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Active Stocks to Watch in the News: VIPR Industries Inc. (PINKSHEETS: VIPR), Rubicon Minerals Corporation (AMEX: RBY), Corriente Resources Inc. (AMEX: ETQ), Eldorado Gold Corporation (AMEX: EGO), Exeter Resource Corporation (AMEX: XRA)
Featured Stock: VIPR Industries Inc.
(PINKSHEETS: VIPR)
Current Price (0.59)
http://www.WallStreetStockReview.com
VIPR Industries Inc. is a growing mining company working to develop two highly prospective gold and uranium properties in stable, mining-friendly and mineral-rich Tanzania. VIPR Industries’ wholly owned Singida Gold Property is located in Tanzania’s Singida Gold Belt adjacent to Shanta Gold Limited’s newly discovered gold deposit. Drilling results from Shanta Gold’s property indicate a resource of more than 543,000 ounces. VIPR Industries reports its Singida Gold Property is located along strike from the Shanta Gold discovery area and displays characteristics similar to Shanta’s newly found Gold Tree and The Jem deposits.
High Potential Gold and Uranium Projects
Mining companies operating in politically stable Tanzania receive a wide range of incentives, tax breaks and investment protection guarantees. The east African country has attracted $2.5 billion in investment in the sector since 1998. Tanzania is the third leading gold producer in Africa after Ghana and South Africa. Over the past five years, Tanzania has exported more than $2.5 billion worth of gold. (MineWeb, June 16, 2008)
Singida Gold Property
VIPR Industries has acquired 100% ownership of 8 Primary Mining Licenses (Pml) covering 75.8 hectares in the Singida Gold Belt of central Tanzania. The company has also secured the opportunity to purchase an additional 8 mining licenses.
VIPR’s Singida Gold Property is located next to and along strike from the Shanta Gold discovery area, where drilling indicates a 543,000+ ounce resource. VIPR reports its property displays similar characteristics to Shanta’s newly found Gold Tree and The Jem deposits.
On March 23, 2008 Shanta Gold announced in its year-end report that the company is focusing on its Singida gold property where it has discovered a major greenstone belt. The total gold resource is estimated in excess of 543,000 ounces, of which 330,000 ounces have been classified as measured and 127,000 ounces as an indicated resource (at a 0g/t cutoff).
Shanta Gold further reports that with the average grade estimated at 1.42g/t, this approximates to a cost of exploration of around $26 per resource ounce. Shanta Gold has also identified an additional +2km strike for testing.
Singida Gold Geology
· Archean Greenstone Belt
o Similar in age and environment to Red Lake, Ontario
§ The Red Lake Area is one of the most prolific gold regions in the world. The area hosts several gold mines, where the combined production and remaining proven resources are more than 30 million ounces of gold.
o Within the greenstones are sheared zones with cataclasites and mylonites sequences as potential hosts for mineralization.
· High Grade Narrow Quartz Vein Gold Mineralization
o Visible Gold (Vg)
· Gold Mineralization In Wider Fault/Shear Zones
· Potential For Lower Grade Mineralization In Wall Rocks
· Potential For Surface Gold Concentration In Surface Silicrete
Gold was only recently discovered in the Singida District, found by small scale artisan miners in the early 1990s. The gold mineralization in the region was confirmed and expanded by the Tanzanian Geological Survey in 2002.
Artisanal small scale mine workings, which indicate ore grade gold mineralization on the surface, are a very positive indicator of a site’s potential. Around the world almost all current large scale gold mines began by locating the artisan workings and then expanding exploration efforts. Examples within Tanzania are Bulyhulu, Geita, North Mara, Golden Ridge, Buckreef, Golden Pride, Buzwagi and Nyakafuru gold mines. VIPR’s Singida property has been worked by artisan miners for years.
Itigi / Manyoni Uranium Prospect
VIPR Industries’ Itigi/Manyoni Uranium Prospect is comprised of 170,000 hectares in richly mineralized Tanzania.
According to the company radiometric surveys have identified a total of 14 high potential uranium zones meriting follow-up. Most of the anomalies lie on the superficial aspect comprised of undifferentiated soils within the kilimatinde cement.
The radiometric survey data reveals the license area lies in a zone which has a mean uranium count of 36, mean total count of 2000, high uranium count of 52, u/th ratio of 1.02 and u/k ratio of 1.53. A total four point source which is significantly high falls in the license area. Point source 141/31 of uranium count 52cps, 141/49 of uranium count of 45, 141/44 of uranium count 47 and 141/53 with uranium count of 44.
In areas where uranium occurs, it is related to late phase differentiates of pegmatite and aplitic granites. Ground follow up on the radiometric survey and the accompanying pitting uncovered pegmatite and aplites.
Uranium bearing granites are known to be a source of uranium deposits both in duricrust and in sedimentary sequence. The depth of erosion in these granitic rocks enhances the economic potential of the deposit.
Tanzania’s Favorable Socioeconomic Climate & Thriving Mining Sector
The United Republic of Tanzania is in Eastern Africa, bordering the Indian Ocean, between Kenya and Mozambique. Tanzania is endowed with rich geology hosting gold and other minerals, a stable government and favorable investment policies.
Tanzania achieved real GDP growth of nearly 7% in 2007. Long-term growth has been promoted by a rise in industrial production and a substantial increase in mineral output led by gold. Solid macroeconomic policies, continued donor assistance and recent banking reforms have helped increase private-sector growth and investment. (CIA World Fact Book, updated July 15, 2008)
Tanzania has achieved accelerated growth in gross domestic product, to an average annual rate of 7% since 2000, against a background of low and stable inflation. Underpinning this positive macroeconomic performance are comprehensive policy and structural reforms, combined with efforts to promote good governance. [United Nations Conference on Trade and Development (UNCTAD), January 2008]
Mining is one of the fastest-growing economic sectors in Tanzania and contributes roughly half of its foreign exchange and around 3.2% of GDP. Tanzania is the third largest producer of gold in Africa with over 30 million ounces of gold resources discovered in Tanzania in the past five years. (Ross, African Review of Business and Technology, May 07)
According to Tanzania Mining Report 2008 published by Business Monitor, the mining industry of Tanzania is forecast to register an average growth rate of 6.08% through 2012.
Tanzania’s Mineral Wealth
According to the Geological Survey of Tanzania, the nation has significant potential for new discoveries as many commodities remain highly under-explored. Much of the present exploration activity is concentrated in gold, base metals, platinum group metals (PGM), uranium, gemstones, diamonds and industrial minerals. Tanzania has excellent geological databases, good infrastructure, attractive mineral policy and readily available exploration services.
All discoveries and prospects are developed by the private sector through licensing by the Ministry of Energy and Minerals. Under the Mining Policy, 1997, the government has no role in the mining business, but is only promoter and facilitator.
A New Gold Rush for Mining Companies
Since the 1990’s, Tanzania has risen from an insignificant gold producer to become Africa’s third largest gold producing country. Gold production in 2003 was about 1.3 million ounces and resources of more than 45 million ounces have been discovered in the Lake Victoria Goldfield. (Tanzania Investment Forum, Investment Opportunities in Tanzania, October 2006).
Many of the world’s top international mining companies are currently at work within Tanzania’s borders. For example, the Bulyanhulu deposit, drilled and developed by Sutton Resources, was purchased by Barrick Gold in 1999. The Bulyanhulu mine was completed in 2001 and produced 242,575 oz. of gold at a cash cost of $197 per ounce in its first year.
The Geita Mine which is a joint venture between Ashanti Gold and Anglo Gold produces 545,000 oz. per annum.
Resolute of Australia’s Golden Pride Mine produces 216,000 oz. per year.
MDN INC. (TSX: MDN) recently announced its Tulawaka Gold Mine in Tanzania produced 54,251 ounces of gold in the fourth quarter ended December 31, 2007, a quarterly production record. Tulawaka gold production reached a total of 178,618 ounces in 2007, compared to
139,655 ounces in 2006, a 28% production increase. Since the beginning of operations in March 2005, Tulawaka gold production now amounts to a total of 443,883 ounces.
The world’s number-one gold producer Barrick Gold Corp reports production at its Buzwagi gold project in Tanzania will commence in the second quarter of 2009. Buzwagi is Barrick's fourth gold project in this east African nation and has proven and probable reserves pegged at 3.6 million ounces. It is budgeted to produce 250,000 to 260,000 ounces of gold per year total cash costs of US$270-US$280 per ounce in its first five years. (MineWeb, “Barrick Gold to pour first gold at Buzwagi mid-2009”, February 21, 2008)
Uranium Mining Heats Up
The presence of uranium minerals in Tanzania has been known for many years. However, prior to recent airborne radiometric surveying, few occurrences were considered to have economic potential. An official airborne geophysics survey has identified over one hundred targets worthy of further investigation.
Paladin Resources (ASX, TSX.V:PDN) is active in the Tanzania extension of the Malawi Kayelekera Uranium Zone. The Karoo system in southern Tanzania continues into Malawi separated by Lake Nyasa. This has been confirmed with Paladin's discovery of the Kayelekera Deposit (a roll-front deposit), which has a 43-101 compliant current resource of over 25,000,000 pounds of U3O8. Paladin has recently had its bankable feasibility study approved, and is due to go into production in late 2008.
Other mining companies exploring in the area include Atomic Minerals Ltd. (ATL: TSX-V), Universal Exploration, Western Metals and Mantra Resources.
For an in-depth coverage on VIPR Industries Inc., please visit: http://www.WallStreetStockReview.com
Rubicon Minerals Corporation
(AMEX: RBY)
Current Price (1.32)
http://www.WallStreetStockReview.com
TORONTO, Rubicon Minerals Corp (RMX.TSX:RBY.AMEX) is pleased to announce a further update of drill results from its F2 Zone, part of the 100%-controlled Phoenix Gold Project, located in the heart of the prolific Red Lake gold district of Ontario.
Corriente Resources Inc.
(AMEX: ETQ)
Current Price (4.12)
http://www.WallStreetStockReview.com
VANCOUVER, BRITISH COLUMBIA - Corriente (Toronto:CTQ.TO - News)(AMEX:ETQ - News) announces that the company and seven other mining companies (Aurelian Resources, Cornerstone Capital Resources, Dynasty Metals & Mining, Ecometals Limited, IAMGOLD, International Minerals Corporation and Salazar Resources) collectively met with President Correa and other top officials yesterday afternoon in Quito to discuss the future of mining in Ecuador and the impact of the previously announced Mining Mandate.
Eldorado Gold Corporation
(AMEX: EGO)
Current Price (1.76)
http://www.WallStreetStockReview.com
VANCOUVER, BRITISH COLUMBIA -- Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (Toronto:ELD.TO - News)(AMEX:EGO - News) ("Eldorado" or "we") announced today that Eldorado has taken up and accepted for payment an additional 4.9 million common shares of Frontier Pacific Mining Corporation ("Frontier") that were tendered since July 2, 2008 to its offer to purchase all of the outstanding common shares of Frontier (the "Offer"). The Offer expired as of 5:00 pm (Toronto time) on July 15, 2008.
Exeter Resource Corporation
(AMEX: XRA)
Current Price (3.20)
http://www.WallStreetStockReview.com
VANCOUVER, BRITISH COLUMBIA -- Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") is pleased to report that results from recent drilling at Caspiche, Chile, indicate that the target deposit has a minimum footprint of some 600 metres (1,968 feet) by 500 metres (1,640 feet), and remains open for extension to the east, west, south and to depth.
WallStreetStockReview.com offers a newsletter covering companies traded on the OTC, OTCBB, PINKSHEETS and AMEX stock exchanges. Subscribers to our newsletter will receive up to date time sensitive press releases and profiles on featured companies traded on various small cap stock exchanges such as otc, otcbb, pinksheet and amex. Other sectors we cover are: alternative energy stocks/companies (solar stocks, wind stocks, hydro stocks, nuclear stocks, uranium stocks, biofuel stocks, clean coal stocks) as well as oil and gas stocks, gold stocks and mining stocks.
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