Hi all,
Mountain Lake announced Friday the close of its private placement financing with Sprott Asset Management. To read the full release visit the Mountain Lake website at:
www.mountain-lake.com This summer has been the busiest period in Mountain Lake�s history with drill programs on 3 out of 4 of our Newfoundland projects and activity going into the fall includes:
Valentine Lake Gold Joint Venture: 117 holes completed and counting in 2011� the balance of this year�s drilling should be finished next month with two rigs focused on expansion of the gold resource in the Leprechaun Deposit area. Results to date this year continue to expand the open-pit potential of the Leprechaun area and with samples from several holes in the lab and an additional 5,000+ metres of drilling to complete we expect batches of assay results to be released well into the fall. Upon receipt of all the 2011 results an updated resource estimate on the Leprechaun Deposit will be completed, which will lead into a Preliminary Economic Assessment. Mountain Lake and Marathon Gold are joint venture partners on the project sharing both ownership and expenses on a 50:50 basis. Marathon is the operator on the project under our JV agreement and is proving to be a very competent partner.
Glover Island Gold Project: We are just completing the building of an all weather field camp and a 7,000m drill program is underway with the objective of expanding and upgrading the historical ~260,000 ounce gold resource to NI 43-101 status. Drilling will last through the fall with assay results being released in batches as available. This will be Mountain Lake�s first drill program since acquiring 100% of the property last October; and the first drill program on the property since 2003 when the price of gold averaged US$350 per ounce.
We sincerely feel Mountain Lake is on a path to success and should be considered by anyone investing in the junior gold exploration space as we meet four key criteria: (1) projects with large scale potential; (2) experienced management; (3) good capital structure; and (4) Tier 1 financial backing.
Additionally, worth reading is Sprott�s September issue of
Markets at a Glance entitled
�Gold Stocks: Ready, Set,�� in which Eric Sprott and co-author David Baker talk about the recent divergence in gold and precious metals equities versus the market (�On Wednesday, August 10, for example, the Dow dropped 4% while gold stocks rallied 3%, for a delta of 7% on the day.�) and how in many of the Sprott managed funds they have transitioned out of gold bullion into gold equities to better participate in the what they see as a trend that will continue and even accelerate in the coming years. See:
http://www.sprott.com/Docs/MarketsataGlance/2011/0911%20Gold%20Stocks%20-%20Ready%20Set.pdf Feel free to call or email with any questions.
Regards,
Greg
________________________
Greg Lytle
Mountain Lake Resources Inc.
Corporate CommunicationsDirect: (604) 839-6946
N. America: (866) 285-5817
Email:
lytle@mountain-lake.com
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Lytle & Associates 1850 Comox St., Suite 2401 Vancouver, BC V6G 1R3 Canada
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Sprott Resources Corp.
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EXPLORATION STAGE |
CODE : SCP.TO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Sprott Resources is based in Canada. Sprott Resources holds various exploration projects in Chile. Its main exploration properties are GOLD COIN, PRODUCTORA, DRAGOON - NEW MEXICO and MONITOR in Chile. Sprott Resources is listed in Canada. Its market capitalisation is CA$ 58.0 millions as of today (US$ 44.3 millions, € 41.6 millions). Its stock quote reached its highest recent level on October 25, 1996 at CA$ 96.38, and its lowest recent point on January 29, 2016 at CA$ 0.36. Sprott Resources has 96 670 000 shares outstanding. |