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Yellowcake Mining Inc. (OTCBB: YCKM) 4/14/08 Yellowcake Mining Inc. annonced that it has selected Stewart Brothers Drilling, Milan, New Mexico, to execute the Phase One drilling program at our Uravan-Beck uranium project on the Colorado Plateau. The program consists of completion of over 20,000 feet of rotary drilling at ten sites where significant uranium mineralization is indicated by the presence of close-spaced drill holes which were completed during the 1970s and 1980s. Most drill targets are at shallow depths of less than 150 feet. Drilling will commence following receipt of the proper governmental permits.
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Victory Energy Corporation (OTCBB: VYEY) 4/14/08 Victory Energy Corporation announced that the Corporation has brought two new wells online in its Canyon Sandstone gas play located in the Texas Permian Basin.
On Friday stimulation work for wells #166-8 and #166-3 was successfully completed. Both wells were frac'd with stimulation jobs designed using computer modeling based upon characteristics for these types of wells. Computer modeling is utilized to provide superior production performance of Canyon Sandstone gas wells. A work-over rig has been moved onto location to begin swabbing back the stimulation fluid that had been pumped into the formation. It is anticipated that the wells will kick off and flow on their own by April 21st. Once the wells have produced back enough of the stimulation fluid where it will not interfere with production testing, the single point production test will be conducted and completed by May 20th.
The drilling contractor is drilling the tenth well for Victory, #166-12. The contractor reports drilling is progressing as expected and the rig should reach total depth to the target zone, the Canyon Sandstone gas zone, by April 30th.
"Our plan upon completion of the tenth well is to prepare to drill a deep well targeting the Strawn Limestone zone. A deep Strawn Limestone gas well will take this particular project to the next level, providing potentially higher levels of returns for the investors and our shareholders," stated Jon Fullenkamp, President of Victory Energy Corporation.
Each Canyon Sandstone gas well in this field will produce approximately 500,000,000 cubic feet of gas for Victory over a 35-year average production life. A 5,000-foot deep Canyon Sandstone well initially tests at an average of 250,000 cubic feet of gas per day. A Strawn Limestone gas zone will produce approximately 1.5 BCF over an average life span of 30 years. The Strawn zone is usually found at 9,000 to 9,800 feet.
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Pure Nickel Inc. (OTCBB: PNCKF) 4/10/08 Pure Nickel Inc. (OTCBB: PNCKF) provided an update on results from the first 7 holes of its winter drill program at its William Lake Property located in the southern portion of the Thompson Nickel Belt, Central Manitoba. The property is owned 100% by Pure Nickel Inc.
This winter the program encompassed an integrated exploration project that included diamond drilling and an 1159km VTEM airborne geophysical survey that identified numerous weak to highly conductive zones some of which were drilled.
The surface drill program was completed on April 8th with a total of 7525.59 meters in 15 holes completed on budget. The drilling was completed on five zones within the 15 km William Lake trend. This winters program was testing nickel bearing horizons identified by the historical drilling (see 43-101 William Lake Technical Report). In view of the previous wide spaced drilling (up to 250 meters apart) one of the main objectives of the program was to establish the continuity of the known mineralization to provide confidence to work towards a mineral estimation for a 43-101 compliant resource on one or more sections. Testing for the continuity of mineralization included drilling above, below and on strike of the known zones at 50 to 100 m step outs. In addition, new zones identified by the VTEM survey, as well as previously identified nickel bearing horizons with little previous drilling and/or poor understanding of the mineralization, were also explored.
This release details the assay results from the first 7 holes with an additional 8 holes to follow. Drilling results to date indicate significant nickel mineralization is found in 2 of the 3 zones targeted with results pending on an additional 3 zones.
This program has demonstrated that the William Lake trend is a prolific nickel bearing property with continuity of mineralization.
Additional assay results are pending on 8 holes including 2 holes in one zone that intersected greater than 20 metres of massive sulphides in each. The 2 holes are 75 meters apart in a zone that has historically reported results (see 43-101 William Lake Technical Report) ranging from 1.44% Ni over 0.57 meters to 3.44% Ni over 2.10 meters. These are the thickest massive sulphide intersections encountered in the 2007-08 drill program and assay results are pending.
Additional analyses are to include PGE (platinum group elements) analyses on existing analyzed samples that return greater than 0.5% Ni or Cu because historical analyses on the William Lake trend returned 9.3g/t Pt, 11.0g/t Pd, 2.1g/t Rh, 2.9g/t Ir and 10.4 g/t Ru (U of T results 43-101 William Lake Technical Report) from a composite sample from one of the zones.
Detailed drill results on the first 7 holes are tabulated below. Intersection length provided is meterage measured down hole.
Quality Control:
Aurora Geosciences Ltd. of Yellowknife is the project operator for Pure Nickel. Drill core is logged on site by Aurora's geologist. Core is then cut, one half is retained and stored on site for reference, and one half is sent for analysis. QA/QC programs employ the insertion of blanks and CANMET certified reference material at regular intervals as quality control. Additional standards, blanks and duplicate analyses are also employed by the analytical laboratory.
Core samples are delivered to TSL Laboratories Inc. preparation facility in Saskatoon for crushing and pulverizing. Pulps are geochemically analyzed for nickel, copper, cobalt and sulphur and samples containing over 0.50% copper or nickel are reanalyzed with an assay technique using an aqua regia digestion for both methods. The aqua regia technique generally determines only the soluble sulphide nickel that is present and does not determine the amount of silicate nickel that may be present.
Phillip Mudry, P.Geol. is Chief Exploration Consultant for Pure Nickel Inc. and is the designated Qualified Person (Q.P.) for the William Lake Project. Mr. Mudry is supervising drill hole planning, implementation and quality control/quality assurance programs at the William Lake project for 2008.
About William Lake:
William Lake is one of the principal properties acquired in the Xstrata Canadian Property purchase by Pure Nickel in July, 2007. Since the acquisition, the Pure Nickel exploration team has compiled a considerable amount of historical drill and geophysical data, commissioned the 43-101 Technical Report and commenced drilling on high priority target areas of know mineralization from the extensive dataset provided by Xstrata Nickel. The areas of known mineralization on the William Lake property evidenced by historic drill data extends over a distance of 15 kilometers. William Lake is close to metallurgical processing facilities at Thompson and Flin Flon, Manitoba, is well located adjacent to the major North South all weather highway and is bordered to the east by major regional electrical transmission power lines.
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Golden Phoenix Minerals, Inc. (OTCBB: GPXM) 4/10/08 Golden Phoenix Minerals, Inc. reported that Asia's top producer of molybdenum has said that worldwide prices will remain high due to strong demand around the globe.
Jinduicheng Molybdenum Group Co. executives told Reuters news service that another reason prices will stay high ($33 a lb.) is because output will not increase greatly in the next three years.
"This Shanghai company, which produces seven percent of the world's molybdenum, the silver-white metal used to toughen alloy steel, is proving to us that we're in the right sector at the perfect time," said Robert P. Martin President. "Moly is currently trading on the London Metals Exchange at ten times the price of the year 2000."
Ashdown Project LLC mined 749,852 pounds of concentrates in 2007 and shipped these at an average sale price of $30.30 per pound of contained Mo.
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GoldSpring, Inc. (OTCBB: GSPG) 4/10/08 GoldSpring, Inc. announced positive third-party assay results for exploratory drill holes 2008-08, 2008-09 and 2008-10. These drill holes are a continuation of the definition drilling in and around the Hartford Complex.
Rob Faber, GoldSpring's President, stated, "We are pleased with the results to date. As we receive and interpret additional assay results, we are continuing to define our ore body at the Hartford Complex and drawing closer to completing our 43-101 reserve report. The Hartford Complex represents less than five percent of our total landholdings in the Comstock Lode. We intend to expand our drilling program beyond the Hartford Complex in the second half of 2008. Our goal is to locate bonanza mineralization on our Comstock Lode property."
-- Drill Hole 2008-08 encountered low grade precious metals from the surface to a depth of 60 feet, with precious metals value of 0.012 ounce per ton gold and 0.18 ounces per ton silver. Mineralization was also encountered below the main host rock at a depth of 440'. The values encounter were 15' grading 0.062 ounce per ton gold and 0.14 ounces per ton silver.
-- Drill Hole 2008-09 contained 70 feet (0'-70') grading 0.025 opt gold and 0.34 opt silver. This hole was lost in the ore zone at seventy feet. Drill hole 2008-08 was designed to twin 2008-07 and continue sampling within the main host rock.
-- Drill Hole 2008-10 was drilled adjacent to 2008-07 with the objective of continuing to measure the ore zone contacted in drill hole 2008-07.
Drill hole 2008-10 encountered 30 feet (10'-40') grading 0.034 ounces per ton gold and 0.72 ounces per ton silver, followed by twenty-five feet (55'-80') grading 0.109 ounce per ton gold and 0.75 ounces per ton silver, followed by fifteen feet (210'-225') grading 0.082 ounces per ton gold and 0.08 ounces per ton silver, and ending in forty feet (290'-330') grading 0.091 ounces per ton gold and 0.23 ounces per ton silver. This hole bottomed in ore.
Summary Exploratory Drilling Results Table
The Company's current drilling plan started on Northing 771600. The first ten holes drilled in 2008 are located 200 feet north of the mineralized zone established by the Company's four December 2007 exploratory drill holes. The Company intends to publicly release third-party assayed data on all exploratory drills as results are received. To date, the Company's phase one drilling program results are summarized in the table below.
Drill Hole Intercept Gold Grade Silver Grade
(Date and in Feet (ounces per (ounces per
Number) ton Au) ton Ag)
All of the assays referenced herein and the data derived therefrom have been performed and analyzed by American Assay of Reno, Nevada, a laboratory independent of GoldSpring, utilizing industry standard analytical methods.
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