Technical Issues - August 7, 2012

I recorded the video today but youtube is having technical difficulties. Below are the press releases of note today: Canaco Resources Inc Symbol C : CAN Shares Issued 199,788,103 Close 2012-08-03 C$ 0.40 Canaco decreases 2012 budget to $3.5-million 2012-08-07 06:54 ET - News Release Mr. Andrew Smith reports CANACO ANNOUNCES REVISED SIX MONTH BUDGET AND GRANTS OPTIONS Canaco Resources Inc.'s board of directors has approved a revised budget of $3.5-million for the six months ending Dec. 31, 2012, reduced from $11-million as previously announced (refer to the company's news release dated May 31, 2012). In regards to this news, Canaco President and CEO, Andrew Lee Smith, commented: "Steps have been taken to reduce company operating costs with the preservation of capital and advancement of project development as our top priorities. Canaco has strategic assets in the form of a $95 million treasury and the Handeni property, which provide capacity to create shareholder value in challenging resource markets. In parallel with ongoing engineering, the Board and management are currently evaluating a number of potential opportunities for strategic alternatives for growth." As announced on August 2, 2012, Canaco has entered into a memorandum of understanding (MOU) with an arm's length third party, a Chinese gold producer, to create a joint venture to develop Canaco's Magambazi project in Tanzania. The MOU is non-binding and subject to certain conditions including, but not limited to, the completion of due diligence and a positive economic evaluation by the Chinese third party. "This agreement creates the possibility for the development of Magambazi to proceed without the requirement for financial contributions by Canaco during the earn-in period," Smith said. "In response to the potential development of a joint venture, management has taken the decision to defer the completion of a Magambazi PEA pending third-party economic evaluations, further reflecting our commitment to preserving cash in this market environment." Engineering work at Magambazi will include the completion of environmental baseline reports along with flow sheet design and site plan development to continue advancing the permitting process and provide a basis for the completion of the PEA, if required. The Board has granted an aggregate of 6,000,000 stock options to directors, officers and consultants pursuant to Canaco's Stock Option Plan. The options have an exercise price of $0.40 per share and an expiry date of August 3, 2017. We seek Safe Harbor. Planetary Resources Inc., an asteroid-mining venture backed by Google Inc. (GOOG) executives, said it added more billionaire investors and is nearing a partnership agreement with a "top-10" mining company. Planetary Resources has "new billionaires to add to the list we've announced," co-founder Eric Anderson said in an Aug. 3 telephone interview, declining to identify them. "There are a number of other people you know who've decided to come on board as investors. We've got a lot of people who are committed to the long-term cause." The venture said in April it has the backing of Ross Perot Jr., Google's Chief Executive Officer Larry Page, Chairman Eric Schmidt and former Goldman Sachs Group Inc. Co-Chairman John C. Whitehead. The company aims to be the first to harness potentially trillions of dollars of minerals including platinum group metals by using robotic technology to mine asteroids. "If their step-by-step road map goes to plan, I think it could be quite promising in the longer term," Ben Taylor, a research fellow in the planetary environments team at the University of Surrey in Guildford, England, said by phone. "We can identify the minerals on the asteroids from orbital surveying, but it becomes a question of whether it's still going to be cheaper to extract the very small amount that's on earth compared to the cost of extraction on an asteroid." While Planetary Resources has "enough funding for several years of operations" including its initial prospecting missions, the Seattle-based company would consider an initial public offering for future financing needs, Anderson said. Low Orbit "I would love to take the company public someday," he said. "I think it's really important for the public to have a chance to be part of this, but not until we're ready. We need to fly to space first." Planetary Resources intends to launch a telescopic space surveyor into Earth's low orbit in less than two years to identify potential metal- and water-rich asteroids and begin prospecting within four years. Platinum deposits on Earth originated on asteroids that collided with the planet and a single metallic asteroid with a 500-meter diameter likely contains more than all that's been extracted on Earth, according to Planetary Resources. There are currently 10,000 known so-called near-Earth asteroids and 1,500 of those are "energetically as easy to reach as the Moon," according to the company's website. Richard Branson It signed an agreement with Richard Branson's Virgin Galactic LLC last month enabling its Arkyd-100 low-Earth orbit space telescopes to be launched via Virgin spacecraft. The company hopes to sign an accord with a large mining company within months and is seeking to partner with more firms, Anderson said. "We're in discussions with a major mining company that is certainly one of the top 10 in the world," he said, without naming the company. "It's a very preliminary agreement that would give them rights to co-invest with us and profit from initial asteroid missions." Planetary Resources plans to identify water-rich asteroids, essential "stepping stones" that could be used for refueling rockets and explorers in future space adventures, Anderson said in an April interview. Partnering with a mining company "should be very useful for them and obviously give them a lot more credibility in terms of this actually getting off the ground and working," University of Surrey's Taylor said. "They would obviously need to be careful that not too many existing processes which work on earth would be transferred to the space environment." NASA Veterans Anderson said his company wanted the mining industry as a partner, not as a competitor. "We're not planning to recreate the large mining companies of the world, we're going to keep our expertise to the space part," he said on Aug. 3. Planetary Resources has assembled a team of about 40 engineers, including National Aeronautics and Space Administration veterans, to help advance its plan, Anderson said. "We are very cognizant of the fact this is a very long- term project, we're not going to be returning platinum group metals from asteroids tomorrow," he said. "It's going to take a while." It also lists film director and producer James Cameron as an adviser on its website. Google board member Kavitark Ram Shriram and International Software Corp. founder Charles Simonyi are also investors. "Mining asteroids is clearly like eating a dinosaur. The way you eat a dinosaur is one bite at a time," Anderson said. We're doing it one bite at a time.'' To contact the reporters on this story: Jesse Riseborough in London at jriseborough@bloomberg.net; Thomas Biesheuvel in London at tbiesheuvel@bloomberg.net To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net Oromin Explorations Ltd (2) Symbol C : OLE Shares Issued 136,563,218 Close 2012-08-03 C$ 0.465 Oromin still on the block; OJVG studies on schedule 2012-08-07 09:40 ET - News Release Mr. Chet Idziszek reports OROMIN EXPLORATIONS LTD.: PROGRESS UPDATE FOR THE OJVG GOLD PROJECT Oromin Explorations Ltd.'s mineral resource estimate, and the reserve and feasibility study update announced on May 29, 2012, for the OJVG gold project remain on schedule. The mineral resource estimate is expected to be completed by early September and the Reserve and Feasibility update is expected in November. In addition, Oromin is continuing to work with its OJVG partners to assess development, financing and strategic alternatives towards maximizing project value, including discussions with various parties that could lead to a potential acquisition of Oromin. The OJVG Gold Project is an advanced stage, low risk construction-ready project with numerous options for development and further resource enhancement. A 15-year renewable mining license was granted by the Government of Senegal in January 2010. A positive feasibility study was completed in mid 2010 by SRK. This was followed by significant project enhancements including: a positive preliminary economic assessment of heap leach potential and resource update announced in May 2011; subsequent expansion of various deposits; and the announcement of new gold discoveries outlined by continued drilling through to December 2011. Oromin believes that the post feasibility study work by OJVG will add considerable project value through increases in open pit and underground mining potential and an extended mine life. Accordingly, OJVG has initiated the current update for the feasibility study to take into account all 2010 and 2011 drilling completed after the January 2010 data cut-off date used for the original 2010 study. Also, the final approval from the Government of Senegal for the project's Environmental and Social Impact Assessment ("ESIA") was received on May 29, 2012. Anconia Resources Corp Symbol C : ARA Shares Issued 38,552,864 Close 2012-08-03 C$ 0.24 Anconia starts 1,500-metre drilling at Marce 2012-08-07 10:35 ET - News Release Mr. Jason Brewster reports ANCONIA RESOURCES BEGINS DRILLING AT ITS MARCE OCCURRENCE IN NUNAVUT TERRITORY Anconia Resources Corp. has begun drilling has begun on its Marce occurrence located in Nunavut, Canada. Drill program The company has commenced a drilling program of up to 1,500 metres on the Marce occurrence, a VMS (volcanogenic massive sulphide) target that has a surface expression in the form of frost-heaved subcrop, which is coincident with a 1.3-kilometre geophysical signature consisting of magnetics, electromagnetics and gravity. In August and September of 2011, Anconia conducted a surface sampling program over the Marce occurrence, which returned the following values, 0.02 to 34.14 per cent zinc, nil to 19.2 grams per tonne gold, 0.6 to 2,100 g/t silver and 0.01 to 10.6 per cent copper, from a total of 43 samples (see press release dated Oct. 20, 2011). The samples are all taken from the conductor No. 5 on the Marce occurrence (see press release dated July 13, 2012, for more details), which is subparallel to a magnetically indicated iron formation. It is important to note that recent ground geophysics work has demonstrated that the gravity anomaly is associated with the conductor as opposed to the iron formation. The planned drill program will test the extent of the Marce occurrence and conductor to depth and along strike. The company will provide updates as they become available. Comstock Metals Ltd Symbol C : CSL Shares Issued 46,088,819 Close 2012-08-03 C$ 0.29 Comstock to acquire Seafield's 75% interest in Walhalla 2012-08-07 12:21 ET - News Release Mr. Rasool Mohammad reports COMSTOCK METALS TO ACQUIRE CONTROLLING INTEREST IN THE WALHALLA PROPERTY, WHITE GOLD DISTRICT, YUKON AND ADDS ROB MCLEOD TO THE ADVISORY BOARD Comstock Metals Ltd. has entered into a letter of intent with Seafield Explorations Ltd. to acquire Seafield's 75-per-cent interest in a joint venture with Volcanic Minerals Ltd. for the exploration and development of the Walhalla property located in the white gold district in the Yukon (described in further detail below). Walhalla property highlights: Ridge and spur and grid soil sampling have returned gold assays from below detection limit to 6.26 grams per tonne (g/t) gold (Au), 3.41 g/t Au and 2.16 g/t Au. Copper values in soil ranges from below detection limit to 266 parts per million copper (Cu). Silver values in soil range from detection limit to 7.9 g/t silver. A large breccia system in subcropping bedrock extending approximately two kilometres long and 200 metres wide is in close proximity to soil anomalies. The breccia and associated silicification is thought to be related to the Teslin fault structures. The Walhalla property consists of 1,988 quartz claims covering approximately 41,800 hectares located 120 kilometres southeast of Dawson City in the Yukon. The property is located in the white Gold district immediately east of and contiguous with Pacific Ridge's Mariposa Project. Previous work on the property identified strong anomalous gold zones in soils as well as anomalous pathfinder elements such as arsenic and barium. About 1014 ridge-and-spur samples were taken in the western, north-eastern, and south-eastern parts of the property, and significant gold-in-soil anomalies were identified in all areas. Of particular interest was a 3.41 g/t gold-in-soil anomaly in the ridge-and-spur sampling, which was followed up by 366 grid soil samples that returned a value of 6.26 g/t Au - one of the top ten historically in the entire White Gold District. Copper-in-soils and silver-in-soils are also of interest based on the results received to date. Please refer to the figures posted on the Company's website under (http://comstock-metals.com/projects/walhalla/). Prospecting identified area of float that appears to outline a large breccia system extending approximately 2 km long and 200 m wide. Some of the high gold-in-soils and coincident copper and silver anomalies are found near the breccia. This area of the property is located along the Teslin Fault, a major regional fault system which splays out on the property and is mid Cretaceous in age, which is the age of most Yukon gold mineralization. Other parts of this large property package are underlain by intrusive and metamorphic rocks similar to those found in the White Gold district to the west, and also those which host the Minto copper-gold mine to the south. A helicopter-borne high-resolution aeromagnetic survey was also flown over the property last year, and data from this survey will be used in conjunction with assay results to identify targets for follow-up work such as grid soil-sampling, trenching, and drilling. The Walhalla project is considered prospective for discovery of several types of mineralisation, with gold the primary commodity of interest. The White Gold and similar deposits (Kaminak's Coffee gold deposit), as well as Comstock's own discovery at the QV Property are located to the southwest and northwest respectively and is the primary target. The property may be prospective for Minto style IOCG type copper-gold mineralisation (located to the southeast), as are VMS type deposits like Touleary, and Comstock intends to evaluate these possibilities also. Comstock is planning to continue with ridge-and-spur, grid soil sampling and mechanical trenching programs to identify drill targets. For detailed maps of the property and the locations, please visit the website at: www.comstock-metals.com. The technical information in this Release has been reviewed by Gordon Davidson, P. Geol., a Qualified Person as defined by National Instrument 43-101. Terms of the LOI: Under the terms of the LOI, the purchase consideration payable by the Company for the Walhalla Property will be (i) $300,000 cash costs incurred by vendor(s) to acquire the claims, (ii) issue 500,000 common shares of the Company, and (iii) issue an additional 500,000 common shares of the Company upon the determination of an NI 43-101-compliant 500,000 ounce gold resource on the Walhalla Property. Closing is subject to certain conditions, including the execution of a definitive agreement, the execution of a joint venture agreement with Volcanic Minerals Ltd. on terms satisfactory to Comstock, the receipt of all regulatory approvals and approval of the TSX Venture Exchange, and other customary conditions. The acquisition is considered a related party transaction under TSX-V Policy 5.9 because Mr. Rasool Mohammad, an officer and director of the Company, is also the director of Seafield Explorations Ltd. The Company is relying on the exemption from the requirement to obtain a formal valuation and minority shareholder approval on the basis that the fair market value of the acquisition does not exceed 25% of Comstock's market capitalization. Following closing of the acquisition, Seafield and Mr. Mohammad (and their associates) will collectively hold approximately 8% of the outstanding common shares of Comstock (assuming the additional 500,000 contingent common shares are issued), or approximately 8.1% on a partially diluted basis. QV Project Update: The Company has completed phase one soil-sampling and an initial mechanical trenching program on the QV Property. In a press release dated July 25, 2012 the Company announced a discovery trench QVTR12-6 at the QV Project assaying 3.74 g/t gold over 75 m and open in all directions. The Company is aggressively trenching, mapping, and sampling on the discovery zone to get ready for a diamond-drill program. Offset and in-fill trenches are being dug as this News Release is being written. Canadian mining companies, investors, and mining analysts are touring the QV project this week to examine the discovery zone. Rob McLeod: The Company also would like to announce the addition of Rob McLeod, P.Geol., to the Company's Technical Advisory Board. Mr. McLeod is a highly technical, creative, and innovative exploration geologist. He has over 18 years of post-graduate experience in mining and mineral exploration, working for a variety of major and junior mining companies.