tsx, tsx-v, goldtsx, silver, junior resource

Fresh Releases


January 15, 2013

gold, Armenia, Lydian

Lydian reports Armenia Gold Assays up to 1.1 g/t over 111m

Lydian International Ltd T.LYD announced assays from its Amulsar gold project in Armenia.

Highlights include

1.1 grams per tonne gold over 111 metres
1 g/t gold over 89 metres
1 g/t gold over 38 meters
1.8 g/t gold over 35 metres
1 g/t gold over 30 metres
1 g/t gold over 30 metres
1 g/t gold over 28 metres
1.6 g/t gold over 21 metres
1.1 g/t gold over 21 metres
1.1 g/t gold over 19 metres
1 g/t gold over 19 metres
1 g/t gold over 19 metres

President/CEO Tim Coughlin commented, “Another set of impressive results from a successful drill season at Amulsar. Drilling in 2012 has reinforced our view of the overall resource potential at the project and provided us with a few pleasant surprises. Erato appears to be growing in all directions but particularly at depth and towards the Tigranes pit, whilst at Arshak we are stepping consistently southeastwards finding more gold along the ridgetop. In light of our better understanding of the gold distribution, we are continuing to optimize mine layout plans, particularly in regards to crushing facilities and heap-leach capacity. 2013 is set to be an exciting year for Lydian with planned resource updates, continued work towards achieving permitting milestones, completing engineering studies and carrying out a significant drill program.”

According to a September 7 feasibility study, Amulsar contains proven and probable reserves of 2.26 million ounces gold at 0.8 g/t and 9.63 million ounces silver at 3.4 g/t. The study forecasts (at US$1,200-per-ounce gold) a net present value (NPV) of $646 million (at a 5% discount rate) an internal rate of return (IRR) of 27.7%, a 12-year mine life, a stripping ratio of 2.23:1, annual gold production for years one to three of 118,341 ounces and 186,047 ounces for years four to 12 at $468.5 per ounce and an initial CAPEX of $269.6 million.

Donna Pugsley
Investor Relations
44.0.1534.715473 or 44.0.7797.742800
gold, Almos Gold

Alamos Gold bids $780M for Aurizon Mines

Alamos Gold Inc T.AGI announced an offer to buy Aurizon Mines Ltd T.ARZ (“Aurizon”) for $780 million in cash and shares. The offer reflects a premium of approximately 37% based on the volume-weighted average price of Aurizon shares on the TSX for the 20 trading days ended January 9, 2013. Alamos currently owns 26.5 million Aurizon shares, 16% of the company.

Alamos President and CEO John McCluskey commented, “We believe that our offer presents an attractive alternative for Aurizon shareholders. In addition to the Aurizon shares we recently acquired, shortly before announcing our offer, we approached a select few major institutional holders of Aurizon Shares. Each of these holders was supportive of us making the offer. This response adds to our confidence that our Offer is attractive to Aurizon shareholders. We believe the combined companies will form one of the strongest and lowest-risk production and growth profiles in the gold sector today. The offer, combining the world-class assets of the two companies, demonstrates Alamos’ ability to identify and pursue opportunities that present a strong strategic fit with our goal to become a leading intermediate gold producer.”

Alamos owns the Mulatos goldmine in Mexico and has exploration and development activities in Mexico and Turkey. Aurizon has eight properties in the Abitibi region of northwest Quebec, including Casa Berardi, a producing gold mine.

Alamos closed trading Monday at $14.90, down $2.02 (-11.9%), while Aurizon closed at $4.55, up $1.14 (+33.4%).

Alamos Gold Inc.
Jo Mira Clodman
Vice President, Investor Relations
(416) 368-9932 x 401

gold, CGA Mining

CGA reports Philippines Gold Assays up to 24.4 g/t over 16m

CGA Mining Ltd T.CGA announced gold assay results from the Montana North Prospect of its Masbate Gold Project in the Philippines. Highlights include

24.42 grams per tonne gold over 16 metres
including 62.1 g/t gold over 6 metres
1.7 g/t gold over 17 metres
1.54 g/t gold over 32 metres
1.97 g/t gold over 12 metres
1.01 g/t gold over 14 metres
4.15 g/t gold over 23 metres
1.36 g/t gold over 22 metres
5.68 g/t gold over 11 metres
1.5 g/t gold over 13 metres

The Masbate Project is located on the island of Masbate about 350 kilometres south of Manila. The project has measured and indicated resources of 5.13 million ounces gold, total inferred resources of 2.83 million ounces and proven and probable reserves of 3.1 million ounces. It its last reported quarter, it produced 47,646 ounces gold at $837 per ounce.

Michael Carrick

Video Updates