CRESTON MOLY CORP. = Neue Molybdän-Perle
December 19, 2007
Clarification News Release
--------------------------------------------------
Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) advises as a result of a technical disclosure review by the Corporate Finance Department of the B.C. Securities Commission, the Company is issuing the following News Release to clarify its disclosure.
A number of disclosures by the Company are not in compliance with National Instrument 43-101 standards of disclosure for mineral projects, (NI 43-101) and national policy 51-201 disclosure standards (NPI-201).
In an October 31, 2007 interview with Mr. Jonathan George, President, CEO and Director, distributed as a podcast by Agoracom Communications, it was stated that "the Creston deposit has a copper cap containing 16 million tonnes of about 0.4% copper" and that "it would be very worthwhile to put a leach pad in and get the copper out." "This could probably pay for our capital costs."
The Company wishes to state that the copper resource estimate referred to by Mr. George is historical in nature. The work necessary to classify the historical resource estimate has not been completed and the historical resource estimate therefore, cannot be treated as NI 43-101 defined resource verified by a qualified person.
The historical copper resource estimate should not be relied upon and there can be no assurance that any of the copper resource, in whole or in part, will ever become economically viable. Further, this copper resource estimate, which was made by AMAX in a report titled " An Analysis of the Creston Molybdenum Property, Sonora, Mexico" and written in 1978, was reported as a geological reserve of 18 million tonnes of copper grading 0.35% Cu, which used categories not permitted by NI 43-101, and might be comparable to the inferred mineral resource category.
Mr. George also retracts his statement "it would be very worthwhile to put a leach pad in and get the copper out. This could probably pay for our capital costs", as no economical analysis on this historical copper resource has been undertaken by the Company and disclosure of economic analysis of historical or inferred mineral resources is prohibited by NI 43-101.
The copper mineralization referred to by AMAX is contained within a chalcocite blanket on the southwest flank of the Creston Molybdenum deposit and is considered relevant as it may add to the value of the Creston Molybdenum deposit.
In the October 31st, 2007 interview with Agoracom, Mr. George disclosed the Creston Moly deposit solely in terms of gross pounds of Moly combining inferred and indicated categories. Such disclosure is prohibited by NI 43-101 and is here restated as 93 million tonnes grading 0.083% Mo containing gross 169.9 million pounds in the indicated category and 84 million tonnes grading 0.076% Mo containing 141.1 million pounds in the inferred category as supported by the Company's technical report dated March 27, 2007.
In the October 31st, 2007 interview with Agoracom, Mr. George states the Creston Molybdenum deposit in terms of gross equivalent ounces of gold, combining inferred and indicated categories. The deposit does not contain potentially recoverable gold and this statement is hereby retracted.
The Company also retracts its disclosure of the Creston deposit, including inferred category, in terms of gross in-situ dollar metal value. Disclosure of a deposit solely in terms of gross contained metal and gross dollar value may be misleading as it does not factor in mineability and recoverabilty and fails to take into consideration operating and capital costs, recoveries, smelter costs and other factors relating to the potential mining, extraction and recovery of metals.
The Company further wishes to state that contrary to statements made in the October 31st interview with Agoracom, until a preliminary assessment or "scoping study" of the Creston deposit has been completed, projections of net present value, daily production rates, break even molybdenum price and assumed molybdenum price are premature and unsubstantiated and are hereby retracted.
The Company's website, and investor materials contain a quote by Mr. C.M. Miller, Exploration Manager for AMAX in 1978, who quantified the tonnage of the known exploration targets at the time, inclusive of the Creston Zone. Based on the stage of exploration at that time, Mr. Miller stated that the Red Hill zone could equal the present Cerro Creston area in size. The Red Hill Zone has been interpreted to be the faulted extension of the Main Creston Molybdenum Zone as indicated by the numerous drill hole intercepts obtained by AMAX during their various exploration programs.
It should be emphasized that no NI 43-101 compliant estimates of the potential quantity and grade ranges of the Red Hill zone have been made and the exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource and there is no certainty that further exploration of the Red Hill zone will result in the delineation of a mineral resource.
Similarly, there are no compliant estimates of potential quantity and grade ranges for additional potential exploration targets at Creston, and current mineral resource estimates have been made subsequent to the 1970's AMAX estimates of potential for Creston. The Company is presently undertaking an in-fill drill program on the Creston Molybdenum deposit in order to upgrade inferred resources to the indicated category which will form the basis for a feasibility study.
The Company also wishes to state that the Creston project is its only material property, as it has terminated its option agreement to acquire an interest in the Serb Creek property.
About Creston Moly Corp.: Creston Moly Corp. is a Canadian mineral exploration company focused on the development of the El Creston Molybdenum deposit in Sonora, Mexico. The Creston Molybdenum Project contains the following mineral resources at a 0.035% Mo Cut-off grade:
Category
Tonnes
Mo%
Cu%
Mo lbs
millions
Cu lbs
millions
Indicated
92,873,000
0.083
0.060
169.9
122.8
Inferred
84,221,000
0.076
0.050
141.1
92.8
1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimates of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
2. The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
3. The mineral resources referred to herein have been estimated in an NI 43-101 compliant technical report (the "P & E Report") prepared for the Company in March 2007 by independent qualified persons Eugene Puritch, P. Eng. and Dr. Wayne Ewert, P. Geo. of P&E Mining Consultants Inc. The P & E Report is available at www.sedar.com.
Dr. Luca Riccio, PhD., P. Geo, a Qualified Person as defined by National Instrument 43-101, is responsible for the technical information contained in this News Release.
On behalf of the Board
(Signed) "Jonathan W. George"
President
For further information please contact
Mr. Jonathan George
604-694-0005.
604-684-9365 (FAX)
Website: www.crestonmoly.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government, and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues, and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance, or achievements.
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Creston and Tenajon Announce Closing of Business Combination
Combination Creates One of the Largest Molybdenum Explorers In North America
* Press Release
* Source: Tenajon Resources Corp., Creston Moly Corp.
* On Wednesday August 26, 2009, 8:30 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 26, 2009) - Creston Moly Corp. ("Creston") (TSX VENTURE:CMS - News) and Tenajon Resources Corp. ("Tenajon") (TSX VENTURE:TJS - News) are pleased to announce that the previously announced business combination, by way of Plan of Arrangement (the "Arrangement"), was approved by the Supreme Court of British Columbia on August 21, 2009 and closed effective as of 12:01 AM (Pacific Standard Time) earlier today. Tenajon's shares have ceased trading effective the closing time of 12:01 AM this morning.
Highlights of the Transaction:
(All amounts are in US$ unless otherwise stated.)
- Creation of a platform for the combined company to become a leading molybdenum development company via organic growth and acquisition opportunities;
- Consolidation of a large reserve and resource base consisting of three projects in favourable geographic locations (Mexico and Canada);
- 100% ownership of the Creston Molybdenum Deposit which has a pre-tax NPV8% of US$503 million at $15/lb Moly and $1.75/lb Cu under an owner mining scenario. Direct cash costs are estimated at $5.74/lb of Mo equivalent under an owner mining scenario;
- 100% ownership of two Canadian development molybdenum deposits, including the Ajax deposit and the Moly Brook deposit, both of which possess significant 43-101 Resource estimates;
- Excellent exploration potential on all three resource projects; and
- Strengthened management team with extensive experience in raising capital and developing projects on plan and on budget.
Transaction Summary
Pursuant to the Arrangement, holders of Tenajon shares are entitled to receive 0.84 share of Creston for each common share of Tenajon held. Tenajon options and Tenajon warrants were exchanged for Creston options and warrants respectively on the same exchange ratio. Additional information on the transaction is available in the Information Circular available on SEDAR at www.sedar.com.
Tenajon Shares to be Delisted
Tenajon has applied to have its shares delisted from the TSX Venture Exchange. Creston will be sending out letters of transmittal to the Tenajon shareholders providing instructions on how to exchange their share certificates pursuant to the Arrangement. Tenajon shareholders can also find a copy of the letter of transmittal on SEDAR at www.sedar.com.
Board & Management of Creston
As a result of the closing of the Arrangement, the board of directors of Creston now consists of six directors, being Colin K. Benner (Chairman), Bruce McLeod (President & CEO), Richard Godfrey, John McCleery, John Robins and Michael Gunning. Wayne Johnstone will continue as CFO and Jonathan George and Alfonso Daco have been appointed as advisors to the Board.
The New Creston
With Tenajon and Creston now combined, Creston Moly Corp. is one of the largest molybdenum explorers and developers in North America with a 100% interest in three large scale molybdenum deposits; being the Creston Molybdenum Deposit (Creston Project) located in the State of Sonora, Mexico, the Moly Brook Molybdenum Deposit located on the southern coast of Newfoundland and the Ajax Molybdenum Deposit located north of Alice Arm, BC.
On Behalf of the Board of Directors
CRESTON MOLY CORP.
D. Bruce McLeod, President & CEO
Klasse Management, schaun mer mal wo die Reise noch hingeht!
Weiß jemand wie der Tausch der Tenajon Shares vonstatten geht, glaub ja nicht dass wir einen Brief aus Kanada bekommen. Oder geht das alles automatisch?
Da macht die Börste ja mal wieder richtig Spass!
Beste Voraussetzungen für Kanada!!!
lg schotti
Bin mal gespannt was heute bei den Cans passiert.
Könnte mir vorstellen, wenn hier in Deutschland ein wenig mehr Volumen reinkommt, gehts richtig ab.
Aber warten wirs ab ....
So long ....
Dec 29/09 Dec 21/09 Gunning, Michael Hewitt Direct Ownership Options 50 - Grant of options 453,000
Dec 24/09 Dec 21/09 Johnstone, Wayne David Direct Ownership Options 50 - Grant of options 100,000 $0.220
Dec 24/09 Dec 21/09 McLeod, Donald Bruce Direct Ownership Options 50 - Grant of options 661,000 $0.220
Dec 23/09 Dec 21/09 Benner, Colin Keith Direct Ownership Options 50 - Grant of options 125,000
Dec 23/09 Dec 21/09 Godfrey, Richard Direct Ownership Options 50 - Grant of options 300,000 $0.220
Dec 21/09 Dec 21/09 McLeod, Donald Bruce Direct Ownership Common Shares 10 - Acquisition in the public market 3,000 $0.200
Dec 21/09 Dec 18/09 McLeod, Donald Bruce Direct Ownership Common Shares 10 - Acquisition in the public market 80,500 $0.200
Dec 18/09 Dec 17/09 McLeod, Donald Bruce Direct Ownership Common Shares 10 - Acquisition in the public market 16,500 $0.200
Dec 08/09 Dec 01/09 Johnstone, Wayne David Direct Ownership Common Shares 11 - Acquisition carried out privately 25,000 $0.170
http://canadianinsider.com/coReport/allTransactions.php?ticker=CMS
http://canadianinsider.com/coReport/allTransactions.php?ticker=CMS
Wenn da jetzt bei uns noch ein bißchen Umsatz mit reinkommt,
dann kanns abgehn!!!
Friday, February 05, 2010.
Ferro-molybdenum in Europe has jumped up in price as participants rush into the market to buy stocks before the launch of the London Metal Exchange's futures contract later this month, Steel Business Briefing learns from trading sources.
FeMo in warehouse duty paid Rotterdam is now trading around $36-36.50/kilogram (€26-26.35/kg), which is up from $32.80-33.10/kg last month and $27.50/kg the previous month, a trader tells SBB.
“There are now many investing in moly due to the LME contract coming on,” the trader says. “The LME contract will create new demand from financial companies,” he says, and he expects the price will rise higher once the contract launches on 22 February.
This is also the time the Chinese will be coming back to market after their new year and will be looking for material.
“The (LME) contract will put pressure on foundries and smaller operations, but it is likely to be good for big consumers,” another trader says. He also expects the price to pick up once the contract launches, but then “we'll see it correct itself”.
http://www.kitcometals.com/news
Company Name: Creston Moly Corp.
Last Updated: February 24, 2010
Date: 02/24/2010
Symbol: CMS
Insider Buys Volume: 0
Insider Sells Volume: 150,000
Insider Buys Value $: 0.00
Insider Sells Value $: 37,500.00
Insider Buys Transaction: 3
Insider Sells Transaction: 0
Currency: CAD
http://www.tmxmoney.com/...bmit&QuerySymbol=cms&x=33&y=11
Company Name: Creston Moly Corp.
Last Updated: March 2, 2010
Date: 03/02/2010
Symbol: CMS
Insider Buys Volume: 0
Insider Sells Volume: 25,000
Insider Buys Value $: 0.00
Insider Sells Value $: 6,500.00
Insider Buys Transaction: 0
Insider Sells Transaction: 2
Currency: CAD
http://www.tmxmoney.com/...e=en&Submit=Submit&QuerySymbol=cms
Company Name: Creston Moly Corp.
Last Updated: March 3, 2010
Date: 03/03/2010
Symbol: CMS
Insider Buys Volume: 0
Insider Sells Volume: 25,000
Insider Buys Value $: 0.00
Insider Sells Value $: 6,500.00
Insider Buys Transaction: 0
Insider Sells Transaction: 3
Currency: CAD
http://www.tmxmoney.com/...bmit&QuerySymbol=cms&x=32&y=12
Mar 01/10 Feb 24/10 Johnstone, Wayne David Indirect Ownership Common Shares 90 - Change in the nature of ownership 43,939 $0.250
Mar 01/10 Oct 05/06 Johnstone, Wayne David Indirect Ownership Common Shares 00 - Opening Balance-Initial SEDI Report
Mar 01/10 Feb 24/10 Johnstone, Wayne David Direct Ownership Common Shares 90 - Change in the nature of ownership -43,939 $0.250
Feb 25/10 Feb 24/10 McCLEERY, John Barry Direct Ownership Common Shares 10 - Disposition in the public market -150,000 $0.250
http://canadianinsider.com/coReport/allTransactions.php?ticker=CMS
Creston Moly Intersects Significant Mineralization at Creston Deposit, Mexico
http://www.crestonmoly.com/s/...alization-at-Creston-Deposit-Mexic...
http://www.otcbb.com/asp/...odule.asp?qm_page=57623&symbol=CMS:CA
http://www.crestonmoly.com/s/...and-Grade-Potential-Beyond-Pit-Lim...
Creston Moly Molybdenum Project Drill Holes:
http://www.crestonmoly.com/i/maps/...Drill_Holes_2010_Location_PP.pdf
Die grössten Käufernamen können sich sehen lassen:
Versant Partners, Cannaccord, Blackmont und Haywood.
Letztere haben bis jetzt bereits fast 1Mio Shares gekauft...