vssmnn Posted September 22, 2008 Author Report Share Posted September 22, 2008 New in Congo Club: http://www.globaldiamondres.com Democratic Republic of the Congo Global Diamond Resources Plc has entered into an agreement to acquire 100% beneficial interest in 10 Concessions of alluvial mining operations in the Democratic Republic of Congo. • 2 of the kimberlite permits sit in the middle of de Beers kimberlite exploration area. • 4 kimberlite prospects in Tshikapa, just North of the Angolan border – about 20-30 kms away. • The other two kimberlites were discovered by Russians some years ago. • We also have 4 blocks of rich alluvial properties where artisan miners have been successfully processing gravel. The alluvial properties are just to the North of where Gem Diamonds has its DRC properties. GDR’s strategy is to purchase a 30 ton/hr DMS plant and treat 100 tons/hr of gravel (this can be done since 70+% is immediately rejected by the plant as of no interest. We expect 80 – 100,000 carats pa from alluvial operations. Link to comment Share on other sites More sharing options...
vssmnn Posted September 22, 2008 Author Report Share Posted September 22, 2008 DJ A-Tec To Operate Ugandan Copper Plant, Bid For Mine Mon. September 22, 2008; Posted: 07:18 AM http://www.tradingmarkets.com/.site/news/S...20News/1894819/ ...A-Tec furthermore said it has held talks with representatives of the Congolese province of Nord Kivu, who have promised to support future efforts by A-Tec to exploit the natural resources of the province. A-Tec didn't mention any specific potential projects in the Democratic Republic of Congo. http://www.a-tecindustries.com Link to comment Share on other sites More sharing options...
vssmnn Posted September 23, 2008 Author Report Share Posted September 23, 2008 Africa Intelligence - France AFRICA MINING INTELLIGENCE - 24/09/2008 CONGO-K Winners and Losers in Contract Revision Representatives of firms like Tenke Mining, Borgakim, Anvil, Ivanhoe, Katanga Mining were only partially reassured by a declaration on September 5 by the vice-minister for mines, Victor Kasongo, who said that the current revision of mining contracts would not lead to a change in companies’ shareholding structures, even when this is unfavourable to the DRC. (...) [277 words] [$4,7] http://www.africaintelligence.com/C/module...c_i_id=48795506 Link to comment Share on other sites More sharing options...
vssmnn Posted September 24, 2008 Author Report Share Posted September 24, 2008 September 23, 2008 Good Feasibility Study Results For Barytex: Next Step, DRC Contract Negotiations http://www.minesite.com/nc/minews/singlene...tiations/1.html Link to comment Share on other sites More sharing options...
vssmnn Posted September 25, 2008 Author Report Share Posted September 25, 2008 Burnished future for the Copperbelt http://www.miningmx.com/mining_fin/767811.htm Link to comment Share on other sites More sharing options...
vssmnn Posted September 25, 2008 Author Report Share Posted September 25, 2008 Victor Kasongo for ministry of mines? Congo's Prime Minister Resigns, Citing Health Reasons (Update1) By Franz Wild Sept. 25 (Bloomberg) -- Democratic Republic of Congo Prime Minister Antoine Gizenga resigned for health reasons, his spokesman Patrick Muyaya said. The 82-year-old leader's resignation means the entire Cabinet will have to be replaced, Muyaya said in a telephone interview today from the capital, Kinshasa. Gizenga is a member of the Unified Lumumbist Party, known by its French acronym Palu, which is the second-largest party in the governing Alliance for the Presidential Majority. Congo held its first democratic elections in four decades in 2006, a key step in the central African nation's transition after civil wars between 1996 and 2003 killed more than 4 million people. The country, the size of Western Europe, contains a third of the world's cobalt and 4 percent of global copper reserves. Gizenga backed President Joseph Kabila after coming second in the presidential vote two years ago. His resignation must still be accepted by Kabila, said Budget Minister Adolphe Muzito, a Palu member, by phone from Kinshasa. It's unclear who will succeed Gizenga, Muzito said. ``We don't know who'll replace him,'' Muzito said. ``In principle it will be someone from Palu.'' The new prime minister may be chosen from Kabila's People's Party for Reconstruction and Democracy, Louis Balekelayi, a spokesman for the party, said by phone from Kinshasa. ``This evening or tomorrow we'll know who the replacement is,'' he said. ``Negotiations are still under way.'' Gizenga served as deputy prime minister under Patrice Lumumba in Congo's first government after it gained independence from Belgium in 1960. Mines Minister Martin Kabwelulu, who is also a Palu member, didn't answer his mobile phone when called for comment. Link to comment Share on other sites More sharing options...
vssmnn Posted September 25, 2008 Author Report Share Posted September 25, 2008 Huge Properties...low market cap! Link to comment Share on other sites More sharing options...
vssmnn Posted September 30, 2008 Author Report Share Posted September 30, 2008 Motapa Options DRC Properties VANCOUVER, BRITISH COLUMBIA, Sep 30, 2008 (Marketwire via COMTEX News Network) -- Motapa Diamonds Inc. (TSX VENTURE:MTP) is pleased to announce that it has entered an option agreement to explore for diamondiferous kimberlite on prospecting licenses held by African Minerals Barbados Limited (AMBL) in the Democratic Republic of Congo (DRC). AMBL is a privately held company with extensive base metal exploration operations in DRC. AMBL's licenses which are subject to the option agreement, referred to as the Lufupa North, Lufupa South and Lufira West licences groups, are located in the southern part of DRC and encompass 6,948 square kilometres on the southeastern margin of the Kasai craton. Prior exploration work by AMBL includes collection of airborne magnetic data which identified a distinct array of circular magnetic anomalies that may represent kimberlite bodies. One magnetic anomaly was drill tested by AMBL and confirmed to be kimberlite. This discovery, together with the recovery of abundant kimberlitic ilmenite grains within the license area, is very encouraging and suggests the potential for discovery of a new kimberlite field. Based on the regional setting, Motapa believes that kimberlites within the license area have potential to be diamond bearing. Field work is currently underway and is focussed on delineating prioritized airborne magnetic anomalies in anticipation of discovery drilling being carried out in the 2009 field season. In terms of the option agreement, Motapa will spend US$2.0 million over 4 years to earn a 50% interest in the diamond rights on AMBL's licenses. AMBL will retain 100% interest in non-diamond rights. Motapa will operate the diamond exploration program, and AMBL, which continues its non-diamond exploration work on the licenses, will provide in-country support for Motapa's work from time to time as agreed between Motapa and AMBL. Subsequent to vesting with a 50% interest, Motapa and AMBL will share ongoing diamond exploration costs in proportion to their respective interests. Motapa CEO, Dr. Larry Ott, noted: "We are very pleased to initiate work in the DRC, which has a long history of both alluvial and kimberlite diamond production. We believe that there is good potential for diamond bearing kimberlite within AMBL's license holdings and we are delighted to have partnered with a group that has extensive operational experience in the DRC." Motapa is among the leading diamond explorers in Africa, and is operating the Mothae bulk sampling project in Lesotho. Motapa also has diamond interests in Namibia, and uranium, gold and manganese interests in Gabon. On behalf of the Board MOTAPA DIAMONDS INC. Dr. Larry Ott, Chief Executive Officer Link to comment Share on other sites More sharing options...
vssmnn Posted October 3, 2008 Author Report Share Posted October 3, 2008 BOTTOM FISHING OPPORTUNITY Credit crisis make precious metals juniors prime acquisition targets http://www.mineweb.co.za/mineweb/view/mine...9&sn=Detail "With US$58 million in cash and a prolonged period of renegotiation with the DRC Government, we expect Moto Goldmines to be in a strong financial position if a development decision for Moto Gold project is achieved in the next 12 to 18 months." Link to comment Share on other sites More sharing options...
vssmnn Posted October 4, 2008 Author Report Share Posted October 4, 2008 Kivu Resources http://www.kivuresources.com drops Congo mine plan http://steelguru.com/news/index/2008/10/04..._mine_plan.html Bloomberg reported that Kivu Resources has abandoned plans to develop industrial scale mining of the Bisiye deposit in North Kivu. Bisiye has been the main location of artisanal mining in the Democratic Republic of Congo in recent years, but continuing instability in the area has prevented planned investment. Mr Brian Christophers GM of Goma said that Kivu Resources' board blocked plans to spend USD 28 million developing Bisiye. Soldiers from the Congolese national army's semi integrated 85th brigade have occupied the mine since December 2004. He added 'We can not work there. The soldiers threaten us and throw us off the property. The government promises to sort it out and we go back, but the same thing happens." In February 2008, Congo’s mines minister banned artisanal mining in the area, but the ruling was overturned by the local government. Kivu Resources now intends to focus its attention in the DRC on the more stable Katanga province, where it is exploring a 3,000 square kilometers concession near Manono. Kivu Resources is a private international mining group mainly owned by Jonah Capital, Coronation Capital and Metmar. >>>>>>>>>>>>>>>>>> http://www.taz.de/1/politik/afrika/artikel...aten-von-bisie/ Teil des Problems ist, wie überall im Kongo, dass verschiedene Firmen Anspruch auf die Zinnvorkommen von Bisie erheben. Kivu Resources, deren Filiale MPC (Mining Processing Congo) seit Kriegszeiten in der Region präsent ist, streitet sich um den Titel mit der Groupe Minier Bangandula (GMB) des reichen ruandischstämmigen Geschäftsmanns Alexis Makabuza aus Goma. MPC betrieb in der ruandischen Grenzstadt Gisenyi, die direkt neben dem kongolesischen Goma liegt, jahrelang eine Zinnschmelze. Bergbaukonzessionen erhielt sie während des Krieges von den damals im Ostkongo herrschenden proruandischen Rebellen; ihre Prospektionsgenehmigung für Bisie bekam sie 2006 von Kongos Regierung bestätigt. Sie hat verucht, sich mit den in einer Kooperative vereinten traditionellen Vertretern der lokalen Bevölkerung zusammenzutun. Die GMB soll ihrerseits, heißt es aus Armeekreisen, mit Teilen der 85. Brigade familiär verflochten sein. Der Streit zwischen GMB und "Kivu Resources" ist auch eine Rivalität zwischen lokalen Familiendynastien. Link to comment Share on other sites More sharing options...
vssmnn Posted October 4, 2008 Author Report Share Posted October 4, 2008 MagIndustries Corp. Provides Update on MagMinerals Potash Subscription Receipts http://www.marketwatch.com/news/story/magi...}&dist=hppr MagIndustries resource subsidiaries are operating and developing major industrial projects in the Republic of Congo and the Democratic Republic of Congo. MagMinerals Potash is developing the 600,000 tonnes per year, Phase 1, Kouilou Potash project near Pointe Noire, Republic of Congo. Link to comment Share on other sites More sharing options...
vssmnn Posted October 4, 2008 Author Report Share Posted October 4, 2008 East Congo rebels demand Germany mediate truce http://africa.reuters.com/top/news/usnBAN924370.html Democratic Republic of Congo's Tutsi rebellion has called for Germany to mediate peace talks to end more than a decade of fighting in the country's eastern borderlands, a rebel representative said on Thursday. Link to comment Share on other sites More sharing options...
vssmnn Posted October 6, 2008 Author Report Share Posted October 6, 2008 El Nino Ventures Inc. makes significant Copper/Cobalt discovery (29 meters at 2.82% Cu and 0.34% Co) in the Democratic Republic of Congo VANCOUVER, Oct 06, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- TSX.V: ELN FRANKFURT: E7Q El Nino Ventures Inc. ("ELN" and "the Company") (TSX.V: ELN; Frankfurt: E7Q) is pleased to announce a significant Copper/Cobalt discovery on its research permit PR 5214, located in southeastern Katanga Province in the Democratic Republic of Congo. This area has now been dubbed the Kasala project. The discovery was made during the course of the Company's 10,000 meter reverse circulation ("RC") drilling program, when an RC drill hole, MDB-023, was completed in the central northern area of PR 5214. Company geologists reported the presence of malachite mineralization over a wide interval in the drill cuttings from this hole. MDB-023 (-45 degrees) ended at 97 meters due to difficult ground conditions. Samples from MDB-023 were collected using strict quality controls and were then dispatched to ALS Chemex Laboratories in Johannesburg, South Africa for sample preparation and assay. Analytical results received from ALS Chemex indicate a 29 meter intersection grading 2.82% Cu between 17 and 46 meters, which includes an intersection of 4.11% Cu and 0.50% Co between 21 and 26 meters. Drill Highlights of Hole MDB-023 Since the completion of hole MDB-023 an additional 47 holes have been drilled in the Kasala area, nineteen diamond drill holes ("DDH") and twenty-nine Reverse Circulation holes ("RC"). Company geologists report visible malachite mineralization (ranging from weak to very strong over varying thicknesses) in 31 of the 48 holes drilled in this area. The strike length of this discovery stands at approximately 800 meters at present. Drilling has been halted for the time being in order for the company to compile and analyze the substantial assay data which is expected to be received over the next 4 to 6 weeks. (Table 1: Drilling Summary - Kasala Project) Copper Discovery - PR5214 (Kasala Project) High grade oxide drill core Kasala Project Sulfide drill core at depth on Kasala Project An Induced Polarization (IP) ground geophysical survey is now underway in the Kasala area to trace possible extensions of the mineralized zone. All information gathered over the next 6 to 8 weeks will be compiled and analyzed by our technical team to plan additional drilling in this area. Remaining samples from the other mineralized drill holes completed in this area are being shipped to the ALS Chemex facilities in Johannesburg where they will be analyzed. The Company has requested that ALS Chemex perform priority analysis of these samples. Research Permits 5215 and 5217 Two other target areas on PR 5215 and PR 5217, respectively, were tested during the Company's 10,000 meter RC scope drilling program without significant results. Thirty RC holes totaling 3215 meters were drilled on Pr 5217 and twenty-three RC holes totaling 1995 meters were drilled on PR 5215. Analytical results have been received from ALS Chemex for 21 of the 32 holes drilled on PR 5127 and for 5 of the 23 holes drilled on PR 5215 with no significant results reported. Analytical results are awaited for the remaining 29 drill holes. No further drilling is currently planned for on these two research permits. The Company will compile all results from this year's campaign and plans further geochemical and geophysical surveys to generate new targets on these two permits. Land position in relation to road, railway and Lubumbashi http://www.elninoventures.com/i/misc/051008p3.jpg Jean Luc Roy President & CEO of ELN states: "This discovery on our Kasala project is very significant and we feel that when all assay results are returned the Company will have a substantial project to work on, over the next drill season. The grades and thicknesses on our findings are very encouraging and we look forward to sharing results from other drill holes on the Kasala project, over the next 4 to 6 weeks." The content of this press release has been reviewed by Mr. Benoit M Violette, Geo., consulting geologist and the Qualified Person under NI-43-101. Link to comment Share on other sites More sharing options...
vssmnn Posted October 6, 2008 Author Report Share Posted October 6, 2008 http://www.capmarkets.com/9613/MMOct22008.pdf Link to comment Share on other sites More sharing options...
vssmnn Posted October 9, 2008 Author Report Share Posted October 9, 2008 TSX:LAQ: Link to comment Share on other sites More sharing options...
vssmnn Posted October 9, 2008 Author Report Share Posted October 9, 2008 MWANA AFRICA ( a Producer!!!) http://www.mwanaafrica.com/ Market capitalisation @ 7.30p £28.24M cheap cheap cheap Link to comment Share on other sites More sharing options...
Kenneth Holden Posted October 12, 2008 Report Share Posted October 12, 2008 DRC briefs mining executives on review terms http://www.mineweb.net/mineweb/view/minewe...7&sn=Detail After more than a month have we any idea of the companies that are in th green, orange, and red groups? Is this information known at present? Was it published anywhere with the reasons for trouble for the most exposed? Link to comment Share on other sites More sharing options...
vssmnn Posted October 13, 2008 Author Report Share Posted October 13, 2008 After more than a month have we any idea of the companies that are in th green, orange, and red groups? Is this information known at present? Was it published anywhere with the reasons for trouble for the most exposed? the "old" draft: http://www.lepharerdc.com/www/index_view.p...mp;rubriqueID=4 Link to comment Share on other sites More sharing options...
vssmnn Posted October 13, 2008 Author Report Share Posted October 13, 2008 Congo Seeks Regional Partnership to Build $80 Billion Congo Dam http://www.bloomberg.com/apps/news?pid=206...mp;refer=africa Congo May Strip Danzer, Nord-Sud of Logging Titles http://www.bloomberg.com/apps/news?pid=new...id=a2vsIj28aRug Link to comment Share on other sites More sharing options...
Kenneth Holden Posted October 13, 2008 Report Share Posted October 13, 2008 the "old" draft: http://www.lepharerdc.com/www/index_view.p...mp;rubriqueID=4 Thank you very much, or rather "Merci beaucoup" for this piece. The reading (in French) is not a piece of cake but... we undertsnad a few things. For instance, the 'Draft' seems to be dated November 2, 2007, almost one year ago. It is very interesting, very detailed. It may not reflect the current situation. For instance, no company is shown as a "Green Light" company though we know that there are eleven at present. Who enjoyed the 'upgrade' and for what price and/or concession. The first company, which is shown in category "Orange light" (All terms of contract to be renegotiated), is BOSS. As far as we can recall, after the arm twisting with a diamond mogul that lasted six months at least and the peace treaty, Gecamine has 30 percent of it now instead of 20 percent. Was it upgraded to category "Green light" after that or is it a separate issue? In addition, the total picture may include Mukondo Mining, and the whole seems to be a subsidiary of the Rhodesian Company "Central African Mining & Explo.", etc. Hope that we may have access to the latest status the soonest and discover who are the winners and the others. Link to comment Share on other sites More sharing options...
vssmnn Posted October 14, 2008 Author Report Share Posted October 14, 2008 Congo a New Perspective Oil Producer 13.10.2008 09:52 When speaking at the 15th Annual Africa Upstream Conference in Cape Town, South Africa Joseph Pili Pili expressed assurance of his contry's great future in oil industry. Pili Pili told about petroleum potential in the Tanganyika Basin and the Central “Super Giant” Basin. The two basins combined cover over 1.4 million sq km. The Tanganyika Basin, within Lake Tanganyika, reaches water depths of 1,400 meters, and is on trend with the Albertine Basin. Pili Pili reports that various aerial surveys show heavy oil seeps. In addition, oil seeps and tar balls along the coast are commonly found. The Tanganyika sub basin is divided into nine blocks. Pili Pili also provided delegates with a look at the very brief drilling history in the country back in the 1950s and 1970s by the majors Fina and ExxonMobil respectively. He pointed out how today’s improved seismic technology will assist new explorers to better target the reservoir. http://english.neftegaz.ru/lenta/show/83515/ follow: http://www.africanmetals.com Oil and Gas in the Democratic Republic of the Congo * African Metals has acquired the opportunity to earn a 75% interest in an oil and gas lease in the Democratic Republic of the Congo (DRC). * The Company has been authorized by the Ministry of Energy to review data over an area covering 200,000 sq km in order to choose the most prospective area for an oil and gas lease. * This region is underlain by sandstones with good porosities of 8 to 30%, and multiple zones containing total organic carbon ranging from 2 to 13%. Oil seeps are known to exist. * The Company is working with geologists from the Ministry of Energy to determine the best possible area for a lease through research of known information and field work. Link to comment Share on other sites More sharing options...
vssmnn Posted October 15, 2008 Author Report Share Posted October 15, 2008 Congo mines review dossier will go to new cabinet Wed 15 Oct 2008, 9:30 GMT http://africa.reuters.com/business/news/usnJOE49E0IR.html KINSHASA (Reuters) - Results of a review of mining contracts in Democratic Republic of Congo will only be announced after a new government to be formed by the prime minister takes charge of the dossier, a senior official said on Wednesday. Prime Minister Adolphe Muzito, who was appointed on Friday, is due to form a new cabinet in the coming days. This is likely to mean further delay to the contracts review that was scheduled to end on Wednesday, October 15. "When the government is appointed, and takes control of the review, we'll announce (the results)," deputy mines minister Victor Kasongo told Reuters in Kinshasa. "The government will receive the negotiations from the last weeks ... A final decision will have to be made by the minister," he added, without giving any indication of timing. The mines contract review, which started last year, covers 61 contracts signed with mining firms including majors such as Freeport-McMoRan and AngloGold Ashanti. The government had said the process would finish on September 30, but then announced it was extending it to October 15. President Joseph Kabila on Friday named Muzito, who was serving as budget minister, as the new premier to replace Antoine Gizenga, who retired last month ahead of his 83rd birthday on October 5. Under the mines review, some companies which signed deals in the copper, tin and cobalt-rich central African country may have to cede much greater ownership to state miner Gecamines. Firms whose contracts are not approved under the review will be able to renegotiate terms with the government. Of the 61 contracts, 14 are classed as "green," meaning acceptable, 26 are "orange" which require agreement on some points, and 21 are "red" which face cancellation. Congo was a major producer of industrial metals before its infrastructure was ruined by decades of misrule by late dictator Mobuto Seke Soko, and a 1998-2003 war. As metals prices have risen in the past five years, it has become a popular destination for mining firms, attracted by the country's rich mineral deposits. Link to comment Share on other sites More sharing options...
vssmnn Posted October 15, 2008 Author Report Share Posted October 15, 2008 October 08, 2008 X-ORE RESOURCES INC. ANNOUNCES PROPOSED REVERSE TAKE-OVER WITH SHAMIKA RESOURCES INC. http://www.x-ore.com http://www.x-ore.com/s/NewsReleases.asp?Re...-SHAMIKA-RESO... X-Ore shares to be consolidated on a 1 for 12.307692 basis - X-Ore to issue 49,775,000 post consolidation shares to Shamika Resources shareholders - Shamika Resources holds mining properties in the Democratic Republic of the Congo Val d'Or (Québec) -- October 8, 2008 - X-Ore Resources Inc. ("X-Ore") (TSXV - XOR) announces that it has entered into a letter agreement dated October 7, 2008 with Shamika Resources Inc., a Montreal-based private company with mining exploration properties in the Democratic Republic of the Congo (the "DRC"), for an arm's-length reverse take-over transaction. The letter agreement provides for the acquisition by X-Ore of all of the issued and outstanding shares of Shamika Resources for an aggregate purchase price of approximately $19.9 million, payable by the issuance of 49,775,000 common shares of X-Ore, following a consolidation of the 86,034,711 common shares of X-Ore on the basis of one share for every 12.307692 shares issued and outstanding. Upon the closing of the reverse take-over and a concurrent private placement, there will be 63,072,578 issued and outstanding X-Ore common shares, the current shareholders of Shamika Resources will collectively exercise control over X-Ore, and X-Ore's corporate name will be changed to reflect the transaction with Shamika Resources. Completion of the proposed reverse take-over is subject, among other things, to regulatory approval and to the closing of a concurrent private placement of a minimum of 6,307,258 units. Each unit will consist of one common share of X-Ore and one-half of a share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the new Company for a period of one year. The final terms and conditions of the concurrent private placement will be determined in the context of the market. About Shamika Resources Inc. Shamika Resources was incorporated under the Canada Business Corporations Act and is in the business of exploring and developing natural resource properties on the African continent. Shamika Resources holds near-term production properties containing tantalum, tin, tungsten and niobium, as well as the possibility of other minerals, including copper, platinum-group elements, diamonds and gold, in the resource-rich Kibara metallogenic belt area of the DRC. Shamika's strategy in the DRC is to secure a large portfolio of mining blocks containing tantalum, tin, niobium and tungsten ore. As of August 1st, 2008, Shamika held 721 mining blocks and is in the process of claiming an additional 6,726 blocks. By the end of 2008, Shamika expects to hold full mining rights on approximately 6,000 blocks for a total area of about 5,000 square kilometres, most of these concessions being located in the Kibara Belt of the DRC. All of Shamika's properties were granted under the new democratically-elected government of the DRC. Reports prepared in accordance with National Instrument 43-101 will be available shortly with respect to two of Shamika's properties (Idjwi and Kalehe). Léon Méthot, President & CEO of X-Ore commented, "This is a defining transaction for X-Ore shareholders, as it provides leverage to a portfolio of projects in one of the world's richest mineralized regions and to a host of strategic metals with widespread industrial applications in steel and electronics. It also allows X-Ore to advance its current projects in Mexico and Canada, thereby unlocking value that is being overlooked in the current financial markets." Terms of the Proposed Reverse Take-Over The letter agreement between X-Ore and Shamika Resources provides that the 86,034,711 issued and outstanding common shares of X-Ore will be consolidated on the basis of one share for every 12.307692 shares issued and outstanding, so that there will be 6,990,320 X-Ore shares outstanding. X-Ore will then acquire all of the shares of Shamika Resources for an aggregate purchase price of $19,910,000, payable by the issuance of 49,775,000 common shares of X-Ore. There are approximately 20 shareholders of Shamika Resources. Holders of 4,703,628 Shamika Resources options will receive, in exchange for such securities, options of X-Ore to purchase up to 4,703,628 X-Ore common shares. These X-Ore options will entitle their holders to purchase X-Ore common shares at exercise prices equivalent to those under their current Shamika Resources options, ranging from $0.20 to $0.75 per share. The letter agreement also provides that holders of 15,675,000 Shamika Resources warrants will receive, in exchange for such securities, warrants of X-Ore to purchase up to 15,675,000 X-Ore common shares at a price of $0.30 per share, equal to the exercise price of their current Shamika Resources warrants. The letter agreement further provides that holders of Shamika Resources debentures in an aggregate principal amount of approximately $715,000 will receive, in exchange for such securities, equivalent debentures of X-Ore. The debentures will be convertible into an aggregate of approximately 3,700,000 X-Ore common shares until dates ranging from February to October 2009. Upon completion of the reverse take-over and concurrent private placement, it is expected that X-Ore will be a Tier 2 mining exploration company pursuant to the policies of the TSX Venture Exchange, and that there will be 63,072,578 issued and outstanding X-Ore common shares. Of these, the current shareholders of Shamika Resources will hold an aggregate of 49,775,000 shares, representing 78.9% of the issued and outstanding X-Ore common shares, the current shareholders of X-Ore will hold an aggregate of 6,990,320 shares, representing 11.1% of the issued and outstanding shares, and investors in the private placement will hold an aggregate of 6,307,258 shares, representing 10% of the issued and outstanding shares. The principal shareholder of X-Ore will be a Québec private company controlled by Messrs. Robert Vivian and Abdou Boughanmi, both of Montreal, Québec, which will own approximately 51% of X-Ore's outstanding shares. Mr. Vivian is the Chairman of the Board, President and Chief Executive Officer of Shamika Resources. The proceeds from the proposed concurrent private placement will be used for working capital purposes and to carry out recommended exploration programs on Shamika Resources' two principal properties. The transaction between X-Ore and Shamika Resources was negotiated at arm's length. Shamika Financial Information As of June 30, 2008, based on unaudited unconsolidated financial statements, Shamika Resources had assets of $3,171,885, liabilities of $989,125 and shareholders' equity of $2,182,760. For the period from October 17, 2007 to June 30, 2008, Shamika Resources had nominal revenues and a net loss of $1,016,563. Proposed Directors and Management Team At the closing of the reverse take-over, the current Board of Directors of X-Ore will resign, with the exception of Mr. Terence Ortslan, who is also a director of Shamika Resources, and Messrs. Robert Vivian, Alvin Schacter, C.A., Kikaya Bin Karubi, (resident of the DRC), Jacques Bouchard Jr., David Crevier, Hubert Marleau, Ashwath Mehra (resident of Switzerland) and Jean Précourt, all current directors of Shamika Resources, will be appointed to the Board of Directors of X-Ore to replace them, either immediately or at the next shareholders' meeting. Upon completion of the reverse take-over, the new senior management team of X-Ore will be led by Mr. Robert Vivian, President and Chief Executive Officer, Mr. Alvin Schacter, C.A., Vice-President, Finance and Chief Financial Officer, and Mr. Anthony Keogh, Comptroller. Mr. Léon Méthot, X-Ore's current President and CEO, will continue to advise the new management on current and future initiatives. The following are brief résumés of the currently-proposed management team of X-Ore following the reverse take-over: Robert Vivian, President and Chief Executive Officer. After a successful career as manager for the investment and industrial division of a major Canadian trust company and as an entrepreneur, Robert Vivian founded Shamika Resources to capitalize on his extensive relationships in the DRC. Mr. Vivian has extensive knowledge and hands-on experience with the identification and development of natural resource opportunities in Africa. Alvin S. Schacter, C.A., Vice-President Finance and Chief Financial Officer. Mr. Schacter brings 30 years of finance, operations and consulting experience to Shamika Resources. He has served on the Board of Directors of several public companies. Mr. Schacter also served as President and Chief Operating Officer of Warrington Inc., a public company with approximately 3,000 employees and $200 million in annual sales. Anthony Keogh, Comptroller. Mr. Keogh is a Chartered Accountant (England), with more than 30 years of experience in accounting, financial management and internal auditing. As an accountant, Mr. Keogh was with Price Waterhouse in London and Montreal. In industry, he spent 18 years with Cemp Investments Ltd., a major private investment company, and subsequently with other companies, including Standard Life and GE Capital. Guy Arbour, P. Eng., Geo., M.Sc (Geophysics), Exploration Manager. Mr. Arbour will supervise the exploration and development of claims and properties, while providing assistance to the President with communications and other groundwork. Mr. Arbour has extensive experience in field geophysics and mining exploration. He was Director of Development for the Canadian Institute of Mining and Metallurgy. Patrick Vualu, Chief Geologist. Mr. Vualu has a diploma in geology from the University of Lubumbashi in the DRC and extensive experience in all aspects of mining in the DRC. He served as project manager for De Beers in the DRC and was appointed chief department officer for the Ministry of Mines (Département du Domaine Minier et des Carrières). Mr. Vualu is also President of Général de la Société Mining Consulting and Services, a firm offering services in the mining sector, including geological mapping, structural and lithological mapping, geological logging, analysis and testing of minerals, and preparation of preliminary geological and project reports. Jane Qu, Business Development Coordinator for China. Originally from a very active mining area in China, Ms. Qu is familiar with senior management of some of China's largest mining companies, involved with minerals such as tin, iron ore, coal and copper. Prior to joining Shamika Resources, Ms. Qu was responsible for the sales and marketing of a Chinese pharmaceutical group for more than 13 years. In that role, she increased sales substantially and expanded the company's markets throughout China, Japan and North America. Patrick Martineau, Environmental and Social Affairs. Mr. Martineau has a Master's degree in Political Science from the Université du Québec à Montréal (UQAM). Mr. Martineau did his research work on the governance of DRC mining activities and the challenges of the columbo-tantalite sector. He has made several visits to Africa, where he was appointed Co-coordinator on a research project on the social impact of mining investments and Head Researcher for a survey on the columbo-tantalite sector in the DRC. Conditions to Completion of Reverse Take-over Completion of the transaction is subject to a number of conditions, including, but not limited to, the closing of the concurrent private placement, approval by the TSX Venture Exchange, completion of satisfactory legal, accounting and financial due diligence by both X-Ore and Shamika Resources, and preparation and signing of formal agreements, including a share exchange agreement between X-Ore and all of Shamika Resources' security holders. The reverse take-over will also be subject to approval by X-Ore's shareholders, as will the share consolidation and change of X-Ore's corporate name. Closing of the transaction is expected to occur in the first quarter of 2009. The transaction cannot close until the required X-Ore shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in X-Ore's management information circular to be prepared in connection with the transaction, any information released or received with respect to the reverse take-over may not be accurate or complete and should not be relied upon. Trading in the securities of X-Ore should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Additional information regarding Shamika Resources' properties, financial situation and the proposed concurrent private placement will be provided in a subsequent press release. About X-Ore Resources Inc. X-Ore is a mineral exploration company with 18 properties located in known gold regions of Mexico and Canada, including the prolific Sierra Madre Gold Belt and the Val-d'Or region of Québec. The TSX Venture Exchange does not accept responsibility for the accuracy of this press release. This press release contains «forward-looking statements» not based on historical facts. Forward-looking statements express, as of the date of this press release, our estimates, forecast, projections, expectations and opinions as to future events or results. Forward-looking statements herein expressed are reasonable, but involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral resources and requirements of additional financing and the capacity of the Company to obtain financing. - 30 - For further information please visit X-Ore's website at www.x-ore.com or contact: Mr. Léon Méthot President and CEO Tel.: (819) 824-5422 Mr. Paul Goulet Investor Relations Tel.: (514) 710-8290 gouletp@commgo.com Link to comment Share on other sites More sharing options...
vssmnn Posted October 15, 2008 Author Report Share Posted October 15, 2008 Update: Congo Club Companies: http://www.dyor.de/congoclub-main.html Link to comment Share on other sites More sharing options...
vssmnn Posted October 15, 2008 Author Report Share Posted October 15, 2008 a marketcap crying to hell http://www.brc-diamondcore.com/s/Home.asp read: http://www.miningmx.com/diamonds/790164.htm http://www.advfn.com/p.php?pid=cafinancials&symbol=T^BCD Market Capitalisation 14.2 mil CAD Link to comment Share on other sites More sharing options...
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