China M&A in Canada: Canada Zinc Metals: Drilling Intersects 10.62% Zinc + Lead over 10.31 metres in A-11-93 on the Cardiac Creek Deposit ilc.v, tnr.v, czx.v, rm.v, lmr.v, abn.v, asm.v, btt.v, bva.v, bvg.v, epz.v, fst.v, gbn.v, hao.v, jnn.v, ks.v, ktn.v, kxm.v, mgn, mxr.v, rvm.to, svb, ura.v, nup.ax, srz.ax, usa.ax

   

  Canada Zinc Metals has come out with another great exploration results, deposit has all chances to grow further.  Stock was moving Up strongly from the recent lows couple of months ago fueled by this drill program expectations and constant rumours about Chinese consolidation. Chinese giant Tongling Nonferrous holds 36% in the company and the only question left is when they will move to increase their stake. Lundin Mining keeps all its options open with the strategic stake in the company - these two companies can easily make this Canadian region play into one of the largest Zinc and Lead mines in the world. We can talk about the magnitude of 100 million tons Zinc and Lead above 5% grade combined after consolidating the Korea Zinc and Teck Resources J/V property in the region.

   In our small interconnected world Canada Zinc Metals holds strategic stake in TNR Gold with its Lithium, Rare Earths and, now - Iron Ore projects. The most intriguing part is Los Azules litigation TNR Gold vs Minera Andes with more than Half of this "Big Copper deposit in Argentina" at stake now. One day, after Canada Zinc Metals acquisition, Chinese Tongling can be knocking together with TNR Gold on the Minera Andes and US Gold door after their merger.

  We have a new report issued on Canada Zinc Metals.

Heart of Zinc.

  Company has announced recently its shares buy back in the market - and it is almost like printing money for us. The latest financing was at 0.75CAD and now the stock is trading at 0.38CAD. Company was also granted an exploration permit for the underground drill works and now this promising deposit will enter in the resource definition stage at a much faster pace.

  During this market we are looking for the solid value and the ideal special situations when we have the growing asset and the buyer for it. In case of this company we have both - growing deposit in the very important elephant scale deposit region due to consolidation and Chinese giant Tongling which is holding 36% of the company.

Canada Zinc Metals Corp. Announces renewal of Normal Course Issuer Bid

Canada Zinc Metals Receives 3-Year Drill Permits for the Kechika Project

Canada Zinc Metals Receives Underground Exploration Permit from BC Government

"Canada Zinc Metals Reports Commencement of Exploration at the Akie Project. We would love to see the every car in the world Electric one and in the nearest future, this time will come, but for a few years to come the ICE will make the majority of cars to be sold. In our search for growth inevitably we are coming to China and its largest auto market now - it means a lot of Zinc and Lead demand. Zinc in this recovery is a poor brother of Copper so far and the junior prices in Zinc juniors are reflecting it. We are following here Canada Zinc Metals - Chinese M&A story in Canada." More on the company.


After the US Debt downgrade and recent market turmoil this entry is even more relevant:


What do you do when you have lots of dollars which are losing value by the day, hungry for growth population and you need to maintain a tricky status quo? You are going shopping. But not for US Treasuries any more after PIMCO's Bill Gross has dumped all his holdings. And if you happen to be China you are going shopping for Copper or Oil and Lithium will be next on your list after you control Rare Earths market. We have our Catalyst in action now.
  Now Lundin Mining with its stake in Tenke Fungurume can expect proper bids above CAD 10.0. Copper is set on fire in M&A space with this Chinese bid. Destiny of Big Copper project in Argentina - Los Azules and companies involved TNR Gold and Minera Andes will be even more interesting now.
  We have also other companies to watch now in our Copper squad: Revett Minerals, Copper Fox Metals, Canada Zinc Metals, NGeX resources, Conerstone Capital Resources, Sunridge Gold and others."

Please, do not forget, that we own stocks we are writing about and have position in these companies. We are not providing any investment advise on this blog and there is no solicitation to buy or sell any particular company here. Always consult with your qualified financial adviser before making any investment decisions.

Drilling Intersects 10.62% Zinc + Lead over 10.31 metres in A-11-93 on the Cardiac Creek Deposit

 Print

December 5, 2011

Vancouver, British Columbia, Canada – Monday, December 5, 2011 – Canada Zinc Metals Corp. (TSX Venture Exchange: CZX) is pleased to provide an update on exploration programs conducted on its 100% owned Akie Project and Kechika regional project. The Akie property, host to the Cardiac Creek SEDEX Zn-Pb-Ag deposit, is located approximately 260 kilometers north-northwest of the town of Mackenzie, in northeastern British Columbia, Canada. The Kechika group of regional properties extends northwest from the Akie property for 140 kilometers, centered along the prospective stratigraphy of the Gunsteel Formation of Northeastern B.C.

Akie Property

The 2011 exploration program has recently been concluded.  The work carried out included HQ diamond drilling on several targets across the flagship Akie property including the SE Extension, Cardiac Creek Zone, the NW Extension and the GPS bedded barite showing. The drilling program consisted of 12 holes totaling 5,667.81 metres that were drilled to their planned depths. Three other holes totaling 360.58 metres were abandoned due to poor ground conditions or excessive deviation. The results from the drilling program are summarized below.

Cardiac Creek Deposit

A total of 6 drill holes (A-11-92, A-11-93, A-11-95, A-11-96, A-11-98 and A-11-99) were completed on the Cardiac Creek deposit. These holes provided infill information both up and down-dip as well as testing the strike extent of the high grade trend along the southeastern edges of the deposit. Step-out drilling was also conducted to the southeast designed to expand the known limits of the deposit. At this time, Canada Zinc Metals has received partial assay results from 2 of the 6 Cardiac Creek Zone (CCZ) drill holes, A-11-92 and A-11-93. The pierce point for hole A-11-92 represents an approximate 125 metre step-out along strike from A-95-16, situated 210 metres down-dip from A-94-04. The high grade mineralization intercepted by hole A-11-93, which included 10.31 metres assaying 10.62% Zn+Pb (within which 3.37 metres assayed 17.66% Zn+Pb) is located 100 metres up-dip from A-95-16 and along strike from drill holes A-08-64 and A-08-66. The results from these two drill holes are outlined in the table below.

Drill Hole	From (m)	To (m)	Interval Width* (m)	Zn (%)	Pb (%)	Ag (g/t)	Zn+Pb (%)
A-11-92	599.24	607.50	8.26	1.83	0.30	5.43	2.13
Including	599.24	602.46	3.22	3.41	0.58	7.72	3.99
A-11-93	533.61	552.02	18.41	6.61	1.45	9.84	8.06
Including	538.13	548.44	10.31	8.60	2.02	11.82	10.62
Including	538.13	541.50	3.37	13.99	3.67	16.53	17.66

* The true width of the mineralization is estimated to be approximately 73% of the core interval for A-11-92 and 83% of the core interval for A-11-93, but this is subject to revision.

Lab results are expected for the remaining four drill holes within the next several weeks. These holes all intersected the CCZ over variable widths, from 15 meters to 40 meters.

SE Extension

A total of 3 holes (A-11-84 to A-11-86) were completed on the SE Extension target totaling 723.89 metres. Drill holes A-11-84 and A-11-85 were completed as part of the spring 2011 geotechnical program drilled to obtain geotechnical and hydrogeological information relating to the underground exploration design. Both drill holes were collared along the newly constructed portal access trail and located approximately 850 metres along strike to the southeast of the known boundary of the Cardiac Creek deposit.  As a pleasant surprise, trail construction exposed outcrops of laminated to bedded pyrite and nodular barite at surface in this area. Both drill holes intersected similar mineralization with minor sphalerite enrichment over variable widths. These intersects are similar to the distal and proximal facies associated with the Cardiac Creek deposit.  Mineralization results from A-11-84 and A-11-85 were highly variable, with anomalous zinc in the 100 to 1,000 ppm range.

A-11-86 was the first drill hole of the 2011 summer exploration program and was collared on the portal access trail in order to test the down-dip potential of the newly discovered mineralization. Laminated pyrite and nodular barite mineralization, typical of the distal facies of the Cardiac Creek deposit, was intersected over 54.86 metres, returning nominal values of zinc consistently running above 1,000 ppm and ranging up to 0.64% Zn.

The results indicate that there is an enrichment of zinc progressing down-dip from surface. Additional geological analysis is required in order to assess the viability of future drill targets on the SE Extension.

GPS Showing and North Lead Anomaly

The final drill hole of the 2011 exploration program (A-11-100) was designed to test the potential for economic mineralization down-dip of the GPS bedded barite showing which is situated on the western edge of the Akie property. The hole was abandoned at a depth of 99.06 metres due to unexpected poor ground conditions within the hanging wall Road River stratigraphy. This target remains a high priority for future drilling programs.  The North Lead Anomaly remains a high priority target for future drilling programs.  The Company plans to target a new series of drill holes to follow-up on significant mineralized intervals intersected in the 2010 drill program.

Akie Underground Development

The surface construction work began in September in preparation of the planned underground exploration decline for the Cardiac Creek deposit. Work included construction of a waste rock dump site, upgrade of the exploration trail to a proper haul road, and installation of a bridge crossing on Cardiac Creek.  Work crews have demobilized from the Akie property and camp has been closed for the season.  The Company anticipates work to resume in the spring of 2012 to complete preparation of the portal site.  Planning and engineering/environmental studies will continue over the winter months with a goal to commence underground development work in the summer of 2012.

About the Akie Property

The Akie zinc-lead property is situated within the southernmost area (Kechika Trough) of the regionally extensive Paleozoic Selwyn Basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.

Drilling on the Akie property by Inmet Mining Corporation during the period 1994 to 1996 and by Canada Zinc Metals since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization (Cardiac Creek deposit).  The deposit is hosted by siliceous, carbonaceous, fine grained clastic rocks of the Middle to Late Devonian ‘Gunsteel’ formation.  The Company has outlined a NI 43-101 compliant inferred resource of 23.6 million tonnes grading 7.6% zinc, 1.5% lead and 13.0 g/t silver (at a 5% zinc cut off grade). 

Two similar deposits, Cirque and Cirque South Cirque, located some 20 km northwest of Akie and owned under a joint venture by Teck Resources and Korea Zinc, are also hosted by Gunsteel rocks and have a combined geologic inventory in excess of 50 million tonnes (not 43-101 compliant) grading approximately 10% combined zinc + lead.

In addition to the Akie property, Canada Zinc Metals Corp. controls a large contiguous group of claims which comprise the Kechika Regional project. These claims are underlain by geology identical to that on the Akie property (Cardiac Creek deposit) and Cirque. This project includes the 100% owned Mt. Alcock property, which has yielded a historic drill intercept of 8.8 metres grading 9.3% zinc+lead, numerous zinc-lead-barite occurrences, and several regional base metal anomalies.

Ken MacDonald P.Geo., Vice President of Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

ON BEHALF OF THE BOARD OF DIRECTORS

CANADA ZINC METALS CORP.

“PEEYUSH VARSHNEY”
                                                            
PEEYUSH VARSHNEY, LL.B
CEO & CHAIRMAN

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Globe says Chinese group eyes Lundin Mining lun.to, czx.v, tnr.v, sgc.v, tck, bhp, fcx, rio, bwr.to, cs.to, imn.to, ncu.to, tko.to, wrn.to, qux.to, bls.to

 

  We have Chinese companies all over the investment place we are following again: Tongling bought into Canada Zinc Metals, Ganfeng Lithium buys a stake in International lithium IPO and now Lundin Mining is in the headlines. Now our target for Lundin Mining at CAD10.0 looks very conservative.

"We have very interesting situation here: company moves into Preliminary Economic Assestment of the Cardiak Creek deposit and stock is below than the recent financing at 0.77 CAD. How all situation with Lundin Mining will affect this M&A situation in Canada remains to be seen. Chinese Copper and Zinc giant Tongling already owns 36% of Canada Zinc Metals and Lukas Lundin has its stake in this company via Lundin Mining."

"What do you do when you have lots of dollars which are losing value by the day, hungry for growth population and you need to maintain a tricky status quo? You are going shopping. But not for US Treasuries any more after PIMCO's Bill Gross has dumped all his holdings. And if you happen to be China you are going shopping for Copper or Oil and Lithium will be next on your list after you control Rare Earths market. We have our Catalyst in action now.

  Now Lundin Mining with its stake in Tenke Fungurume can expect proper bids above CAD 10.0. Copper is set on fire in M&A space with this Chinese bid. Destiny of Big Copper project in Argentina - Los Azules and companies involved TNR Gold and Minera Andes will be even more interesting now.

  We have also other companies to watch now in our Copper squad: Revett Minerals, Copper Fox Metals, Canada Zinc Metals, NGeX resources, Conerstone Capital Resources, Sunridge Gold and others."

Globe says Chinese group eyes Lundin Mining

Lundin Mining Corp (C:LUN)

Shares Issued 581,849,452

Last Close 4/28/2011 $8.34

Friday April 29 2011 - In the News

The Globe and Mail reports in its Friday edition that unnamed sources say a Chinese consortium, led by Jinchuan Group, is preparing a potential bid to acquire Lundin Mining. The Globe's Jacquie McNish, Boyd Erman and Brenda Bouw write that the consortium group includes China's giant sovereign wealth fund, China Investment Corp. Jinchuan is China's biggest producer of nickel and cobalt. It owns a variety of mineral properties in mining frontiers such as Africa and Kazakhstan. Jinchuan recently signalled that it is on the hunt for mining properties in a variety of resource-rich countries, including Canada. Lundin, which has a current market value of about $4.9-billion, is currently in discussions with a number of potential buyers. The Chinese are the latest suitor to arrive at the table. The consortium has been eyeing Lundin since February, when it became the target of a hostile takeover bid by Equinox Minerals. The company could be worth as much as $11.70 a share in a takeover or almost $6.9-billion, says TD Securities analyst Greg Barnes. It is understood that a handful of U.S. and Canadian pension funds and private equity investors have also been invited to join the buying group."

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  We have very interesting situation here: company moves into Preliminary Economic Assestment of the Cardiak Creek deposit and stock is below than the recent financing at 0.77 CAD. How all situation with Lundin Mining will affect this M&A situation in Canada remains to be seen. Chinese Copper and Zinc giant Tongling already owns 36% of Canada Zinc Metals and Lukas Lundin has its stake in this company via Lundin Mining.

"What do you do when you have lots of dollars which are losing value by the day, hungry for growth population and you need to maintain a tricky status quo? You are going shopping. But not for US Treasuries any more after PIMCO's Bill Gross has dumped all his holdings. And if you happen to be China you are going shopping for Copper or Oil and Lithium will be next on your list after you control Rare Earths market. We have our Catalyst in action now.
  Now Lundin Mining with its stake in Tenke Fungurume can expect proper bids above CAD 10.0. Copper is set on fire in M&A space with this Chinese bid. Destiny of Big Copper project in Argentina - Los Azules and companies involved TNR Gold and Minera Andes will be even more interesting now.
  We have also other companies to watch now in our Copper squad: Revett Minerals, Copper Fox Metals, Canada Zinc Metals, NGeX resources, Conerstone Capital Resources, Sunridge Gold and others."

"Go where the growth is - this company is ideally positioned to benefit from Chinese expansion in Infrastructure and Auto sector. We guess that this trip will be dealing with further Akie developments and maybe M&A activity. 

  Zinc and Lead markets are still nowhere near to the Copper excitement about recovery and Reinflation stage of the global economy - it is the good time to consolidate project at this price level of the commodity. Company has issued a news release today on current activities at the Akie project. The stock CZX.v is currently trading below the latest financing at 0.775CAD.

  We hope to get some more news at PDAC this year in the beginning of March in Toronto.

"This new financing is with 17% premium to the closing price of 0.66CAD- who is so anxious to get into this story of the growing Chinese construction and auto market? Zinc is used in galvanized steel and galvanized steel is used in construction and by auto makers. China has overtaken U.S. as the largest auto market in the world last year. Now 12th 5-year plan announced that Electric Cars will become the strategic industry and China would like to become the largest producer of lithium batteries and Electric Cars in the world. 

  With its stake in TNR Gold with its Lithium, Rare Earths, Gold and Copper portfolio - Canada Zinc Metals is covering all bets on growth in China and its largest shareholder Chinese Zinc and Copper giant Tongling definitely knows what it means."

Please, do not forget, that we own stocks we are writing about and have position in these companies. We are not providing any investment advise on this blog and there is no solicitation to buy or sell any particular company here. Always consult with your qualified financial adviser before making any investment decisions.

Canada Zinc Metals Reports Further on Current Activities on the Akie Project

April 6, 2011

Vancouver, British Columbia, Canada – Canada Zinc Metals Corp. (TSX Venture Exchange: CZX) is pleased to provide an update on current activities on its 100% owned Akie property, which includes the Cardiac Creek SEDEX zinc-lead-silver deposit. The property is located approximately 260 kilometers north-northwest of the town of Mackenzie in northeastern British Columbia, Canada.

An update to the current Cardiac Creek geological model and inferred resource are well underway along with plans to commence a Preliminary Economic Assessment of the Cardiac Creek deposit which will provide a decision-making tool to advance orderly development. Permits applications have been submitted for multi-year surface drill programs for the Akie property, and for the Pie and Mt. Alcock properties, which make up part of the large Kechika regional claim group. Drill and helicopter tendering is underway with contracts expected to be finalized over the coming month. Final plans regarding the 2011 surface exploration program will be made in the coming weeks, once permits are in hand and drill and helicopter crews are confirmed.

About the Akie Property

The Akie zinc-lead property is situated within the southern-most part (Kechika Trough) of the regionally extensive Paleozoic Selwyn Basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.

Drilling on the Akie property by Inmet Mining Corporation during the period 1994 to 1996 and by Canada Zinc Metals since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization (Cardiac Creek deposit). The deposit is hosted by variably siliceous, fine grained clastic rocks of the Middle to Late Devonian ‘Gunsteel’ formation. The Company has outlined a NI 43-101 compliant inferred resource of 23.6 million tonnes grading 7.6% zinc, 1.5% lead and 13.0 g/t silver (at a 5% zinc cut off grade).

Two similar deposits, Cirque and Cirque South Cirque, located some 20 km northwest of Akie and owned under a joint venture by Teck Resources and Korea Zinc, are also hosted by Gunsteel rocks and have a combined geologic inventory in excess of 50 million tonnes (not 43-101 compliant) grading approximately 10% combined zinc + lead.

In addition to the Akie property, Canada Zinc Metals Corp. controls a large contiguous group of claims which comprise the Kechika Regional project. These claims are underlain by geology identical to that on the Akie property (Cardiac Creek deposit) and Cirque. This project includes the 100% owned Mt. Alcock property, which has yielded a historic drill intercept of 8.8 metres grading 9.3% zinc+lead, numerous zinc-lead-barite occurrences, and several regional base metal anomalies.

Ken MacDonald P.Geo., Vice President of Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

ON BEHALF OF THE BOARD OF DIRECTORS

CANADA ZINC METALS CORP.

“PEEYUSH VARSHNEY”

PEEYUSH VARSHNEY, LL.B

CEO & CHAIRMAN

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• Canada Zinc Metals to meet with Tongling Nonferrous Metals Group at end of February czx.v , lun.to, tnr.v, bwr.to, cs.to, imn.to, ncu.to, tko.to, wrn.to, qux.to, rio, bls.to, tck (sufiy.blogspot.com)
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• Canada Zinc Metals - Lawrence Roulston's Resource Opportunities CZX.v, TNR.v, LUN.to, BLS.to, CS.to, WRN.to, S.to, IMN.to, BWR.to, BHP, RTP, IVN.to (sufiy.blogspot.com)
• Los Azules lawsuit: Minera Andes MD&A: "TNR Gold claims properties underlying the Solitario Agreement should be returned to TNR" tnr.v, mai.to, tck, cuu.v, czx.v, lun.to, bwr.to, cs.to, imn.to, ncu.to, tko.to, wrn.to, qux.to, bls.to, bhp, fcx (sufiy.blogspot.com)
• TNR Gold: Los Azules: Minera Andes to spin out Los Azules into new company tnr.v, mai.to, tck, cuu.v, czx.v, lun.to, bwr.to, cs.to, imn.to, ncu.to, tko.to, wrn.to, qux.to, bls.to, bhp, fcx (sufiy.blogspot.com)
• TNR Gold: Los Azules: TNR Gold Corp. v. MIM Argentina Exploraciones S.A., 2011 BCSC 243 - 2011/02/28 Supreme Court tnr.v, mai.to, tck, cuu.v, czx.v, lun.to, bwr.to, cs.to, imn.to, ncu.to, tko.to, wrn.to, qux.to, bls.to, bhp, fcx (sufiy.blogspot.com)
• Rare Earths: TNR Gold Corp.: Seabrook Ree Carbonatite Acquired; Sault Ste. Marie, Ontario tnr.v, czx.v, lmr.v, abn.v, ura.v, rm.v, cgp.v, alk.ax, ng.to, abx, ree, avl.to, mcp, gwg.v, rm.v, clq.v, wlc.v, li.v, ggg.ax, ruu.v, pl.v, mdl.v, efg.v (sufiy.blogspot.com)

Copper is on Fire: Minmetals Offers to Acquire Equinox for $6.5 Billion - Lundin Mining is Next lun.to, czx.v, tnr.v, sgc.v, tck, bhp, fcx, rio, bwr.to, cs.to, imn.to, ncu.to, tko.to, wrn.to, qux.to, bls.to

  What do you do when you have lots of dollars which are losing value by the day, hungry for growth population and you need to maintain a tricky status quo? You are going shopping. But not for US Treasuries any more after PIMCO's Bill Gross has dumped all his holdings. And if you happen to be China you are going shopping for Copper or Oil and Lithium will be next on your list after you control Rare Earths market. We have our Catalyst in action now.
  Now Lundin Mining with its stake in Tenke Fungurume can expect proper bids above CAD 10.0. Copper is set on fire in M&A space with this Chinese bid. Destiny of Big Copper project in Argentina - Los Azules and companies involved TNR Gold and Minera Andes will be even more interesting now.
  We have also other companies to watch now in our Copper squad: Revett Minerals, Copper Fox Metals, Canada Zinc Metals, NGeX resources, Conerstone Capital Resources, Sunridge Gold and others.

Bloomberg:

Minmetals Offers to Acquire Equinox for $6.5 Billion

By Elisabeth Behrmann and Shani Raja - Apr 4

Minmetals Resources Ltd. (1208), the Hong Kong unit of China’s biggest metals trader, made an unsolicited offer of about C$6.3 billion ($6.5 billion) in cash for Equinox Minerals Ltd. (EQN), to gain control of Africa’s largest copper mine.

Minmetals bid C$7 a share, 23 percent more than Perth-based Equinox’s closing price in Toronto on April 1, the Hong Kong- based company said today in a statement. The Chinese-funded bid depends on Equinox, whose shares rose 28 percent in Sydney today, dropping its C$4.4 billion offer for Canada’s Lundin Mining Corp. (LUN)

The deal, China’s biggest minerals takeover, would give Minmetals Chief Executive Officer Andrew Michelmore control of the Lumwana copper mine in Zambia and Saudi Arabia’s biggest copper deposit. Mining companies are competing to secure assets after a dearth of new global projects and demand from China drove copper prices to a record this year.

“The Minmetals bid could prompt another interested buyer to put forward an alternative proposal,” said Angus Gluskie, who manages about $350 million at White Funds Management Pty. “An improving global economic outlook is giving buyers the confidence that prices should remain firm for some time.”

Minmetals, or MMG, a unit of state-owned China Minmetals Group, rose 0.5 percent to HK$6.59 at 11:25 a.m. in Hong Kong trading, giving it a market value of HK$19.6 billion ($2.5 billion). Equinox gained A$1.58 to A$7.29 (C$7.30) at 1:22 p.m. in Sydney trading, the highest since June 22, 2004. Lundin increased 3.5 percent to C$8.33 at the April 1 close of trading on the Toronto stock Exchange.

Equinox’s board will meet to consider the offer, the company said in a separate statement. Minmetals is being advised by Deutsche Bank AG and Macquarie Capital Advisors.

C$8 Bid?

“There isn’t much room to move” for any rival bidders, Anna Kassianos, analyst at Austock Securities Ltd., said in an e-mailed note, citing a possible “ceiling price” of C$8 a share. The move by Chinese state-owned Minmetals will be supported by the Zambian government, given the already strong links between Zambia and China, she said.

Chinese companies spent more than $30 billion last year buying mining assets and oil deposits to help secure raw material supplies to feed the nation’s growing economy. Minmetals owns the world’s second-biggest zinc mine and other assets in Australia, Laos and Canada. Michelmore said in January he was targeting copper, lead and zinc mines.

“Prospective bidders for Equinox Minerals may be reticent to become involved in a bidding war with Chinese interests,” said Tim Schroeders, a Melbourne-based money manager at Pengana Capital Ltd., which manages about $1 billion.

Bid Premium

The offer premium of 33 percent to the volume weighted average Equinox share price of the past 20 days compares with an average premium of 24 percent for resources deals of at least $500 million during last year, according to data compiled by Bloomberg.

“It fits perfectly into the key areas we want to grow in, extending our mine life, expanding our portfolio of regions, leveraging on our management and technical expertise to extract value and most importantly it’s supported by our majority shareholder,” Michelmore said during a media conference call. Minmetals has been studying Equinox for “well over a year” and built a 4.2 percent stake in the company during 2010.

The Hong Kong-based company is offering 11.3 times earnings before interest, tax, depreciation and amortization compared with the average of 7.2 times EBITDA in 10 comparable deals from 2007 to 2009, according to data compiled by Bloomberg.

Curtail Supply

Copper for delivery in three months on the London Metal Exchange traded at a record $10,190 a metric ton on Feb. 15 and is expected to rise as mine shortages curtail supply. Copper would account for 60 percent of Minmetals’ total production in fiscal 2015, compared with 25 percent, should the takeover succeed, the company said in a presentation.

“The global recovery is becoming more broad-based and you’re not going to see any new mines coming on stream for at least this year,” said Christin Tuxen, a Bloomberg top-ranked analyst at Danske Bank A/S in Copenhagen. “You’ve got to be bullish copper for the next few years.”

For miners, mergers and acquisitions are a faster, cheaper route to production than constructing projects from scratch, Standard Chartered Plc said last year in a report. The cost of building a copper mine has more than doubled in the past five years, according to the report.

Buy, Build?

“The costs of acquiring mining leases and building mine infrastructure have escalated materially over recent years, and in many cases it is now cheaper to buy an existing business than develop capacity internally,” said Sydney-based White Funds’ Gluskie.

Producers haven’t kept pace with demand because reserves are becoming harder to find and ore quality is declining, meaning less copper is extracted from each ton of rock.

The offer requires approval from Chinese and Australian regulators. Minmetals lodged an application with Australia’s Foreign Investment Review Board on March 11, Michelmore said.

Minmetals is seeking to acquire a minimum of two-thirds of its target’s outstanding shares. Minmetals completed the $1.85 billion cash and share acquisition in December of parent company China Minmetals’s Australian unit.

All financing for the proposed deal will be arranged with Chinese banks through a combination of existing cash reserves, long-term credit facilities and equity, including investments in Minmetals by Chinese institutions, the company said in a statement.

To contact the reporter on this story: Elisabeth Behrmann in Sydney at ebehrmann1@bloomberg.net;

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net.

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Lukas Lundin's NGEx drills 701 metres of 0.67% Cu at Los Helados - stock soars 36% now ngq.v, tnr.v, lun.to, czx.v, pot, bhp, rm.v, lmr.v, sqm, fmc, roc, li.v, ore.ax, lit, tck, rtp, vale

  We are long time followers and investors in this company. Everything has started with Lukas Lundin's Tenke Mining many years ago. Today our approach of following the value web in a very close circle  of mining business in Canada brings us another reward.
  Lukas Lundin's global exploration play NGeX Resources has made one more step towards another discovery of a major Copper-Gold system which can become an important deposit in Chile and Argentina. Stock is up 36% to 2.60 CAD at the moment of writing.

"Los Helados is one of several large porphyry copper-gold systems including the company's Josemaria and Filo del Sol projects all located with the large block of contiguous claims that the company controls in Region 3, Chile, and adjacent San Juan province, Argentina. Nearby deposits held by other companies include Caserones-Regalito (Pan Pacific Copper-Mitsui) and El Morro (Goldcorp/New Gold). The company holds a 60-per-cent interest in the Los Helados project. Japan, Oil, Gas, and Metals National Corp. holds the remaining 40-per-cent interest in the project. Both parties contribute their pro-rata share of exploration expenditures."


Josemaria project is adjacent to TNR Gold's Batidero property, where NGeX resources has a J/V with TNR Gold in Argentina.

"Location

Batidero is in the Northern part of San Juan Province, Argentina.

Technical Details

The Batidero project has significant gold and copper geochemical anomalies immediately adjacent to the northwest corner of the property, which indicate a possible extension of NGEx Resources Inc. Josemaria Cu-Au resource. In addition to the possible Josemaria extension, the Batidero property has several untested magnetic anomalies similar to those that make up Josemaria.

TNR presently owns 25% of the Batidero project and a 2% NSR."

"With Inmet it was the road into the nowhere, now Lundin Mining is still open to Equinox offer. Freeport McMoran move still could be in the cards for Lundin Mining jewel - Tenke Fungurume. It will be difficult for Lukas Lundin to defend the company with anything better than 10CAD on the table now - we will still consider that it is the very good deal for the buyer.

  We will monitor other companies with Lukas Lundin or his companies involvement now Canada Zinc Metals, TNR Gold, NGeX Resources, Sunridge Gold and Fortress Minerals."

NGEx drills 701 metres of 0.67% Cu at Los Helados

2011-04-01 09:31 ET - News Release

Dr. Wojtek Wodzicki reports

NGEX DRILLS 701 METRES OF 0.67% COPPER AND 0.30 G/T GOLD IN HOLE LH-16 AT LOS HELADOS, CHILE

NGEx Resources Inc. has released results from a further four diamond drill holes completed this season at the Los Helados project located in Chile's Region 3. These results from holes LH-15 to LH-18 follow results from LH-12 to LH-14 released on Feb. 22, 2011. LH-16 is the best hole drilled to date at Los Helados in terms of thickness and grade of copper-gold mineralization. Of particular interest is the fact that there are significant intervals of greater than 0.8 per cent copper in LH-16, LH-17, and LH-18 including 32 metres of 1.1 per cent copper and 0.56 grams per tonne gold in LH-16. Gold is present from top to bottom in all four holes. The four holes reported today are part of an continuing drill program that will total at least 10 to 12 holes and is expected to continue until the end of the summer exploration season in late April. The objective of the current drill program is to better define a zone of higher-grade mineralization that was also intercepted in previously reported holes LH-12 with 711 metres of 0.54 per cent copper and 0.26 grams/tonne gold, including 114 metres of 0.67 per cent copper and 0.19 grams/tonne gold; and LH-13 with 724 metres of 0.47 per cent copper including 562 metres of 0.54 per cent copper and 0.25 grams/tonne gold and including, 212 metres of 0.68 per cent copper and 0.30 grams/tonne gold. Weather and time permitting, the company hopes to complete sufficient drilling in this zone to permit calculation of an initial resource estimate by the end of 2011.

Intervals from the holes reported today are summarized in the table below.

Please see attached appendix for a summary of all the results to date from the current field season.

Commenting on the results, Wojtek Wodzicki, president and chief executive officer, said, "The results we report today confirm that we are in the midst of defining a major new copper-gold system that is still open in several directions and at depth. LH-16 intercepted good grade material from a depth of 76 metres, which bodes well for project economics and the fact that it bottoms in material grading greater than 0.9 per cent copper, suggests potential for a high grade core to the system. The results from LH-16 suggest that the high grade core of the system extends further to the west than previously thought and that the deposit is wide open in that direction. We continue to be encouraged by both the length and grade of the intercepts and by the fact that the drill holes contain long intervals of better than 0.6 per cent copper as well as consistent accessory gold. The reported intervals look even more encouraging on a copper-equivalent basis. We are very encouraged by the results to date and have expanded our drill program to approximately 10,250 metres in order to test the possible extensions. We anticipate a very exciting next few months as we work our way towards an initial resource estimate at Los Helados."

The higher-grade mineralization reported above is hosted within a quartz-feldspar porphyry stock and cross-cutting magmatic-hydrothermal breccia body that, based on mapping and drilling to date, has an estimated area of approximately 500 metres by 600 metres and extends to depths of more than 750 metres although further drilling is required to confirm these dimensions. Preliminary interpretation suggests that LH-16, LH-17 and LH-18 were drilled largely within the breccia body. LH-15 appears to have been collared to the north and east of the breccia and only intersected it at depth. It is noteworthy that hole LH-15 contains good grade mineralization at depth. Based on drilling to date the breccia body appears to be open to the west of holes LH-12, LH-16, and LH-13. The system is also open to the east and south.

The higher grade mineralization is associated with potassic alteration which is represented by strong biotite alteration. In the upper part of the system, the potassic alteration is overprinted by a chlorite-sericite assemblage that resulted in the introduction of pyrite and alteration of magnetite to hematite and apparently a slight reduction in copper grade. Copper mineralization occurs as primarily as chalcopyrite in both veinlets and breccia matrix. There is a close association of chalcopyrite with magnetite.

Los Helados is one of several large porphyry copper-gold systems including the company's Josemaria and Filo del Sol projects all located with the large block of contiguous claims that the company controls in Region 3, Chile, and adjacent San Juan province, Argentina. Nearby deposits held by other companies include Caserones-Regalito (Pan Pacific Copper-Mitsui) and El Morro (Goldcorp/New Gold). The company holds a 60-per-cent interest in the Los Helados project. Japan, Oil, Gas, and Metals National Corp. holds the remaining 40-per-cent interest in the project. Both parties contribute their pro-rata share of exploration expenditures.

Sample preparation and analysis and qualified person

The drill core was logged, sawed, and half cores were sampled in their entirety in two metre intervals or intervals corresponding to geologic breaks by company personnel at the company's field office in Copiapo, Chile. Samples were shipped to ACME's Copiapo sample preparation facility for crushing and grinding. The sample pulps were analyzed by standard industry assay methods in ACME's Santiago, Chile, laboratories. Copper and gold standards as well as blanks and duplicates (field, preparation and analysis) were randomly inserted into the sampling sequence for quality control. On average, 9 per cent of the submitted samples correspond to quality control samples. The quality control/quality assurance program on the Los Helados project is under the management of Diego Charchaflie MSc, PGeo (B.C.), a qualified person pursuant to NI 43-101. Dr. Wojtek Wodzicki PhD, PGeo (B.C.), a qualified person as defined by National Instrument 43-101 and president and chief executive officer of NGEX has reviewed and verified the technical exploration information contained herein."

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