May 19, 2012
Although you may not want to think about the state of your finances, there is no getting away from the fact that money is an essential part of everyday life. This article is full of tips that will help you get your finances under control.
Be sure to include your post tax income. For starters, include all after-tax money that you get each month from your salary, alimony, child support, rental income, or other sources. Make sure your expenses are less than your income on a monthly basis. A great way to consolidate many bills into a smaller payment is by getting personal loans and these loans are typically desired because they offer a much lower rate of interest. You can imagine how much money you will save by consolidating higher interest loans into a personal loan with a lower rate.
To make this process effective, you should compose a detailed listing of your expenditures. You need to also include quarterly and yearly payments. Some of these expenses may be home improvement and repair costs, or car maintenance and registration payments. You need to also write down other, smaller things that you pay for daily or weekly, such as child care or grocery shopping. You should make sure that your list is as comprehensive as possible to ensure you have a true picture of what you spend.
There are always things you can eliminate from any budget. One easy thing you can do is bring coffee from home instead of stopping for expensive lattes on the way to work. Seek out anything similar to this that you can get rid of without difficulty prior to putting together a lasting financial plan.
See what improvements you can make to help you lower your utility bills. Windows can be a weak link in your homes armor by letting out heat in the winter and cool air in the summer. Make sure your windows are properly insulated. An on-demand hot water tank is a good way to reduce spending. Have a plumber come out and fix any leaky pipes you have to help lower your monthly water bill. Be sure to run your dishwasher only when it is full, so you can make the best use of it.
If you can, purchase new energy efficient appliances. These energy-saving appliances help you save on your utilities. Also, when you are not using something, unplug it. You can save both money and energy by doing this.
Some home improvements pay for themselves over time with the reduction in utility expenses. For example, replacing your roof and installing new insulation prevents you from losing energy for both heating and cooling because of insufficient structural materials.
Try to save money by being careful with appliances. Even though you are spending money to repair or replace items, you will see a savings in the long run.
Posted by admin under Personal Finance | Comments (0)
May 15, 2012
SAN MATEO, CA, May 02, 2012 (MARKETWIRE via COMTEX) –
Franklin Resources, Inc. (the “Company”)
/quotes/zigman/226981/quotes/nls/ben BEN
-0.46%
today announced
net income(1) of $503.2 million or $2.32 per diluted share for the
quarter ended March 31, 2012, as compared to $480.8 million or $2.20
per diluted share for the previous quarter and $503.1 million or
$2.25 per diluted share for the quarter ended March 31, 2011.
Quarter Ended % Change Quarter % Change
——————– Qtr. vs. Ended Year vs.
31-Mar-12 31-Dec-11 Qtr. 31-Mar-11 Year
——— ——— ——– ——— ——–
Financial Results
($ in millions,
except per share
amounts)
Operating revenues $ 1,799.3 $ 1,701.9 6% $ 1,749.6 3%
Operating income 617.1 632.4 (2)% 629.5 (2)%
Operating margin 34.3% 37.2% 36.0%
Net income(1) $ 503.2 $ 480.8 5% $ 503.1 0%
Diluted earnings per
share $ 2.32 $ 2.20 5% $ 2.25 3%
Assets Under
Management
(in billions)
Ending $ 725.7 $ 670.3 8% $ 703.5 3%
Average(2) 706.9 675.0 5% 687.2 3%
Net new flows 5.6 (15.6) NM 8.4 (33)%
Non-operating income for the quarter ended March 31, 2012 included
$82.4 million of investment and other income, net, as compared to
$71.2 million for the prior quarter and $57.5 million for the quarter
ended March 31, 2011.
Total assets under management ("AUM") were $725.7 billion at March
31, 2012, up $55.4 billion or 8% during the quarter. The increase was
driven by $50.9 billion in market appreciation and net new flows of
$5.6 billion. AUM increased $22.2 billion or 3% year over year,
primarily due to net new flows of $14.8 billion and $10.9 billion
from acquisitions.
Cash and cash equivalents and investments were $9.3 billion at March
31, 2012, as compared to $9.4 billion at September 30, 2011. Total
stockholders' equity was $9.4 billion at March 31, 2012, as compared
to $9.1 billion at September 30, 2011. The Company had 215.1 million
shares of common stock outstanding at March 31, 2012, as compared to
217.7 million shares outstanding at September 30, 2011. During the
quarter ended March 31, 2012, the Company repurchased approximately
1.0 million shares of its common stock for a total cost of $125.9
million.
Conference Call Information
Pre-recorded audio commentary on the results from Franklin Resources,
Inc.'s President and Chief Executive Officer Greg Johnson and
Executive Vice President and Chief Financial Officer Ken Lewis will
be available today at approximately 8:30 a.m. Eastern Time. They will
also lead a live teleconference today at 4:30 p.m. Eastern Time to
answer questions of a material nature. Analysts and investors are
encouraged to review the Company's recent filings with the U.S.
Securities and Exchange Commission and to contact Investor Relations
before the live teleconference for any clarifications or questions
related to the earnings release or pre-recorded audio commentary.
Access to the pre-recorded audio commentary and accompanying slides
are available at franklinresources.com. The pre-recorded audio
commentary can also be accessed by dialing (888) 843-7419 in the U.S.
and Canada or (630) 652-3042 internationally using access code
32241981, any time through June 1, 2012.
Access to the live teleconference will be available at
franklinresources.com or by dialing (888) 895-5271 in the U.S. and
Canada or (847) 619-6547 internationally. A replay of the call can
also be accessed by calling (888) 843-7419 in the U.S. and Canada or
(630) 652-3042 internationally using access code 32241979, after 7:00
p.m. Eastern Time on May 2, 2012 through June 1, 2012.
Questions regarding the pre-recorded audio commentary or live
teleconference should be directed to Franklin Resources, Inc.,
Investor Relations at (650) 312-4091 or Corporate Communications at
(650) 312-2245.
Lipper Performance Rankings of Franklin Templeton's U.S.-Registered
Long-Term Mutual Funds(3,4):
Period Ended March 31, 2012
----------------------------------
Percent of Assets in Top Two
Quartiles(5)
----------------------------------
1-Year 3-Year 5-Year 10-Year
------- ------- ------- -------
Franklin Templeton(6) 46% 70% 83% 94%
Franklin Templeton Equity(7) 34% 71% 77% 89%
Franklin Templeton Fixed-Income(8) 59% 69% 89% 99%
Franklin Equity(9) 28% 86% 85% 89%
Templeton Equity(10) 30% 74% 67% 88%
Mutual Series Equity(11) 69% 0% 61% 92%
Franklin Templeton Taxable Fixed-
Income(12) 26% 68% 81% 97%
Franklin Templeton Tax-Free Fixed-
Income(13) 86% 71% 95% 100%
Performance quoted above represents past performance, which cannot
predict or guarantee future results.
Investors should carefully consider a fund's investment goals, risks,
charges and expenses before investing. To obtain a summary prospectus
and/or prospectus, which contains this and other information, for any
U.S.-registered Franklin Templeton fund, investors should talk to
their financial advisors or call Franklin/Templeton Distributors,
Inc. at 1-800/DIAL BEN(R) (1-800/342-5236). Please read a prospectus
carefully before investing.
Franklin Resources, Inc.
Condensed Consolidated Statements of Income
Unaudited
Three Months Ended
March 31,
(in thousands, except per share data and ---------------------- %
AUM) 2012 2011 Change
---------- ---------- ------
Operating Revenues(14)
Investment management fees $1,126,320 $1,102,732 2%
Sales and distribution fees 585,945 561,127 4%
Shareholder servicing fees 76,739 75,750 1%
Other, net 10,345 9,954 4%
---------- ---------- ------
Total operating revenues 1,799,349 1,749,563 3%
---------- ---------- ------
Operating Expenses
Sales, distribution and marketing 715,443 676,935 6%
Compensation and benefits 323,031 315,810 2%
Information systems and technology 43,292 41,477 4%
Occupancy 31,894 32,703 (2)%
General, administrative and other 68,532 53,156 29%
---------- ---------- ------
Total operating expenses 1,182,192 1,120,081 6%
---------- ---------- ------
Operating Income 617,157 629,482 (2)%
---------- ---------- ------
Other Income (Expenses)
Investment and other income, net 82,411 57,451 43%
Interest expense (9,633) (8,364) 15%
---------- ---------- ------
Other income, net 72,778 49,087 48%
---------- ---------- ------
Income before taxes 689,935 678,569 2%
Taxes on income 202,151 183,004 10%
---------- ---------- ------
Net income 487,784 495,565 (2)%
Less: net income (loss) attributable to
Nonredeemable noncontrolling interests (15,965) (7,577) 111%
Redeemable noncontrolling interests 530 42 NM
---------- ---------- ------
Net Income Attributable to Franklin
Resources, Inc. $ 503,219 $ 503,100 0%
========== ========== ======
Earnings per Share
Basic $ 2.33 $ 2.26 3%
Diluted 2.32 2.25 3%
Dividends per Share $ 0.27 $ 0.25 8%
Average Shares Outstanding (in thousands)
Basic 214,520 221,696 (3)%
Diluted 215,111 222,696 (3)%
Operating Margin 34.3% 36.0%
AUM (in billions)
Ending $ 725.7 $ 703.5 3%
Average 706.9 687.2 3%
Net new flows 5.6 8.4 (33)%
Six Months Ended
March 31,
(in thousands, except per share data and ---------------------- %
AUM) 2012 2011 Change
---------- ---------- ------
Operating Revenues(14)
Investment management fees $2,201,457 $2,169,239 1%
Sales and distribution fees 1,110,249 1,113,330 0%
Shareholder servicing fees 152,144 147,805 3%
Other, net 37,375 19,502 92%
---------- ---------- ------
Total operating revenues 3,501,225 3,449,876 1%
---------- ---------- ------
Operating Expenses
Sales, distribution and marketing 1,346,061 1,324,088 2%
Compensation and benefits 623,443 608,204 3%
Information systems and technology 84,726 81,844 4%
Occupancy 63,736 63,571 0%
General, administrative and other 133,722 83,453 60%
---------- ---------- ------
Total operating expenses 2,251,688 2,161,160 4%
---------- ---------- ------
Operating Income 1,249,537 1,288,716 (3)%
---------- ---------- ------
Other Income (Expenses)
Investment and other income, net 153,587 103,779 48%
Interest expense (18,198) (16,259) 12%
---------- ---------- ------
Other income, net 135,389 87,520 55%
---------- ---------- ------
Income before taxes 1,384,926 1,376,236 1%
Taxes on income 403,416 390,554 3%
---------- ---------- ------
Net income 981,510 985,682 0%
Less: net income (loss) attributable to
Nonredeemable noncontrolling interests (5,818) (19,454) (70)%
Redeemable noncontrolling interests 3,324 879 278%
---------- ---------- ------
Net Income Attributable to Franklin
Resources, Inc. $ 984,004 $1,004,257 (2)%
========== ========== ======
Earnings per Share
Basic $ 4.54 $ 4.49 1%
Diluted 4.53 4.47 1%
Dividends per Share $ 2.54 $ 0.50 408%
Average Shares Outstanding (in thousands)
Basic 215,336 222,440 (3)%
Diluted 215,912 223,496 (3)%
Operating Margin 35.7% 37.4%
AUM (in billions)
Ending $ 725.7 $ 703.5 3%
Average 693.9 671.5 3%
Net new flows (10.0) 11.6 NM
Franklin Resources, Inc.
Condensed Consolidated Statements of Income
Unaudited
(in thousands, except per share data, Three Months Ended
employees and billable shareholder ---------------------- %
accounts) 31-Mar-12 31-Dec-11 Change
---------- ---------- ------
Operating Revenues(14)
Investment management fees $1,126,320 $1,075,137 5%
Sales and distribution fees 585,945 524,304 12%
Shareholder servicing fees 76,739 75,405 2%
Other, net 10,345 27,030 (62)%
---------- ---------- ------
Total operating revenues 1,799,349 1,701,876 6%
---------- ---------- ------
Operating Expenses
Sales, distribution and marketing 715,443 630,618 13%
Compensation and benefits 323,031 300,412 8%
Information systems and technology 43,292 41,434 4%
Occupancy 31,894 31,842 0%
General, administrative and other 68,532 65,190 5%
---------- ---------- ------
Total operating expenses 1,182,192 1,069,496 11%
---------- ---------- ------
Operating Income 617,157 632,380 (2)%
---------- ---------- ------
Other Income (Expenses)
Investment and other income (losses),
net 82,411 71,176 16%
Interest expense (9,633) (8,565) 12%
---------- ---------- ------
Other income (expenses), net 72,778 62,611 16%
---------- ---------- ------
Income before taxes 689,935 694,991 (1)%
Taxes on income 202,151 201,265 0%
---------- ---------- ------
Net income 487,784 493,726 (1)%
Less: net income (loss) attributable to
Nonredeemable noncontrolling
interests (15,965) 10,147 NM
Redeemable noncontrolling interests 530 2,794 (81)%
---------- ---------- ------
Net Income Attributable to Franklin
Resources, Inc. $ 503,219 $ 480,785 5%
========== ========== ======
Earnings per Share
Basic $ 2.33 $ 2.21 5%
Diluted 2.32 2.20 5%
Dividends per Share $ 0.27 $ 2.27 (88)%
Average Shares Outstanding (in thousands)
Basic 214,520 216,143 (1)%
Diluted 215,111 216,727 (1)%
Operating Margin 34.3% 37.2%
Employees 8,451 8,484 0%
Billable Shareholder Accounts (in
millions) 26.1 25.6 2%
(in thousands, except per share data, Three Months Ended
employees and billable shareholder ----------------------------------
accounts) 30-Sep-11 30-Jun-11 31-Mar-11
---------- ---------- ----------
Operating Revenues(14)
Investment management fees $1,193,232 $1,168,920 $1,102,732
Sales and distribution fees 555,974 594,187 561,127
Shareholder servicing fees 75,469 77,520 75,750
Other, net 12,455 12,406 9,954
---------- ---------- ----------
Total operating revenues 1,837,130 1,853,033 1,749,563
---------- ---------- ----------
Operating Expenses
Sales, distribution and marketing 669,415 719,311 676,935
Compensation and benefits 309,418 313,592 315,810
Information systems and technology 50,028 41,266 41,477
Occupancy 35,335 32,112 32,703
General, administrative and other 84,520 64,055 53,156
---------- ---------- ----------
Total operating expenses 1,148,716 1,170,336 1,120,081
---------- ---------- ----------
Operating Income 688,414 682,697 629,482
---------- ---------- ----------
Other Income (Expenses)
Investment and other income (losses),
net (116,473) 14,503 57,451
Interest expense (11,121) (10,056) (8,364)
---------- ---------- ----------
Other income (expenses), net (127,594) 4,447 49,087
---------- ---------- ----------
Income before taxes 560,820 687,144 678,569
Taxes on income 203,926 208,944 183,004
---------- ---------- ----------
Net income 356,894 478,200 495,565
Less: net income (loss) attributable to
Nonredeemable noncontrolling
interests (57,558) (24,575) (7,577)
Redeemable noncontrolling interests (1,524) (572) 42
---------- ---------- ----------
Net Income Attributable to Franklin
Resources, Inc. $ 415,976 $ 503,347 $ 503,100
========== ========== ==========
Earnings per Share
Basic $ 1.89 $ 2.27 $ 2.26
Diluted 1.88 2.26 2.25
Dividends per Share $ 0.25 $ 0.25 $ 0.25
Average Shares Outstanding (in thousands)
Basic 218,989 220,313 221,696
Diluted 219,840 221,284 222,696
Operating Margin 37.5% 36.8% 36.0%
Employees 8,453 8,458 8,125
Billable Shareholder Accounts (in
millions) 24.8 26.3 23.7
AUM AND FLOWS
Three Months
Ended Six Months Ended
March 31, March 31,
---------------- % ---------------- %
(in billions) 2012 2011 Change 2012 2011 Change
------- ------- ------ ------- ------- ------
Beginning AUM $ 670.3 $ 670.7 0% $ 659.9 $ 644.9 2%
Long-term sales 48.5 55.6 (13)% 86.7 110.5 (22)%
Long-term
redemptions (42.7) (46.4) (8)% (95.7) (99.2) (4)%
Net cash management (0.2) (0.8) (75)% (1.0) 0.3 NM
------- ------- ------ ------- ------- ------
Net new flows 5.6 8.4 (33)% (10.0) 11.6 NM
Reinvested
distributions 3.2 2.7 19% 10.5 8.5 24%
------- ------- ------ ------- ------- ------
Net flows 8.8 11.1 (21)% 0.5 20.1 (98)%
Distributions (4.3) (3.3) 30% (12.8) (10.6) 21%
Acquisitions -- 1.6 (100)% -- 1.6 (100)%
Appreciation and
other 50.9 23.4 118% 78.1 47.5 64%
------- ------- ------ ------- ------- ------
Ending AUM $ 725.7 $ 703.5 3% $ 725.7 $ 703.5 3%
======= ======= ====== ======= ======= ======
AUM BY INVESTMENT OBJECTIVE
31-Mar- 31-Dec- % 30-Sep- 30-Jun- 31-Mar-
(in billions) 12 11 Change 11 11 11
------- ------- ------ ------- ------- -------
Equity
Global/international $ 216.2 $ 194.5 11% $ 185.8 $ 226.2 $ 225.4
United States 83.7 75.7 11% 68.4 83.6 83.5
------- ------- ------ ------- ------- -------
Total equity 299.9 270.2 11% 254.2 309.8 308.9
------- ------- ------ ------- ------- -------
Hybrid 103.5 96.4 7% 101.3 115.1 113.4
Fixed-Income
Tax-free 77.3 74.1 4% 72.0 69.6 67.5
Taxable
Global/international 187.8 174.7 7% 178.8 185.4 160.6
United States 51.5 48.9 5% 46.9 48.1 47.1
------- ------- ------ ------- ------- -------
Total fixed-income 316.6 297.7 6% 297.7 303.1 275.2
Cash Management 5.7 6.0 (5)% 6.7 6.2 6.0
------- ------- ------ ------- ------- -------
Total AUM $ 725.7 $ 670.3 8% $ 659.9 $ 734.2 $ 703.5
======= ======= ====== ======= ======= =======
Average AUM for the Three-
Month Period $ 706.9 $ 675.0 5% $ 714.4 $ 726.7 $ 687.2
AUM AND FLOWS - UNITED STATES AND INTERNATIONAL(15)
As of and for the Three Months Ended
----------------------------------------------------
% of % of % of
(in billions) 31-Mar-12 Total 31-Dec-11 Total 31-Mar-11 Total
--------- ----- --------- ----- --------- -----
Long-Term Sales
United States $ 25.2 52% $ 21.2 55% $ 26.9 48%
International 23.3 48% 17.0 45% 28.7 52%
--------- ----- --------- ----- --------- -----
Total long-term
sales $ 48.5 100% $ 38.2 100% $ 55.6 100%
========= ===== ========= ===== ========= =====
Long-Term Redemptions
United States $ (20.7) 48% $ (33.1) 62% $ (21.3) 46%
International (22.0) 52% (19.9) 38% (25.1) 54%
--------- ----- --------- ----- --------- -----
Total long-term
redemptions $ (42.7) 100% $ (53.0) 100% $ (46.4) 100%
========= ===== ========= ===== ========= =====
AUM
United States $ 472.3 65% $ 439.0 65% $ 467.4 66%
International 253.4 35% 231.3 35% 236.1 34%
--------- ----- --------- ----- --------- -----
Total AUM $ 725.7 100% $ 670.3 100% $ 703.5 100%
========= ===== ========= ===== ========= =====
AUM AND FLOWS BY INVESTMENT OBJECTIVE
(in billions) Equity
----------------------
for the three months
ended Global/ United
March 31, 2012 International States Hybrid
------------- ------- -------
AUM at January 1,
2012 $ 194.5 $ 75.7 $ 96.4
Long-term sales 11.6 4.9 5.5
Long-term
redemptions (11.2) (4.9) (3.5)
Net exchanges (0.2) 0.2 0.2
Net cash
management -- -- --
------------- ------- -------
Net new flows 0.2 0.2 2.2
Reinvested
distributions 0.1 -- 1.0
------------- ------- -------
Net flows 0.3 0.2 3.2
Distributions -- -- (1.1)
Appreciation and
other 21.4 7.8 5.0
------------- ------- -------
AUM at March 31,
2012 $ 216.2 $ 83.7 $ 103.5
============= ======= =======
AUM AND FLOWS BY INVESTMENT OBJECTIVE
(in billions) Fixed-Income
----------------------------------
for the three months Taxable Taxable
ended Global/ United Cash
March 31, 2012 Tax-Free International States Management Total
--------- ------------- -------- ---------- -------
AUM at January 1,
2012 $ 74.1 $ 174.7 $ 48.9 $ 6.0 $ 670.3
Long-term sales 3.8 18.2 4.5 -- 48.5
Long-term
redemptions (2.3) (17.6) (3.2) -- (42.7)
Net exchanges -- (0.1) 0.1 (0.2) --
Net cash
management -- -- -- (0.2) (0.2)
--------- ------------- -------- ---------- -------
Net new flows 1.5 0.5 1.4 (0.4) 5.6
Reinvested
distributions 0.6 1.1 0.4 -- 3.2
--------- ------------- -------- ---------- -------
Net flows 2.1 1.6 1.8 (0.4) 8.8
Distributions (0.8) (1.9) (0.5) -- (4.3)
Appreciation and
other 1.9 13.4 1.3 0.1 50.9
--------- ------------- -------- ---------- -------
AUM at March 31,
2012 $ 77.3 $ 187.8 $ 51.5 $ 5.7 $ 725.7
========= ============= ======== ========== =======
(in billions) Equity
----------------------
for the three months
ended Global/ United
December 31, 2011 International States Hybrid
------------- ------- -------
AUM at October 1,
2011 $ 185.8 $ 68.4 $ 101.3
Long-term sales 9.8 3.7 4.1
Long-term
redemptions (10.4) (4.3) (15.1)
Net exchanges (0.7) 0.1 0.1
Net cash management -- -- --
------------- ------- -------
Net new flows (1.3) (0.5) (10.9)
Reinvested
distributions 1.5 1.3 1.2
------------- ------- -------
Net flows 0.2 0.8 (9.7)
Distributions (1.8) (1.4) (1.4)
Appreciation and
other 10.3 7.9 6.2
------------- ------- -------
AUM at December 31,
2011 $ 194.5 $ 75.7 $ 96.4
============= ======= =======
(in billions) Fixed-Income
---------------------------------
for the three months Taxable Taxable
ended Global/ United Cash
December 31, 2011 Tax-Free International States Management Total
--------- ------------- ------- ---------- -------
AUM at October 1,
2011 $ 72.0 $ 178.8 $ 46.9 $ 6.7 $ 659.9
Long-term sales 2.8 14.2 3.6 -- 38.2
Long-term
redemptions (2.2) (17.7) (3.3) -- (53.0)
Net exchanges 0.2 (0.5) 0.7 0.1 --
Net cash management -- -- -- (0.8) (0.8)
--------- ------------- ------- ---------- -------
Net new flows 0.8 (4.0) 1.0 (0.7) (15.6)
Reinvested
distributions 0.6 2.3 0.4 -- 7.3
--------- ------------- ------- ---------- -------
Net flows 1.4 (1.7) 1.4 (0.7) (8.3)
Distributions (0.8) (2.6) (0.5) -- (8.5)
Appreciation and
other 1.5 0.2 1.1 -- 27.2
--------- ------------- ------- ---------- -------
AUM at December 31,
2011 $ 74.1 $ 174.7 $ 48.9 $ 6.0 $ 670.3
========= ============= ======= ========== =======
(in billions) Equity
-----------------------
for the three months
ended Global/ United
March 31, 2011 International States Hybrid
------------- -------- -------
AUM at January 1,
2011 $ 219.1 $ 77.0 $ 106.1
Long-term sales 14.6 6.5 5.9
Long-term
redemptions (19.1) (4.6) (4.0)
Net exchanges (0.2) 0.5 0.6
Net cash
management -- -- --
------------- -------- -------
Net new flows (4.7) 2.4 2.5
Reinvested
distributions 0.2 -- 0.8
------------- -------- -------
Net flows (4.5) 2.4 3.3
Distributions (0.1) -- (1.1)
Acquisitions 1.6 -- --
Appreciation
(depreciation)
and other 9.3 4.1 5.1
------------- -------- -------
AUM at March 31,
2011 $ 225.4 $ 83.5 $ 113.4
============= ======== =======
(in billions) Fixed-Income
-----------------------------------
for the three months Taxable Taxable
ended Global/ United Cash
March 31, 2011 Tax-Free International States Management Total
---------- ------------- -------- ---------- ------
AUM at January 1,
2011 $ 71.4 $ 144.7 $ 45.9 $ 6.5 $670.7
Long-term sales 2.1 22.0 4.5 -- 55.6
Long-term
redemptions (4.6) (10.6) (3.5) -- (46.4)
Net exchanges (1.0) 0.3 (0.4) 0.2 --
Net cash
management -- -- -- (0.8) (0.8)
---------- ------------- -------- ---------- ------
Net new flows (3.5) 11.7 0.6 (0.6) 8.4
Reinvested
distributions 0.5 0.9 0.3 -- 2.7
---------- ------------- -------- ---------- ------
Net flows (3.0) 12.6 0.9 (0.6) 11.1
Distributions (0.8) (0.9) (0.4) -- (3.3)
Acquisitions -- -- -- -- 1.6
Appreciation
(depreciation)
and other (0.1) 4.2 0.7 0.1 23.4
---------- ------------- -------- ---------- ------
AUM at March 31,
2011 $ 67.5 $ 160.6 $ 47.1 $ 6.0 $703.5
========== ============= ======== ========== ======
Franklin Resources, Inc. is a global investment management
organization operating as Franklin Templeton Investments. Franklin
Templeton Investments provides global and domestic investment
management solutions managed by its Franklin, Templeton, Mutual
Series, Fiduciary Trust, Darby and Bissett investment teams. The San
Mateo, CA-based company has more than 60 years of investment
experience and over $725 billion in AUM as of March 31, 2012. For
more information about our company, please visit
franklinresources.com.
Notes
1. Net income represents net income attributable to Franklin
Resources, Inc.
2. Average AUM represents simple monthly average AUM.
3. Nothing in this section shall be considered a solicitation to buy
or an offer to sell a security to any person in any jurisdiction
where such offer, solicitation, purchase or sale would be unlawful
under the securities laws of such jurisdiction. Franklin/Templeton
Distributors, Inc., One Franklin Parkway, San Mateo, CA, is the
funds' principal distributor and a wholly-owned subsidiary of
Franklin Resources, Inc.
4. Lipper rankings for Franklin Templeton U.S.-registered mutual
funds are based on Class A shares. Franklin Templeton funds are
compared against a universe of all share classes. Performance
rankings for other share classes may differ. Lipper calculates
averages by taking all the funds and share classes in a peer group
and averaging their total returns for the periods indicated. Lipper
tracks 155 peer groups of U.S. retail mutual funds, and the groups
vary in size from 9 to 1,101 funds. Lipper total return calculations
include reinvested dividends and capital gains, but do not include
sales charges or expense subsidization by the manager. Results may
have been different if these or other factors had been considered.
5. The figures in the table are based on data available from
LipperCopyright Inc. as of April 5, 2012 and are subject to revision.
6. Of the eligible Franklin Templeton long-term mutual funds tracked
by Lipper, 35, 27, 43 and 42 funds ranked in the top quartile and 28,
30, 24 and 21 funds ranked in the second quartile, for the one-,
three-, five- and 10-year periods, respectively, for their respective
Lipper peer groups.
7. Of the eligible Franklin Templeton equity mutual funds tracked by
Lipper, 15, 15, 19 and 13 funds ranked in the top quartile and 15, 9,
10 and 10 funds ranked in the second quartile, for the one-, three-,
five- and 10-year periods, respectively, for their respective Lipper
peer groups.
8. Of the eligible Franklin Templeton non-money market fixed-income
mutual funds tracked by Lipper, 20, 12, 24 and 29 funds ranked in the
top quartile and 13, 21, 14 and 11 funds ranked in the second
quartile, for the one-, three-, five- and 10-year periods,
respectively, for their respective Lipper peer groups.
9. Of the eligible Franklin equity mutual funds tracked by Lipper, 8,
10, 13 and 9 funds ranked in the top quartile and 12, 7, 7 and 6
funds ranked in the second quartile, for the one-, three-, five- and
10-year periods, respectively, for their respective Lipper peer
groups.
10. Of the eligible Templeton equity mutual funds tracked by Lipper,
2, 5, 4 and 2 funds ranked in the top quartile and 2, 2, 2 and 2
funds ranked in the second quartile, for the one-, three-, five- and
10-year periods, respectively, for their respective Lipper peer
groups.
11. Of the eligible Mutual Series equity mutual funds tracked by
Lipper, 5, 0, 2 and 2 funds ranked in the top quartile and 1, 0, 1
and 2 funds ranked in the second quartile, for the one-, three-,
five- and 10-year periods, respectively, for their respective Lipper
peer groups.
12. Of the eligible Franklin Templeton non-money market taxable
fixed-income mutual funds tracked by Lipper, 2, 4, 5 and 4 funds
ranked in the top quartile and 3, 5, 3 and 5 funds ranked in the
second quartile, for the one-, three-, five- and 10-year periods,
respectively, for their respective Lipper peer groups.
13. Of the eligible Franklin Templeton non-money market tax-free
fixed-income mutual funds tracked by Lipper, 18, 8, 19 and 25 funds
ranked in the top quartile and 10, 16, 11 and 6 funds ranked in the
second quartile, for the one-, three-, five- and 10-year periods,
respectively, for their respective Lipper peer groups.
14. In the quarter ended September 30, 2011, the Company discontinued
the classification of a portion of the investment management fees
earned by certain of its non-U.S. subsidiaries as sales and
distribution fees. This presentation change does not represent a
restatement of any previously published financial results. See the
Company's Form 10-K for the fiscal year ended September 30, 2011 for
additional information.
15. International includes North America-based advisors serving
non-resident clients.
Forward-Looking Statements
Statements in this press release regarding Franklin Resources, Inc.
("Franklin") and its subsidiaries, which are not historical facts,
are "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. When used in this
press release, words or phrases generally written in the future tense
and/or preceded by words such as "will," "may," "could," "expect,"
"believe," "anticipate," "intend," "plan," "seek," "estimate" or
other similar words are forward-looking statements.
Forward-looking statements involve a number of known and unknown
risks, uncertainties and other important factors, some of which are
listed below, that could cause actual results and outcomes to differ
materially from any future results or outcomes expressed or implied
by such forward-looking statements. Forward-looking statements are
based on our current expectations and assumptions regarding our
business, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject to
inherent uncertainties, risks and changes in circumstances that are
difficult to predict. We caution you therefore against relying on any
of these forward-looking statements. They are neither statements of
historical fact nor guarantees or assurances of future performance.
These and other risks, uncertainties and other important factors are
described in more detail in Franklin's recent filings with the U.S.
Securities and Exchange Commission, including, without limitation, in
Risk Factors and Management's Discussion and Analysis of Financial
Condition and Results of Operations in Franklin's Annual Report on
Form 10-K for the fiscal year ended September 30, 2011 and Franklin's
subsequent Quarterly Reports on Form 10-Q:
-- Volatility and disruption of the capital and credit markets, and
adverse changes in the global economy, may significantly affect our
results of operations and may put pressure on our financial results.
-- The amount and mix of our AUM are subject to significant fluctuations.
-- We are subject to extensive and complex, overlapping and frequently
changing rules, regulations and legal interpretations.
-- Regulatory and legislative actions and reforms have made the
regulatory environment in which we operate more costly and future
actions and reforms could adversely impact our AUM, increase costs and
negatively impact our profitability and future financial results.
-- Changes in tax laws or exposure to additional income tax liabilities
could have a material impact on our financial condition, results of
operations and liquidity.
-- Any significant limitation, failure or security breach of our software
applications, technology or other systems that are critical to our
operations could constrain our operations.
-- Our investment management business operations are complex and a
failure to properly perform operational tasks or the misrepresentation
of our products and services could have an adverse effect on our
revenues and income.
-- We face risks, and corresponding potential costs and expenses,
associated with conducting operations and growing our business in
numerous countries.
-- We depend on key personnel and our financial performance could be
negatively affected by the loss of their services.
-- Strong competition from numerous and sometimes larger companies with
competing offerings and products could limit or reduce sales of our
products, potentially resulting in a decline in our market share,
revenues and income.
-- Changes in the third-party distribution and sales channels on which we
depend could reduce our income and hinder our growth.
-- Our increasing focus on international markets as a source of
investments and sales of investment products subjects us to increased
exchange rate and other risks in connection with our revenues and
income generated overseas.
-- Poor investment performance of our products could affect our sales or
reduce the level of AUM, potentially negatively impacting our revenues
and income.
-- We could suffer losses in our revenues and income if our reputation is
harmed.
-- Our future results are dependent upon maintaining an appropriate level
of expenses, which is subject to fluctuation.
-- Our ability to successfully integrate widely varied business lines can
be impeded by systems and other technological limitations.
-- Our inability to successfully recover should we experience a disaster
or other business continuity problem could cause material financial
loss, loss of human capital, regulatory actions, reputational harm, or
legal liability.
-- Certain of the portfolios we manage, including our emerging market
portfolios, are vulnerable to significant market-specific political,
economic or other risks, any of which may negatively impact our
revenues and income.
-- Our revenues and income could be adversely affected if the terms of
our management agreements are significantly altered or these
agreements are terminated by the funds and other sponsored investment
products we advise.
-- Regulatory and governmental examinations and/or investigations,
litigation and the legal risks associated with our business, could
adversely impact our AUM, increase costs and negatively impact our
profitability and/or our future financial results.
-- Our ability to meet cash needs depends upon certain factors, including
the market value of our assets, operating cash flows and our perceived
creditworthiness.
-- Our business could be negatively affected if we or our banking
subsidiaries fail to remain well capitalized, and liquidity needs
could affect our banking business.
-- We are dependent on the earnings of our subsidiaries.
Any forward-looking statement made by us in this press release speaks
only as of the date on which it is made. Factors or events that could
cause our actual results to differ may emerge from time to time, and
it is not possible for us to predict all of them. We undertake no
obligation to publicly update any forward-looking statement, whether
as a result of new information, future developments or otherwise,
except as may be required by law.
Contact:
Franklin Resources, Inc.
Investor Relations:
Brian Sevilla
(650) 312-4091
Corporate Communications:
Matt Walsh
(650) 312-2245
franklinresources.com
SOURCE: Franklin Resources, Inc.
Copyright 2012 Marketwire, Inc., All rights reserved.
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BEN
Franklin Resources Inc.
US
: U.S.: NYSE
$
113.27
-0.52
-0.46%
Volume: 424,187
May 15, 2012 3:06p
P/E Ratio12.90
Dividend Yield0.95%
Market Cap$24.49 billion
Rev. per Employee$834,709
Financial Glossary
Words used in this article:
Posted by admin under Resources | Comments (0)
May 12, 2012
HOUSTON, May 02, 2012 (BUSINESS WIRE) –
Vanguard Natural Resources, LLC
/quotes/zigman/464141/quotes/nls/vnr VNR
-1.79%
(“Vanguard” or “the
Company”) today reported financial and operational results for the
quarter ended March 31, 2012.
Mr. Scott W. Smith, President and CEO, commented, “In addition to our
strong quarterly results which allowed us to increase our distribution
for the sixth consecutive quarter, we have taken several steps to
improve our balance sheet. With our equity offering in January and
recent inaugural bond offering, we have significantly strengthened our
financial flexibility to pursue our growth strategy through
acquisitions. We believe 2012 will be an exciting and active year and we
look forward to deploying our capital into accretive acquisitions that
will continue our track record of delivering superior results on behalf
of our unitholders.”
Selected Financial Information
A summary of selected financial information follows. For consolidated
financial statements, please see accompanying tables.
Three Months Ended
March 31,
——————————————-
2012 2011
———————– ——————
($ in thousands, except per unit data)
Production (Boe/d) 13,569 13,273
Oil, natural gas and natural gas liquids sales $ 82,717 $ 72,039
Realized gain (loss) on commodity derivative contracts $ (3,239) $ 1,379
Unrealized loss on commodity derivative contracts $ (22,734) $ (72,560)
Operating expenses $ 25,419 $ 18,554
Selling, general and administrative expenses $ 4,972 $ 4,876
Depreciation, depletion, amortization, and accretion $ 21,797 $ 19,827
Net Loss attributable to Vanguard unitholders $ (2,024) $ (30,412)
Adjusted Net Income attributable to Vanguard unitholders (1) $ 21,612 $ 16,510
Adjusted Net Income per unit attributable to Vanguard unitholders (1) $ 0.41 $ 0.55
Adjusted EBITDA attributable to Vanguard unitholders (1) $ 53,239 $ 37,617
Interest expense $ 5,905 $ 7,680
Drilling, capital workover and recompletion expenditures $ 8,213 $ 3,454
Distributable Cash Flow (1) $ 44,498 $ 28,323
Distributable Cash Flow per unit (1) $ 0.86 $ 0.94
(1) Non-GAAP financial measures. Please see Adjusted Net Income,
Adjusted EBITDA and Distributable Cash Flow tables at the end of
this press release for a reconciliation of these measures to their
nearest comparable GAAP measure.
Proved Reserves
Total proved oil and natural gas reserves at March 31, 2012 were 71.9
million barrels of oil equivalent, consisting of 52.7 million barrels of
crude oil, condensate, and natural gas liquids and 115.3 billion cubic
feet of natural gas. Oil, condensate, and natural gas liquids reserves
accounted for 73 percent of total proved reserves, and 87 percent of
total proved reserves are developed.
First Quarter 2012 Highlights:
--
We increased our quarterly distribution for the sixth consecutive
quarter. The $0.5925 per unit distribution declared for the first
quarter of 2012 represents a 4% increase over the first quarter of
2011 and a 1% increase over fourth quarter 2011.
--
Adjusted EBITDA attributable to Vanguard unitholders (a non-GAAP
financial measure defined below) increased 42% to $53.2 million in the
first quarter of 2012 from $37.6 million in the first quarter of 2011
and remained consistent with the $53.5 million recorded in the fourth
quarter of 2011.
--
Distributable Cash Flow attributable to Vanguard unitholders (a
non-GAAP financial measure defined below) increased 57% to $44.5
million from the $28.3 million generated in the first quarter of 2011
and increased 20% from the $37.1 million generated in the fourth
quarter of 2011.
--
We reported a net loss attributable to Vanguard unitholders for the
quarter of $2.0 million or $(0.04) per basic unit compared to a
reported net loss of $30.4 million or $(1.01) per basic unit in the
first quarter of 2011. The recent quarter includes $23.2 million of
non-cash unrealized net losses in our commodity and interest rate
derivatives contracts, a $0.3 million non-cash loss on the acquisition
of oil and natural gas properties, and a $0.2 million non-cash
compensation charge for the unrealized fair value of phantom units
granted to management. The 2011 first quarter results included $71.5
million of unrealized net losses in our commodity and interest rate
derivatives contracts, and a $0.2 million non-cash compensation charge
for the unrealized fair value of phantom units granted to management.
--
Adjusted Net Income attributable to Vanguard unitholders (a non-GAAP
financial measure defined below) was $21.6 million in the first
quarter of 2012, or $0.41 per basic unit, as compared to $16.5
million, or $0.55 per basic unit, in the first quarter of 2011.
--
Reported average production of 13,569 BOE per day in the first quarter
of 2012, up 2% over 13,273 BOE per day produced in the first quarter
of 2011 and a 1% decrease from the fourth quarter of 2011. On a BOE
basis, crude oil, natural gas and natural gas liquids ("NGLs")
accounted for 56%, 33%, and 11% of our first quarter 2012 production,
respectively.
During the quarter we produced 2,428 MMcf of natural gas, 692,173 Bbls
of oil, and 137,881 Bbls of NGLs, compared to the 2,526 MMcf of natural
gas, 685,047 Bbls of oil and 88,361 Bbls of NGLs produced in the first
quarter of 2011. Including the impact of our hedges in the first quarter
of this year, we realized a net price of $6.01 per Mcf on natural gas
sales, $86.66 per Bbl on crude oil sales, and $59.08 per barrel on NGL
sales, for an average sales price of $66.99 per BOE (all excluding
amortization of premiums paid).
Capital Expenditures and Operational Update
Capital expenditures for the drilling, capital workover and recompletion
of oil and natural gas properties were approximately $8.2 million in the
first quarter of 2012 compared to $3.5 million for the comparable
quarter of 2011. Approximately $3.7 million was spent on operated
properties, primarily focused on workovers, down-hole pumps, facilities
and returning wells to production. The remaining $4.5 million was spent
on our non-operated properties, with $2.5 million spent on drilling
Bakken, Cleveland and Rock Springs wells and $1.3 million on projects
related to the Gulf Coast acquisition closed in 2011. The balance was
spent on waterfloods in the Permian Basin and other miscellaneous work.
On March 1, 2012, Encore Energy Partners Operating, LLC ("Encore"), a
wholly owned subsidiary of Vanguard, entered into a Joint Operating
Agreement with Oasis Petroleum North America, LLC ("Oasis), covering a
1280 acre drilling and spacing unit ("DSU") in the Bakken play in
Williams County, North Dakota. The transaction contemplates Oasis, a
prominent Bakken operator, to commence the drilling of the Shepherd 5501
12-5H well prior to July 1, 2012, with Encore selling an Assignment of
50% of its held by production leasehold to Oasis for an aggregate sales
price of approximately $1.0 million and participating in the drilling of
the Shepherd well with a 25% working interest and a 23.25% net revenue
interest. Proceeds from the sale of the leasehold interest to Oasis will
fund approximately 40% of Encore's costs attributable to its 25% working
interest. This Middle Bakken test well spudded on April 20, 2012 and
will have an approximate 10,000' lateral length and is offsetting
several prolific Bakken producers operated by Oasis.
On March 30, 2012, Encore entered into a Participation Agreement and
Joint Operating Agreement with Triangle USA Petroleum Corporation,
("Triangle"), that provides for the joint development of four 1280 acre
DSU's in the highly successful Bakken drilling area in the northern
portion of McKenzie County, North Dakota. Triangle, as operator of the
joint venture, will commence the first Bakken long lateral test on or
before September 1, 2012 and thereafter will drill subsequent wells
every 150 days. In March 2012, Encore sold an assignment of
approximately 50% of its leasehold interest to Triangle for an aggregate
sales price of $4.4 million, retaining the remaining 50% working
interest and will participate in the drilling and completion costs of
the first four Bakken tests with an average working interest per well of
approximately 20% and associated net revenue interest of 17.75%. Pending
successful results of the initial test in each of the four DSU's, infill
drilling of additional wells is planned.
Recent Activities
In January 2012, we completed an offering of 8.2 million of our common
units at a price of $27.71 per unit. The 8.2 million common units
offering included 5.1 million of our common units ("primary units") and
3.1 million common units ("secondary units") offered by Denbury Onshore,
LLC. We received proceeds of approximately $134.6 million from the
offering of primary units, after deducting underwriting discounts of
$5.5 million and offering costs of $0.4 million. We did not receive any
proceeds from the sale of the secondary units. We used the total net
proceeds from this offering to repay indebtedness outstanding under our
reserve-based credit facility and our second lien term loan.
In February 2012, we entered in to an agreement for an exchange of our
ownership interest in Ariana Energy, LLC, and Trust Energy Company, LLC,
which holds the Company's natural gas and oil assets in the Appalachian
Basin for 1.9 million of our common units, valued at the closing price
of our common units of $27.62 per unit at March 30, 2012, $52.5 million,
with an effective date of January 1, 2012. We completed this transaction
on March 30, 2012 for total non-cash consideration of $51.1 million,
after closing adjustments of $1.4 million. As a result of the Appalachia
exchange, on March 30, 2012, our borrowing base was reduced from $765.0
to $740.0 million.
On April 4, 2012, we completed a public offering of $350.0 million
aggregate principal amount of 7.875% senior unsecured notes due 2020 at
a public offering price of 99.274%, resulting in aggregate net proceeds
of $339.6 million, after underwriting discounts and before expenses. The
offering size was increased to $350.0 million from $300.0 million.
Interest on the Senior Notes is payable on April 1 and October 1 of each
year, beginning on October 1, 2012. We used a portion of the net
proceeds from this offering to repay all indebtedness outstanding under
our second lien term loan, and applied the balance of the net proceeds
to outstanding borrowings under our reserve-based credit facility. Also,
as a result of the completion of this offering, our borrowing base under
our reserve-based credit facility was reduced from $740.0 million to
$670.0 million.
Hedging Activities
We enter into derivative transactions in the form of hedging
arrangements to reduce the impact of oil and natural gas price
volatility on our cash flow from operations. We have mitigated some of
the volatility through 2016 for crude oil and 2014 for natural gas by
implementing a hedging program on a portion of our total anticipated
production. At March 31, 2012, the fair value of commodity derivative
contracts was a liability of approximately $43.4 million, of which $14.3
million settles during the next twelve months. Currently, we use
fixed-price swaps, basis swaps, swaptions, puts, three-way collars and
NYMEX collars to hedge oil and natural gas prices.
The following tables summarize new commodity derivative contracts put in
place during the three months ended March 31, 2012:
Year Year Year Year Year
2012 2013 2014 2015 2016
--------- ----------- ----------- --------- ---------
Gas Positions:
Fixed Price Swaps:
Notional Volume (Mmbtu) -- 1,277,500 2,432,725 -- --
Price ($/Mmbtu) -- $ 5.16 $ 5.33 -- --
Oil Positions:
Put Spreads:
Notional Volume (Bbls) -- -- -- 255,000 --
Floor Price ($/Bbl) -- -- -- $ 100.00 --
Put Sold ($/Bbl) -- -- -- $ 75.00 --
Swaptions and Calls:
Notional Volume (Bbls) -- -- 365,000 179,945 622,200
Price ($/Bbl) -- -- $ 125.00 $ 125.00 $ 125.00
Three-Way Collars:
Notional Volume (Bbls) 180,500 401,500 401,500 194,055 --
Floor Price ($/Bbl) $ 100.00 $ 100.00 $ 100.00 $ 100.00 --
Ceiling Price ($/Bbl) $ 110.73 $ 110.44 $ 110.44 $ 124.53 --
Put Sold ($/Bbl) $ 75.85 $ 75.91 $ 75.91 $ 75.00 --
For a summary of all commodity and interest rate derivative contracts in
place at March 31, 2012, please refer to our Quarterly Report on Form
10-Q which is expected to be filed on May 4, 2012.
Liquidity Update
At March 31, 2012, Vanguard had indebtedness under its reserve-based
credit facility totaling $583.0 million with a borrowing base of $740.0
million and had $57.0 million outstanding under its senior secured
second lien term loan. After consideration of the $350.0 million senior
unsecured notes offering, our borrowing base was reduced by $70.0
million, resulting in an adjusted borrowing base of $670.0 million. We
used a portion of the net proceeds of $339.6 million from the senior
unsecured notes offering to repay all indebtedness outstanding under our
second lien term loan, and applied the balance to pay down outstanding
borrowings under our reserve-based credit facility. Taking this into
consideration, as of May 1, 2012 there were $294.0 million of
outstanding borrowings and $376.0 million of borrowing capacity under
the reserve-based credit facility.
Cash Distributions
On May 15, 2012, the Company will pay a first quarter cash distribution
of $0.5925 per unit to its unitholders of record as of May 8, 2012. This
quarterly distribution payment will represent an increase of 1% over the
amount distributed for the fourth quarter of 2011 and will represent an
approximate 4% increase from the amount distributed for the first
quarter of 2011.
Conference Call Information
Vanguard will host a conference call today (May 2, 2012) to discuss its
first quarter results at 11:00 a.m. Eastern Time (10:00 a.m. Central).
To access the call, please dial (888) 549-7750 or (480) 629-9866 for
international callers and ask for the "Vanguard Natural Resources
Earnings Call." The conference call will also be broadcast live via the
Internet and can be accessed through the Investor Relations section of
Vanguard's corporate website,
http://www.vnrllc.com .
A telephonic replay of the conference call will be available until June
2, 2012 and may be accessed by calling (303) 590-3030 and using the pass
code 4532676#. A webcast archive will be available on the Investor
Relations page at
www.vnrllc.com
shortly after the call and will be accessible for approximately 30 days.
For more information, please contact Lisa Godfrey at (832) 327-2234 or
email at lgodfrey@vnrllc.com.
About Vanguard Natural Resources, LLC
Vanguard Natural Resources, LLC is a publicly traded limited liability
company focused on the acquisition, production and development of oil
and natural gas properties. Vanguard's assets consist primarily of
producing and non-producing oil and natural gas reserves located in the
Permian Basin in West Texas and New Mexico, the Big Horn Basin in
Wyoming and Montana, South Texas, the Williston Basin in North Dakota
and Montana, Mississippi, and the Arkoma Basin in Arkansas and Oklahoma.
More information on Vanguard can be found at
www.vnrllc.com .
Forward-Looking Statements
We make statements in this news release that are considered
forward-looking statements within the meaning of the Securities Exchange
Act of 1934. These forward-looking statements are largely based on our
expectations, which reflect estimates and assumptions made by our
management. These estimates and assumptions reflect our best judgment
based on currently known market conditions and other factors. Although
we believe such estimates and assumptions to be reasonable, they are
inherently uncertain and involve a number of risks and uncertainties
that are beyond our control. In addition, management's assumptions about
future events may prove to be inaccurate. Management cautions all
readers that the forward-looking statements contained in this news
release are not guarantees of future performance, and we cannot assure
you that such statements will be realized or the forward-looking events
and circumstances will occur. Actual results may differ materially from
those anticipated or implied in the forward-looking statements due to
factors listed in the "Risk Factors" section in our SEC filings and
elsewhere in those filings. All forward-looking statements speak only as
of the date of this news release. We do not intend to publicly update or
revise any forward-looking statements as a result of new information,
future events or otherwise.
VANGUARD NATURAL RESOURCES, LLC
Operating Statistics
(Unaudited)
Three Months Ended
March 31,
------------------
2012 (a) 2011 (b)
------------ ------------
Average realized prices (c):
Oil (Price/Bbl) $ 93.04 $ 81.81
Natural Gas (Price/Mcf) $ 4.19 $ 4.36
NGLs (Price/Bbl) $ 59.08 $ 55.85
Combined (Price/BOE) $ 66.99 $ 60.27
Total production volumes:
Oil (Bbls) 692,173 685,047
Natural Gas (MMcf) 2,428 2,526
NGLs (Bbls) 137,881 88,361
Combined (MBOE) 1,235 1,196
Average daily production volumes:
Oil (Bbls/day) 7,606 7,611
Natural Gas (MMcf) 26,684 28,076
NGLs (Bbls) 1,515 982
Combined (MBOE) 13,569 13,273
(a) The Wyoming II Acquisition closed on March 30, 2012, and as such, no
operations are included in the three month period ended March 31,
2012.
(b) Production from the properties acquired related to the ENP Purchase
during 2011 through the date of the completion of the ENP Merger on
December 1, 2011 was subject to a 53.4% non-controlling interest in
ENP.
(c) Excludes results from hedging activities.
VANGUARD NATURAL RESOURCES, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per unit data)
(Unaudited)
Three Months Ended
March 31,
------------------------------
2012 (a) 2011 (b)
------------------ ------------------
Revenues:
Oil, natural gas and natural gas liquids sales $ 82,717 $ 72,039
Loss on commodity cash flow hedges -- (1,071)
Realized gain (loss) on commodity derivative contracts (3,239) 1,379
Unrealized loss on commodity derivative contracts (22,734) (72,560)
------- ---- ------- ----
Total revenues 56,744 (213)
------- ------- ----
Costs and expenses:
Production:
Lease operating expenses 18,559 12,332
Production and other taxes 6,860 6,222
Depreciation, depletion, amortization, and accretion 21,797 19,827
Selling, general and administrative expenses 4,972 4,876
------- -------
Total costs and expenses 52,188 43,257
------- -------
Income (loss) from operations 4,556 (43,470)
------- ------- ----
Other income and (expense):
Interest expense (5,329) (6,787)
Realized loss on interest rate derivative contracts (576) (893)
Unrealized gain (loss) on interest rate derivative contracts (421) 1,102
Loss on acquisition of natural gas and oil properties (330) --
Other 76 (2)
------- ------- ----
Total other income (expense) (6,580) (6,580)
------- ---- ------- ----
Net loss (2,024) (50,050)
Less: Net loss attributable to non-controlling interest -- (19,638)
------- ------- ----
Net loss attributable to Vanguard unitholders $ (2,024) $ (30,412)
==== ======= ==== ==== ======= ====
Net loss per unit:
Common & Class B units - basic & diluted $ (0.04) $ (1.01)
==== ======= ==== ==== ======= ====
Weighted average units outstanding:
Common units - basic & diluted 52,067 29,725
======= =======
Class B units - basic & diluted 420 420
======= =======
(a) The Wyoming II Acquisition closed on March 30, 2012, and as such, no
operations are included in the three month period ended March 31,
2012.
(b) The operating results of the subsidiaries we acquired in the ENP
Purchase through the date of the completion of the ENP Merger on
December 1, 2011 were subject to a 53.4% non-controlling interest.
VANGUARD NATURAL RESOURCES, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
March 31, December 31,
2012 2011
----------------- -----------------
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 5,244 $ 2,851
Trade accounts receivable, net 49,075 48,046
Derivative assets 786 2,333
Other current assets 2,894 3,462
--------- ---------
Total current assets 57,999 56,692
--------- ---------
Oil and natural gas properties, at cost 1,385,303 1,549,821
Accumulated depletion, amortization and impairment (221,623) (331,836)
--------- ---- --------- ----
Oil and natural gas properties evaluated, net - full cost method 1,163,680 1,217,985
--------- ---------
Other assets
Goodwill 420,955 420,955
Derivative assets 2,041 1,105
Other assets 20,376 19,626
--------- ---------
Total assets $ 1,665,051 $ 1,716,363
==== ========= ==== =========
Liabilities and members' equity
Current liabilities
Accounts payable:
Trade $ 3,599 $ 7,867
Affiliates 1,637 718
Accrued liabilities:
Lease operating 5,371 5,828
Developmental capital 1,402 563
Interest 201 103
Production and other taxes 12,459 12,768
Derivative liabilities 17,289 12,774
Deferred swap premium liability 4,655 275
Oil and natural gas revenue payable 4,555 505
Other 4,616 4,437
--------- ---------
Total current liabilities 55,784 45,838
Long-term debt 640,000 771,000
Derivative liabilities 35,575 20,553
Asset retirement obligations 34,680 34,776
Other long-term liabilities 3,651 275
--------- ---------
Total liabilities 769,690 872,442
--------- ---------
Commitments and contingencies
Members' equity
Members' capital, 51,574,275 common units issued and outstanding at 891,401 839,714
March 31, 2012 and 48,320,104 at December 31, 2011
Class B units, 420,000 issued and outstanding at March 31, 2012 and 3,960 4,207
December 31, 2011
--------- ---------
Total members' equity 895,361 843,921
--------- ---------
Total liabilities and members' equity $ 1,665,051 $ 1,716,363
==== ========= ==== =========
Use of Non-GAAP Measures
Adjusted EBITDA
We present Adjusted EBITDA in addition to our reported net loss
attributable to Vanguard unitholders in accordance with GAAP. Adjusted
EBITDA is a non-GAAP financial measure that is defined as net loss
attributable to Vanguard unitholders plus:
--
For 2011, net loss attributable to the non-controlling interest.
The result is net loss which includes the non-controlling interest for
2011. From this we add or subtract the following:
--
Net interest expense, including write-off of deferred financing fees
and realized gains and losses on interest rate derivative contracts;
--
Depreciation, depletion and amortization (including accretion of asset
retirement obligations);
--
Amortization of premiums paid on derivative contracts;
--
Amortization of value on derivative contracts acquired;
--
Unrealized gains and losses on commodity and interest rate derivative
contracts;
--
Net losses on acquisition of oil and natural gas properties;
--
Deferred taxes;
--
Unit-based compensation expense;
--
Unrealized fair value of phantom units granted to officers;
--
Material transaction costs incurred on acquisitions and mergers;
--
For 2011, non-controlling interest amounts attributable to each of the
items above from the beginning of year through the completion of the
Encore Merger on December 1, 2011, which revert the calculation back
to an amount attributable to the Vanguard unitholders; and
--
For 2011, administrative services fees charged to Encore, excluding
the non-controlling interest, which are eliminated in consolidation.
Adjusted EBITDA is used by management as a tool to measure (prior to the
establishment of any cash reserves by our board of directors, debt
service and capital expenditures) the cash distributions we could pay
our unitholders. Specifically, this financial measure indicates to
investors whether or not we are generating cash flow at a level that can
sustain or support an increase in our quarterly distribution rates.
Adjusted EBITDA is also used as a quantitative standard by our
management and by external users of our financial statements such as
investors, research analysts and others to assess the financial
performance of our assets without regard to financing methods, capital
structure or historical cost basis; the ability of our assets to
generate cash sufficient to pay interest costs and support our
indebtedness; and our operating performance and return on capital as
compared to those of other companies in our industry. Adjusted EBITDA is
not intended to represent cash flows for the period, nor is it presented
as a substitute for net income, operating income, cash flows from
operating activities or any other measure of financial performance or
liquidity presented in accordance with GAAP.
Distributable Cash Flow
We present Distributable Cash Flow in addition to our reported net loss
attributable to Vanguard unitholders in accordance with GAAP.
Distributable Cash Flow is a non-GAAP financial measure that is defined
as net loss attributable to Vanguard unitholders plus:
--
For 2011, net loss attributable to the non-controlling interest.
The result is net loss which includes the non-controlling interest for
2011. From this we add or subtract the following:
--
Depreciation, depletion and amortization (including accretion of asset
retirement obligations);
--
Amortization of premiums paid on derivative contracts;
--
Amortization of value on derivative contracts acquired;
--
Unrealized gains and losses on commodity and interest rate derivative
contracts;
--
Net losses on acquisition of oil and natural gas properties;
--
Deferred taxes;
--
Unit-based compensation expense;
--
Unrealized fair value of phantom units granted to officers;
--
Material transaction costs incurred on acquisitions and mergers;
--
For 2011, non-controlling interest amount attributable to each of the
items above from the beginning of year through the completion of the
Encore Merger on December 1, 2011, which revert the calculation back
to an amount attributable to the Vanguard unitholders; and
--
For 2011, administrative services fees charged to Encore, excluding
the non-controlling interest, which are eliminated in consolidation.
Less:
--
Drilling, capital workover and recompletion expenditures.
Plus:
--
Proceeds from the sale of leasehold interests.
Distributable Cash Flow is used by management as a tool to measure
(prior to the establishment of any cash reserves by our board of
directors) the cash distributions we could pay our unitholders.
Specifically, this financial measure indicates to investors whether or
not we are generating cash flow at a level that can sustain or support
an increase in our quarterly distribution rates. While Distributable
Cash Flow is measured on a quarterly basis for reporting purposes,
management must consider the timing and size of its planned capital
expenditures in determining the sustainability of its quarterly
distribution. Capital expenditures are typically not spent evenly
throughout the year due to a variety of factors including weather, rig
availability, and the commodity price environment. As a result, there
will be some volatility in Distributable Cash Flow measured on a
quarterly basis. Distributable Cash Flow is not intended to be a
substitute for net income, operating income, cash flows from operating
activities or any other measure of financial performance or liquidity
presented in accordance with GAAP.
VANGUARD NATURAL RESOURCES, LLC
Reconciliation of Net Income (Loss) to Adjusted EBITDA (a) and
Distributable Cash Flow
(Unaudited)
(in thousands)
Three Months Ended
March 31,
-------------------------
2012 (b) 2011 (c)
--------------- ----------------
Net loss attributable to Vanguard unitholders $ (2,024) $ (30,412)
Net loss attributable to non-controlling interest -- (19,638)
------ ------- -
Net loss (2,024) (50,050)
Plus:
Interest expense, including realized losses on interest rate 5,905 7,680
derivative contracts
Depreciation, depletion, amortization, and accretion 21,797 19,827
Amortization of premiums paid on derivative contracts 3,234 4,367
Amortization of value on derivative contracts acquired -- 52
Unrealized losses on commodity and interest rate derivative contracts 23,155 71,458
Loss on acquisition of oil and natural gas properties 330 --
Deferred taxes (70) 112
Unit-based compensation expense 761 479
Unrealized fair value of phantom units granted to officers 151 212
------ -------
Adjusted EBITDA before non-controlling interest 53,239 54,137
Non-controlling interest attributable to adjustments above -- (17,260)
Administrative services fees eliminated in consolidation -- 740
------ -------
Adjusted EBITDA attributable to Vanguard unitholders 53,239 37,617
Plus:
Interest expense, net (5,905) (7,680)
Drilling, capital workover and recompletion expenditures (8,213) (3,454)
Proceeds from the sale of leasehold interests 5,377 --
Non-controlling interest -- 1,840
------ -------
Distributable Cash Flow $ 44,498 $ 28,323
===== ====== ===== =======
Distributable Cash Flow per unit $ 0.86 $ 0.94
(a) Our Adjusted EBITDA should not be considered as an alternative to
net income, operating income, cash flows from operating activities
or any other measure of financial performance or liquidity presented
in accordance with GAAP. Our Adjusted EBITDA excludes some, but not
all, items that affect net income and operating income and these
measures may vary among other companies. Therefore, our Adjusted
EBITDA may not be comparable to similarly titled measures of other
companies.
(b) The Wyoming II Acquisition closed on March 30, 2012, and as such, no
operations are included in the three month period ended March 31,
2012.
(c) Results of operations from oil and gas properties acquired in the
ENP Purchase during 2011 through the date of the completion of the
ENP Merger on December 1, 2011 were subject to a 53.4%
non-controlling interest.
Adjusted Net Income
We present Adjusted Net Loss in addition to our reported net loss
attributable to Vanguard unitholders in accordance with GAAP. Adjusted
Net Loss is a non-GAAP financial measure that is defined as net loss
attributable to Vanguard unitholders plus:
--
For 2011, net loss attributable to the non-controlling interest.
The result is net loss which includes the non-controlling interest for
2011. From this we add or subtract the following:
--
Unrealized losses on commodity derivative contracts;
--
Unrealized gains and losses on interest rate derivative contracts;
--
Unrealized fair value of phantom units granted to officers;
--
Net losses on acquisition of oil and natural gas properties;
--
Material transaction costs incurred on acquisitions and mergers;
--
For 2011, non-controlling interest amount attributable to each of the
items above from the beginning of year through the completion of the
Encore Merger on December 1, 2011 which revert the calculation back to
an amount attributable to the Vanguard unitholders; and
--
For 2011, administrative services fees charged to Encore, excluding
the non-controlling interest, which are eliminated in consolidation.
This information is provided because management believes exclusion of
the impact of our unrealized derivatives not accounted for as cash flow
hedges and non-cash oil and natural gas property impairment charge will
help investors compare results between periods and identify operating
trends that could otherwise be masked by these items and to highlight
the impact that commodity price volatility has on our results. Adjusted
Net Income is not intended to represent cash flows for the period, nor
is it presented as a substitute for net income, operating income, cash
flows from operating activities or any other measure of financial
performance or liquidity presented in accordance with GAAP.
VANGUARD NATURAL RESOURCES, LLC
Reconciliation of Net Income (Loss) to Adjusted Net Income
(in thousands, except per unit data)
(Unaudited)
Three Months Ended
March 31,
-------------------------
2012 2011
--------------- ----------------
Net loss attributable to Vanguard unitholders $ (2,024) $ (30,412)
Net loss attributable to non-controlling interest -- (19,638)
------ ------- -
Net loss $ (2,024) $ (50,050)
Plus (Less):
Unrealized loss on commodity derivative contracts 22,734 72,560
Unrealized (gain) loss on interest rate derivative contracts 421 (1,102)
Unrealized fair value of phantom units granted to
officers 151 212
Loss on acquisition of oil and natural gas properties 330 --
------ -------
Total adjustments 23,636 71,670
------ -------
Adjusted net income before non-controlling interest 21,612 21,026
------ -------
Non-controlling interest attributable to items above -- (5,850)
Administrative services fees eliminated in consolidation -- 740
------ -------
Adjusted Net Income attributable to Vanguard unitholders $ 21,612 $ 16,510
===== ====== ===== =======
Net loss per unit attributable to Vanguard unitholders $ (0.04) $ (1.01)
Net loss attributable to non-controlling interest -- (0.65)
------ ------- -
Net loss per unit: $ (0.04) $ (1.66)
Plus (Less):
Unrealized loss on commodity derivative contracts 0.43 2.41
Unrealized (gain) loss on interest rate derivative contracts 0.01 (0.04)
Unrealized fair value of phantom units granted to officers -- 0.01
Loss on acquisition of oil and natural gas properties 0.01 --
Non-controlling interest attributable to items above -- (0.19)
Administrative services fees eliminated in consolidation -- 0.02
------ -------
Adjusted Net Income per unit attributable to Vanguard unitholders $ 0.41 $ 0.55
===== ====== ===== =======
SOURCE: Vanguard Natural Resources, LLC
Vanguard Natural Resources, LLC
Investor Relations
Lisa Godfrey, 832-327-2234
investorrelations@vnrllc.com
Copyright Business Wire 2012
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VNR
Vanguard Natural Resources LLC
US
: U.S.: NYSE
$
26.36
-0.48
-1.79%
Volume: 206,406
May 11, 2012 4:01p
P/E Ratio15.30
Dividend Yield8.99%
Market Cap$1.37 billion
Rev. per Employee$2.94M
Financial Glossary
Words used in this article:
Posted by admin under Resources | Comments (0)
May 7, 2012
HOUSTON, TX, May 02, 2012 (MARKETWIRE via COMTEX) –
Magnum Hunter Resources Corporation
/quotes/zigman/560436/quotes/nls/mhr MHR
+2.30%
(the “Company”) announced today that it
has declared a monthly cash dividend on the Company’s 10.25% Series C
Cumulative Perpetual Preferred Stock (“Series C Preferred Stock”) and
a monthly cash dividend on the Company’s 8.0% Series D Cumulative
Preferred Stock (“Series D Preferred Stock”).
The dividend on the Series C Preferred Stock, which is for the month
of May 2012, is payable on May 31, 2012, to holders of record at the
close of business on May 15, 2012. The payment will be an annualized
10.25% per share, which is equivalent to approximately $0.2135 per
share, based on the $25.00 per share liquidation preference of the
Series C Preferred Stock. The Series C Preferred Stock is currently
listed on the NYSE Amex and trades under the ticker symbol “MHR-PrC.”
The dividend on the Series D Preferred Stock, which is for the month
of May 2012, is payable on May 31, 2012, to holders of record at the
close of business on May 15, 2012. The payment will be an annualized
8.0% per share, which is equivalent to approximately $0.3333 per
share, based on the $50.00 per share liquidation preference of the
Series D Preferred Stock. The Series D Preferred Stock is currently
listed on the NYSE Amex and trades under the ticker symbol “MHR-PrD.”
About Magnum Hunter Resources Corporation
Magnum Hunter Resources Corporation and subsidiaries are a Houston,
Texas-based independent exploration and production company engaged in
the acquisition, development and production of crude, natural gas and
natural gas liquids, primarily in the states of West Virginia,
Kentucky, Ohio, Texas, North Dakota and Saskatchewan, Canada. The
Company is presently active in three of the most prolific
unconventional shale resource plays in North America, namely the
Marcellus Shale, Utica Shale, Eagle Ford Shale and Williston
Basin/Bakken Shale.
For more information, please view our website at
http://www.magnumhunterresources.com/
Forward-Looking Statements
The statements and information contained in this press release that
are not statements of historical fact, including any estimates and
assumptions contained herein, are “forward looking statements” as
defined in Section 27A of the Securities Act of 1933, as amended,
referred to as the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, referred to as the Exchange Act.
These forward-looking statements include, among others, statements,
estimates and assumptions relating to our business and growth
strategies, our oil and gas reserve estimates, our ability to
successfully and economically explore for and develop oil and gas
resources, our exploration and development prospects, future
inventories, projects and programs, expectations relating to
availability and costs of drilling rigs and field services,
anticipated trends in our business or industry, our future results of
operations, our liquidity and ability to finance our exploration and
development activities and our midstream activities, market
conditions in the oil and gas industry and the impact of
environmental and other governmental regulation. In addition, with
respect to any pending acquisitions described herein, forward-looking
statements include, but are not limited to, statements regarding the
expected timing of the completion of the proposed transactions; the
ability to complete the proposed transactions considering the various
closing conditions; the benefits of such transactions and their
impact on the Company’s business; and any statements of assumptions
underlying any of the foregoing. In addition, if and when any
proposed transaction is consummated, there will be risks and
uncertainties related to the Company’s ability to successfully
integrate the operations and employees of the Company and the
acquired business. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as “may”,
“will”, “could”, “should”, “expect”, “intend”, “estimate”,
“anticipate”, “believe”, “project”, “pursue”, “plan” or “continue” or
the negative thereof or variations thereon or similar terminology.
These forward-looking statements are subject to numerous assumptions,
risks, and uncertainties. Factors that may cause our actual results,
performance, or achievements to be materially different from those
anticipated in forward-looking statements include, among others, the
following: adverse economic conditions in the United States, Canada
and globally; difficult and adverse conditions in the domestic and
global capital and credit markets; changes in domestic and global
demand for oil and natural gas; volatility in the prices we receive
for our oil and natural gas; the effects of government regulation,
permitting and other legal requirements; future developments with
respect to the quality of our properties, including, among other
things, the existence of reserves in economic quantities;
uncertainties about the estimates of our oil and natural gas
reserves; our ability to increase our production and oil and natural
gas income through exploration and development; our ability to
successfully apply horizontal drilling techniques; the effects of
increased federal and state regulation, including regulation of the
environmental aspects, of hydraulic fracturing; the number of well
locations to be drilled, the cost to drill and the time frame within
which they will be drilled; drilling and operating risks; the
availability of equipment, such as drilling rigs and transportation
pipelines; changes in our drilling plans and related budgets;
regulatory, environmental and land management issues, and demand for
gas gathering services, relating to our midstream operations; and the
adequacy of our capital resources and liquidity including, but not
limited to, access to additional borrowing capacity.
These factors are in addition to the risks described in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of the Company’s 2011
annual report on Form 10-K filed with the Securities and Exchange
Commission, which we refer to as the SEC, on February 29, 2012. Most
of these factors are difficult to anticipate and beyond our control.
Because forward-looking statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such statements. You are cautioned not to
place undue reliance on forward-looking statements contained herein,
which speak only as of the date of this document. Other unknown or
unpredictable factors may cause actual results to differ materially
from those projected by the forward-looking statements. Unless
otherwise required by law, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise. We urge readers to
review and consider disclosures we make in our reports that discuss
factors germane to our business. See in particular our reports on
Forms 10-K, 10-Q and 8-K subsequently filed from time to time with
the SEC. All forward-looking statements attributable to us are
expressly qualified in their entirety by these cautionary statements.
Magnum Hunter Contact:
Gabe Scott
Vice President – Capital Markets and Corporate Development
ir@magnumhunterresources.com
(832) 203-4539
SOURCE: Magnum Hunter Resources
mailto:ir@magnumhunterresources.com
Copyright 2012 Marketwire, Inc., All rights reserved.
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MHR
Magnum Hunter Resources Corp.
US
: U.S.: NYSE
$
5.34
+0.12
+2.30%
Volume: 3.05M
May 7, 2012 4:00p
P/E RatioN/A
Dividend YieldN/A
Market Cap$672.80 million
Rev. per Employee$423,534
Financial Glossary
Words used in this article:
Posted by admin under Resources | Comments (0)
May 7, 2012
DENVER, CO, May 02, 2012 (MARKETWIRE via COMTEX) –
Golden Star Resources Ltd.
/quotes/zigman/17293/quotes/nls/gss GSS
+1.38%
/quotes/zigman/17312 CA:GSC
-0.68%
(gse:GSR)
Intersects 18.1 meters grading 32.0 grams per tonne (g/t), 9.6 meters
grading 3.2 g/t, and 5.6 meters grading 11.9 g/t beneath the current
operating B Shoot Pit
Intersects 17.6 meters grading 2.9 g/t, 25.7 meters grading 2.8 g/t,
and 42.8 meters grading 1.7 g/t beneath the current operating SE Pit
Golden Star Resources Ltd.
/quotes/zigman/17293/quotes/nls/gss GSS
+1.38%
/quotes/zigman/17312 CA:GSC
-0.68%
(gse:GSR)
(“Golden Star” or the “Company”) today provided an update on
exploration activities at its Wassa mine in Ghana. Full drill
results, plans and sections are posted at the Company’s website at
www.gsr.com or by clicking the following link:
http://www.gsr.com/Operations/Wassa.asp .
During the first quarter of 2012, exploration programs on the Wassa
Mining Lease continued to delineate the higher grade shoots plunging
beneath the main pits. Utilizing two rigs, the Company drilled 24
holes totaling approximately 7,300 meters. The drilling programs were
designed to follow the higher grade intervals that were intercepted
last year under the B Shoot pit and announced in the Company’s
February 6, 2012, press release. Of particular interest was hole
BSDD113, which intersected 32.0 g/t gold over an estimated true width
of approximately 18.1 meters. This hole was a 25 meter step-out hole
from the previous high-grade intersection in hole BSDD090, which
intersected 15.8 g/t gold over a true width of 21.2 meters. These
intercepts suggest a pod of mineralization that is open along strike
and down dip, grading between 15 g/t and 32 g/t gold. Several
parallel zones of gold mineralization have also been intersected in
the hanging and foot walls of the high grade zone and include hole
BSDD112, which intersected 3.2 g/t gold over a true width of
approximately 9.6 meters, and hole BSDD107, which intersected 11.9
g/t gold over a true width of approximately 5.6 meters. These
parallel zones of mineralization should lower the overall stripping
ratio and therefore have a positive effect on economics and pit
optimizations. The B Shoot significant intersections drilled in Q1 of
2012 are tabulated below.
B Shoot Q1 2012 significant drill intersections
—————————————————————–
———–
Drilled ~ True Gold
Easting Northing Elev Az Dip From Width Width Grade
Hole ID (m) (m) (m) (degrees) (degrees) (m) To (m) (m) (m) g/t
============================================================================
BSDD098C 39824 19750 1034 90 -50 175.0 191.4 16.4 13.4 1.4
BSDD098C 39824 19750 1034 90 -50 211.0 228.3 17.3 14.2 1.3
BSDD099A 39801 19725 1037 90 -50 189.7 199.0 9.3 7.6 4.4
BSDD099A 39801 19725 1037 90 -50 221.5 239.8 18.3 15.0 0.9
BSDD099A 39801 19725 1037 90 -50 320.4 333.9 13.5 11.1 1.8
BSDD106 39994 19725 1012 90 -52 260.8 277.1 16.3 13.0 1.5
BSDD107 39917 19875 1018 90 -50 83.5 90.3 6.8 5.6 11.9
BSDD107 39917 19875 1018 90 -50 105.2 129.9 24.7 20.2 1.5
BSDD107 39917 19875 1018 90 -50 207.2 213.5 6.3 5.2 9.5
BSDD109 39805 19800 1032 90 -54 164.7 183.2 18.5 14.4 1.8
BSDD110 39820 19850 1031 90 -58 174.0 193.6 19.6 14.3 1.3
BSDD110 39820 19850 1031 90 -58 338.7 351.5 12.8 9.4 2.0
BSDD111A 39803 19800 1032 90 -65 222.5 240.0 17.5 11.2 1.9
BSDD112 39811 19775 1033 90 -48 181.0 196.0 15.0 9.6 3.2
BSDD112 39811 19775 1033 90 -48 319.0 328.0 9.0 7.5 2.7
BSDD113 39792 19900 1031 90 -61 266.0 292.2 26.2 18.2 1.6
BSDD113 39792 19900 1031 90 -61 317.0 330.0 13.0 9.0 2.0
BSDD113 39792 19900 1031 90 -61 372.5 398.5 26.0 18.1 32.0
BSDD116 39885 20025 995 90 -55 235.0 255.1 20.1 15.4 4.8
BSDD116 39885 20025 995 90 -55 264.0 275.3 11.3 8.7 3.2
—————————————————————————-
Drilling also continued to test the South East ("SE") zone running
parallel to the B Shoot zone approximately 200 meters to the east of
the high grade intersections in holes BSDD113 and BSDD090. Drilling
results at SE have also returned intersections higher than the
modeled average grade including hole SEDD045, which intersected 2.9
g/t gold over a true width of approximately 17.6 meters; hole
SEDD043, which intersected 2.8 g/t gold over a true width of
approximately 25.7 meters; and hole SEDD041, which intersected 1.7
g/t gold over a true width of approximately 42.8 meters. Between the
high grade zone at B Shoot and the zones at SE, large halos of lower
grade mineralization are present that should also contribute to lower
stripping ratios when evaluating the pit economics of this deeper
mineralization. The SE significant intersections drilled in Q1 2012
are tabulated below.
South East Q1 2012 significant drill intersections
-----------------------------------------------------------------
-----------
Drilled ~ True Gold
Easting Northing Elev Az Dip From Width Width Grade
Hole ID (m) (m) (m) (degrees) (degrees) (m) To (m) (m) (m) g/t
============================================================================
SEDD046 40395 20200 1019 90 -55 110.0 142.3 32.3 25.1 1.1
SEDD045 40088 19750 1007 90 -53 101.5 116.2 14.7 11.7 2.4
SEDD045 40088 19750 1007 90 -53 197.1 219.2 22.1 17.6 2.9
SEDD043 40107 19900 1008 90 -50 223.5 254.5 31.0 25.7 2.8
SEDD042 40109 19950 1009 90 -50 124.0 139.5 15.5 12.9 2.8
SEDD042 40109 19950 1009 90 -50 170.0 183.0 13.0 10.8 1.4
SEDD041 40088 19800 1008 90 -49 102.5 114.0 11.5 9.6 2.1
SEDD041 40088 19800 1008 90 -49 191.0 242.0 51.0 42.8 1.7
----------------------------------------------------------------------------
On the western limb of the large Wassa fold structure the Company also
continued testing the 242 zone at depth towards the projected fold
closure area. The structure has been intersected in several of the
holes as outlined in the table below. Drilling has also targeted the
extent of the 242 limb along strike towards the south-west where
lower grade mineralization was intersected.
242 Pit Q1 2012 significant drill intersections
-----------------------------------------------------------------
-----------
Drilled ~ True Gold
Easting Northing Elev Az Dip From To Width Width Grade
Hole ID (m) (m) (m) (degrees) (degrees) (m) (m) (m) (m) g/t
============================================================================
242DD039 39590 19956 1052 325 -80 160.3 164.3 4.0 3.3 2.1
242DD043 39703 20055 1030 325 -70 95.0 101.0 6.0 5.5 1.7
242DD043 39703 20055 1030 325 -70 179.2 192.6 13.4 12.2 2.2
242DD043 39703 20055 1030 325 -70 198.9 202.8 3.9 3.6 1.9
242DD046A 39849 20066 995 325 -60 229.2 235.8 6.6 6.4 1.8
----------------------------------------------------------------------------
Drilling for the remainder of 2012 is planned to continue to test the
continuity of the higher grade mineralization defined thus far.
Second quarter drilling has been designed to test the entire fold
hinge area at 50 meters drill spacing so that the Company can produce
an inferred mineral resource for the Main Wassa area in the second
half of 2012. This resource model will be used to optimize pits using
all mineral resource categories -- Measured, Indicated and Inferred.
These shells are expected to facilitate the Company in planning
additional drilling and evaluating possible expansion scenarios for
the Wassa operations.
Mitchel Wasel, Vice President of Exploration, commented, "With
further drilling, we are beginning to confirm the continuity of the
higher grade zones at B Shoot and South East, and we are starting to
build volume in these areas. The results of our interim in-house
resource modeling and optimizations indicate that the deeper
mineralization could be economic and we will continue to drill to
increase the confidence level in these inferred zones."
Tom Mair, President and CEO, added, "The Wassa operations have been
considered by most observers to have a limited mine life but our
operations and exploration teams have long recognized the potential
of this area through the mining of the Wassa deposits over the years.
Deep drilling programs are beginning to unlock the full potential of
the Wassa area. Once we have completed our resource models during the
second half of the year we should be able to get a better view of the
future of Wassa Mine."
COMPANY PROFILE
Golden Star Resources holds the largest land package in one of the
world's largest and most prolific gold producing regions. The Company
holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited
and Golden Star (Wassa) Limited, which respectively own the
Bogoso/Prestea and Wassa/HBB open-pit gold mines in Ghana, West
Africa. In addition, Golden Star has an 81% interest in the currently
inactive Prestea Underground mine in Ghana, as well as gold
exploration interests elsewhere in Ghana, in other parts of West
Africa and in Brazil in South America. Golden Star has approximately
259 million shares outstanding. Additional information is available
at
www.gsr.com .
Statements Regarding Forward-Looking Information: Some statements
contained in this news release are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other applicable securities laws. Such statements include: the
import of parallel zones and lower grade mineralization on pit
optimizations and stripping ratios; our expectations regarding our
past and planned drilling and exploration activities for the
remainder of 2012 and the timing thereof; the impact of our results
of exploration on our reserves and resources for 2012 and on the
Wassa pit and Wassa operations; and the timing of updates of our
resource models. Investors are cautioned that forward-looking
statements are inherently uncertain and involve risks and
uncertainties. Factors that could cause actual results to differ
materially include timing of and unexpected events during
exploration; variations in ore grade; variations in relative amounts
of refractory, non-refractory and transition ores; technical or
permitting issues, and fluctuations in gold price and costs. There
can be no assurance that future developments affecting the Company
will be those anticipated by management. Please refer to the
discussion of these and other factors in our Form 10-K for 2011 and
subsequent Forms 10-Q for 2012 and other filings of the Company with
the United States Securities and Exchange Commission and the
applicable Canadian securities regulatory authorities. The forecasts
contained in this press release constitute management's current
estimates, as of the date of this press release, with respect to the
matters covered thereby. We expect that these estimates will change
as new information is received. While we may elect to update these
estimates at any time, we do not undertake to update any estimate at
any particular time or in response to any particular event.
QA/QC:
The technical contents of this press release have been reviewed by S.
Mitchel Wasel, BSc Geology, a Qualified Person pursuant to National
Instrument 43-101. Mr. Wasel is Vice President of Exploration for
Golden Star and an active member and Registered Chartered
Professional of the Australasian Institute of Mining and Metallurgy.
The results for Wassa quoted herein are based on the analysis of
saw-split HQ/NQ diamond half core or a three kilogram single stage
riffle split of a nominal 25 to 30 kg Reverse Circulation chip sample
which has been sampled over nominal one meter intervals (adjusted
where necessary for mineralized structures). Sample preparation and
analyses have been carried out at SGS Laboratories in Tarkwa using a
1,000 gram slurry of sample and tap water which is prepared and
subjected to an accelerated cyanide leach (LEACHWELL). The sample is
then rolled for twelve hours before being allowed to settle. An
aliquot of solution is then taken, gold extracted into Di-iso Butyl
Keytone (DiBK), and determined by flame Atomic Absorption
Spectrophotometry (AAS). Detection Limit is 0.01ppm.
All analytical work is subject to a systematic and rigorous Quality
Assurance-Quality Control (QA-QC). At least 5% of samples are
certified standards and the accuracy of the analysis is confirmed to
be acceptable from comparison of the recommended and actual
"standards" results. The remaining half core is stored on site for
future inspection and detailed logging, to provide valuable
information on mineralogy, structure, alteration patterns and the
controls on gold mineralization.
Additional information on earlier drilling results at Wassa are
available in our February 6, 2012 press release.
For further information, please contact:
GOLDEN STAR RESOURCES LTD.
Bruce Higson-Smith
Senior Vice President Finance and Corporate Development
1-800-553-8436
INVESTOR RELATIONS
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
303-393-7044
SOURCE: Golden Star Resources
Copyright 2012 Marketwire, Inc., All rights reserved.
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GSS
Golden Star Resources Ltd.
US
: U.S.: NYSE Amex
$
1.47
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+1.38%
Volume: 843,477
May 7, 2012 2:15p
P/E RatioN/A
Dividend YieldN/A
Market Cap$382.84 million
Rev. per EmployeeN/A
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Golden Star Resources Ltd.
CA
: Canada: Toronto
$
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Volume: 39,190
May 7, 2012 1:54p
P/E RatioN/A
Dividend YieldN/A
Market Cap$380.26 million
Rev. per EmployeeN/A
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GSS
Golden Star Resources Ltd.
US
: U.S.: NYSE Amex
$
1.47
+0.02
+1.38%
Volume: 843,477
May 7, 2012 2:15p
P/E RatioN/A
Dividend YieldN/A
Market Cap$382.84 million
Rev. per EmployeeN/A
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Golden Star Resources Ltd.
CA
: Canada: Toronto
$
1.47
-0.01
-0.68%
Volume: 39,190
May 7, 2012 1:54p
P/E RatioN/A
Dividend YieldN/A
Market Cap$380.26 million
Rev. per EmployeeN/A
Financial Glossary
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May 4, 2012
VANCOUVER, BRITISH COLUMBIA, May 02, 2012 (MARKETWIRE via COMTEX) –
Elgin Mining Inc.
/quotes/zigman/50729 CA:ELG
0.00%
(“Elgin Mining”) and Gold-Ore
Resources Ltd. (“Gold-Ore”) jointly announced completion
of the business combination (the “Arrangement”) which took effect May
1, 2012, whereby Elgin Mining acquired all of the issued and
outstanding common shares of Gold-Ore by way of plan of arrangement.
The Arrangement has resulted in a well-funded, growth-oriented gold
producer which owns the producing Bjorkdal gold mine in Sweden and
the Lupin and Ulu gold development projects in Nunavut, Canada.
Patrick Downey will continue in his role as President and Chief
Executive Officer of Elgin Mining. Gold-Ore directors, David Mullen,
Ronald Ewing, Glen Dickson and Robert Wasylyshyn will join the
expanded board of directors of Elgin Mining with immediate effect.
Under the terms of the Arrangement, for every Gold-Ore common share
held, Gold-Ore shareholders will receive one Elgin Mining common
share and one half of one common share purchase warrant of Elgin
Mining exercisable at a strike price of $1.30 per Elgin Mining share
until May 1, 2014. In addition, holders of Gold-Ore options
outstanding as at May 1, 2012 will receive, on the same terms and
conditions as their Gold-Ore options, Elgin Mining replacement
options which will entitle them to receive upon exercise, and for the
same aggregate consideration payable therefor, Elgin Mining common
shares in lieu of Gold-Ore common shares.
Delisting of the Gold-Ore common shares from the Toronto Stock
Exchange (“TSX”) is expected to occur on or about May 4, 2012.
Graduation of the Elgin Mining common shares and Elgin Mining
warrants to the TSX is expected to occur on or about May 4, 2012 at
which time Elgin Mining will be delisted from the TSX Venture
Exchange. The Elgin Mining common shares and Elgin Mining warrants
will trade under the symbols “ELG” and “ELG.WT”, respectively.
Elgin Mining’s financial advisor was National Bank Financial Inc. and
its principle legal counsel was Cassels Brock & Blackwell LLP.
Gold-Ore’s financial advisor was Fraser Mackenzie Limited and its
principal legal counsel was McLeod & Company LLP.
Effective upon completion of the Arrangement on May 1, 2012, Elgin
Mining granted an aggregate of 725,000 options with immediate vesting
to five non-executive directors exercisable for an equal number of
Elgin Mining Shares for a period of five years from the date of grant
at an exercise price of $0.88 per Elgin Mining Share.
Elgin Mining Inc.
Elgin Mining is a Canadian based company focused on the exploration
and development of the Lupin gold mine and Ulu gold project, both
located in Nunavut Territory, Canada and production at its Bjorkdal
Gold Mine in Sweden, which has produced 1,060,000 ounces in the last
24 years. In addition, Elgin’s portfolio includes a 35% interest in
Auracle Resources, which is exploring the Mexican Hat property in
Arizona, and an exclusive right and option to earn a 60% interest in
Lincoln Mining’s Oro Cruz (California) and La Bufa (Mexico) gold
projects. Elgin Mining also selectively reviews opportunities to add
advanced stage development projects to its portfolio. The company has
a strong balance sheet, generates significant cash flow from gold
sales, and remains un-hedged.
For further information, please visit Elgin Mining’s web site at
www.elginmining.com .
FORWARD-LOOKING STATEMENTS
Certain information set forth in this press release contains
“forward-looking statements”, and “forward-looking information” under
applicable securities laws. Except for statements of historical fact,
certain information contained herein constitutes forward-looking
statements which include management’s assessment of Elgin Mining’s
future plans and operations and are based on each company’s current
internal expectations, estimates, projections, assumptions and
beliefs, which may prove to be incorrect. Some of the forward-looking
statements may be identified by words such as “expects”
“anticipates”, “believes”, “projects”, “plans”, and similar
expressions. These statements are not guarantees of future
performance and undue reliance should not be placed on them. Such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause Elgin Mining’s actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements. There can be
no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements. Elgin Mining and Gold-Ore
undertakes no obligation to update forward-looking statements if
circumstances or management’s estimates or opinions should change
except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking statements.
The securities described herein have not been, and will not be,
registered under the U.S. Securities Act of 1933, as amended (the
“U.S. Securities Act”) or any U.S. state securities laws, and may not
be offered or sold in the United States or to, or for the account or
benefit of, United States persons absent registration or any
applicable exemption from the registration requirements of the U.S.
Securities Act and applicable U.S. state securities laws. This press
release shall not constitute an offer to sell or the solicitation of
an offer to buy securities in the United States, nor shall there be
any sale or issuance of these securities in any jurisdiction in which
such offer, solicitation, issuance or sale would be unlawful.
Neither the 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:
Elgin Mining Inc.
Patrick Downey
President & Chief Executive Officer
(604) 682-3366
info@elginmining.com
www.elginmining.com
SOURCE: Elgin Mining Inc. and Gold-Ore Resources Ltd.
mailto:info@elginmining.com
http://www.elginmining.com
Copyright 2012 Marketwire, Inc., All rights reserved.
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CA:ELG
Elgin Mining Inc.
CA
: Canada: Toronto
$
0.80
0.00
0.00%
Volume: 60,334
May 3, 2012 12:00a
P/E RatioN/A
Dividend YieldN/A
Market Cap$118.26 million
Rev. per EmployeeN/A
Financial Glossary
Words used in this article:
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May 4, 2012
Chris Lewicki, Planetary Resources president and chief engineer, shows a model of a spacecraft during an event officially announcing the new Bellevue-based company Planetary Resources on Tuesday, Apr. 24, 2012 at The Museum of Flight Charles Simonyi Space Gallery. The company, financed by a number of high-tech billionaires, plans to send spacecraft to mine asteroids.
Photo: JOSHUA TRUJILLO
/ SEATTLEPI.COM
Posted by admin under Resources | Comments (0)
May 2, 2012
TORONTO, ONTARIO, May 02, 2012 (MARKETWIRE via COMTEX) –
Dalradian Resources Inc. (“Dalradian” or the “Company”)
/quotes/zigman/5064 CA:DNA
+4.69%
has received final assays from outstanding drill holes from the 2011
and first quarter 2012 program at its Curraghinalt Deposit in County
Tyrone, Northern Ireland. 54 drill holes are reported with 43 infill,
and 11 step-out holes.
Drill results for the infill drilling are broadly consistent with the
modelled and reported resource (PR November 30, 2012) while the
step-out drilling continues to extend known mineralization along
strike and down dip as well as delineating new mineralized veins.
The deposit remains open along strike, down dip and across strike.
These results mark the end of the current phase of surface infill
drilling at the Curraghinalt deposit. For the next phase of the
infill program, an application has been submitted to enable
underground drilling from the existing workings, which we expect to
commence end of Q3 this year.
Additional surface drilling will commence on July 1, 2012, following
the completion and integration of on-going structural, geophysical,
geochemical and geological studies to better understand and target
high priority areas in the Curraghinalt trend.
Table 1: Selected drill results
———————————————————————–
—–
Au
From To Grade Width
Hole ID (m) (m) g/t (m) Vein Target
—————————————————————————-
11-CT-101a 346.4 346.8 11.68 0.44 Crow Step-out 390m from
the resource
—————————————————————————-
11-CT-103(i) 775.6 775.8 155.14 0.2 New Vein Step-out
—————————————————————————-
11-CT-108 118.1 120.3 10.24 2.16 M-Class Infill
—————————————————————————-
11-CT-108 123.9 127.7 10.43 3.75 M-Class Infill
—————————————————————————-
11-CT-109 81.8 83 15.32 1.2 No.1 Infill
—————————————————————————-
11-CT-110 83.6 84.3 25.17 0.7 No.1 Infill
—————————————————————————-
11-CT-110 95.3 95.4 90.88 0.15 New Vein Infill
—————————————————————————-
11-CT-110 138.1 139.6 22.83 1.48 106-16 Infill
—————————————————————————-
11-CT-111 75.1 76.5 13 1.41 Secondary Vein Infill
—————————————————————————-
11-CT-111 143.2 143.7 25.48 0.54 M-Class Infill
—————————————————————————-
11-CT-111 160.9 162.1 10.01 1.25 No.1 Infill
—————————————————————————-
11-CT-111 191 192.3 18.32 1.3 106-16 Infill
—————————————————————————-
11-CT-112 70.3 71.5 17.78 1.19 Road Infill
—————————————————————————-
11-CT-118 110.2 111.6 12.69 1.36 Sheep Dip Infill
—————————————————————————-
11-CT-121 87.9 89 14.7 1.15 Sheep Dip Infill
—————————————————————————-
11-CT-138 172.2 172.9 18.17 0.71 T17 Infill
—————————————————————————-
11-CT-139 108.3 108.6 87.36 0.25 Road Infill
—————————————————————————-
11-CT-143 37.4 45.6 3.39 8.2 Road Infill
—————————————————————————-
11-CT-143 146.9 148.8 10.01 1.86 Sheep Dip Infill
—————————————————————————-
12-CT-150 200.9 201.7 58.83 0.8 Secondary Vein Infill
—————————————————————————-
12-CT-150 220.1 221.3 10.73 1.2 Bend Infill
—————————————————————————-
12-CT-150 305.5 308.8 13.18 3.35 Crow Infill
—————————————————————————-
12-CT-151 131 132.1 21.06 1.11 106-16 Infill
—————————————————————————-
12-CT-151 279.1 280 16.18 0.92 Crow Infill
—————————————————————————-
12-CT-152 297.6 298.2 8.97 0.64 New Vein Step-out to south of
Crow Vein and 100m
south of previous
drilling
—————————————————————————-
(i) Reported in 43-101 release, but not separately released
Note:
-- M-Class Veins - are veins in the resource that have not been defined
over a large area due to lack of drilling or limited strike extent and
are referenced in the Micon report as Minor Veins
-- Composites calculated at 0.5g/t Au cut-off and may include up to 2m of
internal dilution
-- True width is interpreted to range from 70 to 95% drilled width
Curraghinalt Step-Out Drilling
Step-out drilling, has expanded the potential resource envelope by
260m along strike on the T17, over 200m down dip on the 106-16 in
some areas, 780m along strike and 200m up dip on portions of the
Sheep Dip, and up to 240m down dip on the Bend. In addition, several
new veins have been identified to the south of the known
mineralization
Hole 11-CT-100
Tests the area between Attagh Burn and the central resource area.
This hole is the second (steeper) of a scissor pair from the same
collar as 11-CT-95. The hole intersected the No.1 vein as expected as
well as extended the Bend by 240m down dip and 70m along strike and
the T17 260m along strike from the latest resource.
Hole 11-CT-101a
This hole tests the up dip extension (480m) of mineralization
identified in hole 11-CT-99, over 400m along strike to the east of
the resource. Several mineralized zones were encountered. This hole
confirms the up-dip continuity of mineralization on the eastern most
line of drilling at Curraghinalt.
Hole 11-CT-103
Planned to test the down dip extensions of the mineralization on the
eastern edge of the resource, this hole intercepted both the Crow,
3.11g/t Au over 1.9m, and Bend veins, 3.52g/t Au over 1.66m.
Extending mineralization160m down dip from 11-CT-98. It also
intersected five new veins to the south of the Crow including
155.14g/t Au over 0.2m and 4.27g/t Au over 2.8m. The latest resource
includes the Crow intersection, but none of the other veins.
Hole 11-CT-104
Intended to target the down dip extensions of mineralization below
the central portion of the resource, hole 11-CT-104 intersected both
the Mullan, 43.63g/t Au over 0.16m, and T17 veins, 8.01g/t Au over
1.46m. The intercepts are 200m down dip of previous drilling and the
most recent resource.
Hole 11-CT-105
This hole is a scissor below hole 11-CT-99 on the eastern most
section at Curraghinalt. It is interpreted to have intersected the
Sheep Dip vein approximately 780m east of the current resource with
an intercept of 14.57g/t over 0.43m. A second vein intersected
approximately 80m south of the interpreted position of the Crow vein
and returned 9.14g/t Au over 0.87m.
Hole 11-CT-152
This hole is a 100m step-out to the south of previous drilling and
targeted coincident geophysical and geochemical anomalies. Four veins
were intercepted demonstrating the continuation of the system to the
south. Results included 8.97g/t Au over 0.64m.
Infill Drilling
Infill drilling within the central portion of the deposit is expected
to increase confidence in the resource without significantly altering
the grade and tonnes.
Table 2: Results from holes 11-CT-100 to 11-CT-152
-----------------------------------------------------------------------
-----
Au
From To Grade Width
Hole ID (m) (m) g/t (m) Vein Target
----------------------------------------------------------------------------
11-CT-100(i) 37.1 38.3 9.04 1.15 T17 Step-out 260m from
resource
----------------------------------------------------------------------------
11-CT-100(i) 150.6 150.7 53.12 0.16 No.1 Step-out
----------------------------------------------------------------------------
11-CT-100(i) 355.8 356.1 18.61 0.32 Bend 240m step-out down
dip + 70 m along
strike from the
resource
----------------------------------------------------------------------------
11-CT-101a 346.4 346.8 11.68 0.44 Crow Step-out 390m from
the resource
----------------------------------------------------------------------------
11-CT-102(i) 227.2 229.1 3.11 1.9 Crow Infill
----------------------------------------------------------------------------
11-CT-103(i) 473.4 475 3.52 1.66 Bend 82m step-out down
dip from the
resource
----------------------------------------------------------------------------
11-CT-103(i) 591.2 592.7 5.72 1.55 Crow Infill
----------------------------------------------------------------------------
11-CT-103(i) 751.5 751.7 36.04 0.21 New Vein Step-out
----------------------------------------------------------------------------
11-CT-103(i) 775.6 775.8 155.14 0.2 New Vein Step-out
----------------------------------------------------------------------------
11-CT-103(i) 833.4 833.6 33.94 0.17 New Vein Step-out
----------------------------------------------------------------------------
11-CT-103(i) 931.2 940.4 0.9 9.2 New Vein Step-out
----------------------------------------------------------------------------
11-CT-103(i) 969.9 970.4 22.38 0.48 New Vein Step-out
----------------------------------------------------------------------------
11-CT-103(i) 969.9 972.7 4.27 2.81 New Vein Step-out
----------------------------------------------------------------------------
11-CT-104 540.8 540.9 43.63 0.16 Sheep Dip Step-out 200m down
dip of resource
----------------------------------------------------------------------------
11-CT-104 624.4 625.9 8.01 1.46 106-16 Step-out 200m down
dip of resource
----------------------------------------------------------------------------
11-CT-104 629.4 629.5 71.68 0.11 106-16 Step-out 200m down
dip of resource
----------------------------------------------------------------------------
11-CT-105 386 386.4 14.57 0.43 Road Step-out 80m along
strike from resource
----------------------------------------------------------------------------
11-CT-105 898.8 899.7 9.14 0.87 New Vein Step-out 80 m south
of crow vein
----------------------------------------------------------------------------
11-CT-106 287.5 288.3 10.26 0.8 T17 Infill
----------------------------------------------------------------------------
11-CT-107 No results above 5 gm Infill -
intercepting
expected low grades
----------------------------------------------------------------------------
11-CT-108 67 67.1 59.52 0.11 New Vein Infill intercepted
new vein between the
V45 and V55 veins
----------------------------------------------------------------------------
11-CT-108 78.9 80.9 3.36 2.08 T17 Infill
----------------------------------------------------------------------------
11-CT-108 110.8 112.3 3.39 1.54 No.1 Infill
----------------------------------------------------------------------------
11-CT-108 118.1 120.3 10.24 2.16 M-Class Infill
----------------------------------------------------------------------------
11-CT-108 123.9 127.7 10.43 3.75 M-Class Infill
----------------------------------------------------------------------------
11-CT-108 156.5 157 15.36 0.5 106-16 Infill
----------------------------------------------------------------------------
11-CT-109 78.6 78.9 35.23 0.27 No.1 Infill
----------------------------------------------------------------------------
11-CT-109 81.8 83 15.32 1.2 No.1 Infill
----------------------------------------------------------------------------
11-CT-109 86.9 87.6 6.6 0.76 M-Class Infill
----------------------------------------------------------------------------
11-CT-109 120.5 121.9 7.93 1.37 106-16 Infill
----------------------------------------------------------------------------
11-CT-109 132.4 133.1 13.96 0.72 M-Class Infill
----------------------------------------------------------------------------
11-CT-110 72.2 73.9 8.82 1.74 M-Class Infill
----------------------------------------------------------------------------
11-CT-110 83.6 84.3 25.17 0.7 No.1 Infill
----------------------------------------------------------------------------
11-CT-110 95.3 95.4 90.88 0.15 New Vein Infill
----------------------------------------------------------------------------
11-CT-110 133.2 134.4 5.04 1.22 106-16 Infill
----------------------------------------------------------------------------
11-CT-110 138.1 139.6 22.83 1.48 106-16 Infill
----------------------------------------------------------------------------
11-CT-111 75.1 76.5 13 1.41 Secondary Vein Infill
----------------------------------------------------------------------------
11-CT-111 143.2 143.7 25.48 0.54 M-Class Infill
----------------------------------------------------------------------------
11-CT-111 160.9 162.1 10.01 1.25 No.1 Infill
----------------------------------------------------------------------------
11-CT-111 191 192.3 18.32 1.3 106-16 Infill
----------------------------------------------------------------------------
11-CT-112 70.3 71.5 17.78 1.19 Road Infill
----------------------------------------------------------------------------
11-CT-113 160.2 160.5 36.8 0.29 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-114 No intercepts greater than 5 Infill was expected
gm to intercept the
Mullan vein
----------------------------------------------------------------------------
11-CT-115 20.5 23.5 3.24 3 Road Step-out 200m up dip
of the resource
----------------------------------------------------------------------------
11-CT-115 130.3 132.6 2.4 2.3 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-116 132.1 132.9 6.3 0.8 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-117 51 54.4 3.34 3.42 Road Step-out 120m up dip
of the resource
----------------------------------------------------------------------------
11-CT-118 110.2 111.6 12.69 1.36 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-119 160.6 162.1 4.46 1.51 Road Infill
----------------------------------------------------------------------------
11-CT-120 103.9 105.1 5.12 1.26 T17 Infill
----------------------------------------------------------------------------
11-CT-120 143.1 148.7 2.1 5.63 M-Class Infill 20m along
strike of the
resource
----------------------------------------------------------------------------
11-CT-120 143.3 143.7 21.91 0.34 Included As above
----------------------------------------------------------------------------
11-CT-121 87.9 89 14.7 1.15 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-121 128 129.5 4.84 1.5 New Vein Infill identified a
new vein between the
Mullan and T17
veins.
----------------------------------------------------------------------------
11-CT-122 46.1 48.8 5.2 2.7 M-Class Infill
----------------------------------------------------------------------------
11-CT-122 61 61.6 15.47 0.6 No.1 Infill
----------------------------------------------------------------------------
11-CT-123 No intercepts greater than 5 Infill expected to
gm hit the Mullan
----------------------------------------------------------------------------
11-CT-124 No intercepts greater than 5 Infill expected to
gm hit the Mullan
----------------------------------------------------------------------------
11-CT-125 No intercepts greater than 5 Infill expected to
gm hit the Mullan
----------------------------------------------------------------------------
11-CT-126 73 75.1 3.3 2.1 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-127 31.6 31.7 140.8 0.18 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-127 128.1 129.8 5.53 1.74 T17 Infill
----------------------------------------------------------------------------
11-CT-127 164.6 168.2 2.03 3.58 No.1 Infill
----------------------------------------------------------------------------
11-CT-127 185.5 191.6 1.02 6.05 106-16 Infill 24m down dip
of resource
----------------------------------------------------------------------------
11-CT-128 151.9 154.9 1.91 2.98 T17 Infill 13m away from
resource
----------------------------------------------------------------------------
11-CT-129 47.1 47.8 8.86 0.73 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-130 127.7 127.9 44.8 0.12 New Vein New Vein in infill
drilling between the
Mullan and the T17
----------------------------------------------------------------------------
11-CT-131 No intercepts greater than 5 Expected to
gm intercept the Mullan
and the T17 on
Infill
----------------------------------------------------------------------------
11-CT-132 92 93.4 3.68 1.37 New Vein New vein identified
during infill
drilling - expected
to also intercept
the Mullan vein.
----------------------------------------------------------------------------
11-CT-133 No intercepts greater than 5 Expected several
gm veins on Infill
----------------------------------------------------------------------------
11-CT-134 156.6 157.2 12.57 0.6 106-16 Infill
----------------------------------------------------------------------------
11-CT-135 No intercepts greater than 5 Expected the Mullan
gm vein during Infill
drilling
----------------------------------------------------------------------------
11-CT-136 68.4 69.8 8.96 1.46 Road Step-out drilling
intersected this
vein 130m up dip of
the resource.
----------------------------------------------------------------------------
11-CT-136 134.3 135 11.32 0.74 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-137 86 86.2 48.7 0.22 Road Infill
----------------------------------------------------------------------------
11-CT-137 165.8 166.4 9.08 0.63 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-138 37.8 38.7 11.81 0.88 New Vein Infill
----------------------------------------------------------------------------
11-CT-138 59.8 61.7 2.97 1.95 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-138 172.2 172.9 18.17 0.71 T17 Infill
----------------------------------------------------------------------------
11-CT-139 108.3 108.6 87.36 0.25 Road Infill
----------------------------------------------------------------------------
11-CT-140 10.5 12.7 6.5 2.21 Road Infill
----------------------------------------------------------------------------
11-CT-141 No intercepts greater than 5 Infill no intercept
gm expected
----------------------------------------------------------------------------
11-CT-142 122.4 124.4 4.78 2 Secondary Vein Infill
----------------------------------------------------------------------------
11-CT-142 148.6 150.1 5.52 1.5 T17 Infill
----------------------------------------------------------------------------
11-CT-142 168.5 169.9 7.67 1.33 No.1 Infill
----------------------------------------------------------------------------
11-CT-142 191.3 193.8 5.12 2.52 106-16 Infill
----------------------------------------------------------------------------
11-CT-142 199.9 200.7 12.05 0.73 106-16 Infill
----------------------------------------------------------------------------
11-CT-143 37.4 45.6 3.39 8.2 Road Infill
----------------------------------------------------------------------------
11-CT-143 146.9 148.8 10.01 1.86 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-144 47.6 48.5 5.07 0.9 Sheep Dip Infill
----------------------------------------------------------------------------
11-CT-145 99.4 100 15.27 0.6 Secondary Vein Infill
----------------------------------------------------------------------------
11-CT-145 146.3 146.8 20.11 0.49 T17 Infill
----------------------------------------------------------------------------
11-CT-145 180.7 185.2 3.86 4.44 M-Class Infill
----------------------------------------------------------------------------
11-CT-145 208.1 208.8 13 0.73 106-16 Infill
----------------------------------------------------------------------------
11-CT-146 No intercepts greater than 5 A low-grade
gm intercept of the
Mullan vein was
expected.
----------------------------------------------------------------------------
11-CT-147 114.2 114.9 10.03 0.68 New Vein Infill
----------------------------------------------------------------------------
11-CT-147 123.6 124.7 9.31 1.19 No.1 Infill
----------------------------------------------------------------------------
11-CT-147 162.3 163.1 7.8 0.83 Secondary Vein Infill
----------------------------------------------------------------------------
11-CT-148 167.4 168 15.55 0.6 Secondary Vein Infill drilling
intersected this
vein 55m down dip of
the resource.
----------------------------------------------------------------------------
11-CT-148 170.9 171.3 30.79 0.38 T17 Infill
----------------------------------------------------------------------------
11-CT-148 199.5 201.8 2.71 2.26 T17 Infill
----------------------------------------------------------------------------
11-CT-149 138.4 142.9 2.98 4.5 No.1 Infill
----------------------------------------------------------------------------
11-CT-149 145.2 154.8 2.56 9.63 T17 Infill
----------------------------------------------------------------------------
11-CT-149 164.7 171.2 2.36 6.5 Secondary Vein Infill
----------------------------------------------------------------------------
12-CT-150 67.3 67.6 47 0.31 No. 1 Infill
----------------------------------------------------------------------------
12-CT-150 200.9 201.7 58.83 0.8 Secondary Vein Infill
----------------------------------------------------------------------------
12-CT-150 220.1 221.3 10.73 1.2 Bend Infill
----------------------------------------------------------------------------
12-CT-150 252.6 256.9 2.18 4.29 New Vein Infill
----------------------------------------------------------------------------
12-CT-150 305.5 308.8 13.18 3.35 Crow Infill
----------------------------------------------------------------------------
12-CT-151 5 5.5 20.8 0.5 T17 Infill
----------------------------------------------------------------------------
12-CT-151 77.2 78.1 5.73 0.92 No. 1 Infill
----------------------------------------------------------------------------
12-CT-151 113.4 114 13.74 0.6 M-class vein Infill
----------------------------------------------------------------------------
12-CT-151 131 132.1 21.06 1.11 106-16 Infill
----------------------------------------------------------------------------
12-CT-151 156.8 157.3 15.29 0.45 M-class vein Infill
----------------------------------------------------------------------------
12-CT-151 187.4 188 18.39 0.51 Secondary Vein Infill
----------------------------------------------------------------------------
12-CT-151 279.1 280 16.18 0.92 Crow Infill
----------------------------------------------------------------------------
12-CT-152 297.6 298.2 8.97 0.64 New Vein Step-out to south of
Crow Vein and 100m
south of previous
drilling
----------------------------------------------------------------------------
Qualified Person
Damien Stephens, BSc.(hons), M.AIG, M.AusIMM, Exploration Manager,
Dalradian Resources Inc., is the Qualified Person who supervised the
preparation of the technical data in this news release.
Drill core was halved with samples averaging ranging between 0.1 and
0.25 metres in ore and up to 0.5 metres in wall rock were submitted
to Omac in the Republic of Ireland. Rigorous quality assurance and
quality control procedures have been implemented including the use of
blanks, standards and duplicates. Core samples were analyzed by a 30
gram gold fire assay with an atomic absorption, conventional
gravimetric and/or screen fire techniques.
About Dalradian Resources Inc.:
Dalradian Resources Inc. is a TSX-listed, Canadian based exploration
company engaged in the acquisition, exploration and development of
gold, base metals and other precious metals projects. With a European
focus, our most advanced property is in Northern Ireland and focuses
on and around the high-grade mesothermal gold deposit, Curraghinalt.
The Company's wholly owned subsidiary, Dalradian Gold Limited, holds
a 100% interest, subject to certain royalties, in mineral prospecting
licences and mining lease option agreements in counties Tyrone and
Londonderry, Northern Ireland. The Department of Enterprise, Trade
and Investment ("DETI") and the Crown Estate Commissioners ("CEC")
have together granted to Dalradian base and precious metal mineral
exploration rights to four contiguous areas collectively known as the
Tyrone Project.
Dalradian's flagship deposit, Curraghinalt hosts an NI 43-101
compliant measured mineral resource of 0.02 MT grading 21.51g/t gold
for 10,000 contained ounces, indicated mineral resource of 1.11 MT
grading 12.84g/t gold for 460,000 contained ounces and inferred
mineral resource of 5.45 MT grading 12.74g/t for 2,230,000 contained
ounces. Dalradian's NI 43-101 report, "An updated Mineral Resource
Estimate for the Curraghinalt Gold Deposit, Tyrone Project, County
Tyrone and County Londonderry, Northern Ireland" is dated January 10,
2012 and effective November 30, 2011, prepared by Messrs. Hennessey
and Mukhopadhyay of Micon International Limited, and is available on
SEDAR at
www.sedar.com .
Dalradian is preparing a preliminary economic assessment for the
Curraghinalt deposit, while also carrying out an active exploration
program on the surrounding 84,000 hectares of exploration licenses.
In Norway, Dalradian holds mineral rights for approximately 1.7
million hectares over four greenstone belts including an area hosting
an historic silver mining district. Dalradian is actively engaged in
data acquisition and analysis in advance of an early stage
exploration program in Norway.
Dalradian's Common Shares are listed on the Toronto Stock Exchange
under the symbol "DNA". For further information, please see
www.dalradian.com .
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" which may
include, but is not limited to, statements with respect to the
estimation of mineral resources. Often, but not always,
forward-looking statements can be identified by the use of words and
phrases such as "plans," "expects," "is expected," "budget,"
"scheduled," "estimates," "forecasts," "intends," "anticipates," or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may," "could," "would," "might" or "will" be taken, occur or be
achieved.
Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made and are based on
various assumptions.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include,
among others, general business, economic, competitive, political and
social uncertainties; the actual results of current exploration
activities; actual results of reclamation activities; conclusions of
economic evaluations; changes in project parameters as plans continue
to be refined; future prices of metals; possible variations of ore
grade or recovery rates; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other risks of
the mining industry; political instability; delays in obtaining
governmental approvals or financing or in the completion of
development or construction activities, as well as those factors
discussed in the section entitled "Risk Factors" in the Company's
annual information form. Although the Company has attempted to
identify important factors that could cause actual actions, events or
results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or
results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this news release and the Company disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results, except as may be required by
applicable securities laws. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig1.pdf .
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig2.pdf .
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig3.pdf .
To view Figure 4, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig4.pdf .
To view Figure 5, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig5.pdf .
To view Figure 6, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig6.pdf .
To view Figure 7, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig7.pdf .
To view Figure 8, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig8.pdf .
To view Figure 9, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig9.pdf .
To view Figure 10, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig10.pdf
To view Figure 11, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig11.pdf .
To view Figure 12, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig12.pdf .
To view Figure 13, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig13.pdf .
To view Figure 14, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig14.pdf
To view Figure 15, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig15.pdf .
To view Figure 16, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig16.pdf .
To view Figure 17, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig17.pdf .
To view Figure 18, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig18.pdf .
To view Figure 19, please visit the following link:
http://media3.marketwire.com/docs/dna0502fig19.pdf .
Contacts:
Dalradian Resources Inc.
Shae-Lynn Mathers
Director, Investor Relations
+1.416.583.5622
investor@dalradian.com
www.dalradian.com
SOURCE: Dalradian Resources Inc.
mailto:investor@dalradian.com
http://www.dalradian.com
Copyright 2012 Marketwire, Inc., All rights reserved.
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CA:DNA
Dalradian Resources Inc.
CA
: Canada: Toronto
$
1.34
+0.06
+4.69%
Volume: 6,342
May 2, 2012 5:40p
P/E RatioN/A
Dividend YieldN/A
Market Cap$108.60 million
Rev. per EmployeeN/A
Financial Glossary
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Posted by admin under Resources | Comments (0)
May 2, 2012
SASKATOON, May 2, 2012 /PRNewswire via COMTEX/ –
Trading Symbols
TSX – CRJ
NYSE Amex – CGR
Claude Resources Inc. (TSX-CRJ) (NYSE
Amex-CGR) (“Claude” or the “Company”) today reported that it has filed
an updated National Instrument 43-101 “NI 43-101″ technical report for
the Seabee Gold Operation on SEDAR (
www.sedar.com ).
Highlights include the following:
Mineral reserves increased, net of mining depletion, to 355,600 ounces
at 5.37 grams per tonne from 352,600 ounces at 5.58 grams per tonne.
Mineral reserves increased 18 percent at the Seabee Gold Mine, while
reserves decreased 19 percent at the Santoy 8 Gold Mine.
Measured and indicated mineral resources increased to 70,700 ounces at
5.35 grams per tonne from 49,600 ounces at 5.70 grams per tonne,
representing a 43 percent increase from 2010.
Inferred mineral resources increased to 873,400 ounces at 6.48 grams per
tonne from 260,100 ounces at 6.23 grams per tonne in 2010, representing
a 236 percent increase in contained ounces year over year.
A significant portion of these increases came from the discovery and
delineation of the L62 and Santoy Gap deposits. Individually, the L62
deposit added 70,400 ounces to the probable reserve and 40,300 ounces
to the inferred resource and the Santoy Gap deposit added 495,000
ounces to the inferred resource. Both deposits are proximal to existing
mine infrastructure.
In 2012, the Company has budgeted 130,000 metres of drilling at the
Seabee Gold Operation with a focus on continued reserve and resource
growth at the Seabee and Santoy 8 mines and at Santoy Gap.
Table 1: Seabee Gold Operation, Mineral Reserves and Mineral Resources as at December 31, 2011.
2011 2010 Year over Year
Tonnes Grade Gold Tonnes Grade Gold Oz Percent
(g/t) Ounces (g/t) Ounces Change Change
Proven and Probable Mineral Reserves
Seabee 1,062,900 6.58 224,900 887,100 6.69 190,800
Santoy 8 997,100 4.08 130,600 1,079,900 4.66 161,900
Total Mineral Reserves 2,059,900 5.37 355,600 1,967,100 5.58 352,600 3,000 1%
Measured and Indicated Mineral Resources
Seabee 127,400 4.65 19,000 – – -
Santoy 8 12,600 5.04 2,000 – – -
Porky Main 160,000 7.50 38,600 160,000 7.50 38,600
Porky West 111,000 3.10 11,000 111,000 3.10 11,000
Total Measured and 410,900 5.35 70,700 271,000 5.70 49,600 21,100 43%
Indicated Resources
Inferred Mineral Resources
Santoy Gap 2,321,000 6.63 495,000 – – -
Seabee 813,900 6.83 178,800 705,500 6.33 143,600
Santoy 8 850,000 5.46 149,300 384,800 5.35 66,200
Porky Main 70,000 10.43 23,500 70,000 10.43 23,500
Porky West 138,300 6.03 26,800 138,300 6.03 26,800
Total Inferred Resources 4,193,200 6.48 873,400 1,298,600 6.23 260,100 613,300 236%
Notes:
1.Mineral reserves and resources were estimated by Claude Resources Inc.
personnel and audited by SRK Consulting (Canada) Inc.
2.Mineral reserves and mineral resources estimates have been completed in
accordance with CIM Standards and are reported in accordance with
Canadian Securities Administrators’ National Instrument 43-101. Mineral
resources are exclusive of mineral reserves.
3.Seabee reserves and resources are estimated at a cut-off grade of 4.57
grams of gold per tonne and Santoy 8, Santoy Gap, Porky West and Porky
Main resources are estimated at a cut-off grade of 3.0 grams of gold
per tonne.
4.Cut-off grades were calculated using a two year trailing price of CDN.
$1,400 per ounce of gold, a U.S./CDN$ exchange rate of 1:1 and overall
ore mining and processing costs are based on actual operating costs.
5.All figures are rounded to reflect the relative accuracy of the 2011
estimates. Totals may not represent the sum of the parts due to
rounding.
6.Mineral resources are not mineral reserves and do not have demonstrated
economic viability.
7.L62 mineral reserves and mineral resources are included in the Seabee
totals.
Please visit
www.clauderesources.com to review the technical report, a detailed longitudinal map of the
Seabee and Santoy deposits and location map of the Seabee Gold
Operation.
Mineral reserve and resource estimates for the Seabee Gold Operation
were prepared by Claude Resources Inc. personnel Brian Skanderbeg, P.
Geo., Vice President Exploration and Peter Longo, P. Eng., Vice
President Operations. Both are a "qualified person" as defined by
National Instrument 43-101 and have reviewed the content of this Media
Release for accuracy.
Claude Resources Inc. is a public company based in Saskatoon,
Saskatchewan, whose shares trade on the Toronto Stock Exchange
(TSX-CRJ) and the NYSE Amex (NYSE Amex-CGR). Claude is a gold
exploration and mining company with an asset base located entirely in
Canada. Since 1991, Claude has produced over 973,000 ounces of gold
from its Seabee mining operation in northeastern Saskatchewan. The
Company also owns 100 percent of the 10,000 acre Madsen Property in the
prolific Red Lake gold camp of northwestern Ontario and owns 100
percent of the Amisk Gold Project in northeastern Saskatchewan.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This Press Release may contain 'forward-looking' statements regarding
the plans, intentions, beliefs and current expectations of the Company,
its directors, or its officers with respect to the future business
activities and operating performance of the Company. The words "may",
"would", "could", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect" and similar expressions, as they relate to the
Company, or its management, are intended to identify such
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future business
activities or performance and involve risks and uncertainties, and that
the Company's future business activities may differ materially from
those in the forward-looking statements as a result of various
factors. Such risks, uncertainties and factors are described in the
periodic filings with the Canadian securities regulatory authorities,
including the Company's Annual Information Form and quarterly and
annual Management's Discussion & Analysis, which may be viewed on SEDAR
at
www.sedar.com . Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected. Although the Company has attempted to identify important
risks, uncertainties and factors which could cause actual results to
differ materially, there may be others that cause results not
anticipated, estimated or intended. The Company does not intend, and
does not assume any obligation, to update these forward-looking
statements.
CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING RESOURCES ESTIMATES
The resource estimates in this document were prepared in accordance with
National Instrument 43-101, adopted by the Canadian Securities
Administrators. The requirements of National Instrument 43-101 differ
significantly from the requirements of the United States Securities and
Exchange Commission (the "SEC"). In this document, we use the terms
"measured," "indicated" and "inferred" resources. Although these terms
are recognized and required in Canada, the SEC does not recognize them.
The SEC permits U.S. mining companies, in their filings with the SEC,
to disclose only those mineral deposits that constitute "reserves".
Under United States standards, mineralization may not be classified as
a reserve unless the determination has been made that the
mineralization could be economically and legally extracted at the time
the determination is made. United States investors should not assume
that all or any portion of a measured or indicated resource will ever
be converted into "reserves." Further, "inferred resources" have a
great amount of uncertainty as to their existence and whether they can
be mined economically or legally, and United States investors should
not assume that "inferred resources".
SOURCE CLAUDE RESOURCES INC.
Copyright (C) 2012 PR Newswire. All rights reserved
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May 2, 2012
CALGARY, ALBERTA, May 02, 2012 (MARKETWIRE via COMTEX) –
Idaho Natural Resources Corp. (formerly Bridge Resources Corp.)
(the “Corporation”) (nex:IDN), wishes to announce that Robb
Paradine, Chief Financial Officer, has tendered his resignation and
will leave the Company on May 18, 2012. The Board wishes to thank
Robb for his valuable contribution, especially during the recently
completed corporate restructuring process, and wishes him all the
very best in his future endeavours.
The security symbol, BUKRD, is part of the OTC Grey Market, where
Bridge Resources Corp. does not provide any reports and has no
obligation to do so. There are no market makers under this symbol of
this security. It is not listed, traded or quoted on any U.S. stock
exchange or the OTC Markets. Trades in grey market stocks are
reported by broker-dealers to their Self Regulatory Organization
(SRO) and the SRO distributes the trade data to market data vendors
and financial websites so investors can track price and volume. Since
grey market securities are not traded or quoted on an exchange or
interdealer quotation system, investor’s bids and offers are not
collected in a central spot so market transparency is diminished and
Best Execution of orders is difficult. Bridge is not a filer on
EDGAR. (see
http://www.otcmarkets.com/otc-101/otc-market-tiers ).
Neither the 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:
Idaho Natural Resources Corp.
Nick Clayton
Chairman of the Board and Interim Chief Executive Officer
303-831-9022
njc@idnrc.com
www.bridgeresourcescorp.com
SOURCE: Idaho Natural Resources
mailto:njc@idnrc.com
http://www.bridgeresourcescorp.com
Copyright 2012 Marketwire, Inc., All rights reserved.
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April 3, 2012
A snow blower clears a road after an overnight storm dropped several inches of snow near Echo Summit Calif., Tuesday, Feb. 28, 2012. Despite recent storms which brought much needed snow to the Sierra Nevada, the California Department of Water Resources snow survey showed the snow pack to be 17.7 inches deep with a water content of 3.9 inches_ which is only 16 percent of normal for this location at this time of the year.
Photo: Rich Pedroncelli
/ AP
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