Excelsior is proposing to construct and operate an experimental bitumen recovery scheme on a portion of the company's Hangingstone asset in the Athabasca oil sands region approximately 27 kilometres south of Fort McMurray.

The objective of the project is to test the efficiency of the combustion overhead gravity drainage (COGD) recovery process in a field pilot as a viable and economically advantageous alternative to Steam Assisted Gravity Drainage recovery (SAGD).

COGD is a proprietary technology developed by Excelsior and its technical advisors Hot-Tec Energy Inc. Hot-Tec is a private company affiliated with members of the In Situ Combustion Research Group at the University of Calgary’s Department of Chemical and Petroleum Engineering.

"This is an important milestone for Excelsior and the next step towards commercialisation of the Hangingstone property. Successful in situ combustion could significantly improve the sustainability and economics of in situ bitumen recovery" commented Robert Bailey, chief operating officer."

“The high quality resource at Hangingstone is close to developed infrastructure and is the perfect location for an experimental project, and with success could be readily expanded to a larger commercial scale operation," he added.

The project is designed to produce up to 1,000 barrels of bitumen per day and will target a high quality reservoir section with an average net continuous pay thickness greater than 25 meters, in the McMurray Formation over a development area of 56 acres.

The development area represents less than 1 percent of the area of mapped exploitable pay on the Hangingstone property. Project start is scheduled for 2011, and Excelsior has requested approvals to operate the project for four years.

It has budgeted US$1.6 million to complete a 7,000 meter, 22 core hole drill program on Inmaculada for 2009 and has to-date completed the first of two holes on the Angela Vein.

At the Angela Vein, Ventura is conducting a 5,000 meter drill program to expand the known mineral resource estimate, extend the vein laterally as well as to further define some of the feeder zones that are open at depth. Assay results from the first 2 holes are pending.

The strike length of the identified mineral resource in the Angela Vein currently extends over 900 meters and remains open at depth and down-plunge to the northeast.

In January 2009, the company announced an initial, independent, NI 43-101 compliant inferred resource estimate on the Angela Vein of 483,000 ounces of gold and 16.6 million ounces of silver contained within 3.7 million tonnes at 4.0 grams per tonne gold and 139 g/t silver.

An additional 2,000m of the 2009 drill program will test the down-dip extent of mineralization at the Martha Vein and the untested Anta and Patari vein systems within Inmaculada.

The Anta and Patari vein systems are located approximately seven kilometers west of the main area of outcropping veins, including the Angela Vein, at Inmaculada. The Anta and Patari consist of multiple veins, similar in character to the Angela and Martha veins, and with strike lengths of up to 500 meters and widths of up to six meters. Surface sampling is currently underway at Anta and Patari.

As previously announced, Ventura has elected to earn an additional 19 percent participating interest in the Inmaculada project from Hochschild Mining PLC (LSE: HOC) by completing a feasibility study. It plans to solely fund and deliver a feasibility study on the project by October 23 2013.

While the company has sufficient funding to commence feasibility drilling with the current drill program, it will require additional financing to complete the full feasibility study, Ventura added.

In a note, the New York based firm called NF Energy a stable, rapidly growing industrial company in the sweet-spot of Chinese economic development, trading at very low multiples.

Chinese companies and local governments are highly incentivized to control pollution and increase energy efficiency across all operations, which has created a high demand for energy-saving products and services.

The company’s products and services are designed to make the largest industrial concerns and municipalities more energy efficient.  NF Energy’s customers include some of the largest electricity  producers, petrochemical companies, water supply companies, and municipalities in China, and Harbinger said it sees nothing to indicate its track record of steady margins and more than 40 percent annual revenue growth will abate within the foreseeable future. “We in fact believe that it may accelerate beginning in 2010 once its new facilities become fully operational.”

Despite the recent share price strength, NF Energy is still trading at just 8x its 2008 earnings per share and under 3x the research house’s 2010 EPS estimate. “Given its 40 percent plus organic growth rate, this is a very low valuation,” Harbinger said.

“Furthermore, the company recently released an extremely strong backlog of 2009 revenues, giving us comfort in both our 2009 and 2010 revenue and earnings estimates. We believe a multiple of at least 15x our 2009 EPS estimate is warranted,” it added.

It announced in May that its 40 percent farm-in partner Canamens Ltd planned to withdraw from Siekierki following a "strategic review of its priorities", and cited Canamens as saying the  withdrawal should not be viewed as an indication of any change in its view of the project's potential.

Under the terms of the deal, Aurelian will buy back Canamens’ 40 percent interest in its Polish unit Energia Zachod for €8,870, giving Aurelian a 90 percent stake in EZ. Canamens will also waive its right to repayment of loans of approximately €400,000 made to Aurelian Group companies and make a contribution toward committed project expenses of US$500,000.

The company is currently actively involved in discussions with potential partners which it expects to conclude this summer, it added.

Our three presenting companies are well established mining companies with advanced stage assets. All three companies are well-funded, managed by a team of experienced professionals and all have a good story to tell. They will undoubtedly be of interest to analysts, brokers, fund managers and professional investors alike.

Arrival at 4:45pm for the presentations to begin at 5pm and end at 6:30pm. Following the presentations will be a complimentary bar and an assortment of the finest seasonal hot & cold canapés giving our guests the opportunity to liaise and network with the directors and other attendees.

It is expected that this forum will be oversubscribed, so please register to avoid disappointment.

Please register your attendance here and we look forward to seeing you.

Rubicon Minerals (TSX | NYSE.AMEX: RBY:TSX:RMX) is a well-funded, top tier, gold exploration company deriving its strength from a hands-on management team with a track record of discovery. Rubicon controls over 65,000 acres of prime exploration ground in the prolific, high-grade Red Lake gold camp of Ontario, Canada, which hosts Goldcorp's world class Red Lake Mine and where in early 2008, Rubicon made the significant F2 Zone discovery at its Phoenix Gold Project. With an exceptional technical team, outstanding assets, a focus on gold camps in politically safe environments and a high profile in the capital markets, Rubicon Minerals has gained the reputation as a leading junior exploration company.

Fission Energy (TSX:TSX-FIS) is a newly created Canadian based uranium exploration and development company with properties in Saskatchewan's Athabasca basin, Alberta, Quebec and an international property in Peru. The Company's shares were recently spun-out as a distribution by Strathmore Minerals Corp (TSX-STM.V) Fission has one of the largest portfolio of exploration properties in the Athabasca basin: one of the richest uranium deposits in the world. Primary projects in the basin include Waterbury Lake, which surrounds the Areva-Denison Midwest deposit and Davy Lake, where a 51 km long conductor was identified during the 2006 field season. Davy Lake is the largest contiguous exploration block in the basin. At Dieter Lake in Quebec, a NI 43-101 inferred resource totaling 24 million pounds grading .057% U3O8 has been identified. Significant exploration potential exists to expand this resource.

Eastmain Resources (TSX:ER) is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits. The Corporation has in excess of $20 Million in working capital and holds an interest in 12 projects within the James Bay District, including the Éléonore South property, where a gold discovery has been found in a similar geologic setting to Goldcorp’s Roberto deposit. Eastmain has an annual budget of $4 million for gold exploration in Québec. 

Gastar has entered into definitive agreements with Santos QNT Pty Ltd and Santos International Holdings Pty Ltd for the sale of its interest in Petroleum Exploration Licenses 238, 433 and 434 in New South Wales, Australia, along with the sale of the shares of Gastar Power Pty Ltd, the entity holding Gastar's 35 percent interest in the Wilga Park power station.

Gastar expects to book a net gain of approximately US$175 million from the sale, and the transaction is expected to close on July 10 2009.

Gastar plans to use the money to repay outstanding debt under its secured revolving credit facility, to retire its C$25 million secured term loan and to pay in full Gastar's C$30 million convertible subordinated debentures upon their maturity in November 2009.

What remains is planned to finance an offer to repurchase any and all of Gastar's C$100 million senior secured notes, thus repaying substantially all of Gastar's debt and reducing its annual interest expense by as much as US$20 million.

President and CEO J Russell Porter said: "Gastar will maintain its current ownership in the East Texas Deep Bossier and Marcellus Shale plays (in the US) and plans to proceed with the development of those assets while limiting capital expenditures to excess cash flow generated by its producing assets.”

Following the completion of the transactions with Santos, Gastar intends to implement a 1-for-5 reverse share consolidation that was authorized by Gastar's shareholders in June 2008, and it will de-list its shares from trading on TSX.

In 2009 to date, less than 1 percent of the total daily trading volume in Gastar's common shares were executed on the TSX. Trading on two exchanges has become unduly costly and burdensome without providing any significant additional liquidity for Gastar's shareholders, the group added.

Accordingly, the agreement has been terminated and Mitsubishi will not provide the envisaged exploration funding for the projects. The properties will continue to remain 100 percent owned by Caledonia.

Mitsubishi concluded that the conditions precedent relating to security of tenure of the prospecting rights held by Caledonia and its subsidiaries due to the Broad Based Black Economic Empowerment requirements imposed by the government do not meet their requirements.

The stock was trading 37 percent lower in afternoon deals, having extended losses throughout the session in London.

The Zimbabwe-focused gold and nickel miner had to increase the impairment charge for the period to £174.1 million from the £121.0 million figure it had flagged when reporting interims, as a result of exchange rate movements. The charge was a result of lower commodity prices and production halts at the Zimbabwean mines.

Mwana swung to a pretax loss of £228.1 million from a £28.6 million loss previously, while revenue plunged to £28.3 million from £79.27 million.

At June 26 2009 the group, excluding Bindura Nickel Corp, held cash of £13.8 million, which it believes will be sufficient to complete the first phase of refurbishment at the Freda Rebecca gold mine.

The £4 million first phase of the Freda Rebecca restart programme, funded from existing cash resources, is scheduled for completion at the end of September 2009.  Mwana is targeting annualised production of 50,000 ounces gold by the end of 2010 from the second phase of the programme.

Investment opportunities at BNC, development of the group's base and precious metal exploration prospects in the Democratic Republic of Congo, and working capital needs are likely to require additional financing in due course.

The drill program will test for the possible high grade extension of Hathor's adjacent Roughrider zone onto the Waterbury Lake property. Three of the holes will target locations in close proximity to the Roughrider discovery step-out holes MWNE-09-116 and MWNE-09-129.

Two drill holes will test a resistivity low anomaly, located approximately 8 kilometres to the southwest of the Denison-AREVA Midwest deposit. The final two holes will test a resistivity low anomaly located approximately 3 kilometres north of Discovery Bay. Work is expected to begin in August.

All results from the winter 2009 drill program, completed during the third week of March, have been received. Analysis of all available data confirms the presence of multiple exploration targets, in particular, along the east-west Discovery Bay Corridor - Discovery Bay, Disco Bay and Talisker - in addition to the newly discovered northeast trend, known as Shuttle Lake. All of these targets remain highly prospective, and warrant follow-up exploration drilling.

The partners have budgeted C$4.0 million for exploration in 2009.

In May 2009 Vatukoula announced a strategic partnership with Canadian Zinc after approaches it announced in April had been withdrawn and that talks with all parties considering making an offer for the company had ended.

Canadian Zinc had agreed to subscribe for 200 million new Vatukoula shares at 0.6 pence per share, which would raise £1.2 million for the company and increase CZ’s holding to 20.01 percent from its then 13.7 percent stake.

Vatukoula had also conditionally agreed to grant to CZ an option to acquire up to 250 million further shares in the company in order to maintain its equity stake in Vatukoula if a call option previously granted by CZ over 200 million existing CZ shares to Viso Gero Global Inc is exercised by the January 9 2010 deadline.

Idaho-based silver miner Hecla Mining said Tuesday it has made a prepayment of $18.2 million to its $380 million term loan, bringing the total repaid on the loan to $341.7 million.

The credit facility was originally put in place to fund the 100% acquisition of the Greens Creek mine in Alaska in early 2008.

The prepayment reduces the lending syndicate to two institutions, reduces borrowing costs and provides Hecla with the flexibility to control its capital program, Hecla said in a news release.

In a statement, Hecla President and CEO Phil Baker said, "After the repayment, the cash on our balance sheet is similar to the amount we had at the beginning of the second quarter 2009 and I'm confident that this approach of reducing debt and investing in our projects is prudent and will create value for shareholders in the near term."

The amendment to the original credit agreement loosen the limit on capital expenditures and exploration spending to allow aggregate investments of $75 million through year-end and makes other modifications to the loan agreement.

Mineweb is a web-based international mining publication focusing on mining financial and corporate news and comment.

Hochschild stated that the investment provided additional exposure to high grade, low cost ounces in a mining friendly country (Mexico) and was in line with its strategy of a “cluster consolidation strategy”.

Miguel Aramburú, Chief Executive Officer of Hochschild Mining, commented, “We are delighted to announce this transaction which provides Hochschild further exposure to low cost, high grade ounces in the Southern Mexico, in line with our cluster consolidation strategy. We have been extremely impressed with the quality of GRC's assets and the speed at which the El Aguila property is being developed. This investment will enable GRC to complete the construction of the mine and plant as well as to further their exploration efforts.”

Gold Resource Corp’s El Aguila Project in Mexico is expected to enter into production this year at a rate of 70,000 ounces of gold per annum, and will be a very low cost precious metals producer thanks to significant copper, lead and zinc credits in the ore.

In a separate announcement, Gold Resource Corp said it would use 80% of the proceeds for project completion, startup and working capital needs. The remaining $4 million raised is earmarked for accelerated exploration at the Aguila Project and accelerated development for the underground Arista deposit once the permit for the surface disturbance for the underground decline is granted.  Some of the proceeds will also be used for accelerated exploration at two other properties, Las Margaritas and El Rey. Gold Resource Corporation further added that it was in discussions with Hochschild about the accelerated exploration of these other two properties.

Gold Resource Corporation’s president, William W. Reid stated, “We are very pleased with the construction progress of our Aguila Project.  Mill construction continues with the final contractor, the mechanical/electrical contract, and with equipment arrival and installation.  The tailings facility is nearing completion with over three quarters of the double lined facility finished.  Overburden removal of the open pit continues at such a rapid pace that we have chosen to start the second phase of the tailings dam much sooner than originally planned.  Our project manager and employees, as well as Lyntek Engineering and the construction contractors, are all doing an excellent job.”

Mr. Reid continued, “We remain committed and focused on putting the El Aguila Project into production in the shortest amount of time possible with the fewest number of shares outstanding.  We are doing just that.  Though the federal permit timing is one aspect that remains outside of our control, and dictates our ultimate project timeframes, we are optimistic the final federal open pit permit will be granted soon as we have been given no indication to the contrary.”

The 2009 program which commenced on June 3 2009 will comprise a total of 6,000 metres of drilling, including some infill drilling identified from the 2008 program and comprehensive drilling on other zones that were not substantially drilled in 2008.

In addition, a 3,000 metres trenching and sampling program will be carried out in conjunction on these areas to determine the width of the various mineralized zones.

The data will provide confirmation and update the historical resource base previously estimated by Iron Ore Co. Based on the new data generated during the 2009 program combined with the results from the 2008 work program, a NI 43-101 compliant resource estimate will be compiled.

Assuming the relevant permits and licenses are issued during the third quarter of the 2009 calendar year, Labrador Iron Mines is currently planning, assuming future iron ore prices are favourable, to commence initial site construction during the fall of 2009. This program will enable it to install and test its major transport facilities ahead of commercial production in 2010.

The company also reported that it has filed its audited financial statements for the fiscal year ended March 31 2009.  As at that date, it had a strong cash position of C$35.2 million, with no borrowings or debt.

The group believes it has sufficient funding to undertake its planned exploration and development programs during the year and place the first phase of its Schefferville area direct shipping iron ore project in Western Labrador into production.

The appointment is aimed at further strengthening its corporate governance and prepares it  for the possible listing on a national exchange such as NYSE Alternext or Nasdaq, the company added.

Tian will serve as the chairman of the company's governance and nominating committee as well as a member of the audit committee and the compensation committee.

West Africa is the home for several well known mining companies such as AngloGoldAshanti (NYSE: AU), Newmont Mining (NYSE: NEM) and Randgold Resources Ltd (NASDAQ: GOLD).

It is against this backdrop that we continue to follow Canadian Venture listed Volta Resources Inc. (TSX: VTR). Volta Resources is actively exploring 4,125 square kilometres of highly prospective greenstone belt in 20 properties in both Burkina Faso and Ghana. The properties are generally located on the margins of mature to emerging gold belts, the geological setting for numerous world-class gold mines in the region. VTR has continued its development endeavours in its prospect portfolio.

The company’s current focus however is Kampti III and Gaoua properties both in Burkina Faso. Results from its recently completed reverse circulation ("RC") drilling program on the Maména-Fofora prospect at its 100% owned Kampti III property include intersections of 41m @ 3.23g/t gold ("Au"), 5m @ 6.84g/t Au, 6m @ 4.28g/t Au, 8m @ 4.15g/t Au and 5m @ 2.06g/t Au. Drilling confirms the presence of gold mineralization in all three target areas, with most holes intersecting anomalous gold values (>0.25g/t Au) over multiple zones.

The Kampti property is located in southernmost Burkina Faso, close to the border with Ivory Coast. The project consists of one single permit (Kampti III), covering about 250km² and wholly-owned by Volta Resources. The project is characterized by a 22km-long and 4km-wide corridor, defined by several geochemical (BLEG and soil) anomalies and by geological mapping, trending NNW through the centre of the entire permit.

According to Kevin Bullock, President and CEO, results have exceed their expectations and the company will follow up with more drilling that will further define the growing potential at Kampti. The next step is to undertake another auger drilling programme to infill, refine and further extend the Kampti targets in order to prepare for the next round of RC and diamond drilling.

VTR is well financed and is in a position to undertake its development endeavours. Kevin Bullock intends to spend $1 million at Kampti and Gaoua properties over the next six months to December. The company has approximately $6 million in the treasury. We have brought VTR progress to our readers’ notice and will continue to follow the company.

About Volta Resources
Volta Resources was formed through a 50/50 merger of two experienced West African explorers, Birim Goldfields Inc. and Goldcrest Resources Ltd and has a portfolio of properties in Ghana and Burkina Faso. Volta's primary focus is to become the leader in the identification, acquisition and exploration of gold properties in West Africa

Running Foxes Petroleum Inc is the operator of Centurion and holds the remaining 50 percent.

The Centurion project is located in Sumner County, Kansas, and covers approximately 15,000 acres.

Development at Centurion has been relatively restrained due to Nighthawk's focus being directed at Jolly Ranch and the Waterflood projects.

Nighthawk managing director David Bramhill said: “We are pleased to have executed the sale of our interest in Centurion, a non-core project. As the evaluation and development of Jolly Ranch and the Waterflood projects continue, we are confident that these core projects will enable the company to achieve the internal goals that have been set in terms of reserves and production potential.”

“Independent reviews in respect of Jolly Ranch and the Waterflood projects are ongoing and will be completed during Q3 2009,” he added.

Of the acreage affected by the deal, 84 000 net acres cover the Haynesville shale gas formation, a substantial proportion of which lies within the prolific Harrison County, Texas and DeSoto and Caddo Parishes, Louisiana. EXCO has completed eight horizontal wells in DeSoto Parish with an average initial production rate in excess of 23 million standard cubic feet per day (mmscfd).

The acquisition adds 2.6 trillion standard cubic feet (tcf) to BG Group’s resources, with current net production of 78 mmscfd, anticipated to increase to some 250 mmscfd in 2012, net to BG Group.

The payment comprises US$655 million on completion plus US$400 million to be paid as a carry of 75 percent of EXCO's future costs to develop the Haynesville shale gas.

BG and EXCO will enter into a joint development agreement to co-operate in the further development and production of shale gas in east Texas and north Louisiana.

The alliance also envisages BG acquiring a 50 percent interest in related and complementary EXCO gas-gathering and transportation assets for US$249 million. The assets include the EXCO-owned TALCO and TGG gas-gathering and intrastate pipeline systems which deliver EXCO's and other companies' production to markets in Lousiana and Texas and are connected to major intrastate and interstate gas transmission pipelines serving markets across the Midwest and Eastern US.

ROL has also been active on its Cumnock tenement (EL 6417) near Orange in NSW. Broad spaced soil sampling has located new gold and base metal anomalies at Gumble and Mount Catombal as part of the tenement ground.

Copper and gold anomalies were encountered in the northern grid.  These will require follow-up by prospecting/ rock chip sampling, and/or closer spaced soil sampling.

ROL is manager of the Joint Venture with Ausmon Resources Limited (ASX: AOA). Robust farmed out an 85% interest its NSW tenements including EL 6417 (Cumnock), near Orange. The deal excluded Bauloora (EL 6414) near Cootamundra, which is 100% owned by Robust.  Under the agreement Ausmon will spend $250,000 p.a. on the tenements as a whole for 3 tenement years ending May 2011, with a right to withdraw after 2 years.  ROL will retain a 15% free carried interest.

A total of 15 to 20 new copper and/or gold anomalies have been discovered. These anomalies are significant in that they most likely represent the surface expressions of base and precious mineralisation at depth. 

Gumble is prospective for skarn type deposits, and the Mt Catombal area for disseminated copper sulphides with epithermal gold.

Further exploration will focus on sampling of the most northerly anomaly, extending northwards. Broadly spaced soil sampling will be undertaken in areas where rock chip sampling has yielded anomalous results.  The work will hone targets for further probing using air core and/or RC percussion drilling.

About Eagle Plains Resources Ltd

Eagle Plains Resources Ltd. is a junior mining & exploration company operating in western Canada. Gold production from the flagship Yellowjacket project is expected to commence in June 2009 and mineral exploration on over 35 projects in Western Canada has been ongoing since 1992.

The junior exploration company confirmed that it had already completed 83 test pits spaced approximately 100 meters apart along grid lines located 160 meters from each other. The results showed that a gold bearing alluvial sand and gravel resource target stretched 1.66 kilometres by 0.80 kilometres.

“The measured thickness of the sampled auriferous sand and gravel zone ranges from 0.8 meters to greater than 5.0 meters, with an arithmetic mean of 2.5 meters thick,” Sacre-Coeur noted.  “At these dimensions the resource target volume in the sampled zone is estimated to range from 2.5 to 4.0 million cubic meters of auriferous alluvial material with preliminary sampling suggesting a grade in the range of [2 to 9 grams of gold] per cubic meter.”

Test pits were excavated on a systematic grid through the overburden and the sand - gravel zone to underlying in situ material.  A ten kilogram vertical channel sample was then collected from the bottom of the zone to the top in each test pit, the company added.

The weight of the total recovered gold concentrate was 4.23 grams from the 830 kilos of total sample weight.

“The Company believes that this procedure produces a good preliminary simulation of potentially recoverable gold by simple gravity means.”

To further test to potential of Alluvial Zone 2, Sacre-Coeur is now building a “simple” gravity processing plant which will be able to treat 1000 cubic meters per day.  Test mining is expected to begin this summer.  A mining licence to commence production has already been issued.

“If the system proves to be successful as expected, the Company's strategy will be to expand its alluvial production program, and pursue it concurrently with its on-going hard-rock mineral exploration program.”

Irwin Olian, CEO of the Sacre-Coeur said the company was excited by the alluvial gold potential at Million Mountain: "We are excited by the prospects for test mining the rich alluvial targets which have been discovered at Million Mountain. The extensive surface area covered by these targets, together with the recovered sample grades seen in testing to date, indicate the potential for generating substantial cash flow from these operations, creating shareholder value and moving the company toward financial independence if further exploration and test mining confirm these preliminary results. At the same time, we remain focused on continuing our exploration program for hard-rock potential along the 10 km trend at Million Mountain in order to add to our resource base already established at Zone 1."

A variety of material stockpiled by Prize in 2008 has now passed through the mill and represents a spectrum of hardness, mineralogy and grade in order to properly tune the facility. Production rates have confirmed a mill capacity of 350 tonnes per day.

Full-scale bedrock mining and milling operations will commence upon receipt of a Provincial Mines Act Permit, which is expected shortly.

Metallurgical test work and plant engineering designs show that expected gravity concentration gold recoveries will be between 73 and 80 percent.

Eagle Plains Resources plans to commence gold production at the Yellowjacket project in mid-2009 and continues to conduct research, acquire and explore metal projects in western Canada.

The mine will be placed on a care and maintenance. The company will continue to sell product from inventory and will have sufficient material to satisfy all contractual sales obligations.

It further plans to continue spot sales of product through early 2010 and will meet all its financial obligations while conserving cash for future growth.

"This has been a difficult decision as we have seen our tungsten team evolve to be among the best in the world. I am very proud of our team," said chairman and CEO Stephen Leahy. "I expect that a tungsten supply shortfall will develop as the world economy improves. We fully intend to pursue plans to return the mine to full operations after markets have significantly firmed."

North American Tungsten will continue with its planned summer exploration drilling program at both the CanTung mine and the MacTung deposit to expand known resources. The majority of funds will be spent on MacTung.