RE:RE:what does financing still on track mean exactly ...???? Most of the information you are looking for can be find in an April 25 PR.
The Corporation submitted to potential financiers copies of a January 29 2013 “43-101 Technical Report on the Beauce Property, Southeastern Quebec” (prepared by Remi Charbonneau, PhD. P. Geo) and an internal economic assessment model prepared by management around mining a conceptual * potential volume model ranging from 385,000 m3 to 407,000 m3 of gold bearing basal units with a potential grade between 1 g to 2 g AU/m3 found the Rang Chaussegros section of the Beauce Placer channel (*based on figures from the 43-101 report and from Genivar’s environmental audit and mining permit applications).
“The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in discovery of a mineral resource.”
Financing interest was strong, but for due diligence purposes, the financiers requested that we submit additional information. The information requested was prepared by a mining engineering firm and was finalized in April 2013.
Due to the coarse gold characteristics (nugget effect) of the Beauce Placer project, delineating a mineral resource and reserve categories as defined in National Instrument 43-101 reporting standards, would be difficult and costly. The volume, quality and reliability of historical information available, combined with the accessibility of the gold and the low cost nature of a placer mining allows the Corporation to focus its efforts toward starting its mining operations as soon as possible. Start date is subject to financing and respecting all our permitting obligations.
Salient historical information available includes: never before published documents reveling that between 1959 to 1961, the Beauce Placer Mining Company mined 56,000 oz of gold from an area representing less than 20% of the placer channel on the Rang Chaussegros, near St-Gustave road (UBR Press release of June 7 2012), the company’s 1959 mining plans (GM 08786), pre 43-101 placer gold reserves (Coniagas Mines, University of Laval, Macamic 1986 to 1988), drill results (historical and Uragold’s Sonic drilling program) that all validate the significant occurrence of coarse placer gold, near surface, on the concession.
The Beauce Placer mining project will be worked in two phases, subject to suitable financing; Phase one, will consist of mining the 1KM long Rang Chaussegros placer channel, as described above over 3 years. Phase two will be expanding the placer mining operations on to the Rang St-Gustave section of the placer channel. Similar in nature and potential as the Rang Chaussegros, the Rang Gustave is a 2 km, northeastern section of the placer channel. A feasibility study has not been completed and there is no certainty the proposed operations will be economically viable.”
Once mining activities are underway on the Rang Chaussegros, Uragold will undertake an exploration program on the Rang Gustave to validate historical reports and drilling by Coniagas Mines, University of Laval and Macamic from 1986 to 1988. (Please see attached map).
Since this press release Gold price as gone from above $1,500 Oz to $1220 per oz... I am certain that f gold price were still on the $1,500 range this project would have been financed by now..
and from what one of my source mention, one of the key issues is present market conditions in the gold sector are such that investors need a minimum of an infered resource for the project + an PEA before comiting for more...
So this may be what the Company is working on rigth now...