Engineering & Mining Journal

JUN 2013

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

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REGIONAL NEWS - EXPLORATION ROUNDUP Colorado Resources Advances Exploration Colorado Resources, a Canadian junior company headquartered in West Kelowna, British Columbia, reported progress at its Oro gold property in Yukon and its North ROK copper-gold property in British Columbia. At the Oro property, Colorado Resources has entered into an option and joint venture agreement with a subsidiary of Gold Fields Ltd. for potential transfer to Gold Fields of up to a 70% interest in the property. The property covers approximately 36,000 ha and is located in the mineral-rich MacMillan Pass area of Yukon. Under the agreement, Gold Fields can earn a 51% inter- COMPANY PROFILE- PAID ADVERTISEMENT SEL Innovative Power Management Solutions for Mining Operations At SEL, we understand that mining operations require dependable power and that your primary concerns include efficiency, reliability, safety, security, and production. 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SEL Axion—The Axion establishes convenient control and reliability crucial to operations through I/O, SCADA communications, and control logic to support a wide variety of industrial applications. With the Axion, you can communicate with remote mining equipment and access control processes to ensure greater reliability. Please contact Robert Brereton at robert_brereton@selinc.com to schedule a meeting for your engineering and operations staff. We can help you identify the management tools, protection, control networks, and communications solutions best suited for your operational needs. Visit www.selinc.com/EMJ for more information. est in the property by making aggregate option payments of C$600,000 and incurring minimum exploration expenditures of C$7.5 million and up to $9 million to complete 10,000 m of drilling over a three-year period. Gold Fields can earn an additional 19% interest by making aggregate option payments of $900,000 and incurring exploration expenditures of $11 million over the following two years. At the North ROK property 190 km north of Stewart, British Columbia, Colorado Resources reported completion of four drillholes based on a follow-up of 2012 soil sampling and ground magnetic and IP surveying. As of late May, assay results were only available from the initial drillhole, which returned 333 m of 0.51% copper and 0.67 g/mt gold. The first 242 m of the hole were hosted in a typical porphyry-copper-style altered monzonite intrusion and assayed 0.63% copper and 0.85 g/mt gold. The last 91 m intersected altered volcanics that weakened away from the intrusive contact but still returned 0.20% copper and 0.19 g/mt gold. Results from this initial hole sparked a steep increase in Colorado Resources' stock price, which climbed from under C$0.20/share in late April to more than C$1.50/share in late May on the TSXVenture exchange. (www.coloradoresources.com) Exploration Briefs Midway Gold reports that Barrick Gold Exploration Inc. completed expenditures totaling $30 million at Midway's Spring Valley gold project in Pershing County, Nevada, thereby completing requirements to earn a 60% interest in the project. With four rigs operating on the property, Barrick has budgeted $8 million for infill drilling on the main Spring Valley resource area during 2013, with the objective of upgrading the quality of the resource. An additional $3.08 million is budgeted for development activities, as well as completion of a scoping-level economic evaluation. Spring Valley is a large, porphyry-hosted gold system mineable by open-pit methods. Barrick's interest in the project will increase to 70% when its spending on the project reaches $38 million. (www.midwaygold.com) www.e-mj.com

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