Pengram Corporation (OTCQB: PNGM)(PINK SHEETS: PNGM), today
announced newly updated corporate developments as well as a summary
outlook for the second half of 2011.
Overview Summer 2011
Pengram continues to execute on its business plan of acquiring
highly prospective mineral properties on which previous work has
confirmed the existence of gold mineralization with the objective
of developing the properties either directly or through joint
ventures with other mining companies. Except for specially selected
properties, the Company prefers the JV model to leverage its
opportunities for success and ensure exploration is accomplished
without having to fund advanced exploration or development until a
pre-determined result is achieved.
Recent increases in the price of gold, presently above $1,700
per ounce, confirms Pengram management has correctly focused on the
right resource sector as higher prices provide a rising tide effect
that can transform lower grade gold deposits into newly or
increasingly commercial grade assets.
Even in a rising gold price environment, the Company has
established a solid track record of identifying highly prospective
properties with proven gold mineralization and: 1) Negotiating
favorable terms to acquire, option or JV these properties that
provide major financial upside for subsequent discovery and
development; and, 2) Structuring agreements with exploration JV
partners that strongly incent these partners while providing
Pengram shareholders with strong financial upside relative to its
costs of capital or property acquisition.
By building a portfolio of carefully selected properties, the
opportunities for commercial grade discovery are substantially
increased, while the risks of not finding such deposits are lowered
through diversification.
Recent Highlights
In the second quarter ended June 30, the Company achieved
progress on several fronts.
-- On May 18, Pengram announced that, pursuant to an exploration agreement
with Manado Gold Corp. dated September 15th 2010, the first phase of
work on the Clisbako Property in British Columbia Canada, is complete.
Monado Gold Corp. has spent in excess of the $100,000 it was required to
spend on exploration of the property for Phase 1. The Clisbako Property
is located in the Cariboo Mining Division of British Columbia,
consisting of approximately 3,388 hectares.
"We are extremely pleased with the exploration on Clisbako to date. Like
Golden Snow, Clisbako is in a highly prospective area," stated Richard
Donaldson, CEO of Pengram. "We now have two properties that have been
taken up by partners willing to put up the financial resources necessary
to develop the claims."
-- On May 17, the Company announced it has eliminated approximately
$110,000 of outstanding indebtedness through the distribution of non-
core assets.
-- On April 25, Pengram announced the appointment of Mr. Howard Metzler as
a director. Mr. Metzler obtained his B.Sc. Geology from Boise State
University in 1976 and has been registered with the Idaho State Board of
Registration for Professional Geologists since 1981. Mr. Metzler has
over 30 years experience in exploration geology primarily on high grade
vein and disseminated gold-silver deposits in Northern Nevada. For the
past 20 years, he has been self-employed as a consulting geologist. Mr.
Metzler's expertise continues to help Pengram evaluate properties,
particularly in Nevada where Pengram is considering a number of
potential acquisitions.
Outlook: Second Half 2011
Looking ahead to the second half of 2011, the Company is
actively working its numerous industry connections, and conducting
due diligence, to locate excellent gold properties and negotiate
favorable acquisition terms.
Additionally, the Company and its JV partners are ramping up
exploration programs on several properties (see "Pengram Portfolio
Development Update" below).
Further, Pengram intends to reinforce its senior management team
with industry experts from the fields of geology, resource
executive management and corporate finance.
Pengram Portfolio Development Update
Updates on Pengram's property portfolio are as follows:
Clisbako Property
The Clisbako Property consists of ten mineral claims covering
approximately 8,400 acres in British Columbia's interior plateau.
The Clisbako Property is located approximately 125 kilometers west
of Quesnel, British Columbia. The area is a prolific producer of
mines. The proposed Prosperity mine with an estimated in ground
resource of 5.3 billion pounds of copper and 13.3 million ounces of
gold is located 100 kilometers to the south of the Clisbako
Property. The Gibraltar Mine which will, by the end of 2010,
produce annually 115 million pounds of copper and 1.4 million
pounds of molybdenum, is approximately 150 kilometers to the east
of the Clisbako Property. The former producing Blackdome Mine which
has a similar style of epithermal mineralization is located 120
kilometers south-east of the Clisbako Property. Recently Richfield
Ventures' Blackwater gold project located 70 km northwest of the
Clisbako property announced results of 71m at 3.13 g/t Au and 81m
at 4.33 g/t Au near surface.
Extensive exploration on the Clisbako Property was completed in
prior years by previous owners including mining giant, Phelps
Dodge. The work programs included soil sampling, rock sampling,
trenching, IP Geological Surveys and 34 shallow drill holes
totaling approximately 16,000 feet. These programs have confirmed
the existence of anomalous gold values throughout the property and
pathfinder mineralogy that persists to depth suggesting that
potential exists for high precious metal values at depth. The
potential for bonanza mineralization at depth makes this property
an excellent candidate for drilling.
Pengram entered into a joint venture with a British Columbia
based exploration company (the "Joint Venture Partner"). Under the
terms of the agreement, the Joint Venture Partner can earn up to
75% interest in the property by making payments, issuing shares and
completing work programs on the Clisbako Property. Pengram will
retain a 25% interest in the property and is covered for its share
of work programs until expenditures of $650,000 CDN have been made
on the property.
The Joint Venture Partner completed a $100,000 work program in
the fall of 2010 which confirmed the anomalous gold values. Based
on that program, the Joint Venture Partner plans to proceed with a
two-phase program at an estimated cost of approximately $745,000
CDN including geophysical and magnetic surveys and diamond drilling
to depths of at least 250-300 metres.
Nevada Properties
Pengram holds three properties in the State of Nevada known as
the Golden Snow Property, the Fish Claims and the CPG Claims. Prior
to April 2011, these properties were all held under one option
agreement. In April, 2011, Pengram negotiated with the optionors
three separate option agreements to permit development of the
properties independently. Details of the properties are as
follows:
Golden Snow
Golden Snow is located in Eureka County, Nevada and is situated
near several existing gold mines. Eight miles north of the Golden
Snow Project is the East Archimedes Gold Mine where Barrick Gold
Corporation is currently mining a Carlin type sediment hosted gold
deposit (677,000 ounces mined, 1.1 million ounces resource/reserve,
as reported by the Geological Society of Nevada 2006 Special
Publication #43). It abuts Timberline Resources Corp.'s Lookout
Mountain property. In Timberline's most recent technical report
dated May 2, 2011, gold resource estimate is 286,000 oz measured
and indicated plus 206,000 oz inferred. Drilling continues by
Timberline tending toward the Golden Snow Property.
Substantial exploration has been conducted on the Golden Snow
property including geologic mapping, 932 soil samples and detailed
ground-based gravity geophysical surveys. Based on this work,
several distinct target zones have been outlined and it is
interpreted that the Ratto Ridge Fault zone, which controls the
mineralization on Timberline's South Eureka property, continues
south onto the Golden Snow property. These target areas are well
located and the property is drill ready.
Pengram has entered into a joint venture with a Nevada
exploration company on the Golden Snow Property. Under the terms of
the agreement, the joint venture partner can earn 75% by Pengram up
to $175,000 and expending up to $1,750,000 to do exploration work
on the Golden Snow Property over a three year period.
CPG Project
The CPG Project consists of 44 unpatented mining claims covering
approximately 1.3 square miles within Mineral County, Nevada. The
CPG Project is located approximately 29 miles east of Schurz,
Nevada in Mineral County, Nevada at the north end of Bovard Mining
District.
The CPG Project is an early stage exploration property. Subject
to financing, Pengram intends to commence exploration work on the
property in the next 90 days.
Fish Claims
The Fish Claims consists of 57 unpatented lode mining claims
covering approximately 1.9 square miles. The Fish Claims is located
on the northeastern flank of Lone Mountain on the Lone Mountain
District, Esmeralda County, Nevada about 12 miles west of the
historic mining town of Tonopah, Nevada and is accessible by road.
The Fish Claims lies within the Walker Lane structural belt of
western Nevada. The Fish Claims currently represents an early stage
exploration property. Subject to financing, Pengram intends to
commence exploration work on the property in the next 90 days.
Manado Gold Property (Indonesia)
Due to problems with obtaining title in Indonesia, Pengram is
not proceeding with the Manado Gold Property and is considering
litigation against the vendor who has purported to terminate
Pengram's rights when Pengram had met all its obligations, but
could not proceed because the vendor was not able to deliver a
proper title to the property.
Forward Looking Statement
Statements in this news release that are not historical facts
are forward-looking statements that are subject to risks and
uncertainties. Words such as "expects", "intends", "plans", "may",
"could", "should", "anticipates", "likely", "believes" and words of
similar import also identify forward-looking statements.
Forward-looking statements are based on current facts and analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management. The statements by our officers, and other statements
regarding: optimism related to the business; expanding acquisition,
exploration and development activities; and completing, a binding
agreement for mineral project acquisitions; as well as the
prospects, forecasts and projections for such mineral projects
owned; and other statements in this news release are
forward-looking statements. Such statements are based on current
expectations, estimates and projections about Pengram's business.
Actual results could vary materially from the description contained
herein due to many risk factors that affect the industry Pengram
operates in and other risk factors listed from time to time in
Pengram's Securities and Exchange Commission (SEC) filings under
"risk factors" and elsewhere. In particular, there is no assurance
that Pengram will complete additional joint ventures or that the
joint ventures it enters will be completed or properties
commercialized. The forward-looking statements contained in this
news release speak only as of the date on which they are made, and
Pengram does not undertake any obligation to update any
forward-looking statement to reflect events or circumstances after
the date of this press release.
Contacts: Investor Contact: Capitol Financial Media 702.997.2429
pengram@capitolfinancialmedia.com
Pengram (CE) (USOTC:PNGM)
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