High-grade Ni-Cu-Pt-Pd-Au-Ag-Rh-Cr-V discoveries in the "Ring of Fire"

NI 43-101 Update (March 2011): 11.0 Mt @ 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au (M&I) / 9.0 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inf.)

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GOLDEN HOPE MINES (TSXV:GNH) Confirms High Grade Intersection of 64.1 g/t Au (Gold) over 1m Read More

The screen metallic analysis returned 82 g/t Au for an average grade of 93.5 g/t Au.
Two additional fire assays on the original pulp done prior to the screen metallic analyses returned 0.22 g/t Au and 0.12 g/t Au for an average fire assay grade of 0.41 g/t Au. The weighted average of all the fire assays and screen metallic assays from this 1-metre section in hole BD2011-184 is 64.1 g/t Au.

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Message: A GOOD MODEL FOR NOT STRATEGIC RELATIONSHIPS

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jonboy

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A GOOD MODEL FOR NOT STRATEGIC RELATIONSHIPS

posted on Dec 18, 07 05:36AM

General Moly is potentially one of the world's largest producers of molybdenum (necessary for making steel out of iron). They want to start producing from their Idaho mines in 2009. In recent weeks they have announced two strategic moves.

1) Arcelo-Mittal the world's largest steel producer has purchased via private placement about 12.5% of the shares, giving the company $70 million to develop one of the two main projects. There is also a take-off agreement, whereby the steel producer will buy about 6.5 million pounds a year for five years, once the mine goes into production. There is a floor price significantly higher than the estimated cash costs of production, offset by a variable discount to spot moly prices above the floor. This is a non-exclusive deal.

2) Today a second deal was announced with POSCO, the third largest steel producer, giving POSCO the rights to acquire a 20% interest in the project, with payments of $50 million initially, $50 million in JUly next year and $70 million in the first quarter of 2009 when ready for production. POSCO takes off 10 million pounds a year.

What a great arrangement for a small company with a huge, unmined supply of a rare earth!!!

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