| |
| | |
|  | |
| | | |||
| | | | Message to shareholders from the First Quarter 2010 In January, drilling began on the recently acquired Malmyzh project. The Malmyzh project is one of three copper and copper‐gold projects in the Russian Far East that were recently acquired through a 51% Share Purchase Agreement with Freeport-McMoRan Exploration Corporation. Drilling was concluded in early April with 6,671 metres drilled in 23 holes and tested ten large geophysical and geochemical targets. Determination of hole locations for the first‐pass drilling program was based almost exclusively on soil geochemistry and magnetic anomalies due to the extensive soil and vegetative cover that characterizes the Malmyzh licence. (More) Message to shareholders from the 2009 Annual Report The Company enjoyed another successful year of exploration on its gold and copper/gold projects in easternRussia. Drilling at the Svetloye gold project resulted in a significant extension on the known mineralization at the Amy, Tamara and Elena targets. Work on the new Malmyzh copper/gold project also yielded excellent results, demonstrating the excellent potential of this project. Fortress recently received two prestigious awards for excellence in exploration from the Khabarovsk Ministry of Natural Resources in Russia. The awards were presented to the Company in recognition of the discovery and continued successful exploration of the Svetloye gold deposit and the Malmyzh copper/gold project. (More) Message to shareholders from the Third Quarter 2009 In September, Fortress acquired a 51% interest in Phelps Dodge Khabarovsk, LLC ("PDK") from Freeport-McMoran Exploration Corporation ("Freeport"). PDK owns a 100% interest in Amur Minerals LLC ("Amur") who holds certain exploration and mining licences in the Far East of Russia. As consideration, the Company paid $10,875 and agreed to solely fund 12,000 metres of drilling over 18 months and maintaining the licences in good standing. Results of Freeport's historical reconnaissance drilling were very encouraging and include drill hole PDMC-002, which intercepted 215 metres from surface grading 0.34% copper, hole PDMC-004, which intercepted 195.6 metres (from 2 to 197.6 metres at end of hole) grading 0.39% copper and 0.29 grams per tonne gold and hole PDMC-005, which intercepted 181.7 metres (from 12 to 193.7 metres) grading 0.30% copper. (More) Message to shareholders from the Second Quarter 2009 The Company received an updated NI 43-101 resource estimate for the Amy Prospect within the Svetloye gold project. Inferred resources were estimated at 5.975 million tonnes averaging 2.43 grams/tonne (g/t) gold containing 467,000 contained ounces of gold based on a 1 g/t gold cutoff and a 10 g/t capped gold grade. The total inferred resources at Svetloye, including Elena, Amy and Tamara are at 20.103 million tonnes grading 2.21 g/t gold and containing 1.428 million ounces of gold. (Report dated June 1, 2009 by James C. Ashleman, Thomas E. Bowen and Dean D. Turner -- available on www.sedar.com). (More) Message to shareholders from the First Quarter 2009 To our shareholders, Exploration at the 100%-owned Svetloye gold project in Russia continues to advance significantly. Highlights include work at the Amy target where the mineralized zone was expanded significantly and a new NI 43-101 compliant resource estimate is 5.975 million tonnes averaging 2.43 g/t gold, containing 467,000 ounces of gold. This represents a 230% increase in contained gold at Amy. The total resource estimate, including Elena, Amy and Tamara now contains 1.428 million ounces of gold, which is a 29.5 % increase over the previous total. The Svetloye project, which is located in the Russian Far East, is a high sulphidation gold system. It comprises nine key targets of alteration and gold mineralization that underlie a total area of about 17 square kilometres. The alteration areas form a northwesterly trending belt across the property that is about 8 km long by up to 4 km wide. Work during 2008 was focused primarily on three of the targets, Elena, Tamara and Amy. (More) Message to shareholders from the 2008 Annual Report To our shareholders, Exploration at the Svetloye gold project in Russia advanced significantly during the year. Highlights include work at the Amy target where the mineralized zone was expanded significantly and a new NI 43-101 compliant resource estimate expanded the zone to 5.975 million tonnes averaging 2.43 g/t gold, containing 467,000 ounces of gold. This represents a 230% increase in contained gold at Amy. The total resource estimate, including Elena, Amy and Tamara now contains 1.428 million ounces of gold, which is a 29.5 % increase over the previous total. In addition, the Company increased its interest in Svetloye to 100% by acquiring Freeport-McMoran's 49% interest. The Company acquired an initial 51% interest in Svetloye Gold Corporation ("SGC") in 2005 from Freeport-McMoran Exploration Corporation ("Freeport"). In May 2008, the Company acquired the remaining 49% interest in SGC from Freeport. In consideration, the Company paid US $8,000,000 in cash and issued four million shares to Freeport. A 1% net smelter return royalty is payable to an independent third party. (More) Message to shareholders from the Third Quarter 2008 To our shareholders Encouraging drill results continue to be received from reconnaissance and step-out drilling at Fortress' 100% owned Svetloye gold project in the Russian Far East, where previous drilling identified significant gold mineralization within the Elena, Amy and Tamara prospects. Of particular interest in the latest program is the expansion of the Elena prospect, which was the first zone identified at Svetloye, where a new discovery of additional gold mineralization was identified outside and to the southwest of the previously identified limits of the deposit. Highlights include Hole PDSC-199 which intercepted 4.83 g/t gold over 15.6 metres. Encouraging results were also received from the Ludmilla prospect where Hole PDSC-208 returned, from near surface, 64 metres grading 1.37 g/t gold. (More) Message to shareholders from the Second Quarter 2008 To our shareholders Ongoing work at the Svetloye gold project in northeastern Russia continues to yield excellent results. The 2008 exploration program is well underway and includes trenching, sampling, geophysics and a minimum of 16,000 metres of drilling, utilizing three diamond drill rigs. Work is focusing primarily on the Elena, Tamara and Amy prospects. Since the start of the 2008 drilling program in late March, 2008, 98 diamond drill holes totaling approximately 12,500 metres have been completed. (More) Message to shareholders from the First Quarter 2008 To our shareholders, The new year is off to a strong start with the 2008 drilling program well underway on the Svetloye gold project in Russia. Work to date on the project has now identified 9 strong prospects over an 8 kilometre long trend. The work program will include trenching, sampling, geophysics and a minimum of 15,000 metres of drilling, utilizing three diamond drill rigs, focusing primarily on the Elena, Tamara and Amy prospects. The drill crew has already completed 3,030 metres in 23 holes on Tamara and 1,983 metres in 16 holes at Elena. During the first quarter, the Company received the bulk of the remaining assays from the 2007 drill program. Of particular significance were the results received from the Elena prospect. Highlights include the upper 65.6 metres of Hole PDSC-119, which intercepted continuous mineralization grading 5.20 grams per tonne (g/t) gold. Also of interest was the upper 15.5 metres grading 3.53 g/t gold in Hole PDSC-121 and 19.7 metres grading 0.91 g/t gold in Hole PDSC-117 which extended the known mineralization at Elena an additional 100 metres to the southwest. In addition, significant results from a trenching program were received from the Amy, Tamara and Ludmilla prospects. (More) Message to shareholders from the 2007 Annual Report To our shareholders, A new, exciting chapter has begun for Fortress. The Company has teamed up with Gazprombank, one of the three largest banks in Russia, to jointly develop the Company's growing Svetloye gold project and to acquire and develop additional world-class gold projects in Russia. Fortress has signed agreements to acquire the 49% interest in Svetloye held by Freeport- McMoran Exploration Corp. which would bring Fortress' holdings up to 100%. Concurrently, Fortress has granted an option to Gazprombank to acquire a 51% interest in Svetloye thus forming a Gazaprombank 51% and Fortress 49% joint venture partnership. The partnership capitalizes on the respective strengths of Fortress' mining expertise and Gazprombank's extensive relationships in Russia. It also positions Fortress to succeed under proposed legislation in Russia, under which acquisitions of certain strategic sector assets, including gold deposits in excess of 50 tonnes (approximately 1.6 million ounces), are expected to require government approval. (More) Message to shareholders from the Third Quarter 2007 To Our Shareholders, Fortress enjoyed another busy and successful year at the Svetloye gold project in the Russian Far East where a total of nine prospects (including two discovered during 2007) have now been identified over a ten kilometer strike length of epithermal gold mineralization. The 2007 exploration program, which was completed by the end of the third quarter, included 8,283 metres of drilling in 62 holes, 2,226 metres of trenching and the collection of more than 500 soil and rock samples. The company has completed a total of 16,758 metres of drilling in 130 holes and 4,186 metres of trenching to date. We are still awaiting assay results from 13 drill holes, trenching and soil and rock samples. (More) | | | | |
| | | |||
| | Home Investors News Contact | |  | |