Commodities: Copper, Gold
September 5, 2008
According to publically available information, the Bishkek Inter District Court of the Kyrgyz Republic lifted all restrictions on its wholly owned subsidiary, Bulakashu Mining Company (“BMC”) assets, licenses and accounts. The company concludes from this development there are no further impediments to the company’s normal operations in the country.
In 2008, it was reported that was a dispute concerning the ownership of its Kyrgyz subsidiary and suspend all operations and exploration activities on the Bulakashu Project and the other projects in the Kyrgyz Republic until it has resolved any potential land tenure issues resulting from the dispute. This would include compilation or review of all exploration results from the 2007 exploration program.
Due to winter conditions the owner completed its 2007 drill program at the Severny Prospect at the end of October. A total of 4,405 meters was completed in 19 holes. Based on favourable exploration results from the 2006 exploration programs carried out on the Severny and Karabulak prospects on the Bulakashu property, the Company originally planned to carry out a 6,000 meter drill program on both prospects, the bulk of which would be carried out on the Severny Prospect. The Company initiated the 2007 drill campaign with 2 drill rigs that were later joined by two more drill rigs in August of 2007. Due to mechanical problems with heavy equipment (drills and bulldozers) and poor drill rigs, bull dozers and poor production, only 19 drill holes, totaling 4,405 meters of the proposed 6,000 meter program, were completed, entirely at Severny. Assay results are still pending for some of the drill holes completed to date. Once received, a compilation and interpretation of the drill results form the 2007 drill campaign will be used to plan exploration activities for 2008.
The drilling at Severny was conducted at 200 metre centers along NE-SW trending fences designed to test IP-resistivity. Hole SV07-07 was drilled to a depth of 296 metres, intersecting sporadic gold mineralization and quartz-sericite-pyrite alteration (“QSP”) throughout most of the hole. Hole SV07-08, 200m to the southwest of Hole SV07-07, was drilled to a depth of 501 metres, intersecting strengthening QSP alteration and gold mineralization over wider intervals. Hole SV07-09 was drilled to a depth of 320 metres, under a road cut where a surface rock chip sample returned 48m of 2.27 g/t gold. Hole SV07-09 intersected two distinct, broad zones of gold mineralization and associated intense QSP alteration. The mineralized intervals are separated by post mineral, unaltered andesite dikes. The mineralization and alteration vectors point toward the southwest
where last year’s rock chip surface sampling encountered gold values ranging from 0.14 g/t up to 37.7 g/t in QSP altered greenstones.
anomalies and associated surface gold mineralization identified in the fall of 2006.
September 6, 2007
Reported results from the drill program at Severny Copper Gold prospect. To date four diamond drill rigs are now operating on Severny and thus far, four drill holes have been completed totaling 1,908 metres of the planned 6,000 metre program. Highlights include Hole SV07-09 from 1m with an interval of 43m at 1.49 g/t Au including from 92m with an interval of 47m at 1.38 g/t Au.
August 28, 2007
Announced that the company acquired the remaining 62.5% interest in the Bulakashu property and now owns the entire property.