Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Superior Mining Announces Agreement on Mangalisa Gold Project
Published : December 18, 2012
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2012) - Superior Mining International Corporation, (the "Company" or "Superior") (News - Market indicators) is pleased to announce that it has executed an Earn-in Agreement with IBhubesi Capital (Pty) Ltd ("Ibhubesi"), a private family investment Company with interests in mineral resources, energy and real estate, based in Johannesburg, South Africa pursuant to which Ibhubesi can acquire up to a 67% interest in the Company's Mangalisa project.

The Company currently holds (indirectly through subsidiaries) an 87% interest in the Mangalisa project. The Earn-in Agreement is structured as a two-stage transaction.

In the first stage, Ibhubesi has agreed to acquire a 26.8% in the project for US$1 million. This portion of the Earn-in is subject to a number of conditions, including: (a) regulatory approval in South Africa for the transfer of an interest in the Mangalisa project; (b) completion of due diligence by Ibhubesi; (c) TSXV acceptance; and (d) approval by the shareholders of the Company. The Company anticipates that this portion of the Earn-in will be completed in mid-January 2013. 

In the second stage, Ibhubesi has agreed to purchase an additional 40.2% interest in the project for US$1.5 million. This portion of the Earn-in is subject to a number of conditions, including: (a) regulatory approval in South Africa for the transfer of this interest in the Mangalisa project; (b) expenditure by Ibhubesi of at least $5 million for exploration on the Mangalisa project; and (c) a determination by Ibhubesi that mining operations on the Mangalisa project are commercially viable. Ibhubesi will have up to 24 months to conduct prospecting operations, at Ibhubesi's expense, on the Mangalisa project in order to determine if mining operations are commercially viable. If any of these conditions are not satisfied, the Buyer will not be obligated to complete this portion of the Earn-in. 

Upon completion of the foregoing transactions, Ibhubesi will own a 67% indirect interest in the Mangalisa project and the Company will own a 20% indirect interest. The remaining 13% interest will be owned by an arm's length South African party. Ibhubesi may negotiate separately with the owner of the 13% interest to acquire that interest, thereby increasing its interest to up to 80%. Upon completion of the acquisition of an interest in the project, the Company and Ibhubesi will operate the project as a joint venture.

The Mangalisa gold uranium project lies over potential eastward extension of the western limb of the Witwatersrand basin that has produced over 1.8 billion ounces of gold over the last 100 years. The prospecting permit of 195.8 km2 is located 25km east of the town of Welkom, Free State Province, Republic of South Africa.

The project southern boundary is approximately 10km north of Harmony's operating Masimong gold mine that produces approximately 138,000 ounces of gold annually. The project's strike length is approximately 18km long and remains to be one of the last significantly under explored properties in the Free State goldfield.

Superior began exploring at Mangalisa in 2009 and was successful in intersecting a gold bearing quartz conglomerate typical of the reefs found the Witwatersrand basin. A press release on February 17th, 2009 announced the following significant results:

PG-1 / 12 776.32 - 776.77 (0.45 m) @ 45.8 g/t Au & 3.79 kg/t U
(Inc) 776.56 - 776.77 (0.21 m) @ 91.8 g/t Au & 7.24 kg/t U
PG-1 / 13 776.13 - 776.45 (0.32 m) @ 51.1 g/t Au & 4.27 kg/t U

During 2010, Superior attracted a joint venture partner that was also successful intersecting the reef. A press release on June 30th, 2011 announced the following result:

ERF -7 874.10 - 84.39 (0.29 m) @ 36.6 g/t Au & 0.24 kg/t U

A total of 10 cores from the 2009 and 2010 drill programs were drilled for 8,000m with 39 deflection holes drilled for 2,002m.

Due to limited funds, no further work was carried out and Superior began looking for another joint venture partner to advance the project. The mineralization remains open and a Phase 3 program has been planned.

Update on New Zealand

Superior has relinquished the last of its remaining gold alluvial projects in New Zealand. The Collingwood and Victory properties were surrendered while the Ross South Project was sold to a private Australian Company, Southland Agribusiness Holdings Pty Ltd, for AUD$10,000 and a sliding scale royalty on production. The first year is at 7%, the second year at 3%, and the following year at 1%, and thereafter zero. Southland has considerable experience in the alluvial operations.

Superior will now continue to further explore its Redcastle project in Western Australia once the recent soil sampling results have been received and evaluated for drill targeting.

Superior will continue to review other opportunities to build on its current exploration portfolio.

Brent Butler, Chief Executive Officer and President, commented: "This is a major milestone for the Company in attracting a well-funded local private Company that is keen to drill the already planned Phase 3 drill program. This also gives a significant boost to the Company's treasury and allows the Company to focus on its Redcastle project."

On behalf of the Board of Directors of Superior Mining International Corporation

Brent Butler, President & Chief Executive Officer

THIS NEWS RELEASE HAS BEEN PREPARED BY THE MANAGEMENT OF THE COMPANY, WHICH TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Superior Mining International Corporation
Brent Butler
President & Chief Executive Officer
(604) 601-2005
(604) 488-0319 (FAX)
info@superiormining.com
www.superiormining.com
Companies Mentionned : Energy X X I | Mineral Resources | Southern | Superior Mining | Total |
Data and Statistics for these countries : Australia | New Zealand | South Africa | All
Gold and Silver Prices for these countries : Australia | New Zealand | South Africa | All

Superior Mining International Corp

EXPLORATION STAGE
CODE : SUI.V
ISIN : CA8682111031
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Superior Mining is based in Canada.

Superior Mining holds various exploration projects in South Africa.

Its main exploration properties are MANGALISA and BOTHAVILLE in South Africa.

Superior Mining is listed in Canada. Its market capitalisation is CA$ 289 450 as of today (US$ 239 115, € 214 247).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 0.74, and its lowest recent point on February 13, 2015 at CA$ 0.01.

Superior Mining has 57 890 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Superior Mining International Corp
11/6/2012oration: Private Placement of Convertible Notes
Nominations of Superior Mining International Corp
3/22/2011Announces Appointment of New President and Chief Executive O...
Project news of Superior Mining International Corp
1/19/2013(Mangalisa)Receives Shareholder and Regulatory Approval to Agreement on...
12/18/2012(Mangalisa)Announces Agreement on Mangalisa Gold Project
6/15/2010(Mangalisa)Announces Drilling Update on Mangalisa Project in South Afri...
12/18/2009(Mangalisa)Strikes $10,000,000 Earn in Agreement on Mangalisa Property
Corporate news of Superior Mining International Corp
5/14/2015Superior Mining Reinstated For Trading On The NEX
1/8/2015News Release
12/10/2014IIROC Trading Halt - SUI
5/13/2013Receives Anomalous Gold Results from the First Drilling Prog...
2/28/2013Completes First Drilling Program at Its Australia Redcastle ...
1/30/2013Announces Results from the December Soil Program at Redcastl...
12/4/2012Announces That A Soil Sampling Program has Been Completed on...
5/5/2010Option Agreement to Acquire Up to 80% of Otamcopper-Gold Pro...
4/7/2010Acquisition of New Alluvial Property-Ross South
4/6/2010Acquisition of New Ground Adjacent to Defined Gold Zones on ...
3/30/2010Not Proceeding With Ross Property Option Agreement
3/24/2010Confirmation of Near Surface Gold Zones From Exploration Dri...
10/13/2009Significant Gold Results Encountered From Drilling of New Ze...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (SUI.V)
0.005+0.00%
TSX-V
CA$ 0.005
05/11 15:53 -
0%
Prev close Open
0.010 0.005
Low High
0.005 0.005
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.005 -50.00%
Volume 1 month var.
500 -50.00%
24hGold TrendPower© : 8
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
DateVariationHighLow
2016-50.00%
20150.00%0.010.01
20140.00%0.030.01
2013-50.00%0.030.01
2012-77.78%0.150.01
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Ormat technologiesORA
Document: Insider Ownership
US$ 43.38+0.21%Trend Power :
Anglo Asian Mining(Au-Cu)AAZ.L
FY2015 Results - Record gold production of 72Koz; 28.6Koz silver; 969t copper; and total revenues of
GBX 9.88-3.61%Trend Power :
Royal Gold(Ag-Au-Cu)RGLD
Royal Gold Announces Third Quarter Dividend
US$ 55.02-1.49%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Announces New Nominees to Board of Directors
CA$ 0.18-11.90%Trend Power :
Hecla Mining(Cu-Le-Zn)HL
Hecla to Acquire Mines Management
US$ 3.91-3.69%Trend Power :
CabotCBT
Board Increases Dividend
US$ 45.53+0.55%Trend Power :
Ormat technologiesORA
Ormat Technologies Secures $36 Million Supply EPC Contracts for a Geothermal Power Plant in New Ze
US$ 43.38+0.21%Trend Power :
Ivanhoe Mines(Ag-Au-Cu)IVN.TO
Kamoa Copper Project initiates major drilling program at the ne
CA$ 0.99-3.88%Trend Power :
Energy Fuels(Cu-Ni-Zn)EFR.TO
Announces Election of Directors and Results of Shareholder Meeting and Filing of Renewal of Prelimin
CA$ 2.87-2.71%Trend Power :
Claude Resources(Au-Cu-Ngas)CRJ.TO
Shareholders approve acquisition of Claude Resources by Silver Standard
CA$ 2.08-6.73%Trend Power :
Canalaska(Ag-Au-Co)CVV.V
Enters into $20.4 Million Deal with De Beers
CA$ 0.60+0.00%Trend Power :
Treasury MetalsTML.TO
Closing $4.0 Million Offering
CA$ 0.48-2.04%Trend Power :
American ManganeseAMY.V
CLOSES $200,500 PRIVATE PLACEMENT
CA$ 0.02-20.00%Trend Power :
UEX(Au-Cu-Ur)UEX.TO
Closes $7.25 Million Combined Flow-Through and Hard Dollar Private Placements
CA$ 0.22-4.44%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q1 2016 and Operations Update
CA$ 0.18-11.90%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Stornoway Announces Results From Annual General Meeting
CA$ 0.98+0.00%Trend Power :
Pure Gold.(Cu-Fe-Au)PGM.V
Intersects 10.9 g/t gold over 9.8 metres, Including 27.0 g/t gold over 3.8 Metres at the McVeigh Hor
CA$ 0.60-4.76%Trend Power :
Harvest Natural(Ngas-Oil)HNR
Announces 2016 First Quarter Results
US$ 0.43-4.44%Trend Power :
Premier Gold Mines(Au)PG.TO
Strengthens Senior Management
CA$ 2.82-5.37%Trend Power :
St Barbara(Au-Cu-Ni)SBM.AX
Presentation to Melbourne Mining Club
AU$ 2.66+3.50%Trend Power :