in Ventura, California and currently has operations in the U.S., Canada, U.K., France, Japan and Sweden. For more information, please visit www.cdti.com.

Forward-Looking Statements Safe Harbor Certain statements in this news release, such as statements regarding the potential for future model programs, the timing of new product programs and the time span of OEM model programs, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known or unknown risks, including those detailed in Clean Diesel’s filings with the U.S. Securities and Exchange Commission, uncertainties and other factors that may cause the actual results, performance or achievements of Clean Diesel to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Clean Diesel assumes no obligation to update the forward-looking information contained in this release.

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27 Jul 2012

TeleCommunication Systems Selected by Global Manufacturer to Power Location Solutions for Mobile Handsets

ANNAPOLIS, Md., July 27, 2012 /PRNewswire/ — TeleCommunication Systems, Inc. (TCS) (TSYS), a world leader in highly reliable and secure mobile communication technology, today announced that it has been selected by a global phone manufacturer to deliver an integrated maps, local search and navigation application featuring real-time traffic and other premium content, along with software components for use by third-party developers to enable location-based services. The agreement marks the first time that TCS’ navigation platform will be a standard feature of a device manufacturer’s offering.

The collaboration with the manufacturer underlines the importance of location and maps as a core feature for mobile devices, and will further enhance the customer experience.

News Facts:

  • TCS’ navigation application will be available on the manufacturer’s handsets for customers in markets around the world.
  • TCS will develop the customer-branded navigation application and provide associated services.
  • With the touch of a button, end users will be empowered to easily search for businesses, points of interest, movie and event information and to navigate to a selected place taking into account real-time traffic conditions.
  • The TCS-provided software components will be available to all software developers through API’s, providing developers with easy-to-use and powerful functions to incorporate maps and a range of location-aware content into their applications.

Supporting Quote:

  • Jay Whitehurst, senior vice president, Commercial Software Group, TCS, said, “Mobile device manufacturers recognize the value of adding navigation and LBS-based components as an integral part of their offerings, and TCS has been selected for its end-to-end solution, which greatly enhances the performance and ease of use for application developers and end users.”

Supporting Resources:

TCS is a global leader in high-reliability location-based services. It provides complete, end-to-end wireless LBS solutions that include branded and private-label applications, infrastructure, mapping, and content for leading consumer brands, content providers, voice service providers and more than 60 commercial customers worldwide. TCS provided the world’s first wireless location platform, and it is the industry’s leading provider of LBS infrastructure. Using innovative mobile cloud computing services, TCS offers top revenue-producing applications for navigation, hyper-local search, workforce tracking and family locators. For more information on TCS LBS services, visit www.telecomsys.com/LBS.

About TeleCommunication Systems, Inc. TeleCommunication Systems, Inc. (TCS) (TSYS) is a world leader in highly reliable and secure mobile communication technology. TCS infrastructure forms the foundation for market leading solutions in E9-1-1, text messaging, commercial location and deployable wireless communications. TCS is at the forefront of new secure multi-media communications, and mobile cloud computing services providing wireless applications for navigation, hyper-local search, asset tracking, social applications and telematics. Millions of consumers around the world use TCS wireless apps as a fundamental part of their daily lives. Government agencies utilize TCS’ cyber security expertise, professional services and highly secure deployable satellite solutions for mission-critical communications. Headquartered in Annapolis, MD, TCS maintains technical, service and sales offices around the world. To learn more about emerging and innovative wireless technologies, visit http://www.telecomsys.com.

Except for the historical information contained herein, this news release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties and are based upon TCS’ current expectations and assumptions that if incorrect would cause actual results to differ materially from those anticipated. Risks include without limitation those detailed from time to time in the Company’s SEC reports, including the annual report on Form 10-K for the year ended December 31, 2011 and on Form 10-Q for the quarter ended March 31, 2012.

Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.

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26 Jul 2012

Laurentian Goldfields (TSX:LGF) Signs $1,500,000 Strategic Exploration Alliance Agreement With Antofagasta Minerals

Laurentian Goldfields Signs $1,500,000 Strategic Exploration Alliance Agreement With Antofagasta Minerals

VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 26, 2012) -Laurentian Goldfields Ltd. (TSX VENTURE:LGF) (“Laurentian”) is pleased to announce it has signed a US$1,500,000, two year strategic exploration alliance (the “Alliance”) with Antofagasta Minerals S.A., a wholly owned subsidiary of Antofagasta plc (“Antofagasta”) for generative copper exploration in southern Quebec, Canada. The Alliance will utilize Laurentian’s extensive technical and exploration expertise as a project generator to identify copper properties for acquisition in specific target areas of Quebec. Exploration work will be guided through the establishment of a joint Technical Committee with Laurentian acting as Operator.

“We are very excited to partner with Antofagasta and begin exploration work in Quebec,” states Darin Labrenz, P.Geo., President and CEO of Laurentian. “Antofagasta is one of the world’s largest copper producers, with a proven track record of exploration and development of copper deposits around the world. The Alliance is a solid endorsement of Laurentian’s exploration team and technical expertise, and will expose Laurentian shareholders to numerous discovery and development opportunities in Quebec.”

Copper exploration and/or development opportunities acquired by the Alliance will become Designated Properties, and will have a deemed interest of 51% and 49% for Antofagasta and Laurentian respectively. Antofagasta can increase its interest in any Designated Property to 65% by completing US$5,000,000 in exploration over four years and thereafter electing to form a Joint Venture with a one-time cash payment of US$1,000,000 to Laurentian.

In the event that Antofagasta declines to exercise its option to earn 65% in a Designated Property, the interest will remain at 51% and 49% for Antofagasta and Laurentian respectively, with Laurentian maintaining control and management of the project.

The strategic exploration alliance is focused primarily on copper. If a property is declined as a Designated Property, Laurentian is free to advance that property on its own terms outside of the Alliance, with no further obligation to Antofagasta.

About Laurentian Goldfields Ltd.

Laurentian is a team of highly skilled exploration professionals focused on the acquisition, exploration and development of high quality gold properties in Canada. The Company advances its prospective projects through the use of its internal technical team, extensive network of exploration industry specialists and by engaging the financial support of major mining companies through exploration alliances and joint venture agreements. Laurentian is committed to increasing shareholder value through the identification and acquisition of new exploration opportunities and the advancement and growth of its current portfolio of projects.

About Antofagasta Minerals S.A.:

“Antofagasta Minerals S.A. is the mining division of Antofagasta plc, a company listed on the London Stock Exchange and a constituent of the FTSE-100 Index, with interests also in transport and water distribution. Currently, Antofagasta’s activities are primarily concentrated in Chile where it owns and operates four copper mines: Los Pelambres, Esperanza, El Tesoro and Michilla. Total production in 2011 was 640,500 tonnes of copper, 9,900 tonnes of molybdenum and 196,800 ounces of gold. Antofagasta also has exploration, evaluation and/or feasibility programs in North America, Latin America, Europe, Asia, Australia and Africa.”

ON BEHALF OF THE BOARD OF DIRECTORS,

Darin Labrenz, P.Geo., President and CEO

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to mineral potential and planned exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, realized mineralization of properties and the timing and success of future exploration, development and production activities.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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26 Jul 2012

U.S. Silver Corporation (TSX: USA) responds to unsolicited offer

U.S. Silver responds to unsolicited offer

TORONTO, July 26, 2012 /CNW/ – U.S. Silver Corporation (TSX: USA) (“U.S. Silver” or the “Company”) today responds to a press release issued on July 25, 2012 by Hecla Mining Company (“Hecla”), which announced Hecla’s intention to make an all cash offer to acquire all of the outstanding common shares of U.S. Silver for C$1.80 per share and all of the outstanding common share purchase warrants of U.S. Silver for C$0.205 per warrant (the “Hecla Offer”).

The Company’s board of directors is in the process of reviewing and evaluating the announcement with its outside financial and legal advisors and will notify shareholders of any recommendation in respect of the Hecla Offer by the board of directors through a news release and circular in accordance with applicable securities laws.

The board of directors will update shareholders from time to time on developments relating to the Hecla Offer and the Company’s proposed combination transaction with RX Gold & Silver Inc. (“RX Gold”) announced on June 7, 2012.  The combination agreement between U.S. Silver and RX Gold will remain in effect unless terminated by either party in accordance with its terms.

The Company has retained Cormark Securities Inc. as its financial advisors and Stikeman Elliott LLP as its legal advisors.

About U.S. Silver U.S. Silver, through its wholly owned subsidiaries, owns and/or operates the Galena, Coeur, Caladay and Dayrock silver-lead-copper mines in Shoshone County, Idaho, with the Galena mine being the second most prolific silver mine in U.S. history. Total silver production from U.S. Silver’s mining complex has exceeded 217 million ounces of silver production since 1953. U.S. Silver controls a land package now totalling approximately 14,000 acres in the heart of the Coeur d’Alene Mining District. U.S. Silver is focused on expanding the production from existing operations as well as exploring and developing its extensive Silver Valley holdings in the Coeur d’Alene Mining District.

SOURCE: U.S. Silver Corporation

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25 Jul 2012

Dalradian Resources(TSX:DNA) Reports Positive Preliminary Economic Assessment for the Curraghinalt Gold Project

Dalradian Resources Reports Positive Preliminary Economic Assessment for the Curraghinalt Gold Project in Northern Ireland

TORONTO, ONTARIO–(Marketwire – July 25, 2012) - Dalradian Resources Inc. (TSX:DNA), is pleased to report positive results from the Preliminary Economic Assessment (“PEA”) for a proposed underground mine at its wholly owned Curraghinalt Gold Deposit in County Tyrone, Northern Ireland. The PEA study was led by Micon International Limited (“Micon”), with contributions from other independent consultants. All figures are quoted in US dollars except where otherwise noted.

Highlights of the PEA:

  • Pre-tax Internal Rate of Return (“IRR”) of 51.7% (after-tax 41.9%) based on a 36-month trailing average gold price of $1,378 per ounce (after-tax IRR of 31.8% based on $1,200 gold price);
  • Project payback of 2 years from first gold production;
  • After-tax Net Present Value (“NPV”) of $467 million based on a 8% discount rate and a realized gold price of $1,378 per ounce ($655 million using a 5% discount rate);
  • Initial capital expenditures of approximately $192 million prior to production start-up (including contingencies of $36.9 million), with sustaining capital of $110 million for a total Life of Mine (“LOM”) capital spend of $302 million;
  • A 15 year mine life with average LOM cash operating costs of US$532 per ounce, or $125 per tonne milled, including royalties, refining costs and by-product credits of $8.24/oz gold;
  • LOM gold production of 2.223 million ounces;
  • Average mined grade of 8.1 g/t gold. Processing at a rate of 1,700 tonnes per day and producing approximately 145,000 ounces gold per year using a conventional flowsheet of crushing, grinding, cyanidation and conventional tailings disposal;
  • Underground mining using mechanized longhole methods with ramp access and truck haulage; and,
  • The mine plan considers 89% of the November 2011 Micon resource estimate, of which 83% is inferred.

Chairman and Chief Executive Officer, Patrick F. N. Anderson says, “Our first economic study on this portion of the Curraghinalt deposit has been a resounding success. Our next steps are to: better understand the existing resource, prove, through drilling, that the system has a lot of room to grow and move ahead with planning and permitting for underground development. We have people and drills on the ground right now working towards these goals.”

The PEA is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the results of the PEA will be realized.

PEA Parameters and Inputs:

The following table is a summary of the PEA parameters or inputs:

PEA Parameters Measurement Criteria Input
Metal Grade Unit Average Grade                      (g/t)
• Gold g/t 8.1
• Silver g/t 3.3
Metal Price per ounce
• Gold 3-year trailing average $ 1,378.03
• Silver 3-year trailing average $ 26.28
Exchange Rates
• CAD/USD 3-year trailing average 1.04
• CAD/GBP 3-year trailing average 1.62
Taxation Taxable Income Income Tax Rates
£0 – 300k 20.00 %
United Kingdom £300k – 1500k 22.00 %
£1500k & up 24.00 %
Royalties NSR 6.00 %

The following table is a summary of the PEA results:

Life of Mine Average US$/oz gold
Gross Revenue (Gold) $ 1,378.03
Operating Costs US$/oz gold
Mining costs $ 324.29
Processing costs $ 82.28
General & Administrative costs $ 35.20
Royalty $ 82.20
Refining Charges $ 16.25
Less silver credit $ (8.24 )
Cash operating cost $ 531.98
Net Operating Margin $ 846.05
Capital Expenditure
Initial $ 86.39
Sustaining $ 49.43
Capital Expenditure $ 135.82
Pre-tax Cash Flow $ 710.23
Taxation $ 174.25
Net Cash Flow After Tax $ 535.98

The following table summarizes the PEA sensitivities:

1-yr trailing 2-yr trailing 3-yr trailing 5-yr trailing 10-yr trailing
Gold $ 1,672 $ 1,521 $ 1,378 $ 1,166 $ 814
IRR Pre-tax 63.1 % 57.1 % 51.7 % 41.1 % 24.9 %
IRR After-tax 51.0 % 46.2 % 41.9 % 33.4 % 20.2 %
NPV Pre-tax $ 840,591 $ 733,348 $ 639,084 $ 460,456 $ 210,330
NPV-After-tax $ 619,485 $ 538,152 $ 466,664 $ 331,194 $ 141,500

Mineral Resources:

The basis for the PEA is the mineral resource estimate prepared by Micon in the NI 43-101 report dated January 10, 2011 and effective November 30, 2011 entitled “An updated Mineral Resource Estimate for the Curraghinalt Gold Deposit, Tyrone Project, County Tyrone and County Londonderry, Northern Ireland”, which was filed on SEDAR on January 13, 2012.

A summary of this resource (reported at a cut off grade of 5.0 g/t Au diluted to a 1 m minimum horizontal width) is:

Resource Category Mineral Resources                     (as at November 30, 2011)
Million Tonnes Grade (g/t gold) Contained Metal
Tonnes M oz
Measured 0.02 21.51 0.44 0.01
Indicated 1.11 12.84 14.20 0.46
Measured + Indicated 1.13 13.00 14.65 0.47
Inferred 5.45 12.74 69.44 2.23

Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Mine Plan:

The mine plan developed by Micon uses mechanized longhole mining with ramp access and truck haulage, at a production rate of 1,700 tpd. Ramp access was chosen over shaft access due to the long lateral extent and relatively shallow depths of the deposit. As the deposit is open at depth a shaft may be required in future to access levels below the current mine plan. The mine plan includes provisions for mining losses and dilution. The mine plan is inclusive of inferred resources. These inferred resources will require further exploration drilling to upgrade them to the higher measured and indicated categories.

Processing and Metallurgy:

The processing flow sheet selected for the PEA consists of crushing, grinding, cyanidation and conventional tailings disposal. This flow sheet is based on extensive metallurgical testing carried out by previous operators of the project, and by Dalradian. Several other processing flow sheets were examined in the PEA, but were determined to result in less favourable economic outcomes. Total gold recoveries, based on existing metallurgical test work, are expected to be approximately 92%.

Operating Costs:

Operating Costs US$/tonne mined
Mining costs $ 76.50
Processing costs $ 19.41
General & Administrative costs $ 8.30
Direct Operating Costs before Royalty $ 104.21

To view the graph associated with this press release, “Production Profile,” please visit the following link:                     http://media3.marketwire.com/docs/DNA2507_Production_Profile.pdf                    .

Capital Costs:

Initial capital expenditures total approximately $192 million, inclusive of a $37 million contingency. LOM sustaining capital totals approximately $110 million. Sustaining capital consists of capitalized waste development after the initial production start-up, major equipment replacement and tailings expansions. Mining sub-level development cost is included in the operating cost.

Start Up Start Up Start Up
Minus 2 Minus 1 Capital
Preproduction - $ 15,139 $ 15,139
Mining Equipment - $ 14,202 $ 14,202
Processing Capital $ 14,638 $ 34,154 $ 48,792
Infrastructure $ 10,029 $ 37,887 $ 47,916
Indirect Capital $ 16,517 $ 49,497 $ 66,014
Total $ 41,184 $ 150,879 $ 192,063

A technical report supporting the PEA will be filed on SEDAR within 45 days.

Qualified Person:

The technical information contained in this news release is based upon information prepared by Messrs. Hennessey, Jacobs, Villeneuve, Damjanović and Foo of Micon International Ltd., who are each a Qualified Person as defined by NI 43-101. Messrs. Hennessey, Jacobs, Villeneuve, Damjanović and Foo are independent of Dalradian as defined by NI 43-101.

John McCombe, PEng, Chief Operating Officer, Dalradian Resources Inc., is the Qualified Person who supervised the preparation of the technical data in this news release.

About Dalradian Resources Inc.:

Dalradian Resources Inc. is a TSX-listed, Canadian based exploration company engaged in the acquisition, exploration and development of gold, base metals and other precious metals projects. With a European focus, our most advanced property is in Northern Ireland and focuses on and around the high-grade mesothermal gold deposit, Curraghinalt.

The Company’s wholly owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences and mining lease option agreements in counties Tyrone and Londonderry, Northern Ireland. The Department of Enterprise, Trade and Investment (“DETI”) and the Crown Estate Commissioners (“CEC”) have together granted to Dalradian base and precious metal mineral exploration rights to four contiguous areas collectively known as the Tyrone Project.

Dalradian’s flagship deposit, Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading 12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces.

In Norway, Dalradian holds mineral rights for approximately 1.7 million hectares over four greenstone belts including an area hosting an historic silver mining district. Dalradian is actively engaged in data acquisition and analysis in advance of an early stage exploration program in Norway.

Dalradian’s Common Shares are listed on the Toronto Stock Exchange under the symbol “DNA”. For further information, please see http://www.dalradian.com.

FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the estimation of mineral resources. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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24 Jul 2012

Red Eagle Mining (RD.V) Intercepts 11.4 Metres at 16.04 Grams Gold Per Tonne at Santa Rosa

Red Eagle Mining Intercepts 11.4 Metres at 16.04 Grams Gold Per Tonne at Santa Rosa

VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 24, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce additional assay results received from the 24 hole, 5,400m phase two core drill program at the San Ramon gold system located within the Santa Rosa gold project in Colombia. The additional results show strong gold mineralisation over significant intervals, with the most significant intercept being in hole SR-060 of 11.4 metres at 16.04 grams gold per tonne, including 2.0 metres at 30.73 grams gold per tonne and 3.5 metres at 29.29 grams gold per tonne. Hole SR-060 was collared 180 metres to the west of hole SR-053 which intercepted 7.0 metres at 41.53 grams gold per tonne (news release dated July 9, 2012: http://redeaglemining.com/news/?nid=40) and 480 metres to the west of hole SR-042 which intercepted 6.0 metres at 31.85 grams gold per tonne (news release dated June 13, 2012: ). However, encouragingly, hole SR-060 intercepted high grade mineralisation at a slightly shallower depth (approximately 130-140 metres) which will significantly enhance open pit evaluations.

Table 1 – San Ramon Drill Intercepts
Hole ID From                     (m) To                     (m) Interval                     (m) Au                     (g/t)
SR-056 65.5 66.0 0.5 1.01
128.5 147.1 18.6 1.52
incl. 145.1 147.1 2.0 7.61
SR-057 64.2 75.8 11.6 2.87
89.4 91.4 2.0 1.77
SR-058 106.7 107.7 1.0 5.91
125.1 133.0 7.9 2.21
incl. 131.1 131.6 0.5 17.80
SR-059 274.9 284.6 9.7 0.79
SR-060 143.3 154.7 11.4 16.04
incl. 143.3 145.3 2.0 30.73
incl. 151.2 154.7 3.5 29.29
197.3 205.5 8.2 2.29
incl. 204.5 205.5 1.0 15.10
217.5 218.5 1.0 3.43
SR-061 93.0 96.0 3.0 0.88
180.0 187.5 7.5 1.75
incl. 185.1 185.6 0.5 20.70
195.5 196.2 0.7 3.70

Table 1 summarizes the latest significant (+0.20 g/t) uncut gold intercepts from phase two core drill holes SR-056 to SR-061 (see Figure 1 – Drill Hole Plan: http://redeaglemining.com/siteFiles/89/files/maps-lg/Stage1_San_Ramon_Drill_Map_June_2012Large.jpg and Figure 2 – Long Section: http://redeaglemining.com/siteFiles/89/files/maps-lg/SR_SE_Sector_Long_Section_Schematic_22June12-Large.jpg). True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Internal dilution within intercepts is limited to the inclusion of runs of no more than 6m below cut-off. For pictures of the drill core see Red Eagle’s photostream on flickr (http://www.flickr.com/photos/redeaglemining/sets/). Assays have now been received for 20 holes with assays pending on 4 holes (SR-062 to SR-065) from phase two and 14 holes (SR-066 to SR-079) from phase 3.

“Our phase two drilling at San Ramon continues to deliver outstanding results. The significant increase in grade is encouraging as we move forward to resource and mining (open pit and underground) evaluations,” comments Ian Slater, Chief Executive Officer. “Drilling and metallurgical results will be released when received on a regular basis. We are also looking forward to commencing environmental base line studies shortly and completing an initial NI 43-101 resource report by the end of 2012.”

The San Ramon structure trends east-west, dips 60°-70° to the north, extends over 1,800m, is up to 60m in width and is exposed at surface. Wide-spaced discovery drilling intercepts from phase one averaged approximately 1.2 g/t Au to a vertical depth of over 250m. The mineralisation extends to surface where channel sampling has also averaged approximately 1 g/t Au. The 2012 work program for San Ramon includes the phase two core drill program (24 holes totaling 5,400m), a phase three core drill program in the near surface oxides over the entire known gold mineralisation which commenced in June (14 holes totaling 1,035m completed to date out of a 5,000m programme), preparation of a NI 43-101 resource and a preliminary metallurgical test work programme.

Table 2 – Drill Hole Specifications
Hole Easting Northing Elevation                     (m) Azimuth Dip EOH                     (m)
SR-056 856804 1223264 2475 180 -75 216
SR-057 856583 1223279 2465 180 -45 111
SR-058 856583 1223279 2465 180 -75 194
SR-059 857232 1223325 2486 180 -75 321
SR-060 857313 1223269 2510 180 -90 235
SR-061 856965 1223269 2538 175 -75 214

Quality Control and Assurance (QC/QA)

All drill samples were collected with diamond core drill rigs using approximately one metre sample intervals and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 30g charge with an AA finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. QC/QA included the insertion and continual monitoring of standards and blanks into 10% of the sample stream batches, along with check assays conducted at alternate accredited laboratories.

The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson P.Geo., who is a “Qualified Person” as defined under National Instrument 43-101.

About Red Eagle Mining

Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced exploration and management team. Red Eagle Mining is currently exploring two gold properties in Colombia, Santa Rosa and Pavo Real. Santa Rosa is an intrusive hosted structurally-controlled quartz stockwork system within the prolific Cretaceous Antioquia Batholith. Gold mining within the Santa Rosa project pre-dates the 16th century when an estimated 30 million tonnes were mined. Santa Rosa is located 70km north of Medellin near the town of Santa Rosa de Osos in a region characterized by gently rolling hills and excellent infrastructure. Santa Rosa is also located 50km west of AngloGold Ashanti’s Gramalote gold deposit (2.5 millionounce M&I resource grading 0.8 g/t Au) and 60km east of Continental Gold’s Buritica gold deposit (630,000 ounce M&I resource grading 17.8 g/t Au). Pavo Real is an extensive project within the Mid-Cauca gold belt containing both a sedimentary hosted gold system and a 15km long copper/gold/silver skarn formation hosting significant high grade brownfield mines. For further information on Red Eagle Mining please refer to our website http://www.redeaglemining.com.

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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23 Jul 2012

Stornoway to Commence Bulk Sampling of Renard 65 Kimberlite

MONTREAL, QUEBEC–(Marketwire – July 23, 2012) – Stornoway Diamond Corporation (SWY.TO) is pleased to announce that it will shortly commence a 5,000 tonne bulk sample program of the Renard 65 Kimberlite pipe, located at Stornoway’s 100% owned Renard Diamond Project in north-central Quebec.

The objective of the bulk sample program is to collect a large enough parcel of diamonds to allow the conversion of material that is currently classified as an Inferred Mineral Resource to an Indicated Mineral Resource and then, if warranted, to a Mineral Reserve. Five thousand tonnes will be acquired from a previously opened trench where the R65 kimberlite is exposed at surface at its northern extent, and will be processed initially at Stornoway’s 10 tonne per hour dense media separation plant located at the project site. Final diamond recovery will be conducted at Stornoway’s North Vancouver lab facilities. The program is budgeted at C$2.5million, and is scheduled to be completed by the end of the year. Given previously measured grades at the sampling site, it is expected that approximately 1,000 carats of diamonds will be recovered, which will be sent to Antwerp, Belgium for valuation.

Matt Manson, President and CEO, commented: “The Renard 65 bulk sample program announced today offers the opportunity to add a large tonnage of open pit reserves to the Renard mine plan. Renard 65 is the largest of the project’s kimberlites, and although its grade is lower than Renard 2 and 3, its diamond characteristics are similar and it is easily accessible from surface. The cost of developing an open pit at Renard 65 is already included in the Renard Feasibility Study, as a borrow pit for backfill waste required in the underground mine, and as a sump for water management. However, as an Inferred Mineral Resource, ore extracted from this pit is excluded from the Feasibility Study’s production schedule. The upgrading of Renard 65′s resource classification this year is expected to add value to the project by allowing an immediate expansion of planned processing capacity from 6,000 to 7,000 tonnes per day, and by extending the reserve mine life beyond the current 11 years. Renard has a considerable resource upside potential, and this sampling program will allow us to pursue the project’s continued growth as we work towards final project financing.”

In November 2011, Stornoway released the first National Instrument (“NI”) 43-101 compliant Mineral Reserve estimate for Renard of 18.0 Mcarats (representing 23.0 million tonnes at an average grade of 78 carats per hundred tonnes, or “cpht”) at a weighted average diamond valuation of US$180/carat. The project’s Inferred Mineral Resources comprise an additional 17.5 Mcarats (31.1 Mtonnes at an average grade of 56 cpht), and targets for further exploration outside of the Mineral Resource statement have been estimated at between 23.5 and 48.5 Mcarats (55.1 to 75.5 Mtonnes at grades ranging from 23 to 188 cpht). Within this resource inventory, Renard 65 contains an Inferred Mineral Resource of 3.7 Mcarats (representing 12.9 mtonnes at an average grade of 29 cpht) to a depth of 290m, with an exploration potential estimated at between 6.8 and 13.7 Mcarats (29.5 to 41.6 Mtonnes at between 23 and 33 cpht) from 290m to 775m in depth.

The reader is cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. In addition, the potential quantity and grade of any exploration target is conceptual in nature, and it is uncertain if further exploration will result in it being delineated as a mineral resource.

About the Renard Diamond Project

The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of the communities of Chibougamau and Chapais in the James Bay region of North-Central Quebec. In November 2011, Stornoway released the results of a Feasibility Study for Renard that highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. NI 43-101 compliant Probable Mineral Reserves stand at 18.0 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at C$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Production start-up is scheduled for 2015. In March 2012 Stornoway entered into the Mecheshoo Agreement with the Cree Nation of Mistissini and the Grand Council of the Crees (Eeyou Itschee) in respect to the Renard Diamond Project, and joined Chibougamau and Chapais in a Declaration of Partnership in July 2012. Readers are referred to the technical report dated December 29, 2011 for further details and assumptions relating to the project.

About Stornoway Diamond Corporation

Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Quebec’s first diamond mine. Stornoway also maintains an active diamond exploration program with both advanced and grassroots programs in the most prospective regions of Canada. Stornoway is a growth oriented company with a world class asset, in one of the world’s best mining jurisdictions, in one of the world’s great mining businesses.

On behalf of the Board

STORNOWAY DIAMOND CORPORATION

Matt Manson, President and Chief Executive Officer

This press release contains “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of mineral resources and exploration targets; (ii) the amount of future production over any period; (iii) net present value and internal rates of return of the mining operation; (iv) assumptions relating to capital costs, operating costs and other cost metrics set out in the Feasibility Study; (v) assumptions relating to gross revenues, operating cash flow and other revenue metrics set out in the Feasibility Study; (vi) assumptions relating to recovered grade, average ore recovery and other mining parameters set out in the Feasibility Study; (vii) mine expansion potential and expected mine life; (viii) expected time frames for completion of permitting and regulatory approvals and making a production decision; (ix) future exploration plans; (x) future market prices for rough diamonds; and (xi) sources of and anticipated financing requirements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by Stornoway or its consultants and other important factors that, if untrue, could cause the actual results, performances or achievements of Stornoway to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Stornoway will operate in the future, including the price of diamonds, anticipated costs and ability to achieve goals. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, but are not limited to: (i) estimated approval date of the Environmental and Social Impact Assessment; (ii) required capital investment and estimated workforce requirements; (iii) estimates of net present value and internal rates of return; (iv) receipt of regulatory approvals on acceptable terms within commonly experienced time frames; (v) the assumption that a production decision will be made, and that decision will be positive; (vi) anticipated timelines for the commencement of mine production; (vii) anticipated timelines related to the Route 167 extension and the impact on the development schedule at Renard; (viii) anticipated timelines for community consultations and the impact of those consultations on the regulatory approval process; (ix) market prices for rough diamonds and the potential impact on the Renard Project’s value; and (x) future exploration plans and objectives.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, including the assumption in many forward-looking statements that other forward-looking statements will be correct, but specifically include, without limitation, (i) risks relating to variations in the grade, kimberlite lithologies and country rock content within the material identified as mineral resources from that predicted; (ii) variations in rates of recovery and breakage; (iii) the greater uncertainty of exploration targets; (iv) developments in world diamond markets; (v) slower increases in diamond valuations than assumed; (vi) risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar; (vii) increases in the costs of proposed capital and operating expenditures; (viii) increases in financing costs or adverse changes to the terms of available financing if any; (ix) tax rates or royalties being greater than assumed; (x) results of exploration in areas of potential expansion of resources; (xi) changes in development or mining plans due to changes in other factors or exploration results of Stornoway; (xii) changes in project parameters as plans continue to be refined; (xiii) risks relating to receipt of regulatory approvals or the implementation of the existing Impact and Benefits Agreement with aboriginal communities; (xiv) the effects of competition in the markets in which Stornoway operates; (xv) operational and infrastructure risks; and (xvi) the additional risks described in Stornoway’s most recently filed Annual Information Form, annual and interim MD&A, and Stornoway’s anticipation of and success in managing the foregoing risks. Stornoway cautions that the foregoing list of factors that may affect future results is not exhaustive.

When relying on our forward-looking statements to make decisions with respect to Stornoway, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Stornoway does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Stornoway or on our behalf, except as required by law.

Contact:
Matt Manson Stornoway Diamond Corporation President and CEO 416-304-1026
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23 Jul 2012

GenOn Energy, Inc. (GEN) Todays Watch !

PRINCETON, N.J. (AP) — NRG Energy said Sunday that it reached an agreement to buy wholesale power provider GenOn Energy in an all-stock deal worth about $1.7 billion.

Under terms of the deal, GenOn Energy Inc. shareholders will get 0.1216 of a NRG Energy Inc. share for each of their GenOn shares. Based on NRG’s Friday closing stock price, the offer equates to about $2.20 per GenOn share. That represents about an 18 percent premium over Houston-based GenOn’s Friday closing stock price.

NRG, based in Princeton, N.J., sells power on the wholesale market and to retail customers in states that have deregulated their electric power industry. It said the acquisition will allow it to cut costs, while boosting efficiency and cash flow.

“This combination ushers in a new era of scale, scope, and market and fuel diversification in the competitive power industry,” NRG President and CEO David Crane said in a statement.

NRG expects the higher profits and lower costs stemming from the deal to increase its free cash flow by about $300 million per year.

NRG has been hurt by a long and steep decline in wholesale power prices. Prices have fallen because electricity demand has been soft in the sluggish economy and because the price of natural gas, which is used by many utilities to run generators, has fallen to its lowest level in years.  Also, the mild winter across much of the country reduced demand for heating across the country and dented the profits of electric companies.

In May NRG posted a first-quarter loss of $209 million, or 92 cents per share. GenOn, which was formed through the combination of Mirant and RRI Energy in 2010, lost $32 million, or 4 cents per share in its first quarter.

NRG operates power plants that run on natural gas, coal, oil, nuclear, solar and wind energy. It is one of the biggest power companies in the country with 25,000 megawatts of generating capacity, with two million customers in 16 states.

GenOn has generating capacity of almost 23,000 megawatts, with facilities in a dozen states. It uses coal, natural gas and oil to generate electricity.

Once the deal closes NRG shareholders will own 71 percent of the combined company and GenOn shareholders will own 29 percent. Four members of GenOn’s board will join NRG’s board, with GenOn Chairman and CEO Edward Muller becoming the board’s vice chairman.

The deal is subject to approval by the shareholders of both companies, as well as federal and state regulators. It’s expected to close by the first quarter of next year, the companies said.

Also on Sunday, NRG said that it will pay its first common stock dividend. A dividend of 9 cents per share will be paid on Aug. 15 to shareholders of record as of Aug. 1.

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