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Canada Business News and Press Releases
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(EMAILWIRE.COM, October 10, 2009 ) Windsor, Ontario - Pennystocksite.com, an online financial publication, provides investors timely stock market alerts. If you are interested in penny stocks that are poised to breakout sign up for our free penny stock newsletter. Each day we send out alerts on different hot penny stocks.
Coral Gold Resources Ltd. (CLH)(CLHRF)(Berlin:GV8)(Frankfurt:GV8) announces that it has received the revised resources for Robertson Property utilizing lower cut-off grades to reflect positive movement in the price of gold over the last three years. These revised values are based based on the NI 43-101 Technical Report titled Mineral Resource Estimate for the Robertson Property, Lander County, Nevada prepared by Beacon Hill Consultants Ltd. ("Beacon Hill") of Vancouver, British Columbia as announced in the Press Release dated February 11, 2008. The original estimate was based on a gold price of US$600 per ounce which was a conservative estimate of gold prices in 2007, which estimated the inferred gold resources for the Robertson property at over 2.3 million ounces of gold. Gold prices over the last three years have been significantly higher than US$600 and all indicators point towards higher prices in the near, medium and long-term future. Therefore, it is reasonable and prudent to revise the resource estimate with a higher gold price and by extension, cut-off grade which is the threshold gold grade at which the resources are reported and considered to have a reasonable expectation of economic extraction.
Based on more reasonable gold prices that reflect the rolling average for the preceding three years, it was decided that of US$850 per ounce should be used at this time to more accurately represent the resources that may be reasonably expected to be extracted. Based on this lower gold cut-off value of 0.0106, the gold resource at Robertson increases to 3.4 million ounces, which is a 47% increase from the previously reported figure.
In the last trading session, the stock closed at $0.805. The company traded to a new high of $0.9345 before selling off.
Black Hawk Exploration (BHWX) is a diversified energy and metals exploration company with its current focus on premium US based Lithium development. Black Hawk's geologist, Buster Hunsaker stated in his report to Black Hawk, "...The area we are currently evaluating has a geologic and topographic setting that is similar to Clayton Valley. During the mid-to late 1970's the U.S. Geological Survey (USGS) evaluated lithium deposits and resources around the world. During the course of the program they drilled 22 holes in Nevada and Arizona. Initial drilling was in Clayton Valley (one of these drill sites was on Black Hawk claims adjacent to Chemetall Foote) to evaluate the known continental-brines. USGS holes drilled in the new target area had 1.3 and 1.7 ppm lithium in the brines that were intersected plus 287 and 364 ppm lithium in the sediments. These are within the range of values that could be indicative for lithium brines in the target area..."
Kevin Murphy, President of Black Hawk commented, "...I believe Buster has found another Lithium Diamond in the Rough for Black Hawk Exploration. The international demand for battery-powered devices steadily increases, the global demand for our potential Lithium production will focus the investment communities spotlight on Black Hawk Exploration, our Clayton Valley holdings and the growth we have planned for Black Hawk and its wholly owned Blue Lithium Energy division. Chemetall-Foote has been continually producing Lithium utilizing brines from shallow 300 ft to 800 ft wells for almost 45 years (1965). We believe the global demand for lithium will continue to steadily increase and drive the growth of Black Hawk Exploration." In the last trading session, the stock closed at $1.37. The company hit a new high of $1.43 and has held on to the gains in modest trading.
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