Firstgold
| Date | August 2010 |
|---|---|
| Report date | July 1, 2010 |
| Symbol | EFG, Toronto Venture |
Preliminary Report - August 2010
Few statements have had as important an impact on the mining world as the one issued by the Chinese government in the first part of July 2010 that they were substantially reducing their exports of rare earth elements (RRE) to the rest of the world. Quite suddenly, many users of RREs were faced with potential shortages since there are few, if any, present alternatives to Chinese supplies for these essential metals and minerals.
In other words, there is suddenly a desperate search for new supplies, particularly in North America. Hoping to take advantage of this situation, one North American junior, First Gold Exploration Inc., headquartered in Laval, Quebec and led by President Eric Leboeuf, is moving as rapidly as possible to develop their REE project located in northwest Quebec province, just to the east of James Bay.
First Gold's RRE property is named "Lac Pivert/Rose Lithium Property" and a major 2010 drill program is underway, with assay results now being received and publicized on a regular basis. The program is due to be extended during the remainder of 2010 and is planned to encompass approximately 95 holes. Preliminary results show values in metals and minerals such as lithium, tantalum, rubidium, beryllium, gallium and cesium.
The company's other important project is the joint-ventured Croinor gold project in the Val d'Or region. Previous exploration work has resulted in a NI 43-101 compliant resource estimate showing 814,228 tons grading 9.11 grams per ton for 238,414 ounces, with veins remaining open in many directions. A scoping study has been completed and First Gold plans to move Croinor toward production as rapidly as possible.
The company also has other properties located elsewhere in Quebec and in southern Mexico.
Further information may be obtained by visiting the company's website at www.firstgoldexploration.com
(A full in-depth report is planned for publication following a property visit now scheduled for late summer or early fall.)
370, rue des Magnolias
Laval, Québec
consultation with registered investment professionals.