SILA.OB, NYSE:EGI and AMEX:PLM Mining Market Updates From DrStockPicks.com
Friday, July 30th, 2010![]()
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Gold American Mining Corp. (SILA.OB) is a gold exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich precious metals production potential. Based in Reno, Nevada, Gold American has already developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations.
Gold American’s Keeno Strike Property is located in theGoodsprings/Yellow Pine Mining District, and consists of a continuous block of 12 unpatented, 20-acre lode miningclaims for a total of 240 acres. The claims could potentially contain 2.14 million ounces of gold equivalent resources accessible via open-pit bulk handling methods unavailable to the industry at the time these properties were initially developed. According to a May 2008 report prepared by Mark See, Mining Engineer, when the gold equivalent resources are combined with those of additional mineral deposits of lead (~130,000 tons), zinc (~115,000 tons) and copper (~13,000 tons), the claims represent an estimated equivalent gross in situ value in excess of $3 billion. The estimated gold equivalent resources alone represent a total in-place gross value of ~$2.17 billion at current market prices (as of March 2010), as calculated in a March 2010 Evaluation Report by Parkinson Geologic Services, Inc. The property’s 240 acres lie in a mining district that had produced over 120,000 ounces of gold equivalent by the end of 1962.
A reconnaissance report prepared in 2008 determined that Gold American’s holdings represent sufficient resources to justify the next phase of the property’s expansion.
Entrée Gold Inc. (NYSE AMEX:EGI) has received a mining licence covering its Nomkhon Bohr coal discovery, outlined through exploration efforts in 2008-2009. The new mining licence comprises approximately 14,030 hectares and covers the northwest corner of the former Togoot exploration licence. The portion of the property included in the mining licence is mainly underlain by Permian sediments which are known to host rich coal deposits in this part of the Gobi Desert.
“We have worked closely with our Mongolian resource consultants and the Minerals Council over the last several months to meet the criteria for a mining licence over our Nomkhon Bohr coal discovery. Our 100%-ownership of the property and 30 year initial term of the licence gives us many strategic options,” said Greg Crowe, President and CEO of Entrée.
PolyMet Mining Corp. (AMEX:PLM) reported recently that the state and federal government agencies responsible for the Environmental Impact Statement (EIS) reviewing PolyMet’s copper-nickel-precious metals project will complete the EIS process by preparing a supplemental draft EIS that incorporates the proposed US Forest Service (USFS) land exchange and expands government agency cooperation.
The USFS will join the US Army Corps of Engineers (USACE) as a federal co-lead agency through the completion of the EIS process. In addition, the U.S. Environmental Protection Agency (EPA) will join the effort as a cooperating agency. The Minnesota Department of Natural Resources (DNR) remains the state co-lead agency.
The PolyMet project comprises the Erie Plant and the nearby NorthMet copper-nickel-precious metals ore-body, located near Hoyt Lakes in the established mining district of the Mesabi Iron Range in northeastern Minnesota.
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