Gold American Mining Corp. (OTC.BB:SILA) is pleased to announce it has signed an option agreement to acquire a 100% interest in the high-grade silver-gold La Escondida Project located in Sonora State, Mexico.
The La Escondida property is comprised of two mineral concessions that cover 439.8 acres approximately 124 miles northeast of the city of Hermosillo in Sonora State, Mexico. The surrounding region has seen significant recent activity by foreign mining companies. Nineteen miles to the northeast of the property is NYSE-listed Yamana Gold Inc.’s Mercedes project, a development stage gold-silver project expected to start production at a rate of approximately 120,000 gold equivalent ounces per year from 2012. Eighteen miles to the north of Gold American’s La Escondida project is the Oroco Resources Corp.’s Cerro Prieto project, which recently reported 383,833 ounces gold and over 6 million ounces of silver reserves.
The La Escondida property is host to two distinct mineralized targets associated with a fault: a bulk tonnage-style gold-silver-lead disseminated area and a high-grade epithermal vein-hosted silver and gold area.
The high-grade vein-hosted silver and gold target consists of two veins. One vein is exposed over an area at least 800 meters long and is reported to be 3-5 meters wide. The second vein is exposed over an area at least 500 meters long and is reported to be 1-2 meters wide. The disseminated zone is found between these two veins, approximately 100 meters wide. These zones are open both along strike and at depth.
“The La Escondida project is a valuable addition to our growing project portfolio,” commented Johannes Petersen, President of Gold American. “It has an exciting potential to host a gold-silver deposit and the property’s infrastructure is excellent. A sampling program carried out at the end of 2009 showed that the property contains multiple targets with high-grade silver grades and good values of gold and lead. Several of the target zones remain open in at least one direction, and it has been determined that historic workings reached only the 30 meters depth level. These findings are significant in that there is the potential, with additional exploratory work, to show mineralization over much greater strike lengths and depths,” added Mr. Petersen.
Enstar Group Limited (Nasdaq:ESGR) reports that John J. Oros has resigned from his position as Executive Chairman and as a member of the Board of Directors to assume expanding responsibilities at J.C. Flowers & Co. LLC. Enstar’s Board of Directors has appointed Dominic F. Silvester to serve as the new Chairman. Mr. Silvester is a co-founder of Castlewood Holdings Limited, which merged with The Enstar Group, Inc. in 2007. He has served as Enstar’s Chief Executive Officer since the merger and, prior to that, was the Chief Executive Officer of Castlewood.
Mr. Oros said: “I have been delighted by my years of association with Enstar, but as the company has grown and my responsibilities outside of Enstar have increased, it makes sense for me to focus my time and energy elsewhere.” Mr. Silvester said: “John is an able executive and we have benefited greatly from his services over the years. He will be missed, but I am excited about the prospect of leading Enstar as its Chairman and Chief Executive Officer and I have tremendous confidence in the rest of Enstar’s senior management team to help me achieve our goals.”
In addition, Enstar announced that Gregory L. Curl has resigned from the Board of Directors to take a position as President of Temasek Holdings in Singapore. Mr. Silvester said: “Greg has been a valuable contributor to the Enstar board since the merger in 2007, and prior to that for four years at The Enstar Group, Inc. We wish him tremendous success in his new position.”
In connection with Mr. Oros’s resignation, Enstar and Mr. Oros entered into a separation agreement that settled all of Enstar’s obligations under Mr. Oros’s existing employment agreement. Mr. Oros has also resigned from the various positions he held with Enstar’s subsidiaries.
Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and provides management, consultancy and other services to the insurance and reinsurance industry.
AutoZone, Inc. (NYSE:AZO), the nation’s leading auto parts retailer and a leading distributor of automotive replacement parts and accessories, will release results for its fourth quarter ended August 28, 2010, before market open on Tuesday September 21, 2010. Additionally, the Company will host a one hour conference call on Tuesday, September 21, 2010, beginning at 10:00 a.m. (EDT), to discuss the results of the quarter.
This call is being web cast and can be accessed, along with supporting slides, at AutoZone’s website. Investors may also listen to the call via the phone by dialing (210) 839-8923. In addition, a telephone replay will be available by dialing (203) 369-1211 through September 28, 2010, at 11:59 p.m. (EDT).
As of May 8, 2010, AutoZone sells auto and light truck parts, chemicals and accessories through 4,309 AutoZone stores in 48 U.S. states plus the District of Columbia and Puerto Rico and 212 stores in Mexico.
AutoZone is the leading retailer and a leading distributor of automotive replacement parts and accessories in the United States. Each store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Many stores also have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations, and public sector accounts. AutoZone also sells the ALLDATA brand diagnostic and repair software. On the web AutoZone sells auto and light truck parts.
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