Apollo Gold Announces the filing with SEDAR of the New 43-101 for the Black Fox Project.DENVER -- Apollo Gold Corporation ("Apollo" or the "Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :APG APG Assists Per Game (basketball) APG Assists Per Game (hockey statistic) APG Aberdeen Proving Ground APG Automated Password Generator APG Asia Pacific Group on Money Laundering ) (AMEX AMEX See: American Stock Exchange :AGT AGT antiglobulin test. ) is pleased to announce the filing with the Canadian securities regulatory authorities on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review of a Canadian National Instrument 43-101 ("43-101") resource study for its 100% owned Black Fox Project ("Black Fox") located near Timmins, Ontario This article is about city in Ontario, Canada. For other uses, see Timmins (disambiguation). Timmins, with a population of 42,997 (2006), is a city in northeastern Ontario, Canada on the Mattagami River. At 2,961. , Canada. The resource study was prepared by Mine Development Associates ("MDA (1) (Monochrome Display Adapter) The first IBM PC monochrome video display standard for text. Due to its lack of graphics, MDA cards were often replaced with Hercules cards, which provided both text and graphics. See PC display modes and Hercules Graphics. "), a mining engineering firm based in Reno, Nevada, USA. MDA has confirmed that the study complies in all respects with 43-101 guidelines. The MDA Executive Summary for the 43-101 was previously announced June 30, 2006. Table 1 below summarizes the Black Fox total mineral resource: (Note: The open pit reserves below are not contained within the additional open pit or underground indicated and/or inferred resource material. The indicated and inferred material is to be considered as additional material to the reserve figure. See 43-101 for additional ounces)
Table 1: Total Mineral Resource Summary
Grade Grade
grams ounces
Tonnes gold per gold per Gold
000's tonne tonne Ounces
-------- --------- ---------- --------
Open Pit - Material
Reserve 3,062 4.56 0.147 448,800
Indicated Resource 2,356 3.27 0.105
Inferred Resource 6,626 4.00 0.129
Underground - Material
Indicated Resource 1,004 9.66 0.311
Inferred Resource 1,228 9.71 0.312
Project Economics (Open Pit Reserve Only) - The project economics were evaluated using two different criteria: (i) owner milled and (ii) toll milled. The owner milled criteria indicated a US$77.4 million pre-tax cash flow (0% discount) with a 29.3% IRR IRR In currencies, this is the abbreviation for the Iranian Rial. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. and the toll mill criteria indicated a US$83.5 million pre-tax cash flow (0% discount) with a 123% IRR. Both cases used a US$600 per ounce gold price and operating costs operating costs npl → gastos mpl operacionales of US$256 and $305 per ounce respectively. The evaluation indicates a better return from the toll milled case; however, MDA suggests that an owner operated mill should be given serious consideration due to several factors, including: --MDA believes that the present estimate of reserves from the property is likely to underestimate the tonnage of the ore-grade material, based on the estimate of historic production from the current model; --MDA considers the potential for developing underground minable reserves to be good; --Owner operation should improve control of the operation, operating cost, and gold recovery; and --The operating cost of toll milling is projected to be $50 per ounce higher than owner milled. As previously disclosed, MDA believes that two sampling issues noted at the property will result in drill holes samples under-representing the amount of gold contained on the property. More than twice the ounces predicted by the MDA model were mined by Exall Resources Limited (the former majority owner of the Glimmer mine which was located on the Black Fox property). MDA Recommendations---MDA's primary recommendation is to confirm that the model underestimates the actual material in the ground. In particular, the following programs are recommended by MDA to be completed during the feasibility: --Check sample at least 5-10% of the material inside the mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zones by metallic assay at a zero cut off; --Complete approximately 150 mini-bulk sample gravity checks on drill hole composite samples; --Design and complete a bulk sampling program for the green carbonate and "flow ore" mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. types. The bulk sampling program should be designed to determine differences between grade model and actual mineralization; and --Extend the 235 level to the east and continue to develop the "flow ore" mineralization. R. David Russell David Russell may refer to:
Apollo Gold Corporation Apollo is a gold mining and exploration company with a mine in Montana (which is currently on care and maintenance), the Black Fox advanced stage development project in Ontario, Canada, and the Huizopa Project, an early stage exploration project in the Sierra Madre Sierra Madre, city, United States Sierra Madre (sēĕr`ə mä`drā), residential city (1990 pop. 10,762), Los Angeles co., S Calif., at the foot of Mt. Wilson; inc. 1907. There is some light manufacturing. Gold Belt in Chihuahua, Mexico. This press release has been reviewed and approved for release by Richard Nanna, Professional Geologist, Apollo's Senior Vice-President, Exploration and Development and designated "Qualified Person" under NI 43-101. Non-Reserve Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature Cautionary Note to US Investors concerning estimates of Indicated Mineral Resources. This press releases uses the term "indicated mineral resources". We advise US investors that while the term is recognized and required by Canadian regulations, the US Securities and Exchange Commission does not recognize it. US investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves. Cautionary Note to US Investors concerning estimates of Inferred Mineral Resources. This press release uses the term "inferred mineral resources". We advise US investors that while the term is recognized and required by Canadian regulations, the US Securities and Exchange Commission does not recognize it. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. US investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally minable. FORWARD-LOOKING STATEMENTS This press release includes "Forward-Looking Statements" within the meaning of section 21E of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "continue," or the negative of such terms, or other comparable terminology. All statements regarding estimated resources and reserves, the potential for developing underground minable reserves, future operating costs, estimated rates of return, the results of any further sampling, future exploration at the Black Fox Project and the timing of future feasibility studies, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from these forward-looking statements include: the results of independent Canadian NI 43-101 reports, the outcome of assays and additional exploration sampling and drilling efforts, variations in ore grade, mining, or processing problems or issues, the availability of external financing on acceptable terms and other factors disclosed under the heading "Risk Factors" in Apollo's most recent annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the United States Securities and Exchange Commission and elsewhere in Apollo's documents filed from time to time with the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. , The American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. , The United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this press release are based on information available to Apollo on the date hereof. Apollo assumes no obligation to update any forward-looking statements. |
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