CEO Lee R. Rice Announces Revised Acquisition Plan for Kinross Colorado Mining Properties
December 24, 2008 Filed Under: Precious Metal
President and Chief Executive Officer Lee R. Rice of Colorado Goldfields Inc. announced a revised acquisition plan for the mining properties owned by Kinross Gold Corporation in the Silverton, Colorado area, including the Sunnyside Mine.
“It became clear that sufficient due diligence regarding the Sunnyside Mine cannot be completed by year end. Moreover, there may be significant environmental issues that would arise if the Sunnyside Mine were reactivated by a third-party purchaser, which must be fully vetted before the parties could reasonably move forward. Given these conditions, and my long-standing personal respect for Tye Burt, President of Kinross, realistically we need to take a pause. Perhaps in early 2009, subject to re-evaluation by both Kinross and Colorado Goldfields, the parties may resume discussions,” said Rice.
“In light of Colorado Goldfields’ Board of Directors considered opinion that we aggressively explore several well-placed merger opportunities that have been recently presented to us with larger mining companies that have market capitalizations significantly higher than our Company represents today, the ‘Kinross pause’ is consistent with overall Company strategy,” added Chief Financial Officer C. Stephen Guyer.
Slam Exploration announces zinc – lead – silver resource at Nash Creek
SLAM Exploration Ltd. announces it has received a draft 43-101 Technical Report and resource estimate from Wardrop Engineering Inc. for its wholly-owned Nash Creek Project in New Brunswick. Using a 2%… Read more..
Lake Victoria Mining Company, Inc.- Kalemela Emerging Gold Project Update, Tanzania
Lake Victoria Mining Company Inc. provide an update of exploration activities at its Kalemela Gold Project in northern Tanzania. This emerging gold exploration project lies northeast of the Company’s… Read more..
Mirasol Options the Nico Silver-Gold Project to Coeur d’Alene Mines
Mirasol Resources Ltd. announces that it has signed an exploration option agreement with Coeur d Alene Mines to explore and develop Mirasol’s 100% owned Nico Project, located in the Deseado Massif… Read more..