Stocks to Watch: Gemini Explorations, Inc. (OTCBB: GXPI),
Featured Stock: Gemini Explorations, Inc.
(OTCBB: GXPI)
Current Price (0.14)
Gemini Explorations, Inc. Reports on Re-Development Budget for the Los Chorros Gold Mine
Monday October 8, 2:30 am ET
Mine Modernization Projected to Yield US$7,300,000 of Net Cash Flow to Gemini
CALGARY, AB----Oct 8, 2007 -- Gemini Explorations, Inc. ("Gemini") (OTC BB:GXPI.OB - News) is pleased to report that it has received an extensive project cost analysis for the modernization and complete re-development of the Los Chorros Gold Mine. The MPGS report was overseen and prepared by Juan Fernando Restrepo, professional geologist and general manager of Minera Primecap Geological Services (MPGS) of
The detailed project cost analysis covers the estimated budget to completely modernize and redevelop the Los Chorros Gold Mine. The report also includes the annualized mining costs of Los Chorros operating at a production rate of 100 tonnes per day. The report includes the following categories:
I. Personnel Costs including professional engineers, technical staff and auxiliary support personnel (includes permanent mine management and operating personnel.)II. Geological Exploration & Mining Costs covering geological & geochemical analysis, mineralogy and metallurgy development, mine and plant design, legal & environmental contingency plan and digitalization costs of topographical and sampling data.III. Direct Operating Costs including personnel installation costs, management costs, civil works, recovery plant building, power plant, underground mining equipment and the mineral recovery plant. Also included are environmental waste disposal and site vehicle costs.
The total cost of the project is estimated to be US$595,900; adding a contingency factor of 30% would bring the maximum projected total to US$774,700.
The Los Chorros Mine is currently being mined with extremely antiquated equipment and this report further solidifies Gemini's belief that the project could be turned into a highly efficient producing gold project with low capital costs. Current mining operations at Los Chorros recover a low percentage of the available gold and precious metals present on the property. The plant would initially run at 30 to 50 tonnes/day with a targeted production rate of 100 tonnes per day during the first year. MPGS geologist Juan Restrepo reported that 50 tonnes per day production yielding an average grade of 12 grams per tonne Au (gold) would produce US$3,515,000 per year and a 100 tonnes per day production rate would produce over US$7,300,000 of net cash flow after all costs.
MPGS estimate that production in the second year could increase to 200 tonnes per day yielding US$14,600,000 net cash flow to the company. These estimates are based on US$730 per ounce gold with US$200 per ounce operating and production costs netting US$530 per ounce. Gemini has purchased an 80 percent controlling interest in the mine and has secured first rights of refusal on the remaining 20 percent interest.
The principal exposed vein in the Los Chorros working tunnels measures up to 2 meters thick and dips down at 45 degrees. Visible sulphides and massive sulphides are exposed and run from 2% up to 70%. Visible gold is present and samples assayed along a 30 meter section of the principal vein exposed between 2 faults returned values between 15 grams/tonne Au and 250 grams/tonne Au. The Los Chorros Mine presents an excellent opportunity for Gemini to take advantage of the near record high gold bullion prices and provides an internal source of cash flow to fund its ongoing development and exploitation of its wholly owned La Planada Gold Project, a potential multi million ounce gold deposit in southern
Historically one of the largest gold producing countries in the world,
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the expectation of the gold production of the property, the expected completion date of the redevelopment and modernization of the Los Chorros Gold mine, the low capital costs to upgrade the Los Chorros operating plant, the assumed production and net cash flow and the multi million ounce potential of the La Planada Gold project.Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2006 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact:
Contact: Michael Hill President Gemini Explorations, Inc. Suite 103240-11th Ave SW Calgary , AB T2R 0C3 http://www.geminiexploration.com email: info@geminiexploration.com IR info: 1 877 700 1644
Source: Gemini Explorations, Inc.
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(OTC BB:NGLPF)
Current Price (0.82)
Deep Down, Inc.
(OTC BB:DPDW)
Current Price (1.50)
HOUSTON, Oct. 5 -- Deep Down, Inc. (OTC Bulletin Board: DPDW - News) today announced it has reached an agreement with Ironman Energy Capital, L.P. to close a private placement of 3,125,000 shares of common stock of the company at $0.96 per share, or $3,000,000 in the aggregate, in an agreement reached on October 2, 2007, when the closing price was $1.03 per share. The Company expects closing to take place on or before Friday, October 12, 2007. Deep Down specializes in the provision of innovative solutions, installation management, engineering services, support services, custom fabrication and storage management services for the offshore subsea control, umbilical, and pipeline industries. The company fabricates component parts of subsea distribution systems and assemblies that specialize in the development of subsea fields and tie backs. These items include umbilicals, flow lines, distribution systems, pipeline terminations, controls, winches, and launch and retrieval systems, among others. Deep Down provides these services from the initial field conception phase, through manufacturing, site integration testing, installation, topside connections, and the final commissioning of a project. The Company's ElectroWave subsidiary offers products and services in the fields of electronic monitoring and control systems for the energy, military, and commercial business sectors. ElectroWave designs, manufactures, installs, and commissions integrated PLC and SCADA based instrumentation and control systems, including ballast control and monitoring, drilling instrumentation, vessel management systems, marine advisory systems, machinery plant control and monitoring systems, and closed circuit television systems.
OXiGENE, Inc.
(Nasdaq:OXGN)
Current Price (3.68)
WALTHAM, Mass. --- Oct 5-- Biotechnology company Oxigene Inc. said Friday interim results from an early stage study show its cancer treatment candidate Zybrestat showed positive results.The Phase Ib study involving six patients with advanced solid tumors showed Zybrestat, in combination with Genentech Inc.'s Avastin, appeared to be safe and well-tolerated. The drug candidate also showed antitumor activity. The results are interim and Phase I clinical trials are aimed mainly at testing the safety of a drug candidate. OXiGENE, Inc., a biotechnology company, develops small-molecule therapeutics to treat cancer and eye diseases. It focuses on the development and commercialization of drug candidates that disrupt abnormal blood vessels associated with solid tumor progression and visual impairment. The company?s lead clinical compound is Combretastatin A4P, which is being evaluated in multiple ongoing clinical trials in various oncology and ophthalmic indications, as a single-agent, as well as in combination with other therapies, including chemotherapy, radiotherapy, and antibody therapy against vascular endothelial growth factor activity. OXiGENE?s Combretastatin A4P is undergoing a Phase II clinical trial to treat patients with platinum-resistant ovarian cancer in combination with carboplatin and paclitaxel; and a Phase Ib clinical trial to treat patients with advanced solid tumors in combination with the anti-angiogenic drug, Avastin. It also evaluates Combretastatin A4P to treat non-small cell lung cancer and cervical cancer. In addition, the company engages in clinical development of Combretastatin A4P for the treatment of myopic macular degeneration and wet age-related macular degeneration in the field of ophthalmology; and ortho-quinone prodrugs for indications in oncology. OXiGENE was founded in 1988 and is headquartered in
King Brothers Woodworking Inc.
(OTC BB:KSSH)
Current Price (3.68)
SARASOTA, Fla., Oct. 8, 2007 -- King Brothers Woodworking Inc. is expanding its manufacturing operations into the recently purchased space immediately adjacent to its existing plant to meet production demands. The newly acquired 7,200 square foot building is situated on 0.6 acres, bringing total King manufacturing complex to four buildings on a three-acre campus on
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