Vale board members in a ‘state of war’ over CEO succession — report
Last week, consulting firm Russell Reynolds delivered a list of 15 potential successors for Eduardo Bartolomeo.
AuRo Resources Corp. (TSX VENTURE:ARU)(FRANKFURT:NXP3) announced that its acquisition of all of the issued and outstanding securities in the capital of White Gold Corporation (“White Gold”) has closed. Pursuant to the terms of the amalgamation agreement, the shareholders of White Gold will receive an aggregate of 21,000,000 common shares in the capital of the Company at a deemed price of $0.15 per share, with 7,979,987 of these shares to be issued to the White Gold shareholders on closing. The remaining 62% of the total shares to be issued shall be released, on a pro rata basis, to the White Gold shareholders upon receiving Concession Agreements to the properties that are in the “Pending Concession” and “Lease Application” stages.
Exploration Update
With the recent engagement of GeoXplore, the Company’s Colombian based exploration group, AuRo plans to immediately commence a simultaneaous “Three-pronged” exploration strategy focused on El Tesoro, the Tolima-Quindio area properties and Arboledas.
El Tesoro
AuRo previously announced results of its soil geochemical survey of the Company’s El Tesoro gold project in the Department of Antioquia, Colombia. The highlights include the collection and analyses of 979 soil samples, in which gold values in soils ranged from below detection up to a high of 506 ppb. These results identified a new gold exploration target centered on three gold in soil anomalies (>20 ppb Au) with values up to 506 ppb Au located on the southern portion of the El Tesoro property.
Based on the geochemical analysis, and given the distinct geology in Antioquia, AuRo’s Colombian based exploration team will be immediately following up on all of these anomalous areas with an auger drilling program. A total of 200-300 samples of the saprolite horizon will be taken to overcome the masking effects of transported or weathered overburden. Any significant targets identified by this program will be tested by diamond drilling. The aforementioned techniques were successfully utilized by GeoXplore during their tenure at AngloGold Ashanti’s 51% owned Gramalote project, a 2.4 million ounce gold deposit located approximately 20kms from El Tesoro.
White Gold Properties –Tolima-Quindio
AuRo will concurrently be commencing initial exploration at its projects in the departments of Tolima and Quindio. AuRo’s land package in Tolima-Quindio totals almost 30,000 hectares, with the closest group of concessions approximately 12km from AngloGold Ashanti’s La Colosaproject. AngloGold Ashanti CEO Mark Cutifani, said in 2009, “La Colosa is the “most significant” gold discovery worldwide in a decade.” Rafael Herz, CEO of AngloGold’s Colombian unit also stated, “The project, which is a potential ‘company-maker’ according to Herz, may produce about 800,000 ounces of gold a year, or almost 20 percent of total output. Reserves at the site, located about 150 kilometers west of the capital, are about 12.9 million ounces.”
Colombia’s state mining and geology bureau has conducted soil geochemical surveys in this region that have identified gold in soils anomalies, as well as former artisanal mines, which are situated on AuRo’s concessions. Initial exploration at the Company’s projects in Tolima-Quindio will follow up on these anomalies, and will be comprised of prospecting, structural mapping, stream sediment sampling, and rock sampling.
Arboledas Gold Project – Norte de Santander
AuRo now has interests in approximately 14,000 hectares located about 18 kilometers north of the California Vetas mining district, host of EBX Group’s La Bodega multimillion ounce gold discovery (formerly Ventana Gold Corp.) and Greystar Resources’ Angostura gold-silver deposits. At Arboledas, gold has been identified in areas where active artisanal mining has been occurring. Small-scale miners are targeting north-east striking, oxidised, subvertical veins hosted in feldspar porphyry. Workings consist of 8 adits which are targeting oxidised quartz veins and clay structures up to 1 metre wide.
Younger porphyries (late Cretaceous/early Tertiary) are very common in the immediate area of mineralization and are likely associated with the mineralizing event at Angostura. Intrusives of the same age and provenance will be the focus of exploration within the field area. This exploration will consist of float mapping and sampling, and stream sediment sampling of drainages.
INFORMATION PERTAINING TO THE ARBOLEDAS PROPERTIES INCLUDES INFORMATION DERIVED FROM NATIONAL INSTRUMENT 43-101 REPORTS, AS PREPARED FOR WHITE GOLD CORPORATION BY ANDREW J. TURNER, P.GEO. INFORMATION PERTAINING TO THE TOLIMA & QUINDIO PROPERTIES WAS DERIVED FROM HISTORICAL GEOLOGICAL INFORMATION AND DOES NOT PRESENTLY CONFORM TO THE STANDARDS AS OUTLINED IN NATIONAL INSTRUMENT 43-101.
About AuRo Resources Corp.
AuRo Resources is a mineral exploration company with major land positions in Colombia’s leading gold camps. The Company holds property interests in three of the country’s most prolific gold regions in Antioquia, Tolima-Quindio, and Santander-Norte de Santander. AuRo shares trade on the TSX Venture Exchange under the symbol ARU. For further information please visit www.auroresources.com.
