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GEMINI EXPLORATIONS INC (OTCBB: GMXP)
Gemini Explorations Inc closed at $.27 Friday, trading 230,081 shares.
Earlier today, Gemini Explorations Inc ("Gemini"), announced an update to the due diligence process of the Los Chorros Mine Project that it is in final negotiations to acquire, as announced on May 2, 2007. The Los Chorros Mine is a producing gold property in the El Bagre-Zargoza mining district, department of Antioquia, Colombia. Mr. Terry Plumber, president of RMS-Ross Corporation has just returned from a field trip to Colombia to assess the required equipment upgrades to the Los Chorros Mine. RMS-Ross Corporation of Canada designs and builds high percentage mineral recovery systems for gold, silver and most precious and semi-precious metals and minerals. The Los Chorros is currently being mined and operated with extremely antiquated equipment and Gemini is confident that the project could be turned into a highly efficient producing gold project with minimal capital costs. Gemini is proposing a plant that would operate initially at 30 tonnes/day with production doubling every 90 days during the first year. RMS-Ross will provide a detailed report in the near future outlining the proposed design and equipment costs.
About Gemini Explorations Inc, (OTCBB: GMXP)
Gemini Explorations, Inc. is a gold mining company with operations in Columbia. Historically one of the largest gold producing countries in the world, Colombia's vast mineral potential has remained virtually unexplored using modern exploration and mining techniques. Columbia's gold reserves haven't been tapped in part because of 50 years of armed conflict involving the army, left-wing guerillas, right-wing death squads and drug cartels, a lethal mix that made mining dangerous. Driven by a new era of political and economic stability and an investment-friendly mining code, Colombia has emerged as one of the resource sector's most attractive new mining frontiers.
Gemini will be focused on the development and exploitation of the La Planada Gold Project in the southern region of Colombia. Gemini explorations newly acquired La Planada property is located in the municipality of Sotomayor, department of the Narino, in southwestern Colombia. Access to the property is approximately 80 km from Pasto the capital city of the Narino department by open road. The project covers 45 hectares and is composed of Dagua Group Upper Cretaceous quartzites and siliceous siltstones intruded by a granodiorite plug. There are at least 3 different crosscutting vein sets. The principal vein ranges between 0.4 m and 2.0 m in width. Other veins range between 3 and 20 cm (or more) in width. All carry some sulphides, and free gold was seen in both quartz and with the sulphides. The acquisition of this highly productive Columbian gold project sets the stage for advanced Exploration and development.
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LINUX GOLD CORP. (OTCBB: LNXGF)
Linux Gold Corp. closed at $.19 Friday, trading 489,567 shares.
On Friday, June 1st, Linux Gold Corp. announced that the Company had completed a private placement of common stock and warrants raising gross proceeds of $565,000. The Company issued 2,825,000 units, consisting of one share of restricted common stock of Linux Gold Corp. and one warrant for every two shares purchased, exercisable at either $0.25 in the first year or $0.30 in the second year.
According to the announcement, the Company's President, John Robertson, through affiliated companies, invested approximately $500,000 in the offering. In addition, companies affiliated with Mr. Robertson acquired an additional 100,000 shares of the Company's common stock via open market purchases during the past 30 days.
"I believe the current valuation of the Company does not fairly reflect our mining prospects," said Mr. Robertson. "It is for this reason that I have elected to increase my ownership position in the Company."
Mr. Robertson, either directly or through affiliated companies, owns in excess of 10 million shares of Linux Gold's common stock.
About Linux Gold Corp. (OTCBB: LNXGF)
In March of 2005, Linux Gold Corp. staked 148 State of Alaska 160-acre MTRSC mining claims at several locations near Granite Mountain on the eastern Seward Peninsula of Alaska and has increased the claim position to 284 claims or 68 square-miles. A drilling program on the Granite Mountain Property has been completed, testing four separate mineralized zones, in September 2006.
Linux Gold Corp. also owns a 50% interest in 30 mineral claims known as the Fish Creek Prospect, located in the Fairbanks Mining Division in Alaska. Linux Gold Corp. optioned to Teryl Resources Corp. (TRC-V) a 50% interest in the Fish Creek claims by expending US$500,000 over three years. Linux Gold Corp. retains a 5% net smelter return or may convert into a 25% working interest. The Kinross Fort Knox mill is within 6 miles from the Fish Creek claims. For more information, visit: www.linuxgoldcorp.com.
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CANAM URANIUM CORP. (OTCBB: CAUI)
CanAm Uranium Corp. closed at $.805 Friday, trading 1,029,542 shares.
On Friday, June 1st, CanAm Uranium Corp. ("CanAm" or the "Company") announced that it had acquired an option to own 100% of the Reilly Uranium Property in the Sault St. Marie District of Ontario. The acquisition expands CanAm Uranium Corp.'s property holdings to over 159,000 acres of Uranium claims collectively.
According to the announcement, the Reilly Uranium Property is located in the Mining Division of Sault St. Marie Ontario in the Reilly Mining District consisting of 23 contiguous mining claims totaling 5,120 hectares total or just over 12,650 acres. The Sault District forms the western extension of the region that include the Elliot Lake mining camp which was once known as "the uranium capital of the world" and has produced more than 270 million pounds of U3O8 from strata-bound deposits that demonstrate remarkable consistency over extensive areas. CanAm has an aggressive acquisition strategy for projects in areas of known uranium mineralization, especially in geological environments similar to past producing mines.
"The uranium market is currently experiencing unprecedented price gains due to surging global demand and increasingly uncertain supply, rising from a long-term base of roughly US$10 per pound, a level seen earlier this decade, to a recent high of US$125 per pound," said Dr. Michael Hitch, Chief Geoscientist. "Many market analysts anticipate sustained strength in the uranium price for years to come."
The terms of the transaction include the option to purchase 100% of the property by the staged issuance of 80,000 CanAm common shares and $110,000 in cash payments in Canadian Dollars. The underlying vendor retains a 2% NSR royalty of which 1% can be bought back by the Company for $1 million and the first right of refusal for the remaining 1%. The payment schedule is as follows, an "Initial Payment" of $30,000 on signing of this Option Agreement, an additional $10,000 on the first anniversary date of the Option Agreement, an additional $15,000 on the second anniversary date of the Option Agreement; an additional $20,000 on the third anniversary date of the Option Agreement; and, a final payment of an additional $35,000 on the fourth anniversary date of the Option Agreement. Issue to the Owners a total of 80,000 common 144 shares in the capital stock of CanAm for the grant of the Mineral Claims according to the following schedule, 20,000 common shares to the Owner within 10 days of the approval of the terms of this Option Agreement; 20,000 additional common shares on the first anniversary date of the Option Agreement; 20,000 additional common shares on the second anniversary date of the Option Agreement; and, 20,000 additional common on the third anniversary date of the Option Agreement.
About CanAm Uranium Corp. (OTCBB: CAUI)
CanAm Uranium Corp. is a Nevada incorporated junior resource company with a corporate objective focused on the strategic acquisition and development of exploration properties in well-known prolific mining areas, especially known for Uranium, of Canada, Southern Africa, Australia and the United States. CanAm Uranium Corp has optioned over 159,000 acres of claims collectively within the Saskatchewan Athabasca Basin, Ontario and British Columbia, with significant interest in prolific Uranium mining areas. More information about the company can be found at: http://www.CanAmUranium.com.
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DHANOA MINERALS LTD. (OTCBB: DHNA)
Dhanoa Minerals Ltd. closed at $1.25 Friday, trading 1,308,253 shares.
Earlier today, Dhanoa Minerals Ltd. announced its plan to acquire more properties using revenues generated from its three mines in the Bella Rica region of southern Ecuador.
According to the announcement, this aggressive growth strategy has increased Dhanoa Minerals' gross revenue goals to 300,000 ounces of gold production by the third year.
In the first year, production is projected to 100,000 ounces of gold, which, assuming gold is $670 per ounce, translates into initial revenues of $67 million. With the cost of production at $280 per ounce, this translates into impressive gross profits of $390 per ounce, or $39 million annually.
Dhanoa Minerals management previously expressed their goal to generate gross revenues of no less than $170 million each year after year two of production, based on a recently completed resource extraction estimate for its three mines in the Bella Rica region of southern Ecuador.
By the third year, Dhanoa Minerals plans for its current and future properties to produce 300,000 ounces of gold per year, resulting in revenues and gross revenues of $201 million and remains confident that the price of gold is predicted to increase, therefore Dhanoa's revenues could be correspondingly higher.
"We have targeted and embarked on an aggressive acquisition plan to acquire promising properties throughout South America," stated Mr. Lee Balak, president of Dhanoa Minerals, Ltd. "The company plans to finance this strategy by using revenues generated from its Bonanza, Guanache, and Mollopongo mines. Revenues from these properties should be more than sufficient for our expansion goals to be met."
In addition, today Mr Balak stated that the issuance of a 3% dividend for all shareholders of record at the end of the current quarter, ending June 30th, 2007, will be considered at the upcoming Board of Directors Meeting scheduled for June 15th.
About Dhanoa Minerals Ltd. (OTCBB: DHNA)
'Dhanoa' is a production stage company formed for the purpose of acquiring, exploring, and developing natural resource properties. Activities during the production and exploration stage include further development of the Company's business plan and raising capital. The Company has recently initiated a new program to evaluate undervalued assets for potential addition to its mineral claim portfolio.
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