Recent news on ORFG, AAU, and VTG
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Orofino Gold Corp. (ORFG.PK) is a precious metals acquisition, exploration, and development company that has signed an option agreement to acquire several properties in Colombia , currently a hot spot of gold production.
At the Orofino Gold Corp. Senderos de Oro project, government recorded Gold production from the area has been significant with production records between 1987 to present of over 1,300,000 ounces. All production has been Artisanal (small miners) in nature and production continues to this day. With the very high grade gold vein systems in the central area of the Senderos de Oro project and with several small scale grinding and amalgamation mills in-place Orofino is planning to design a central processing and recovery facility that is modular in design and will be capable of processing enough high grade material to produce up to 120,000 ounces of gold annually while the Company continues to explore further the Primary Porphyry Target which is the bulk minable gold/copper porphyry systems.
It is reasonably believed that the five plus high grade producing gold targets will produce 1+ million ounces each of silver and copper. Also ownership of gold and silver along with quality precious metals mining shares is becoming one of the hottest investments on the planet.
Almaden Minerals Ltd. (AMEX:AAU) recently reported that the company has located 207 claims in Mineral County Nevada during a helicopter borne prospecting program in central Nevada. Geological models and Aster satellite imagery have been utilized to target unrecognised Carlin type mineralisation. The claims cover an area of jasperoid and clay alteration developed in an exposed debris flow in lower plate rocks, the geologic succession that hosts many of the important gold deposits in northern Nevada. The alteration and host rocks are typical of that of major Carlin type deposits in Nevada and the prospect is located roughly 30 miles from the Carlin district along the Carlin trend. The prospect is located nearby good access but off roads and no evidence of past work was noted in the area except for several small barite workings. No significant gold values were returned from the reconnaissance sampling however these rock samples did have anomalous trace elements typical of Carlin type systems. Almaden intends to advance this new prospect with detailed surface sampling and mapping in order to define drill targets.
AAU is an exploration company specialising in the generation of new mineral prospects in the Western half of North America. The company currently has over 40 properties in its portfolio at various stages of exploration and development. This strong portfolio of exciting projects is the direct result of Almaden's commitment to exploration.
Vantage Drilling Company (AMEX:VTG) recently reported the closing of the previously announced concurrent offerings by Offshore Group Investment Limited, a wholly owned subsidiary of Vantage, of $1.0 billion aggregate principal amount of 11½% Senior Secured First Lien Notes due 2015 and the Company's public offering of 52,272,727 of its ordinary shares at a public offering price of $1.10 per share. The notes were issued at a public price equal to 96.361% of their face value and are unconditionally guaranteed, jointly and severally, on a senior secured basis by Vantage and certain of its existing and future subsidiaries, including the subsidiaries of the Issuer. The notes accrue interest at 11.50% per year, payable on February 1 and August 1 of each year, commencing on February 1, 2011. The notes will be secured by a first priority security interest in the Emerald Driller, the Sapphire Driller, the Topaz Driller and, upon its delivery, the Platinum Explorer. The notes and the guarantees will also be secured by certain other assets of the Issuer and the guarantors and by a pledge of the stock of the Issuer and the guarantors.
VTG provides offshore contract drilling services to multinational oil and natural gas companies, government owned oil and natural gas companies, and independent oil and natural gas producers worldwide.
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