Wednesday, August 26, 2009

Lukas Lundin found more Gold and Copper: Fortress Intercepts 26.5 Metres Grading 9.24 g/t Gold at the Elena Prospect. FST.v, CGH.to, LUN.to, HUI

Posted by andre at 11:46 AM


Lukas Lundin's Fortress Minerals FST.v has found more high grade gold in Russia and he has found a small M&A play with Chariot Resources. We were just wondering when he will be back in action.



"CHARIOT SHAREHOLDERS: YOUR VOTE WILL DETERMINE THE DIRECTION OF YOUR COMPANY CHARIOT RESOURCES’ BOARD OF DIRECTORS BELIEVES THAT THE ACTION OF THE LUNDIN DIRECTORS IS AN OPPORTUNISTIC ATTEMPT TO SEIZE CONTROL OF YOUR COMPANY THROUGH CONTROL OF THE BOARD WITHOUT PAYING A CONTROL PREMIUM TO YOU FOR YOUR SHARES."
We are following Mr Lukas Lundin for a number of years and have never seen him cutting the corners, being its legal or his fiduciary duty to fellow stakeholders. Move is unusual for him and his group and we are monitoring the situation. Our first take is that it is a good reminder of shareholder's right to employ and fire the management. We have a lot of experience, when management forgets who is running the company and who is running the show.




"We expect Lukas Lundin to storm the junior space back with his troops. He was out of the picture for a while and put his exploration ambitions on hold consolidating Canadian Gold Hunters CGH.to, Suramina Resources and Sanu Resources. He has grown up fast first in size of the controlled assets and status of Major League by Lundin Mining and then was hit with problems followed - he was busy saving them after the crash. But now we have a few signs of his team coming back into the junior M&A market space and we would like to speculate whether it could lead to any catalyst in juniors we are following."


We will call it a corporate governance in action and a good example: who is working for whom - management is working for shareholders and they should run the show.
Sleeping at the wheel has never paid back, if you are are not running a major bank or a Wall street firm.


"Lundin Mining Seeks Best Value for Its Holding in Chariot Resources
TORONTO, ONTARIO--(Marketwire - Aug. 25, 2009) - Lundin Mining Corporation ("Lundin Mining" or the "Company") (TSX:LUN)(OMX:LUMI) today released the following statement to address allegations made by Chariot Resources in an advertisement in a leading daily newspaper:Lundin Mining wishes to make clear that it has taken no part in the dissident proxy solicitation launched by certain concerned shareholders of Chariot Resources Limited. Lundin Mining has no intention of acquiring the Mina Justa Project or in making a bid to acquire Chariot.Commenting on the allegations contained in the advertisement, Mr. Phil Wright, President and CEO said "Lundin Mining is just as concerned as any other shareholder to ensure that we realize the best possible value for our holding in Chariot." We have lost confidence in the ability of present management to accomplish this and accordingly we support the initiative of the Concerned Shareholder Group and strongly believe that a change of management and the board of directors of Chariot is necessary." We are a major shareholder and we intend to support the slate of directors proposed by the Concerned shareholders" Mr. Wright said.

About Lundin MiningLundin Mining Corporation ("Lundin", "Lundin Mining" or the "Company") is a diversified base metals mining company with operations in Portugal, Spain, Sweden and Ireland, producing copper, nickel, lead and zinc. In addition, Lundin Mining holds a development project pipeline which includes expansion projects at its Zinkgruvan and Neves-Corvo mines along with its equity stake in the world class Tenke Fungurume copper/cobalt project in the Democratic Republic of Congo. The Company also holds an extensive exploration portfolio and interests in international mining and exploration ventures.

On Behalf of the Board,Phil Wright, President and CEO"


But back to Gold - very encouraging results and Kinross Gold knows how to deal in Russia.




VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 26, 2009) - Fortress Minerals Corp. ("Fortress") (TSX VENTURE:FST - News) is pleased to announce the latest results from diamond drilling at the Amy, Elena, and Tamara prospects, Svetloye Project Russia. Results include drill hole PDSC-273 from the Elena prospect that intercepted 50.5 metres (from 11.6 to 62.1 metres) grading (uncut) 5.36 grams per tonne (g/t) gold including 26.5 metres (from 32.9 to 59.4 metres) grading (uncut) 9.24 g/t gold and a cut grade of 4.50 g/t gold and 7.59 g/t gold respectively (reducing assays in excess of 30 g/t to 30 g/t). Drill results from the Amy prospect include hole PDSC-264 that intercepted 129.4 metres (from 8.0 to 137.4 metres) grading 1.04 g/t gold, and hole PDSC-262 that intercepted 75.5 metres (from 0.0 to 75.5 metres) grading 1.31 g/t gold. Of additional significance was hole PDSC-263 from the Tamara prospect that intercepted 96.6 metres (from 27.3 to 123.9 metres) grading 0.48 g/t gold.



Mr. Lukas Lundin, President and CEO of Fortress Minerals, commented, "We are very pleased to see the continued expansion of the Amy, Elena and Tamara zones. All targets remain open for further growth and we look forward to more drilling success in our ongoing program."





 

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