Hemisphere Gold, Inc. – HPGI – Stock Guru Profile
Hemisphere Gold has received some assays on the deep auger sampling program from its mine in the new gold producing area of Suriname, South America. This country was formerly known as Dutch Guiana.
Suriname is quickly becoming one of the world’s newest gold mining areas. Suriname is in the tropical region with deep weathering; thus exposures of rocks and mineralization are rare and geophysics is an essential component of a successful exploration program. An air survey is underway which will be of value in defining geology, structure and alteration that relates to gold mineralization. In an exploration program in a new gold district, airborne geophysics is an invaluable tool to assist in exploration.
The air survey being conducted of Hemisphere’s project employs the use of a high resolution horizontal gradiometric aeromagnetic and radiometric survey obtained by airplane over the Hemisphere’s 72,000 hectare concession in Suriname. A total of approximately 5,840 line kilometers is being flown at a spacing of 150 meters.
Terraquest is a well recognized geophysical company that specializes in high quality airborne geophysical surveys and they have completed many surveys on the Guyana Shield. Their professional crews offer a great deal of experience and expertise having carried out thousands of airborne magnetic, gamma spectrometry, and electromagnetic surveys both domestically and internationally. Terraquest’s quality data sets have been utilized in the exploration of base and precious metals, kimberlite, hydrocarbons, and uranium and water.
This area of Suriname is already considered to be highly desirable in terms of gold production.
Suriname is home to Iamgold’s most productive mine. Iamgold’s Rosebel is expected to produce 270,000 ounces of gold at a cash cost of $435 per ounce as defined by the Gold Institute.
The Gross Rosebel Goldmines, wholly owned by the Canadian firm Cambior, commenced its operations in 2004 and immediately positioned itself as the most productive and low-cost of all mines owned by Cambior.
There are proposals for large-scale investments in gold production in Suriname by Golden Star Resources and Newmont Mining which are both United States companies. They have announced a US $6M joint venture for gold exploration in the Saramacca district of Suriname. Newmont is one of the world’s biggest gold producers with consolidated gold sales of 7.36 million oz. (5.9 million equity oz.) in 2006, with an average gold sale price of US $599 per oz. in 2006, up more than 35% from the US $441 per oz. booked in 2005.
Hemisphere Gold is working in one of the newest gold producing areas in the world.
Source: Hemisphere Gold, Newmont Mining, Cambior, U.S. Department of State and Iamgold
Hemisphere Gold Inc.
3504 35th Ave SW
Calgary, Alberta T3E IA5 Canada
IR Contact: Barry Reagh
Phone: (888) 548-8444
Email: ir@hemispheregold.com
Website: http://www.hemispheregold.com
About Hemisphere Gold Inc. is in the business of exploration and acquisition of gold properties in some of the world’s best gold districts. The Company’s objective is to take advantage of high-yielding untapped mineral producing properties through exploration and acquisition. The Company’s flagship property is in Suriname, a democratic country which has had mining operations since the 1700s. Suriname is an emerging major gold producer with international companies showing interest. Hemisphere is committed to maintaining environmental stewardship, occupational safety and corporate responsibility.
This release may contain forward-looking statements which are pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ materially and all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company’s financial condition and prospects, risks associated with mining exploration, risks of governmental legislation and regulation, risks associated with technological changes, risks associated with dependence on third parties, risks relating to international operations, delays in testing and evaluation of products and risks associated with competition.
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