Recent High Grade Precious Metals Discoveries

August 10, 2009

This week's high grade gold and silver discoveries come from all over the world, from Canada to Australia:

Last week, Richmont Mines (RIC) updated shareholders on its pre-feasibility study that found an average of 6.91 (indicated resources) and 5.15 (inferred resources) grams of gold per ton at its Francoeur mine in southwestern Quebec. Results echo historic production grades of roughly 6 grams per ton.

Northgate Minerals (NXG) announced the completion of its exploration program that found between 1.8 and 4.3 grams of gold per ton at its Stawell mine in Victoria, Australia. The implications of such results are an extended mine life until the second quarter 2012.

Lake Victoria Mining (LVCA) recently reported on the results of 175 samples with an average grade of 7.1 grams of gold per ton, including one hole measuring 140 grams per ton. The results confirm a gold zone of at least 5 kilometers long at its Singida property in Tanzania.

US Gold (UXG) is not just about gold. Its El Gallo project in Sinaloa, Mexico sits atop a growing silver resource. Last week it announced results indicating 5.6 to as much as 61 ounces of silver per ton (192 to 2110 grams per ton).

Northern Abitibi (NOMNF) Mining Corp. continued to give investors remarkable drilling results from its Viking Gold property in Newfoundland. Consistent with previous high-grade gold intercepts, holes showed high grades between 1 to as much as 37.5 grams of gold per ton. One hole included as much as 1035 grams of silver per ton, although much higher than any other hole measured. The implications of the latest discoveries are that the property hosts significant near-surface gold zones.




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