| Majescor
to Acquire Interest in a Strategic Gold-Copper Property in Haiti
by Marketwire,
April 23, 2009
MONTREAL, QUEBEC -- (Marketwire) -- 04/23/09 -- Majescor Resources Inc.
("Majescor" or the "Company") (TSX VENTURE: MJX)
is pleased to report that it has signed an agreement (the "Agreement")
with SIMACT Alliance Copper Gold Inc. ("SIMACT") and its principal
shareholders (the "Principals") whereby the Company will acquire
a 10% interest in SIMACT, as well an option to acquire the remaining
90% interest. SIMACT, through its 66.4%-owned Haitian affiliate mining
company, Societe Miniere du Nord-Est S.A. ("SOMINE"), controls
a property with both gold and copper potential, (the "SOMINE Property")
located in the North-East mineral district of Haiti. The SOMINE Property
lies within a highly prospective volcanic arc environment, host to numerous
epithermal gold and porphyry copper occurrences in Haiti, as well as
the World-Class Pueblo Viejo gold deposit in the adjacent Dominican
Republic. The property holds the historical Blondin and Douvray copper-gold
prospects; the historical Faille-B gold prospect; along with a number
of recently-discovered copper-gold showings.
Marc-Andre Bernier, President and CEO of the Company states: "Majescor
has an established, ten-year long tradition of exploring emerging mineral
districts. The deal with SIMACT and its Principals offers a new and
unique opportunity for the Company to participate in the evaluation
and development of a key property located in the prospective Massif-du-Nord
volcanic complex of north-east Haiti.
We believe that the time is right to
invest in Haiti and in projects with gold and copper potential. Gold
has remained a steady commodity in this economic downturn while copper
has just hit a 6-month high. Not only does the SOMINE Property contain
three historical copper and gold occurrences, the mineral rights of
which are secured under a mining convention with the State, but it is
surrounded by ground recently acquired by Eurasian Minerals Inc. and
partner Newmont Ventures Ltd. Majescor intends to fast-track the development
of the SOMINE Property through further quantification of the three known
prospects and the drill testing of new geological targets and ground
showings."
SIMACT and SOMINE
SIMACT is a Montreal-based private company headed by a group of Canadian
financiers and Haitian-American developers. The alliance aims to promote
sustainable mineral development initiatives in Haiti by creating synergies
between the Canadian financial and mining communities and the North
American Haitian Diaspora.
SIMACT holds title to 66.4 % of all the issued and outstanding shares
of SOMINE, a company incorporated under the laws of the Republic of
Haiti. SOMINE in turn, has 100% title to the SOMINE Property. SOMINE's
mineral rights and obligations have been assigned under a mining convention
executed with the State of Haiti on May, 5, 2005 (the "Mining Convention"),
which covers a 50 km2 Research Permit and is valid until March 9, 2010,
and under a Prospecting Permit awarded in 2006. The Prospecting Permit,
which encompasses four areas lying to the East, South and Southeast
of the permit subject to the Mining Convention, expired in December
2008. SOMINE has requested the conversion of the Prospecting Permit
into a Research Permit and has filed all technical and source documents
in support of its application with the Haitian Bureau of Mines and Energy.
The Research Permit is pending.
The Principals of SIMACT own approximately 80% of SIMACT's issued and
outstanding common shares.
Terms of the Agreement
The terms of the Agreement with SIMACT and the Principals can be summarized
as follows:
(i) Majescor will acquire from the shareholders of SIMACT 10% of all
the issued and outstanding common shares of SIMACT, the whole in consideration
of the issuance to all SIMACT shareholders, on a proportionate basis,
of 2,000,000 treasury common shares of Majescor, This initial acquisition
by Majescor is subject to, among other things: (1) a satisfactory technical
and legal due diligence on SIMACT, SOMINE and the SOMINE Property, (2)
all SIMACT shareholders accepting to be bound by the terms of the Agreement
and (3), all legal and regulatory approvals.
(ii) Concurrently with the initial acquisition by Majescor, SIMACT and
the Principals have agreed to grant Majescor an option ("the Option"),
the whole in consideration of an option payment of $200,000 to SIMACT
(of which a non-refundable payment of $25,000 has been paid by Majescor
on the date of execution of the Agreement) and the carrying out by Majescor
of $600,000 in exploration work and other related expenses on the SOMINE
Property within 8 months following the execution of this Agreement,
to purchase all the remaining SIMACT shares and other securities of
SIMACT, if any, held by the current SIMACT shareholders, in consideration
for the issuance of 10,000,000 treasury common shares of Majescor to
be issued to all current SIMACT shareholders on a proportionate basis.
This Option, which is also subject to complete and satisfactory due
diligence, may be exercised by Majescor within 12 months from the date
hereof. The Company is not obliged to exercise the Option, nor will
it have any right to exercise the Option prior to incurring the required
work expenses referred to above.
SIMACT is the operator of the SOMINE Property. The 2009 exploration
program for the property, which has been approved by Majescor, calls
for core drilling of one or more of the historical prospects, as well
as of a number of the recently outlined geological targets and surface
gold and copper showings. Majescor may pay to SIMACT any balance of
the $600,000 in work expenditures not yet incurred in lieu of incurring
such work expenditures. As the Option may constitute a Reverse Take
Over within the meaning of the policies of the TSX Venture Exchange
(the "Exchange"), the Company will need to obtain all required
regulatory and shareholder approvals before exercising the Option.
(iii) Furthermore, in the event that within a period of two years following
the exercise of the Option, a NI 43-101 technical report (the "Report")
prepared by an independent and accredited reputable engineering or geological
consulting firm determines indicated mineral resources on the SOMINE
Property to be between 1,000,000 and 2,000,000 ounces of gold, or its
equivalent in copper, Majescor shall, within 30 days of the report,
issue an additional 3,000,000 common treasury shares to current SIMACT
shareholders. In the event that the indicated mineral resources on the
SOMINE Property are determined by the Report to be equal to or greater
than 2,000,000 ounces of gold or its equivalent in copper, Majescor
shall, within 30 days of the Report and in addition to the 3,000,000
common shares mentioned hereinabove, issue another 3,000,000 common
treasury shares to current SIMACT shareholders. These additional issuances
of common shares will also be subject to all required corporate and
regulatory approvals.
The Agreement with SIMACT has been approved by all the directors of
Majescor, with the exception of Andre Audet, Chairman of Majescor, who
declared his interest as a shareholder and director of SIMACT and as
such did not participate in the vote.
Regional Geology and Historical Prospects
The SOMINE Property area corresponds to a volcanic arc of Meso-Cenozoic
Age that can be traced from Central Cuba through the Dominican Republic
and forms part of the NW-trending Mountains of the Massif-du-Nord group.
This group is composed mainly of volcanic tuffs and lavas from the volcanic
belt, ranging in composition from felsic, through intermediate, to mafic
and ultramafic rocks. The belt is composed of numerous lenticular bodies
of lava and pyroclastic material of felsic composition, varying from
dacite to rhyolite, embedded in a thick series of predominantly mafic
volcanoclastic rocks, mainly andesite with lesser amounts of basalts,
with numerous intercalations of diverse sedimentary rocks, like radiolarian
cherts, carbonate rocks, and tuffs.
Copper and gold are the two main ore types in the area. Copper is usually
found associated with the porphyritic facies, the microtonalitic apophyses,
and the silicified zones, filling fissures and fractures, as well as
disseminated. Within the quartz vein systems, the copper is contained
in the chalcopyrite, while the gold appears both as native gold and
as a very fine disseminated gold in the sulphide zone. It can also form
spectacular concentrations on the oxidised cap. The native gold is usually
found associated with chlorite, as well as in grains of pyrite and chalcopyrite.
A second generation of gold is usually found associated to the quartz
and the chlorite. The gold content is extremely variable.
The SOMINE Property holds the historical Blondin and Douvray copper-gold
prospects; the historical Faille-B gold prospect, as well as a number
of recently-outlined geochemical and geophysical targets and surface
gold-base metal showings that have not yet been drill tested. The Blondin,
Douvray and Faille-B prospects have been known since the 1970's and
1980's when they were investigated in some detail by foreign bilateral
and multilateral agencies, in particular the United Nations Development
Program ("UNDP"), the German Bundesanstalt fur Geowissenschaften
und Rohstoffe ("BGR") and the French Bureau de Recherches
Geologiques et Miniere ("BRGM"). A series of geochemical and
geophysical surveys were carried out on the SOMINE Property. Drilling,
trenching, mapping and soil sampling were also performed, as well as
metallurgical studies. More recently (1995-2006), the three
prospects were investigated by a consortium of Canadian junior mining
companies.
The Douvray, Blondin and Faille-B prospects were reviewed by R. Valls
of Valls Geoconsultant in 2004 as part of a NI 43-101 qualifying report
written by on behalf of Ste-Genevieve Resources Ltd. (acquired by Ascendant
Copper Corp., now Copper Mesa Mining Corp.). This report, entitled "Technical
Report of the Geology and Mineral Resources of the Douvray - Blondin
- Faille B Copper and Gold Prospects in Haiti" is available at
www.SEDAR.com.
At Douvray, the German BGR completed a total of 38 diamond drill holes
in 1980. An additional 22 holes were drilled at Douvray in the late
1990s. For Blondin, the bulk of the exploration work appears to have
been carried out in the 1970's by the UNDP (8 drill holes totalling
1,500 m). Results from a number of grab samples collected by R. Valls
returned values ranging from 1.19 to 8.14% Cu for Douvray and from 1.55
to 10.42% Cu for Blondin.
The Faille-B gold prospect was investigated under the UNDP's Revolving
Fund for Natural Resources Exploration (1982-1987) with 31 holes drilled
over a strike-length of 1.8 km. In the course of a trenching campaign
carried out in 2007 by SIMACT on the East and West extensions of the
Faille-B prospect, significant values were encountered locally, one
vein averaging 42.7 g/t Au over 6 m, including values of 107.5 g/t Au
over one meter, 61.4 g/t Au over one meter and 41.2 g/t Au over one
meter (see Diagnos Inc press release, October 30, 2007). The Faille-B
prospect coincides with a major NW-trending structural lineament which
extends through to the Blondin copper prospect.
Field work carried-out by SIMACT elsewhere on the SOMINE property in
2007 focussed on new geological base metals targets. Five grab samples
on one of the targets returned copper values of 7.46, 6.21, 9.51, 0.10
and 6.69% Cu respectively. The target represents an outcrop which is
highly mineralised over some 20 meters in length and one meter thickness
(see Diagnos Inc. press release dated February 29, 2008).
Majescor is a junior explorer focusing on emerging mineral districts.
Majescor's project portfolio includes two uranium exploration projects
in Quebec and one in the Baker Lake basin in Nunavut. The Quebec properties
include Mistassini (100%-owned; under option to Strateco Resources Inc.)
and Lac Laparre (100%-owned; under option to Santoy Resources Inc.).
In Nunavut, the Company holds 100% mineral rights to the Baker Lake
uranium property. In addition to uranium, Majescor owns 100% mineral
rights to four gold and base metal properties in Madagascar (under option
to Sunridge Gold Corp.), as well as 100% mineral rights to the Mirabelli
gold and base metal property in Quebec.
This press release was approved by Jacques Letendre, P.Geo, Director
of Majescor, acting as the "Qualified Person" for the Company
under National Instrument 43-101.
To find out more about Majescor Resources Inc. (TSX VENTURE: MJX), please
visit our website at www.majescor.com.
Forward-Looking Statements
This News Release may contain or refer to "forward-looking statements"
which reflect Management's expectations regarding the Company's future
growth, results of operations, performance and business prospects and
opportunities. These statements reflect Management's current beliefs
at the time of this news release and are based on information currently
available to Management. All statements other than statements of historical
fact, included in this release, including, without limitation, statements
regarding potential mineralization and reserves, exploration results,
and future plans and objectives of Majescor Resources inc., 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 Management's expectations are exploration
risks detailed herein and from time to time in the filings made by the
Company with securities regulators.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts:
Majescor Resources Inc.
Marc-Andre Bernier
President & CEO
613-241-5333
613-241-8632 (FAX)
marc-andre@majescor.com
Majescor Resources Inc.
Andre Audet
Chairman
613-241-5333
613-241-8632 (FAX)
andre@majescor.com
www.majescor.com
© 2008 SYS-CON Media Inc. |
| ******************
Gold
and copper exploration in Haiti
Caribbean360.com
PORT-AU-PRINCE, Haiti, April 29, 2009 - The northeastern mineral district
of Haiti will soon be the site for gold and copper exploration.
A Montreal-based mining company, Majescor Resources Incorporated, has
announced it will explore the area in a partnership with a New-York-based
consortium of Haitian American investors, hoping to make finds similar
to those decades ago.
The company said the area has significant prospects.
Majescor recently signed an agreement with the private company headed
by a group of Canadian financiers and Haitian-American developers, SIMACT
Alliance Copper Gold, to acquire a 10 per cent interest in that company,
as well an option to acquire the remaining 90 per cent interest.
"The deal with SIMACT and its Principals offers a new and unique
opportunity for the company to participate in the evaluation and development
of a key property located in the prospective Massif-du-Nord volcanic
complex of north-east Haiti," said Marc-Andre Bernier, President
and CEO of the Majescor in a release issued by the company.
"We believe that the time is right to invest in Haiti and in projects
with gold and copper potential."
Gold and copper were found in Haiti decades ago, but the country's instability
and lack of infrastructure have discouraged investment.
***********************
Sirona Fuels Launches Jatropha
Community Farming in Haiti
Crushing and Export Program for Existing Projects, Aprill 27, 2009
SAN FRANCISCO--(BUSINESS
WIRE)--Sirona
Fuels, an emerging leader in alternative fuels, announced
today that it has begun Jatropha planting operations in Haiti over the
past month in a joint venture with 3C Missions, an organization that
has established a relief fund for over 1,100 orphaned children in Haiti.
Sirona intends to harvest and crush the Jatropha in Haiti, and refine
it into a high-quality B100 Biodiesel in the United States. Sirona's
nursery operations include planting multiple strains of seeds and seedlings
that will be intercropped with Moringa trees. Moringa leaves are high
in protein and nutrients and can be simply processed into a micronutrient
powder to fight malnutrition.
“Planting our first Jatropha in Haiti is an important milestone
for us and for our Haitian partners,” said Paul Lacourciere, Sirona's
CEO. "This represents a critical step in changing the lives of
the farmers in Haiti while creating the opportunity for us to deliver
high-quality biodiesel that aids in lowering American’s carbon
emissions. Additionally, Sirona has also partnered with Haitian farmers
that have dedicated land to planting Jatropha, but have not been able
to get their product to market.”
In an effort to spark economy in the region, Sirona will not take ownership
of the Haitian Jatropha farms, but rather form a partnership by providing
the equipment, seeds, seedlings and technical advice necessary to grow
commercially viable Jatropha. The Sirona
Cares foundation is also ramping up its activities in the
communities in which the Sirona Fuels community farms are located. Among
other activities it is distributing medical supplies and mosquito nets
to assist communities that are trying to rebuild after last year's devastating
hurricanes.
By working with sustainable and affordable feedstocks like used cooking
oil and jatropha, Sirona’s business model is designed to stabilize
fuel prices for its customers, provide sustainable revenue to its suppliers
and make significant volumes of high-quality biodiesel available to
the market. Sirona has identified commercial sources for jatropha in
several countries and is developing businesses that will promote the
establishment of jatropha farms in Haiti, India and other developing
countries.
For further information, please visit www.sironafuels.com.
About Sirona Fuels
Sirona Fuels is headquartered in San Francisco, CA with refinery operations
in Oakland, CA. Sirona addresses the unmet needs of diverse constituencies
in the biodiesel ecosystem to help close the streams of waste and reduce
the impacts that energy needs create. The company currently produces
a low-carbon, ASTM-spec biodiesel from its used cooking oil collection
and refining business and is expanding its feedstock intake to include
jatropha. The company’s production model revolves around sustainable
feedstocks that in-turn provide an affordable, environmentally friendly
alternative to petroleum diesel. Sirona is a proud supporter of the
local and international communities and businesses that help provide
the company with its feedstock. For more information please visit www.sironafuels.com.
Contact:
Horn Group for Sirona Fuels
John O'Brien, 415-905-4006
jobrien@horngroup.com |
|
C***********************hevron
to Sell Fuels Marketing
Chevron to Sell Fuels Marketing Businesses
in Haiti
By: Business Wire | 02 Jun 2009 | 11:00 AM ET
http://www.cnbc.com/id/31064628
*
SAN RAMON, Calif., Jun 02, 2009 (BUSINESS WIRE) -- Chevron Corporation
(NYSE:CVX) today announced that it has entered into a securities purchase
agreement to sell its fuels marketing businesses in Haiti to Medley
Capital Limited, a company owned by GB
Group, a Haiti-based industrial group with core holdings
in energy, steel and food products.
Under the terms of the agreement, which are subject to various closing
conditions, Medley Capital Limited would acquire 58 service stations,
a portfolio of approximately 120 commercial and industrial customers,
and other lines of business. Other terms of the agreement were not disclosed.
"The proposed sale of our fuels marketing businesses in Haiti is
consistent with our ongoing effort to concentrate resources and capital
on strategic, global assets," said Shariq Yosufzai, president,
Global Marketing, Chevron.
Chevron Corporation is one of the world's leading integrated energy
companies, with subsidiaries that conduct business worldwide. The company's
success is driven by the ingenuity and commitment of approximately 62,000
employees who operate across the energy spectrum. Chevron explores for,
produces and transports crude oil and natural gas; refines, markets
and distributes transportation fuels and other energy products;manufactures
and sells petrochemical products; generates power and produces geothermal
energy; provides energy efficiency solutions; and develops the energy
resources of the future, including biofuels and other renewables. Chevron
is based in San Ramon, Calif.
More information about Chevron is available at www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for the
Purpose of "Safe Harbor" Provisions of the Private Securities
Litigation Reform Act of 1995.Some of the items discussed in this press
release are forward-looking statements about Chevron's activities in
Haiti. Words such as "anticipates," "expects," "intends,"
"plans," "targets," "projects," "believes,"
"seeks," "estimates," "budgets" and similar
expressions are intended to identify such forward-looking statements.
The statements are based upon management's current expectations, estimates
and projections; are not guarantees of future performance; and are subject
to certain risks, uncertainties and other factors, some of which are
beyond the company's control and are difficult to predict.
You should not place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. Unless legally
required, Chevron undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.
SOURCE: Chevron Corporation CONTACT: Chevron Corporation Lloyd Avram,
925-842-3422 avrl@chevron.com Copyright Business Wire 2009 -0- KEYWORD:
United States |
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