Avalon Rare Metals {TSX: AVL} have been covered by a new research report.

Secutor Capital Management of Toronto have published a detailed note for the company that can be accessed by clicking the link

Toronto based Secutor Capital Management have produced a new research report on Avalon Rare Metals.

The date of publication was 27th January 2016,so this is hot off the presses and up to date.

To access the new research report for Avalon Rare metals please click HERE

Terrace Energy Corp {TSX.V: TZR} have announced they will not be paying the 8% interest due on their convertible loan notes due on 31st January 2016.

Clearly as a result of low oil prices, this does not put them in immediate default, but it begs the question, if oil prices remain at current levels can they pay the next installment due 31st April 2016?

VANCOUVER, Jan. 27, 2016 – Terrace Energy Corporation {TSX.V: TZR} announced today that it will not be making the January 31, 2016 interest payment on its 8% convertible unsecured notes (the “Notes”) due 2018.

Pursuant to the terms of the Indenture, interest payments are payable on a quarterly basis, on the last day of January, April, July and October in each fiscal year of the Company. An event of default will occur if the Company fails to make an interest payment within the 15 day cure period provided for in the Indenture, in respect of two consecutive interest payment dates. As such, the Company will not be in default for failing to make the January 31, 2016 payment.

The interest deferral will result in approximately $800,000 net cash savings for the quarter.

Given current market conditions in the oil and gas industry and projected outlook and the Company’s liquidity and other requirements, the Company is reviewing strategic alternatives to preserve liquidity and its ongoing business and may seek to restructure the terms of the Notes.
About Terrace Energy

Terrace Energy is an oil and gas development stage company that is focused on unconventional oil extraction in onshore areas of the United States with a particular focus on South Texas.

ON BEHALF OF THE BOARD OF DIRECTORS

Dave Gibbs, CEO.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward-Looking Information

This press release includes forward-looking information and forward-looking statements (together, “forward-looking information”) within the meaning of applicable Canadian and United States securities laws. Forward-looking information includes statements regarding the effect of the deferral of the interest payments and the liquidity of the Company following the deferred payments. Users of forward-looking information are cautioned that actual results may vary from the forward-looking information disclosed in this press release.

The material risk factors that could cause actual results to differ materially from the forward-looking information contained in this press release are described under the heading “Risk Factors” and elsewhere in the Company’s most recent Annual Information Form and other documents filed with Canadian securities regulators at www.sedar.com.

The Company does not assume the obligation to update any forward-looking information, except as required by applicable law.

SOURCE Terrace Energy Corp.

Kootenay Silver  {TSX .V:  KTN} released drill results from their recent drill campaign on the 2x’s Fred Property conducted with partner Theia Resources.

The holes were tested to the shallow depth of 100 metres, and showed good potential.

Comment

Another good set of drill results from Kootenay, in a better market this would produce a positive move on the share price, but of course the market remains moribund.

The intention of exploring these non core areas is to clearly identify new mineralisation so that the project will be attractive to a suitor, and the cash generated from a sale would assist the funding of the core project in Mexico.

It’s a good strategy by management in my opinion, and one that hopefully will produce the required result.

Until now management have been very prudent in expenditure and have not issued too many shares during limited placings, a tight share structure is their goal,and they have succeeded so far.

News release

VANCOUVER, Jan. 25, 2016 – Kootenay Silver  {TSX .V:  KTN}  is pleased to report results from the 2015 drill program conducted under an option with partner Theia Resources on the 2x’s Fred property, located 62 kilometers  north of Vanderhoof in the Nechacko Plateau, British Columbia.

The 2015 drill program follows up trenching conducted in 2014 which successfully identified a series of high-level, low-sulphidation epithermal gold and silver bearing quartz veins over a 1.3 x 1 km area (Saki, Gold Hill, Borrow Pit, Scud vein systems). New quartz vein exposures discovered during the drill program extended the vein system to an area of 3.0 by 1.4 kilometers.

Kootenay President and CEO James McDonald stated “The results  from recent drilling in the Nechacko Plateau underscore the significant potential of the gold and silver bearing quartz vein systems, contained within the parameters of the 2x’s Fred property. The 2x’s Fred property, a new discovery made by Kootenay’s generative program, is an example of the generator model dimension of Kootenay and the option to Theia is a part of the business plan to monetise generative stage properties.”

The 2015 drilling program on 2x’s Fred focused on providing information on the dip and width of the Saki and Gold Hill veins. Eight holes were drilled for a total of approximately 717 meters with four holes drilled on the Saki vein and four on the Gold Hill vein.

Veins are steep dipping to the northwest and southeast directions. True widths vary from 15 to 30 meters and are composed of vein, vein stockwork and vein breccia within altered basalt. Veins bifurcate and coalesce with the widest single vein being 30 meters true width and varying from about 2m to 30 meters in width.

Highlights of composited intervals are shown in the full news release on the website. The best interval was 3.2 gpt Au and 46.48 gpt Ag over 1.9 meters within 7.6 meters of 1.69 gpt Au and 29.36 gpt Ag. The longest interval was 0.370 gpt Au and 7.2 gpt Ag. Holes 6 and 8 bottomed in vein material with hole 6 just entering the vein when it had to be abandoned due to hole conditions.

* Holes 2XF-15-06 to 07 reported no significant results.

To view the 2015 drill plan map and cross sections see the website

Drilling Program on 2x’s Fred Property

The veins were tested at a maximum depth of approximately 100 meters below surface (2xF-15-08), no significant change of grade was shown in assays and no change in vein character was seen indicating that the boiling horizon and possible increase in grade remains to be tested at depth or along strike.

Four holes were drilled on the Saki Vein system to test the veins at various levels (2xF-15-01/02, 07/08). All holes intersected steep to vertically dipping banded, bladed, colloform, crustiform, to open-space veins, vein and wallrock breccias, and stockwork zones entirely within a sequence of argillically altered Endako Group basalts.

Four holes were drilled on the Gold Hill vein system (2xF-15-03 to 06). Drilling intersected significant zones of high level silica hosted entirely within argillically altered basalt. Vein and breccia textures intersected at Gold Hill were consistent with those found at Saki and show that the system is also a steep to vertically dipping resurgent conduit approximately 40 meters wide.

Size Expansion of Vein System

Prospecting and mapping during the drill program discovered new vein occurrences along trend of the veins discovered by Kootenay Silver in 2011. Reconnaissance grab samples collected from these areas returned multi-gram gold and silver as well as elevated values for pathfinder elements (As, Sb, Hg). Thick, flat lying quartz veins in the newly discovered areas are associated with sinter textures and felsic to mafic volcanic rocks and local conglomerates. These features are consistent with the top levels of a shallow low-sulphidation vein system. To date veins have been shown to occur along a 3 km long, 1.4 km wide, north-northeast trending mineralized corridor associated with a topographic low. This feature is consistent with a graben or half-graben structure defined by the current mapping and drill-hole program.

To view full drill results visit: www.kootenaysilver.com

QA/QC

Drilling was conducted by Ridgeline Drilling of Smithers, B.C. Core was cut in halves with a diamond saw and one half was catalogued, marked with a unique number corresponding to the hole and interval, placed in a plastic bag and zip locked and sent to Bureau Veritas of Vancouver, B.C. an independent assay lab. Analysis were conducted using agua regia digestion ICP-MS analysis (AQ 201 Bureau Veritas code) followed by a fire assay-gravimetric finish for gold (FA 530 Bureau Veritas code). Blanks and standards were inserted at regular intervals. Further Quality Assurance and Control procedures and details on assays procedures and laboratories used are disclosed on the Kootenay Silver Inc. website.

The foregoing geological disclosure has been reviewed and verified by Kootenay’s CEO, James McDonald, P.Geo (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects). Mr. McDonald is a director of Kootenay.

ABOUT KOOTENAY

Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. The Company’s top priority is the advancement of precious metals projects contained within its Promontorio Mineral Belt in Sonora, Mexico. This includes its La Negra high-grade silver discovery and its Promontorio Silver Resource. Kootenay’s core objective is to develop near term discoveries and long-term sustainable growth. Management comprises proven professionals with extensive international experience in all aspects of mineral exploration, operations and venture capital markets. Multiple, ongoing J/V partnerships in Mexico and Canada maximize potential for additional new discoveries while maintaining minimal share dilution.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: The information in this news release has been prepared as at January 24, 2016. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “expected”, “may”, “will” or similar terms.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Kootenay as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

This press release uses the terms “Measured”, “Indicated”, and “Inferred” resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.

SOURCE Kootenay Silver.
For further information:

James McDonald – CEO and President

+1 403-238-6986

Ken Berry – Chairman

+1 604-601-5652

Storedot attended the Consumer Electronics Show 2016  in Las Vegas.

The objective was to create interest in their MolecuLed display technology, which is free of heavy metals and is economical to manufacture.

At their suite at the CES 2016 held in Las Vegas, Executives of Israeli based StoreDot exhibited their MolecuLED — an organic color conversion layer that StoreDot offers as an alternative to quantum dots.

Although VP of R&D Daniel Aronov and Director of Product Marketing and IP Guy Paradis would not talk about the molecular or structural details, they were more than happy to talk about MolecuLED’s performance, comparing it to the QD solutions in a prior model of the Kindle HD and Samsung’s solution, in an unidentified product.

StoreDot’s organic film has peaks at wavelengths very close to that of the Kindle and Samsung solutions, and has similar sharpness of emission peaks, using the standard measure of full width at half maximum (FWHM).

Aronov said “lifetime will be equivalent by the middle of this year. MolecuLED can be made with a simple, high-yield manufacturing process at a cost approximately 30% lower than QD films. The product is free of heavy metals“.

 
The company was exhibiting at CES to initiate an aggressive partner engagement process, meeting potential partners, with plans to invite prospects to test MolecuLED during Q1 and Q2, with a view to sign commercial agreements ith from one to three partners in Q3 – Q4.

Barkerville Gold Mines {TSX.V: BGM} – Have announced restated accounts and financial statements for 2014.

The exchange is obviously still closely monitoring BGM!

Barkerville Gold Mines Files Amended Financial Statements and MD&A

Barkerville Gold Mines  {TSX.V: BGM} announces that further to its press releases of July 27, 2015 and October 30, 2015, it has, with the assistance of its auditors, identified certain inaccuracies related to the previously filed financial statements (the “Financial Statements”) and management discussion and analysis (the “MD&A”) for the nine month
period ended November 30, 2014.

As a result, the Company has filed amended and restated Financial Statement and MD&A, copies of which are available under the Company’s profile on SEDAR at www.sedar.com

The effect of the restatement is detailed as follows:

Notes:

The restatement was due to Revenue and Amount receivable previously recognized on the date of shipment and valued on the date of settlement but should be recognized and valued on the date when the risks and rewards of ownership have been transferred to the customer in accordance with the agreement entered into between the Company and its customer (date of receipt);
The restatement was related to misallocation of costs between Mine Development and Inventory;
The restatement was related to Provision for site reclamation and closure and Accretion expense not accrued for wastes produced during the period;
The restatement was related to royalty payable not accrued;
The restatement was related to Gold Loan Facility accretion expenses being understated;
The restatement was due to change in deferred tax liability not recorded;
The restatement was due to legal fees related to private placement not being recorded to share issue cost and loss on shares for debt not recorded;
The restatement was related to total impact on the Consolidated Statements of Loss and Other Comprehensive Loss;
The restatement was related reclassification of costs between Mine Operating and Cost of Sales and Direct Costs;
The restatement was due to difference in gold future and option prices used during the period;
The restatement in cash outflows from operating activities consists of adjustment of a $1,297,836 in items included in net loss which do not involve cash and adjustment of $(1,267,111) in change in non-cash working capital. This adjustment also impacted financing activities;
The restatement was related to total impact on the Consolidated Statements of Loss and Other Comprehensive Loss;
The restatement was due to gold loan facility not being recorded correctly at inception;
The restatement was due to change in fair value of derivative not being revalued and recorded;
The restatement was due to transaction costs related to gold loan facility not being classified correctly.

For further information on Barkerville Gold Mines Ltd., please contact:
Tom Obradovich
President & Chief Executive Officer
+1 416 3612511
tobradovich@barkervillegold.com

Cautionary Statement on Forward -Looking Information
Neither the TSX Venture Exchange (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Barkerville Gold {TSX.V: BGM} former qualified person peter George fined and sanctioned over his optimistic report in 2012.

The fine and punishment were not contested by Mr. George, and seem inadequate in the circumstances, when investors’ losses are taken into account.  

Comment

This is too little far too late, and you have to ask why the Canadian authorities took over three years to take this action?

And why no action against the Venture Exchange for authorising a report that looked questionable the minute it was published?

The Canadian regulatory authorities are there to protect the public and this measly fine and sanction illustrate how poor that protection actually is, in my opinion.

It is little wonder that Canada is struggling to attract fresh  investment into their markets when episodes like this go virtually unpunished, and investors once again bear the brunt.

Peter George is fine to carry on working, “under supervision”, and everyone else that invested their hard earned money loses, nice work if you can get it!

The Association of Professional Engineers and Geoscientists of British Columbia has finally taken some action, belatedly handing out fines to a pair of geologists whose reports were discredited,and some investors lost money as a result of basing investment decisions on them.

Among those sanctioned is former Barkerville Gold Mines {TSX.V: BGM}  qualified person Peter George. He wrote the 2012 report that calculated the company’s Cow Mountain project at 10.6 million ounces of gold indicated. The company later had to reduce that estimate to a mere 1.04 million ounces, under regulatory scrutiny.

The sanctions were announced by the APEGBC on Tuesday, Jan. 12. In the case of Mr. George, he has received a reprimand and has agreed that he will not prepare any mineral resource or mineral reserve estimates on his own. He also must pay a $15,000 fine and $20,000 in costs. Mr. George accepted the penalties without contesting them.

The reprimand for Mr. George comes over three years after the problems at Barkerville first surfaced. On June 28, 2012, the company issued a news release reporting that its flagship Cow Mountain property had 10.62 million ounces of gold indicated, plus as many as 65 million to 90 million ounces “district potential”. Had those figures been correct, the discovery would have been one of the largest gold finds in mining history, and looked suspicious from the start.

News of the estimate caused a buying spree, and sent the stock to $1.60. It had been trading between 45 and 80 cents in the weeks prior to the announcement.

The stock was then halted by the exchange, at around $1.20, returning over a year later and opening at 60c.

Condor Gold {AIM: CNR} have announced a new economics study of their La India Project after a consultation with Whittle Consulting of Australia.

The new economics are improved, but this was achieved using $1,250 gold price, rather than the $1,095 currently.

22nd January 2016
Condor Gold Plc

Whittle Consulting’s Optimisation Study Significantly Enhances Economics

Condor {AIM: CNR), is pleased to announce, further to its announcement of 20 October 2015, the full results, including Net Present Value (“NPV”) and Internal Rate of Return (“IRR”) figures, contained in the Whittle Consulting Limited’s (“Whittle”) Enterprise Optimisation study on La India Project, Nicaragua (the “Study”).

The Company was in an Offer Period as defined by the Takeover Code at that point in time and was unable to publish the NPV and IRR figures derived from the independent optimisation study during the Offer Period, even though the purpose of the study was to optimise the mine schedules to NPV.

One of the reasons that the Offer Period was terminated on 18th January 2016 is to provide shareholders with the full details of the optimisation study. However, as the Company is now out of an Offer Period it is pleased to update investors with these improved NPV and IRR results which significantly increase the La India Project economics.

The Study involves the application of advanced analytical techniques to construct a model of the operation from the ore bodies through mining and ore treatment processes to products sold to the market with a view to maximising a project’s NPV. The study used the reserves/resources and technical studies used in the NI 43-101 compliant Pre-Feasibility Study (“PFS”) and Preliminary Economic Assessments (“PEA”) produced by independent mineral resource and mining consultants SRK Consulting Limited (“SRK”) in December 2014.

Highlights:

• NPV increases on average 56% across three production scenarios and 78% for the PFS case.
• Average NPV US$196M compared to the current market capitalisation US$12m highlights significant undervaluation with a price-to-book ratio 0.06 times
• IRR averages 30% across three production scenarios
• 29% increase to 866k oz gold from 674k oz gold of contained gold of Indicated ounces only in the base case La India open pit, as the pit pushes deeper
• 29% increase to 1,066k oz gold from 827k oz gold contained gold of Indicated and Inferred ounces within La India open pit + two feeder pits
• 18% increase to 1,544k oz gold from 1,313 oz gold of contained gold of Indicated and Inferred within all pits and underground
• 22% increase in average gold production for the first 5 years, ranging from 91,000 oz to 165,000 oz gold per annum across three production scenarios
• The recovered gold over life of mine ranges from 796,000 oz to 1,437,000 oz gold across the 3 production scenarios
• AlI in sustaining cash costs remain under US$700 per oz gold for all production scenarios

Mark Child CEO comments “We are very pleased to now be able to release the materially improved NPV and IRR figures contained within the optimisation study. The NPV of the PFS case of Indicated ounces gold only, increased 78%. The average NPV increases 56% for three production scenarios compared to the production scenarios within the PFS and PEAs announced in December 2014. The average NPV is US$196M compared to the current market capitalisation of US$12M, valuing the Company at a price-to-book ratio of 0.06 times, highlighting the material undervaluation of the Company’s shares. The IRRs increase to an average of 30%. Indicated ounces of gold within the main La India open pit increase by 29% to 866 k oz gold and also by 29% for the main pit + feeder pits to 1,066 k oz gold as the pit pushed deeper. The annual gold production for the first 5 years increases on average 22% and ranges from 91,000 oz gold to 165,000 oz gold per annum versus the PFS and PEA studies. The recovered gold over life of mine ranges from 796,000 oz to 1,437,000 oz gold. The average pay back of upfront capital costs is between two and three production years highlighting the outstanding economics and versatility of La India Project.”

 
Background

Whittle Consulting’s (WCL) Enterprise Optimisation is an integrated approach to maximising the Net Present Value (NPV) of a mining business by simultaneously optimizing 10 different mechanisms across the mining value chain. Condor commissioned the independent optimisation study in May 2015 to investigate strategic options to improve project economics.

The Study is a strategic planning tool and is not NI 43-101 compliant. However, WCL is the recognised world leader in a specialist field of maximising the economics of a mine and has completed work for major mining companies: Rio Tinto, Anglo American, Kinross, AngloGold Ashanti, Barrick, Xstrata, Vale. The report presents the findings from the Enterprise Optimisation Study for La India Project. An oil price of US$100 was used in the PFS and PEA’s.

Four production scenarios were assessed, based on the study methodology employed by SRK and Condor.
• The PFS case includes measured and indicated material only from the La India open pit, with a processing capacity of 0.8 million tonnes per annum (mtpa) or 2,200 tonnes per day (tpd).
• The PEA 1.0 case also includes the La India open pit inferred material, with a process capacity of 1.0 mtpa or 2,800tpd
• The PEA 1.2 case includes all of the La India open pit material, and also includes material from two nearby smaller pits, America and Central Breccia. The processing capacity for this case is 1.2 mtpa or 3,300tpd. This is known as scenario “A” in the SRK reports.
• The PEA 1.6 case adds underground mining from La India and America, over and above the material in PEA 1.2. The processing capacity for this case is 1.6 mtpa or 4,400tpd. This is known as scenario “B” in the SRK reports.

Validation runs for each case were produced. Optimised runs were generated using multi-mine scheduling, fully variable cut-off grade and stockpiling. Reduced capacity cases were run, also optimised for schedule, cut-off grade and stockpiling. Grind-throughput-recovery relationships were developed for the La India open pit material, and this methodology was used to further optimize the schedule for all cases. Pit and Phase optimisation was completed on the La India pit using the Enterprise Optimisation economics, which improved NPV.

The optimised cases were developed from work done from May 2015 through to September 2015. The gold price for this work is $1,250 per troy ounce, and the silver price is $19.75/troz in order to have a like for like comparison with the PFS and PEA’s. Metal recoveries were based on the PFS and PEA work completed in late 2014.

Post-tax results are indicated in Table 1 for the four production scenarios. The Enterprise Optimisation methodology improved NPV in all cases, with decreasing improvements across the larger plant / open pit scenarios. This is due to the Grind-Throughput-recovery (GTR) work being isolated to La India Vein Set only due to limited metallurgical data on the America and Central Breccia. Similar results may be recognized when data is collected and assessed for the America and Central Breccia open pit and underground material. It is important to note that the 1.0 mtpa case does not have a PFS/PEA study equivalent, nor corresponding pit designs, so there is no comparison data. In these cases, improvements are measured against the initial Enterprise Optimisation calibration runs.
See www.condorgold.com for the tables referred to below.

 
Table 1 La India Project NPV for four production scenarios.
Table 2. Comparison of production scenarios to PFS and PEAs
Figure 1 presents a waterfall summary of the value contributions for the PFS 0.8 ktpa / 2200 tpd case. The initial optimised schedule, utilizing fully variable cut-off grade and a maximum of 1.5 mt of stockpiling, adds 3.8% to the base NPV. The grind-throughput-recovery methodology improves NPV by another 25.7% over the prior case due to faster/coarser grinding and reduced costs. The Enterprise Optimisation net value economics generate a larger pit and higher early value phases, improving NPV by an additional 48.2%.

This exercise did generate a larger pit with more ounces- it should be stressed that this is not at a PFS level of study. The overall value improvement in the PFS 0.8 case with the Enterprise Optimisation methodology is 78% at a gold price of US$1,250. The bold numbers in the graph are the total NPV at 5%, and the italicized numbers are the increment value and percent change over the base.

Figure 1 La India PFS Value Contributions

Figure 2 provides a similar presentation of the value contributions for the PEA 1.2 “A” case, which includes all Measured, Indicated &Inferred material from all three pits, with a nominal processing capacity of 1.2 mtpa (3300 tpd). There are two cut-off grade and stockpile optimised Prober schedules for reduced processing rates presented in this graph, both of which exceed the initial study NPV. The run at the nominal throughput of 1.2 mtpa has a better NPV than the 1.0 mtpa case, but only by about 1%, which may mean that the optimal processing capacity for this case may be less than the nominal 1.2mpta level. Cut-off grade and stockpiling improves NPV by 13% over the base, and GTR adds 17.9% to the NPV. The Enterprise Optimisation-generated pit and phase optimisation added 16.4% over the base. Overall, the Enterprise Optimisation methodology improved NPV for the PEA “A” 1.2 case by over 50%.

Figure 2 La India PEA 1.2 “A” Value Contributions

Figure 3 presents the value contributions for the PEA 1.6 “B” case. This case has all of the open pit material available, plus a conceptual view of underground resource from the La India and America deposits, with a nominal processing capacity of 1.6 mtpa / 4400 tpd.

For the PEA 1.6 “B” case, the reduced processing runs all have increasing values commensurate with increasing processing rates, meaning that the mine fleet size is not a mismatch for the higher production cases. However, it may be the mining fleet is over-sized for the lower production rates, which, if recapitalized, could improve NPVs for the lower production cases. This was not tested in this study, since contractor mining is the baseline assumption.

The cut-off grade and stockpile schedule improves NPV by 17.6% over the base, and the GTR case adds 2.6%. The GTR approach had less impact in this case as only the La India material has sufficient information for GTR analysis. With the addition of the Central Breccia (CBZ) material, the America pit material, and the higher grade underground material, there is proportionally less material eligible for this methodology. The Enterprise Optimised economics-base pit and phase optimisation generated significant value for the PEA 1.6 “B” case, 17% over the base. The total value gain for the PEA 1.6 “B” case is 40% over the base.

Figure 3 PEA 1.6 “B” Value Contributions

Outcomes
This Enterprise Optimisation Study developed the NPV-optimised schedules through variable cut-off grade, stockpile capacity, grind-throughput-recovery, multi-mine scheduling, and optimised pit and phasing. Significant outcomes of this process include:
1. An optimised schedule utilizing fully variable cut-off grade with stockpiling adds significantly to the project NPV in all cases.
2. The permitted maximum stockpile capacity of 1.5Mt should be utilized, and additional stockpile capacity may add value.
3. The grind size-throughput-recovery (GTR) methodology adds significant value to the project in all cases where it can be utilized.
4. Modification of the ultimate pit and phase selection based on the methodology presented here increases NPV significantly in all cases, partially due to incorporating additional tonnes and ounces.
5. The theory of constraints indicates using US Dollar per kilowatt hour as the limiting factor in the business system will improve value. The Enterprise Optimised pit and phase optimisation based on this, combined with cut-off and GTR optimisation adds significantly to project NPV.
6. When additional mining material is added, processing capacity may not necessarily need to be increased, and may not yield the optimal NPV.

The Enterprise Optimisation methodology as applied in this study was able to pull cash flow forward as indicated in Figure 4 through Figure 6. These three figures represent the PFS 0.8 mtpa case, the PEA 1.2 mtpa case, and the PEA 1.6 mtpa case.

Figure 4 La India PFS 0.8 Optimised Net Cash Flow

Figure 5 La India, America, CBZ PEA 1.2 Net Cash Flow

Figure 6 La India, America, CBZ, Underground PEA 1.6 Net Cash Flow

Conclusion
Overall, the independent optimisation analysis conducted by WCL clearly demonstrates the potential to unlock substantial additional value from the La India Project. Across 3 production scenarios, NPV increases over 50%, IRRs average 30%, the payback on upfront capital costs is between two to three production years, and gold production increases on average 22% for the first 5 years. WCL’s study is a strategic planning tool, which is used to maximise the economics, particularly the NPV, ahead of a “build decision” and can often form part of a more detailed Definitive/Bankable Feasibility Study. It should be noted that WCL’s study is not NI 43-101 compliant and would require re-generation of the PFS and PEAs to confirm the improvements. Phase 2 of the study will consist of optimisation of the underground potential for the project, as well as sensitivities to accommodate the impact of lower metal and oil prices.

Whittle Consulting Limited

Whittle Consulting’s (http://www.whittleconsulting.com.au) approach to Enterprise Optimisation involves the application of advanced analytical techniques to construct a model of the operation from the ore bodies through mining and ore treatment processes to products sold to the market. Once modelled, a powerful mathematical optimiser is applied to manipulate the variables which are regarded as “negotiable”, to develop long-term plans that excel in terms of a wide range of economic and other operational and business criteria.

Modelling techniques and facilities are comprehensive, capturing and harnessing the client’s information on geology, geotechnical, mining engineering, process engineering and metallurgy, finance and marketing, to combine into an integrated Enterprise Optimisation Model that contains the details of all development options under consideration. The model is used to direct underground mine design or as a basis for pit and phase optimisation and to develop life-of-mine business plans which identify the optimal operating configuration for the scenario presented. The result is a unique capability that can resolve planning issues beyond the scope of available packaged planning software and conventional techniques.

It is common for Whittle Consulting to interface with diverse commercial and in-house software packages during an Enterprise Optimisation exercise. These may be limited to mine planning and scheduling packages or financial reporting, or may for example already incorporate 2 or 3 of the twelve Enterprise Optimisation steps or could even utilise highly technical plant optimisation routines. It is typical for the Enterprise Optimisation work to use the output of any of these packages as input to overall optimisation of an operation or project. The Enterprise Optimisation results provide conceptual guidance for the detailed operational plans which will be developed by the client or their engineering and cost study consultants in most cases using their existing software.

All the mechanisms required for this study have been implemented before – most of them on a routine basis.

Whittle’s Enterprise Optimisation study on Condor was prepared by Richard Peevers (B.A. (Geology), MBA (Finance), M.Eng. (Civil), Registered Professional Civil Engineer California). Richard holds degrees in geology, engineering, and business administration and has managed copper, gold, borate, and nickel optimisation studies for Whittle Consulting.

Competent Person’s Declaration

Information in this announcement that relates to the project evaluation, Preliminary Feasibility Study, engineering and mine planning is based on information compiled and/or reviewed by Gerald David Crawford, the Chief Operating Officer, who is a Registered Professional Engineer in the states of Colorado and Nevada and member of the Society of Mining, Metallurgy and Exploration, and a mining engineer with 38 years of experience in the design and evaluation of precious and base metal mineral resources. Mr. Crawford is a full-time employee of Condor Gold plc and has sufficient experience which is relevant to the mining method and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a Qualified Person as defined under Canadian NI 43-101. Mr. Crawford consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.

Technical Glossary

$/kWhr Dollars per kilowatt-hour, one means of optimizing mill throughput. Mills are frequently a bottleneck / constraint in improvement of net present value
CBZ Central Breccia deposit, a near surface inferred resource located bout 2km to the northeast of the La India Pit
CDR Whittle’s abbreviation for the Condor project
COG Cut-off Grade – a grade of gold in ore that segregates ore from waste or stockpile material. One of the variables that Prober manipulates to improve NPV
Constraint A term from Linear Programming, any attribute of a cash flow and operating cost model that serves to limit increases in the net present value of the system
Enterprise Optimisation Enterprise Optimisation – Whittle terminology for ‘Whole Mine’ optimisation
GTR Grind- Throughput- Recovery- – Prober optimisation of the grind size, gold recovery and mill throughput variables in the EO process
LP Linear Programming – A mathematical technique used to optimize a process subject to a set of constraints
mtpa Million tonnes per annum (metric tonnes)
NPV Net Present Value – standard financial tool for determining the present value of a series of cash flows in the future at a given discount rate. Unless otherwise noted, the discount rate in the Whittle study is 5%. NPV is the basis by which Prober decides the ‘best’ option.
P&P Pit and Phase – Whittle optimisation of the ultimate pit shell and all contained phases to achieve maximum NPV using EO net value economics
PEA Preliminary Economic Assessment – A conceptual-level study used to demonstrate basic economic viability under Canadian National Instrument 43-101
PFS Preliminary Feasibility Study – Overall economic accuracy of +/- 25%
Prober The proprietary software package used by Whittle Consulting Ltd. to implement Enterprise Optimisation
Stockpile A means of controlling the grade of material sent through the mill, whereby higher grades are given preferential treatment, particularly when a surplus of ore is available within any mining period.
Theory of Constraints All production processes are limited by any number of factors, such as advance rate within the mine, truck capacity, or power that can be applied through the SAG mill (for example). Prober uses these constraints to eliminate unworkable scenarios, solving for the maximum NPV achievable within the constraints
tr.oz Troy Ounce, standard transaction unit for gold and silver sales, at 31.1031 grams per troy ounce.
UG Underground Mining
Validation Run The initial test of the Whittle cash flow model and fixed-mining Prober run that ensures that pre-optimisation economics calculated by Whittle agree with existing PFS and PEA results

 
ENDS
For further information please visit www.condorgold.com

Contact:

Condor Gold plc

Mark Child, Executive Chairman and CEO
020 7493 2784

About Condor Gold plc:

Condor Gold plc was admitted to AIM on 31st May 2006. The Company is a gold exploration and development company with a focus on Central America.

Condor completed a Pre-Feasibility Study (PFS) and two Preliminary Economic Assessments (PEA) on La India Project in Nicaragua in December 2014. The PFS details an open pit gold mineral reserve of 6.9M tonnes at 3.0g/t gold for 675,000 oz gold producing 80,000 oz gold p.a. for 7 years. The PEA for the open pit only scenario details 100,000 oz gold production p.a. for 8 years whereas the PEA for a combination of open pit and underground details 140,000 oz gold production p.a. for 8 years. La India Project contains a total attributable mineral resource of 18.4Mt at 3.9g/t for 2.33M oz gold and 2.68M oz silver at 6.2g/t to the CIM Code.

In El Salvador, Condor has an attributable 1,004,000 oz gold equivalent at 2.6g/t JORC compliant resource. The resource calculations are compiled by independent geologists SRK Consulting (UK) Limited for Nicaragua and Ravensgate and Geosure for El Salvador.

Consent by Whittle Consulting

Whittle Consulting hereby accepts responsibility for the accuracy of the NPV and IRR calculations based on the data and assumptions provided by Condor and SRK, extracted from the Enterprise Optimisation study prepared for the Company dated September 2015 as contained in this announcement. Furthermore, Whittle Consulting consents to the use of its name in this announcement.

Disclaimer

Neither the contents of the Company’s website nor the contents of any website accessible from hyperlinks on the Company’s website (or any other website) is incorporated into, or forms part of, this announcement.

Whittle Consulting is acting exclusively for Condor Gold plc and no one else in connection with the Enterprise Optimisation study and will not be responsible to anyone other than Condor Gold plc for providing the protections afforded to clients of Whittle Consulting. Neither Whittle Consulting nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Whittle Consulting in connection with this Announcement, any statement contained herein, or otherwise.

Inovio pharmaceuticals {NASDAQ: INO} have received a $500,000 grant to advance a needle free vaccine delivery from the US Army.

This is a needle free skin surface multiple vaccine delivery system, akin to that seen in Star Trek episodes since the mid 1960’s. Once again a fictional technology becomes a reality!

Inovio Pharmaceuticals Awarded Grant to Advance Needle-free Vaccine Delivery Device

Non-invasive delivery device to facilitate the advancement of several commercially-attractive vaccines.

PLYMOUTH MEETING, Pa. − January 19, 2016 – Inovio Pharmaceuticals, {NASDAQ:  INO} announced today it has been selected to receive a $500,000 grant from the U.S. Army’s Small Business Innovation Research (SBIR) program to further advance the development of Inovio’s next generation delivery device capable of simultaneously administering multiple vaccines via a skin-surface, needle-free electroporation delivery.

The primary goal of this U.S. Army-funded effort is to further develop a device that would facilitate rapid vaccination of U.S. troops stationed around the world against multiple infectious diseases and protect civilian populations from pandemic threats.

The new needle-free device could be used to deliver Inovio’s portfolio of biodefense and commercial infectious disease vaccines including those for MERS, Ebola, HIV, influenza, and RSV. Today’s grant is a follow-on to previous grants from the US Department of Defense. Initial testing of a prototype design has already yielded excellent antigen expression and immunogenicity from the dermal tissue being accessed using this novel non-invasive electroporation delivery concept.

Dr. J. Joseph Kim, Inovio President and CEO, said, “Inovio has already accomplished building its CELLECTRA® 5PSP as a portable fully-automatic device for VGX-3100 and other cancer immunotherapies – this is the device that would take us into commercialisation. It is our further goal to advance and commercialize a needle and pain-free electroporation device to be used particularly for prophylactic vaccination. This new grant will move us closer to achieving this goal and enable us to target several important commercial infectious disease opportunities that will be well served by non-invasive vaccination.”

 
About SBIR

The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs allow small, high-tech U.S. businesses (less than 500 employees) and academia the opportunity to provide innovative research and development solutions in response to critical Army needs. By capturing the tremendous and agile talents of the U.S. small business community, the SBIR and STTR programs benefit the Department of Defense, the private sector, and our national economy.

About Inovio Pharmaceuticals.

Inovio is taking immunotherapy to the next level in the fight against cancer and infectious diseases. We are the only immunotherapy company that is generating T cells in vivo in high quantity that are fully functional and whose killing capacity correlates with relevant clinical outcomes with a favorable safety profile. With an expanding portfolio of immune therapies, the company is advancing a growing preclinical and clinical stage product pipeline. Partners and collaborators include MedImmune, Roche, University of Pennsylvania, DARPA, GeneOne Life Science, Drexel University, NIH, HIV Vaccines Trial Network, National Cancer Institute, U.S. Military HIV Research Program, and University of Manitoba.

For more information, www.inovio.com
CONTACT:
Bernie Hertel

Inovio Pharmaceuticals

+1 858 410 101

bhertel@inovio.com

Scorpio Gold  {TSX.V: SGN} neighbour Golden Phoenix Minerals, {OTCBB: GPXM} has reported high grade intersects at Mineral Ridge, close to Scorpio Gold’s licence.

This discovery highlights the prospectivity of the area, and the low valuation afforded to GPXM and SGN.

Comment

Given the situation in the market, I would suggest these two companies would be a good fit to merge, as then they would be a producer with high grade discoveries all around their licences.

Sadly there has been litigation a few few years ago between Scorpio partner Waterton and GPXM that probably scuppers any such plans.

In this market you need all the friends you can get, and with both companies being heavily discounted,a combination may equal more then the sum of the individual parts, IMHO.

Golden Phoenix news release.

Golden Phoenix Acquires New Project and Reports Gold Grades Up to 1.1 oz/ton From Rock Samples

DENVER, Jan. 19, 2016 Golden Phoenix Minerals, Inc. {OTCBB: GPXM} is pleased to announce that it has renewed its exploration efforts in the Mineral Ridge District near Tonopah, Nevada.

The Company’s technical team has conducted geological mapping and sampling in and around its extensive land position, much of which is on trend with the nearby Mineral Ridge Mine (70% Scorpio Gold and 30% Waterton Global Value L. P.).

Recent initial results include rock samples containing up to 1.1 oz / ton of gold (36.9 grams per tonne). Based in part on this new information, Golden Phoenix has acquired several hundred acres of new mineral claims in the Silver Peak Range. This project is at an early stage; additional exploration will be required to further these results.
The Company’s geologists staked a total of 21 new mineral claims on U.S. Bureau of Land Management land in the Silver Peak Range covering approximately 420 acres (170 hectares). These new claims include the historic North Star Mine and surrounding areas that adjoin the Coyote Fault and Silver Peak claim groups, which have been optioned from Mhakari Gold Corp. This new acquisition brings the Company’s total land position in the district to more than 4,000 acres (1,620 hectares).
Golden Phoenix’s technical team includes senior geoscientists with more than 60 years of combined relevant experience in mineral exploration and development. A lead consultant for the Company is a senior geologist with considerable experience in Esmerelda County gold systems, including the mineralisation found at the Mineral Ridge Mine. The team recognized a trend of alteration, favorable structure, and appropriate host rocks trending northwest from the nearby mine across the Company’s claims. As the Company’s understanding of the geological model improved, this targeted rock sampling confirmed the presence of potentially significant gold mineralisation on pre-existing claims and the newly acquired property.

Geologists collected a total of 37 samples from outcrops, prospect pits, and historic mines and rock dumps. The recent program identified gold and multi-element geochemical anomalies spanning more than 2.8 miles (4.6 kilometres) of the trend. The Company believes that the gold content, geochemistry, scale, and structural geology of these targets suggest the presence of a potentially significant mineral system that appears to be separate from the mineralization at the Mineral Ridge Mine. The following table summarizes the highest-grade gold samples collected in this program to date.
Sample ID Au (g/tonne)* Au (oz/ton) Comments
GS-03 36.90 1.08 Rock dump at North Star Mine
GS-01 33.60 0.98 Outcrop sample at North Star Mine
GS-07 32.00 0.93 Outcrop sample, no evidence of drilling or mining
GS-05 16.35 0.48 Rock dump at North Star Mine
GS-02 6.53 0.19 Rock dump at North Star Mine
GS-04 6.44 0.19 Rock dump at North Star Mine
GS-10 6.03 0.18 Outcrop sample at North Star Mine
H-08 4.33 0.13 Rock dump from prospect pit
* – Gold determinations by 30-gram fire assay/atomic absorption spectrometry and 1 assay ton fire assay with a gravimetric finish for samples containing more than 10 g/tonne gold

Don Gun, President and CEO of Golden Phoenix Minerals, commented on the new acquisition and gold results, “The new North Star Property is a strong addition to Golden Phoenix’s large land position at Mineral Ridge. We believe this preliminary work to be a good indication that a strong gold system may exist well to the northwest of the Mineral Ridge Mine. Our technical team has built a geological model to explain these targets; and this sampling demonstrates a scale and intensity that is encouraging. We look forward to advancing these targets in 2016.”
Comments about Quality Assurance and Quality Control: The work reported herein was conducted under the supervision of Patrick Highsmith, a director of the Company and a Certified Professional Geologist (AIPG CPG# 11702) with more than 25 years relevant experience in the mining and exploration industry. Professional geologists collected all of these samples and delivered them to ALS Minerals Lab in Reno, Nevada for sample preparation and analysis. The Company employed industry standard methods of quality assurance and quality control, including the insertion of blind analytical control samples and repeat analyses. ALS Minerals is a leading provider of assay and geochemical services to the global mining industry. Relevant ALS facilities in Nevada and Vancouver, BC, Canada are registered to ISO 9001:2008 quality standards and have received ISO 17025 accreditation for the provision of fire assay gold determinations.
About the Company: Golden Phoenix Minerals, Inc. is a U.S. based mining company focused on growth through exploration, joint venture, and royalty opportunities in precious metals, primarily in the world-class mining jurisdiction of Nevada. The Company’s current mineral properties consist of the North Star Project and large blocks of claims optioned throughout the Silver Peak Range of western Nevada, including the Coyote Fault, Silver Peak, Vanderbilt, and North Springs areas.

Further information on the Company can be found on the website  www.goldenphoenix.us 

On behalf of the Board of Directors
Donald B. Gunn, President and CEO
Forward-Looking Statements: Information contained herein regarding pending legal matters or strategy, optimism related to the business, exploration results, mineral development potential, development activities and other such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to the safe harbors created thereby. While the Company believes such statements are reasonable, they are based on current expectations, estimates and projections about the Company’s business and are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description limited herein due to many factors including: the results from our exploration programs, uncertainty regarding the availability of additional capital, fluctuations in commodity prices, domestic and international business and economic conditions, volatility of capital markets, and other risk factors listed in the Company’s Securities and Exchange Commission (SEC) filings under “risk factors” and elsewhere. The Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Avalon Rare Metals {TSX: AVL} has announced the Annual and Special meeting of shareholders will be held on February 24th 2016.

The meeting will be held at the Toronto Board of trade, Toronto, Ontario Canada.

Avalon sets Annual and Special Meeting of Shareholders for February 24, 2016

Toronto, ON – Avalon Rare Metals Inc.{TSX: AVL} is pleased to announce that it will hold its Annual and Special Meeting of Shareholders 21.30 GMT on Wednesday, February 24, 2016, at the Toronto Board of Trade, Room A/B/C/D, located at 1 First Canadian Place, Toronto, Ontario.

At the Meeting, shareholders will be asked to approve a special resolution authorizing the Company to effect a change of name from “Avalon Rare Metals Inc.” to “Avalon Advanced Materials Inc.”

Avalon deems that the current Company name fails to adequately convey the Company’s diversified specialty metals and minerals asset base. The Company is not exclusively focused on rare earths and current activities are now focused on its other advanced materials assets, notably lithium and tin-indium. The proposed name of “Avalon Advanced Materials Inc.” is better suited to current Company activity.

Please see Avalon’s Information Circular for further information on this and other matters to be acted upon at the Meeting.

Avalon’s Information Circular, 2015 President’s Message, Audited Consolidated Financial Statements and Management Discussion and Analysis for the fiscal year ended August 31, 2015 are available online at the following locations:

on the Company’s transfer agent’s at https://noticeinsite.tmxequity.com/AvalonRareMetalsASM2016/
on SEDAR at http://www.sedar.com
on the Company’s web site at
http://www.avalonraremetals.com/investors/regulatory_filings/

 
Avalon has implemented the Notice and Access Provisions of NI 54-101, an environmentally friendly alternative that will reduce paper and printing and mailing costs associated with the dissemination of annual information to approximately 20,000 shareholders. Non-registered shareholders will receive paper copies of the Notice of Meeting and Form of Proxy in the usual manner, as well as a notice document which contains information on how to obtain electronic or paper copies of the rest of the meeting materials in advance of the Meeting. Due to certain requirements of the Canada Business Corporations Act, the Company has sent a paper copy of all of the above materials directly to registered shareholders.

About Avalon Rare Metals Inc.
Avalon Rare Metals Inc. is a Canadian mineral development company specializing in niche market metals and minerals with growing demand in new technology. The Company has three advanced stage projects, all 100%-owned, providing investors with exposure to lithium, tin and indium, as well as rare earth elements, tantalum, niobium, and zirconium. Avalon is currently focusing on its Separation Rapids Lithium Project, Kenora, ON and its East Kemptville Tin-Indium Project, Yarmouth, NS. Social responsibility and environmental stewardship are corporate cornerstones.

For questions and feedback, please e-mail the Company at ir@avalonraremetals.com, or phone Don Bubar, President & CEO at 416-364-4938.

This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements related to the date of the upcoming Annual and Special Meeting of Shareholders.. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “potential”, “scheduled”, “anticipates”, “continues”, “expects” or “does not expect”, “is expected”, “scheduled”, “targeted”, “planned”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be” or “will not be” taken, reached or result, “will occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Avalon to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. Although Avalon has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to market conditions, and the possibility of cost overruns or unanticipated costs and expenses as well as those risk factors set out in the Company’s current Annual Information Form, Management’s Discussion and Analysis and other disclosure documents available under the Company’s profile at www.SEDAR.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements have been provided for the purpose of assisting investors in understanding the Company’s plans and objectives and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking statements. Avalon does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.
130 Adelaide St. W, Suite 1901
Toronto, ON M5H 3P5
Tel: (416) 364-4938
Email: ir@avalonraremetals.com

Condor Gold {AIM: CNR} has announced that it has terminated, with immediate effect, its strategic review incorporating a formal sale process as defined by The Takeover Code.

Shareholders are now considering what the next step is going to be, as their cash in hand is approaching the level where a placing will be required before too much longer.

Comment

For a well run company the last few months at Condor are a period to forget.

It is never a good idea for a junior company to announce a “strategic review”, because it’s interpreted as bad news (and usually is!) and a sign that previous decisions have failed, and the board is searching for a new way forward.

Once it had been announced, Condor also announced a formal sale process had started,  again, in my opinion, not a good idea, and another announcement that is not normally well received by the market.

It came as no surprise to me that the shareprice fell afterwards, although the depth and speed  seem well overdone, given this is a good project in a safe jurisdiction, with high grade gold at low production costs.

The problem is, of course, the capex required to build the mine and in the current market environment, Mark Child can see that it will be a huge ask and someone with deeper pockets would be more capable of doing it.

Today the company terminated the sale process, and once again sent the wrong signal to the market, as it appears that nobody is currently interested in purchasing the project, and this may well spook some investors into selling, putting further downward pressure on the price.

Mark Child is between a rock and a hard place here, and the market is effecting adversely what in normal times would be a good project, that would be backed by the institutions,  and a mine would be built.

I fear potential predators are sitting and watching the Condor shareprice slide, looking for an opportunity.

Any dilution at this level or lower would be extremely tough on existing loyal shareholders.

It is difficult to see what Mark Child can do to reverse the slide, he is fighting a reluctant market, and recent announcements have compounded his problems. Maybe he needs to freshen up his board to inject some new ideas?

Condor Gold – Termination of Strategic Review & Sale Process

Nymox Pharmaceutical Corp {NASDAQ: NYMX} Director James George Robinson continued his spate of recent purchases by buying another 20,000 shares in the company.

Robinson is showing huge confidence by continuing to buy in the market in a series of purchases, and now holds a significant investment in US$ terms in the company.

Comment

Whilst it’s sadly rare to see management investing much in their own companies, in the market at prevailing prices, George Robinson’s support of NYMOX in recent months just has to be admired and respected.

Given the current market volatility, and various international tensions, and with Wall St. falling from recent highs under concerns for the US economy and other issues, Robinson’s support here is quite incredible, in my view.

A fine example of a director putting his money where his mouth is!

Nymox Pharmaceutical Corp {NASDAQ: NYMX} Director James George Robinson purchased 20,000 shares of the business’s stock in a transaction on Tuesday, January 12th, 2016.

The stock was bought at an average cost of $2.44 per share, for a total transaction of $48,800.00. Following the purchase, the director now owns 2,657,550 shares of the company’s stock, valued at approximately $6,484,422.

The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

James George Robinson also recently made the following trades:

• On Friday, January 8th, James George Robinson bought 95,000 shares of Nymox Pharmaceutical Corp stock. The shares were purchased at an average price of $2.90 per share, for a total transaction of $275,500.00.
• On Wednesday, December 30th, James George Robinson bought 5,000 shares of Nymox Pharmaceutical Corp stock. The shares were purchased at an average price of $3.38 per share, for a total transaction of $16,900.00.

Nymox Pharmaceutical Corporation.
 

Nymox, is a bio pharmaceutical company. The Company is focused on developing its drug candidate, NX-1207, for the treatment of benign prostatic hyperplasia, and the treatment of low-grade localized prostate cancer.

The Company markets NicAlert and TobacAlert tests that use urine or saliva to detect use of tobacco products. The Company also has a patent portfolio covering its marketed products, its investigatory drug, as well as other therapeutic and diagnostic indications.

The Company also has the United States and global patent rights for the use of statin drugs for the treatment and prevention of Alzheimer’s disease. The Company’s subsidiaries include Nymox Corporation and Serex, Inc. Nymox Corporation conducts research and development, while Serex conducts research and development, and manufacturing for NicAlert and TobacAlert.

POET Technologies Inc. {TSX.V: PTK}, has announced a conference call for investors, who are invited to submit questions in advance for inclusion.

The call will take place on February 16th, at 22.00 GMT (23.00) CET.

Comment

Whilst it’s a good move to hold a conference call and invite investors to submit their own questions, one has to question the timing, POET has many investors in the UK and Germany, and a 23.00 start time in Europe is a bit late!

Let’s hope there is some good news to announce to justify the loss of sleep!

News release

SAN JOSE, CALIFORNIA- Jan. 11, 2016) – POET Technologies Inc. {TSX.V: PTK}, a developer of opto-electronics fabrication processes for the semiconductor industry, today announced that the Company has scheduled a conference call at 10 p.m. GMT (11 PM CET) on February 16, 2016, to provide an update on the Company’s development plan.

The Company encourages investors to pre-submit questions to POET Investor Relations at rf@poet-technologies.com

Access to the conference call can be accomplished in the following ways:

• Live webcast link can be found at: www.investorcalendar.com/IC/CEPage.asp?ID=174627

• The Company’s website at www.poet-technologies.com under events and presentations

• Call in:   International: +1 201 689 8031
• Replay: International: +1 201-689-8031

Conference ID: When calling in to the live conference call or the audio replay, which is to be available approximately three hours after the live call, callers are to use conference ID number 13628131.

About POET Technologies Inc.

POET is a developer of opto-electronics fabrication processes.

POET believes that the advanced opto-electronics fab processes platform enables substantial improvements in energy efficiency, component cost and size in the production of smart optical components, the engines driving applications ranging from data centers to consumer products.

Silicon Valley-based POET’s patented module-on-a-chip process, which integrates digital, high-speed analog and optical devices on the same chip, is designed to serve as an industry standard for smart-system fabrication.

More information may be obtained at www.poet-technologies.com

ON BEHALF OF THE BOARD OF DIRECTORS

Michel Lafrance, Secretary

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding an outlook. Such statements include the Company’s plans to conduct a conference call on February 16, 2016 and the access particulars as well as the Company’s expectations with respect to the capability, functionality, performance and cost of the Company’s technology.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding future growth, plans for and completion of projects by the Company’s third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company’s anticipated projects, delays or changes in plans with respect to the development of the Company’s anticipated projects by the Company’s third party relationships, risks affecting the Company’s ability to execute projects, the ability to attract key personnel, and the inability to raise additional capital. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward- looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Avalon Rare Metals {TSE: AVL} CEO and President Don Bubar has again bought stock in the market to add to his recent purchases, and again showing confidence in his own company.

Don Bubar has added to some significant recent purchases and sent a strong signal to the market in the process.

Avalon Rare Metals Inc {TSE: AVL} Director Don Bubar purchased 100,000 shares of the firm’s stock on Monday, January 11th.

The stock was purchased at the price of C$0.12 per share, for a total transaction of C$12,000.00.

Don Bubar has also recently made the following trades:

• On Monday, January 4th, Don Bubar acquired 100,000 shares of Avalon Rare Metals stock. The shares were purchased at an average cost of C$0.12.5 per share, with a total value of C$12,500.00.
• On Thursday, December 31st, Don Bubar bought 15,000 shares of Avalon Rare Metals stock. The shares were acquired at an average price of C$0.13 per share, for a total transaction of C$1,950.00.
• On Tuesday, December 29th, Don Bubar bought 36,500 shares of Avalon Rare Metals stock. The stock was acquired at an average cost of C$0.13 per share, for a total transaction of C$4,745.00.

Avalon Rare Metals Inc. is a mineral exploration and development company.

The price of crude oil has fallen below $30 for the first time in 12 years, and is currently $29.80 for WTI and $29.88 for Brent.

Analysts are currently rewriting their price predictions downward as even $20 is being spoken about as a distinct possibility. Add into the mix Iran looking to restart exporting oil as they are rushing to comply with all the conditions required under their nuclear program..

Where will the oil price fall stop?

The price of oil is continuing to freefall, with no signs of a let up currently.

Just as a base looked to be trying to build, the $30 level has now been breached, and everyone wonders whether we will see $20 oil in short order?

The weakness in the Chinese economy is fueling concerns that demand will throttle back even more, thus increasing the size of the existing glut, but that is not the only major concern.

The Iranians are racing to comply with the terms of their nuclear deal with the west in order to restart their exports again, which will add 1 – 2 million extra barrels of supply to an already saturated market.

A new concern is storage capacity, and the fear of it running out, and production having to cut down as there is nowhere left to store it!  It’s not an urgent problem, yet, but is now being talked about as another potential problem if the glut continues.

The warm winter (until now at least) in Europe has also contributed to falling demand, and it remains to be seen if the sudden cold snap is prolonged and causes demand to rise as a result.

Oil and the countries exporting it look to be in a really hard place, and therefore investing in oil and gas producers looks to be a risky business at the moment, so maybe a time to keep powder dry and wait for some kind of deal to be done to reduce capacity and increase the price?

I personally feel that eventually people will be forced to call a meeting and agree some cutting of quotas, including non OPEC producers such as Russia.

Kootenay Silver Inc. {TSX.V: KTN} and Northair Silver Corp. {TSX.V: INM} have just announced a binding letter of agreement for Kootenay to acquire all the outstanding shares of Northair Silver, creating a leading Mexican based silver exploration and development company.

The feeling is that the combined assets will create a company of more substance that will be of far greater interest to investors.

Kootenay and Northair Announce Transaction to Create Leading Mexican Silver Consolidator

VANCOUVER, Jan. 13, 2016 – Kootenay Silver Inc. {TSX.V: KTN} and Northair Silver Corp. {TSX>V: INM} are pleased to announce the execution of a Binding Letter Agreement (the “Binding Letter Agreement”) pursuant to which Kootenay will acquire all of the issued and outstanding common shares of Northair (the “Transaction”).

The combination of Kootenay and Northair will create a leading Mexican silver exploration and development company and consolidator with a portfolio of assets headlined by Kootenay’s Promontorio and La Negra projects and Northair’s La Cigarra project, all of which are based in Mexico.

In addition, the combined company will have exposure to a continuum of grass-roots pipeline exploration projects, royalty interests and joint ventures, plus a strong balance sheet providing the combined company with a stable platform for future consolidation in the sector.

Under the terms of the Binding Letter of Agreement, Northair shareholders will receive, for each common share of Northair held, 0.35 common shares of Kootenay, plus 0.15 of a warrant to purchase Kootenay common shares at an exercise price of $0.55 for a period of five years from closing (the “Warrants”). Kootenay will apply to list the Warrants on the TSX Venture Exchange. Including the Warrants ((1)), the total consideration represents an implied value of $0.076 per Northair common share and a premium of 58% to Northair’s shareholders based on both companies’ trailing 20-day volume-weighted average price, respectively, as of the close on January 12, 2016, and an implied value of $0.071 per Northair common share and a premium of 45% to Northair’s shareholders based on both companies’ closing share prices, respectively, as of the same date. Upon completion of the Transaction, Northair will  become a wholly-owned subsidiary of Kootenay, and former shareholders of Northair will hold approximately 40% of the shares of Kootenay on an outstanding shares basis.

Kootenay  President and CEO James McDonald commented: “The strategic acquisition of Northair and its La Cigarra silver project is a milestone development for both companies that immediately positions Kootenay as a leading consolidator of emerging silver and precious metals assets in Mexico. The transaction provides Northair shareholders with an attractive premium on its capital stock, while Kootenay will enjoy the benefits of a substantially increased silver asset base and corporate balance sheet, setting the stage for the future development of its assets, additional potential revenue streams, and further consolidation in the sector.”
Andrea Zaradic, President, CEO & Director of Northair, stated: “La Negra and La Cigarra represent two of the highest profile new silver discoveries amongst non-majors in Mexico. The continued exploration successes at our flagship projects put the combined company in a strong position, distinguishing us from our peers. We are confident that our shareholders will benefit from the value creation opportunities that will be realized through an expanded and more diversified silver consolidation company.”

Kootenay and Northair will host a conference call and live audio webcast on Thursday January 14, 2015 at 16:00 GMT to provide a short overview on the significance of this Transaction.

Conference call and live audio webcast  details are located at the end of this release and on the Kootenay and Northair websites at www.kootenaysilver.com and www.northairsilver.com

A copy of the investor presentation is currently available at: Kootenay-Presentation and Northair-Presentation

Transaction Highlights

— Consolidation of High Profile Silver Resources in Mexico: A unique portfolio of high-quality resource-development staged assets in Mexico headlined by Kootenay’s Promontorio and La Negra projects and Northair’s La Cigarra project.

Promontorio has a NI 43-101 pit-constrained resource consisting of 92.0 M oz Ag Eq Measured and Indicated (44.5 M tonnes at a grade of 64.3 g/t Ag Eq) plus an additional 24.3 M oz Ag Eq categorized as Inferred (14.6 M tonnes at a grade of 52.0 g/t Ag Eq) (see Table 1).

La Cigarra has a pit-constrained NI 43-101 resource consisting of 51.5 M oz Ag Measured and Indicated (18.5 M tonnes at 86.3 g/t Ag) plus an additional 11.5 M oz Ag (4.5 M tonnes at 80.0 g/t Ag) categorized as Inferred resources (see Table 2).* —

Continued Exploration Potential and Resource Upside: Promontorio/La Negra and La Cigarra have all demonstrated continued exploration success since release of their NI 43-101 resource statements. The combined company will continue its focus on resource growth into 2016, with an exploration drilling program planned at La Negra in H1/2016, leading to a maiden NI 43-101 resource estimate, plus plans to drill test high profile targets identified during the 2015 air mag survey at La Cigarra (including the RAM Zone) and to further evaluate regional prospectivity within the 100% owned Promontorio Mineral Belt. —

Prospect Generator Portfolio: In addition to resource development-stage assets, the combined company will maintain an active portfolio of generative properties within Mexico and Canada. Kootenay currently has four joint ventures partners in place and will continue to pursue further monetisation opportunities which will provide the combined company with additional, non-dilutive asset exposure and diversification. —

Platform for Further Consolidation: Northair and Kootenay both believe that investors in today’s market are increasingly attracted by larger, more liquid exploration and development companies. The combined company, with rationalized G&A and a stronger balance sheet, will be positioned for growth and mandated to pursue further consolidations within the depressed junior silver sector.

Tables for the mineral resources can be found on the full news repease on the repective websites.
Notes: * Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.

1 Open pit resources stated as contained within a potentially economically minable pit shell; (2) Pit optimisation is based on assumed silver, gold, lead, and zinc prices of $31/oz, $1650/oz, $0.96/lb, and $0.89/lb  respectively, mill recoveries of 74%, 70%, 81% and 88% respectively, a 1.5% NSR, Estimated mining costs of $1.20/t, and estimated processing and G&A cost of $12.00/t; and an estimated POX cost of $2/tonne ($30/tonne of pyrite concentrate) (3) Break-even cut-off grades used were 20 gpt Ag Eq for open pit mill material and 45 gpt Ag Eq for underground material; 4 Silver equivalency is based on unit values calculated from the above metal prices, and assumes 100% recovery of all metals; and 5 Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Table 2: Resource statement for the La Cigarra silver project located in Chihuahua State,Mexico: GeoVector Management Inc., Effective Date January 14, 2015*

Resource Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag Oz Au Oz Pb lbs Zn lbs Category (000’s) (000’s) (000’s) (000’s) (000’s) — —— —— —— —— Measured 3,620 88.9 0.074 0.14 0.19 10,340 9 10,920 15,510 ——– —– —- —– —- —- —— — —— —— Indicated 14,930 85.7 0.068 0.13 0.18 41,130 33 42,950 59,260 ——— —— —- —– —- —- —— — —— —— M+I 18,540 86.3 0.069 0.13 0.18 51,470 41 53,870 74,770 — —— —- —– —- —- —— — —— —— Inferred 4,450 80.0 0.058 0.13 0.16 11,460 8 12,680 15,610 ——– —
Note:* Mineral resources are reported in relation to a conceptual pit shell at a 35 g/t silver cut-off grade and a $22/oz silver price. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add up due to rounding. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.

The Promontorio and La Cigarra NI 43-101 reports, including the assumptions therein, are filed on SEDAR at www.sedar.com, and available at http://www.northairsilver.com and http://www.kootenaysilver.com.

Management Team and Board of Directors

The senior executive team and the Board of Directors of the combined company will draw from the extensive experience and expertise of both companies. Mr. Ken Berry will remain Chairman and Mr. James McDonald will remain as President & Chief Executive Officer of the combined company. Upon closing of the Transaction, Ms. Andrea Zaradic and Mr. Tony Reda of Northair will be appointed to the Kootenay board of directors.

Transaction Details

Pursuant to the Binding Letter Agreement, the proposed Transaction will be effected by way of a court approved Plan of Arrangement completed under the British Columbia Business Corporations Act. Upon closing, each Northair common shareholder will receive 0.35 common shares of Kootenay plus 0.15 of a Kootenay Warrant. The proposed Transaction will require shareholder approval from two-thirds of the votes cast by the holders of Northair common shares at a shareholder meeting to be held to consider the proposed Transaction.

The parties expect to execute a definitive agreement (the “Definitive Agreement”) on or before February 3, 2016. Upon completion of the Transaction, the former shareholders of Northair will own approximately 40% of the Kootenay shares on an outstanding shares basis.

Northair’s outstanding options and warrants will be adjusted in accordance with their terms such that the number of Kootenay shares received upon exercise and the exercise price will reflect the consideration described above.

Northair’s Board of Directors have determined that the proposed Transaction is in the best interest of shareholders, having taken into account advice from its financial advisor and the recommendation of the special committee of the Board of Directors, and have approved the Transaction. Northair’s Board of Directors recommend that their shareholders vote in favour of the Transaction.

The proposed Transaction is expected to be completed in April 2016 or such other date as the parties may agree.

In addition to shareholder approval, the proposed Transaction will be subject to applicable regulatory and court approvals and the satisfaction of other customary conditions. The Definitive Agreement will include customary provisions, including fiduciary-out provisions, covenants not to solicit other acquisition proposals and the right to match any superior proposal. In addition, Northair may be required to pay a termination fee of $500,000 if the transaction is termination is termination as a result of Northair accepting a superior proposal or completing an alternative proposal within 12 months of termination of the Transaction.

Upon completion of the Transaction, Northair’s shares will be de-listed from the TSX Venture Exchange and it is expected that Kootenay will apply to cause Northair to cease being a reporting issuer under applicable Canadian securities laws.

Upon execution of the Definitive Agreement, the full details of the proposed Transaction will be included in the management information circular to be filed with regulatory authorities and mailed to Northair shareholders in accordance with applicable securities laws.

Advisers and Counsel

Axium Law Corporation is acting as legal counsel to Kootenay.

Haywood Securities Inc. is acting as financial advisor to Northair and its Board of Directors. Morton Law LLP is acting as legal counsel to Northair. Haywood Securities Inc. has provided a fairness opinion to Northair’s Board of Directors that, as of the date thereof and subject to the assumptions, limitations and qualifications set out therein, the transaction is fair, from a financial point of view, to the shareholders of Northair.

Conference Call and Webcast Information

Kootenay and Northair will host a joint conference call and webcast on Thursday January 14, 2016 at 16.00 GMT for members of the investment community to discuss the business combination. A copy of the investor presentation that will be used during the conference call is currently available at: Kootenay-Presentation and Northair-Presentation.

The conference call may be accessed by dialing 1-416-340-2218

The conference call will be archived for later playback until January 28, 2016 and may be accessed by dialing 1-905-694-9451 and entering the pass code 7750990.

Audio Webcast:

A live webcast of the conference call can be accessed via the following link: http://www.gowebcasting.com/7229 or via http://www.kootenaysilver.com and http://www.northairsilver.com

An archived version of the webcast will be available via the following link: http://www.gowebcasting.com/7229 and via http://www.kootenaysilver.com and http://www.northairsilver.com

Qualified Persons

The Kootenay technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed on behalf Kootenay by James McDonald, P.Geo, President, CEO & Director for Kootenay, a Qualified Person.

The Northair disclosure of a scientific or technical nature contained in this news release was reviewed by David Ernst, a professional geologist and vice-president of exploration of Northair, who is a Qualified Person in accordance with the requirements of NI 43-101.

About Kootenay

Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada.

The Company’s top priority is the advancement of precious metals projects contained within its Promontorio Mineral Belt in Sonora, Mexico. This includes its La Negra high-grade silver discovery and its Promontorio Silver Resource. Kootenay’s core objective is to develop near term discoveries and long-term sustainable growth. Management comprises proven professionals with extensive international experience in all aspects of mineral exploration, operations and venture capital markets. Multiple, ongoing J/V partnerships in Mexico and Canada maximize potential for additional new discoveries while maintaining minimal share dilution.

About Northair

Northair is focused on advancing its flagship La Cigarra silver project located in the state of Chihuahua, Mexico, 26 kilometres from the historic silver mining city of Parral.

The property boasts nearby power, good road access, gentle topography, established infrastructure and currently hosts a NI 43-101 Resource estimate of 51.47 million ounces of silver in the Measured & Indicated categories grading 86.3 g/t silver and 11.46 million ounces of silver in the Inferred category grading 80 g/t silver. The mineralised system at La Cigarra has been traced over 6.5 kilometres and is defined at surface as a silver soil anomaly and by numerous historic mine workings. The La Cigarra silver deposit is open along strike and at depth and is approximately 25 km north, and along strike of Grupo Mexico’s Santa Barbara mine and Minera Frisco’s San Francisco del Oro mine.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

The information in this news release has been prepared as at January 12, 2016. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “expected”, “may”, “will” or similar terms.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Kootenay and Northair as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements in this press release relate to, among other things: anticipated benefits of the Transaction to Kootenay and Northair and their respective shareholders; the pro rata shareholdings of the current shareholders of Northair in Kootenay; the timing and receipt of required shareholder, court, stock exchange and regulatory approvals for the Transaction; the ability of Kootenay and Northair to satisfy the other conditions to, and to complete, the Transaction; the anticipated timing of the mailing of the information circular regarding the Transaction; the closing of the Transaction; analyst coverage, liquidity and access to capital markets of Kootenay; length of the current market cycle and the requirements for an issuer to survive the current market cycle and future growth potential for Kootenay. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: satisfaction or waiver of all applicable conditions to closing of the Transaction including, without limitation, receipt of all necessary securityholder, court, stock exchange and regulatory approvals or consents and lack of material changes with respect to the parties and their respective businesses; the synergies expected from the Transaction not being realized; business integration risks; fluctuations in general macro-economic conditions; fluctuations in securities markets and the market price of Kootenay’s shares; fluctuations in the spot and forward price of silver, base metals or certain other commodities; fluctuations in the currency markets (such as the Canadian dollar versus the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; title to properties; the failure to meet the closing conditions thereunder and the failure by counterparties to such agreements to comply with their obligations thereunder. In addition, Northair may in certain circumstances be required to pay a non-completion or other fee to Kootenay, the result of which could have a material adverse effect on Northair’s financial position and results of operations and its ability to fund growth prospects and current operations. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, Kootenay and Northair expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay or Northair’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources: This news release uses the terms “Measured and Indicated Resources” and “Inferred Resources”, which have a great amount of uncertainty as to their existence, and great uncertainty as to their economic feasibility. It cannot be assumed that all or any part of a Measured and Indicated and/or Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. Kootenay and Northair advises U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. U.S. investors are cautioned not to assume that part or all of a Measured, Indicated and Inferred resource exists, or is economically or legally minable.

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/January2016/13/c6535.html

SOURCE: Kootenay Silver Inc.

SOURCE: Northair Silver Corp.

Contacts:

James McDonald
President, CEO & Director Kootenay Silver
+1 403 238 6986
Ken Berry:
Chairman Kootenay Silver
+1 604 601 5652
Andrea Zaradic
President, CEO & Director Northair Silver Corp.
+1 604 687 7545

Chris Curran
Manager of Corporate Communications Northair Silver Corp.
+1 604 687 7545

Scorpio Gold Corp. {TSX. V: SGN} announced a 3% reduction in gold production 2015 compared to the previous year, citing several issues and challenges that occurred during the year.

An increase in production resulted in 29% more recoverable ounces being placed on the leach pad, and this will result in an uplift into the next quarter.

Comment

Scorpio have encountered several issues and challenges in the last 12 months, and now appear to have overcome them, and are looking to increase production going into the next year.

It would be nice to have some idea when Goldwedge might reopen, presumably an increase in the price of gold northwards from here might bring the answer to that question.

Scorpio Gold Reports Annual Gold Production at the Mineral Ridge Operation, Nevada

Nouveau Monde {TSX.V: NOU} has published their first resource estimate over one of their fully owned projects to 43-101 standards, on their Matawinie Graphite Project.

They have also published their objectives for 2016, and made an important addition to their board of directors.

GATINEAU, QUEBEC — Jan. 8, 2016) –  Nouveau Monde {TSX.V: NOU} has achieved an important milestone with the publication of a first Mineral Resource Estimate over one of its fully owned projects.

Following the discovery of graphite (or “Cg”) mineralisation during the summer of 2014 on the Tony claim Block, part of the Matawinie Property, Nouveau Monde has since then successfully performed an airborne geophysical survey, prospecting, ground PhiSpy surveying, the excavation of 9 trenches, and 10 479 m of core drilling.

The work culminated in a Mineral Resource Estimate for the South-West and South-East zones, completed in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) guidelines, of 26.3 Mt grading 3.73 % Cg in the Indicated category and of 19.2 Mt grading 3.67 % Cg in the Inferred category (see press release dated December 15, 2015).

Moreover, Nouveau Monde continued its metallurgical testing of the mineralised zones on the Tony Block.

Eric Desaulniers, P.Geo, President & CEO of Nouveau Monde stated: “The preliminary metallurgy results show excellent Cg purity levels and large flake distribution (see press release date October 22, 2015). This, combined with the exceptional proximity to infrastructure and ready access to low cost hydro-electricity, add to the robustness of the project. Nouveau Monde feels confident that it will be able to produce high-value graphite concentrates, as well as value-added graphite products while being cost competitive and having a minimal environmental impact.”

Although Nouveau Monde mostly concentrated its efforts on its Matawinie project in 2015, a short five day prospecting program was carried out on its Rivière-au-Castor Property. Financed through the SIDEX ‘Action-Terrain’ program, it resulted in the discovery of a mineralized quartz vein which returned a grade 2.68 g/t Au from a grab sample.

2016 OBJECTIVES

In 2016, Nouveau Monde intends to continue focusing on its Matawinie graphite project while pursuing compilation and exploration work elsewhere in the province of Quebec.

The main objectives for 2016 are listed below:

• To provide various graphite products derived from the 12-ton bulk sample collected in the fall of 2015 from the Tony Block (see press release dated October 22, 2015) to partners and potential customers for assessment. The products will consist of raw flake graphite concentrates, spherical graphite, as well as coated spherical graphite;

• To perform and publish a Mineral Resource Estimate, completed in accordance with NI 43-101 guidelines, for theWest Zone of Tony Block by the end of Q1;

• To follow-up on the Mineral Resource Estimate for the South-East and South-West zones of the Tony Block released on December 15, 2015, as well as the upcoming Mineral Resource Estimate for the West zone through meetings with mining analysts and the financial community;

• To perform and publish a Preliminary Economic Assessment for the Tony Block deposits, completed in accordance with NI 43-101 guidelines, including the possible production of spherical graphite on-site in Saint-Michel-Des-Saints;

• To initiate a Feasibility Study for the graphite deposits of the Tony Block, completed in accordance with NI 43-101 guidelines;

• To complete a baseline environmental studies and to initiate Impact and Benefit assessment work;

• To secure a strategic partnership with at least one participant in the Lithium-Ion battery market before year-end.

DIRECTOR NOMINATION

Nouveau Monde announces the nomination of Ms. Nathalie Jodoin to its Board of Directors. Ms. Jodoin specializes in the drafting and prosecution of patent applications and the providing of patentability, validity, infringement and freedom to operate opinions in the fields of chemical, mechanical, physical and electrochemical metallurgy, material science, chemical process and water treatment.

She is particularly experienced in strategic IP planning and worldwide patent prosecution. Ms. Jodoin is a partner with Robic LLP, an internationally renowned Intellectual Property law firm specializing in Intellectual Property and Business law. Robic LLP is located in Québec, Canada with an office in Montreal and another one in the city of Quebec. Ms Jodoin’s clients are medium and large-size companies which are involved in the various technical fields mentioned above. Ms. Jodoin was awarded a Bachelor in Metallurgical Engineering, Material science from École Polytechnique de Montréal in 1985 and a Bachelor in Civil Law (LL.B) from Université de Montréal in 1989. She is a Member of the Ordre des ingénieurs du Québec, and was called to the Québec Bar in 1990. She is also a registered patent agent in Canada and in the US since 1997.

Eric Desaulniers, P.Geo, President & CEO of Nouveau Monde stated: “We are very pleased to add Ms. Nathalie Jodoin to our team. Her nomination reflects the evolution of the Corporation which is entering a new phase of project development. Her expertise in metallurgy and her knowledge in Intellectual Property laws will be of great value to Nouveau Monde which aims at bringing its Matawinie Project towards the exploitation stage.”

GRANT OF OPTIONS

The Corporation announces the grant of 1M options to directors and officers of the Corporation. Each option shall entitle its holder thereof to subscribe for one common share of the Corporation, at a price of $0.20 per common share, for a period of five years from the date of grant. These options will vest one quarter at issuance and by period of three months until September 7, 2016. These options were granted in accordance with the terms of the current stock option plan of the Corporation.

ISSUANCE OF SHARES FOR SERVICES

The Corporation reports that it has received TSX Venture Exchange approval to issue common shares in consideration for services rendered pursuant to a consultant and services agreement entered into between the Corporation and Matrix Advisors, LLC (“Matrix”), an arm’s length party, on November 23, 2015 (the “Service Agreement”).

Matrix has rendered the services provided for in the Service Agreement during the first quarter (Oct 1^st 2015 to Jan 1^st 2016) and the Corporation has issued 250,000 common shares to Matrix at a deemed price of $0.20 per common share.

All common shares issued in connection with the Service Agreement will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws.

The press release was reviewed by Eric Desaulniers, M.Sc., P.Geo., President and CEO of Nouveau Monde, a Qualified Person under National Instrument 43-101 guidelines.

Avalon Rare Metals {TSX: AVL} confirmed that CEO and President Don Bubar has recently purchased 200,000 shares in the market.

It is always good to see director buying, and Bubar is showing confidence by buying at a very volatile time in the markets.

Comment

Good to see director buying at a very nervy time in world markets, and the main exchanges suffering downturns as a result. Don has bought 200,000 shares in total in his recent purchases.

Let’s hope other CEO’s follow Don Bubar’s example, and back their own companies to succeed with some of their own money, rather than all of ours!

Avalon Rare Metals Inc {TSX: AVL} Director Don Bubar has acquired 100,000 shares of the firm’s stock in a transaction dated Monday, January 4th.

The stock was bought at an average cost of C$0.13 per share, with a total value of C$12,500.00.

Don Bubar also recently made the following trades:

• On Thursday, December 31st, Donald Stephen Bubar purchased 15,000 shares of Avalon Rare Metals stock. The stock was bought at an average price of C$0.13 per share, with a total value of C$1,950.00.
• On Tuesday, December 29th, Donald Stephen Bubar purchased 36,500 shares of Avalon Rare Metals stock. The stock was bought at an average price of C$0.13 per share, with a total value of C$4,745.00.
• On Thursday, December 24th, Donald Stephen Bubar purchased 16,000 shares of Avalon Rare Metals stock. The stock was bought at an average price of C$0.13 per share, with a total value of C$2,080.00.
• On Wednesday, December 23rd, Donald Stephen Bubar purchased 32,500 shares of Avalon Rare Metals stock. The stock was bought at an average price of C$0.13 per share, with a total value of C$4,225.00.

Nymox Pharmaceutical Corporation {NASDAQ: NYMX} director James Robinson continued his recent buying spree by investing another $295,000 in the company.

Robinson continued his recent spate of share purchases by 95,000 shares biught at around $2.90 per share.

Nymox Pharmaceutical Corporation {NASDAQ: NYMX} Director James George Robinson bought 95,000 shares of the business’s stock in a transaction on Friday, January 8th.

The stock was purchased at an average cost of $2.90 per share, for a total transaction of $275,500.00. Following the transaction, the director now owns 2,637,550 shares of the company’s stock, valued at $7,648,895. The transaction was disclosed in a document filed with the Securities & Exchange Commission.

James George Robinson also recently made the following trades:

• On Wednesday, December 30th, James George Robinson bought 5,000 shares of Nymox Pharmaceutical Corp stock. The stock was bought at an average cost of $3.38 per share, with a total value of $16,900.00.
• On Tuesday, December 29th, James George Robinson bought 14,000 shares of Nymox Pharmaceutical Corp stock. The stock was bought at an average cost of $3.55 per share, with a total value of $49,700.00.
• On Monday, December 28th, James George Robinson bought 6,000 shares of Nymox Pharmaceutical Corp stock. The stock was bought at an average cost of $3.79 per share, with a total value of $22,740.00.

Today’s Trading

Shares of Nymox traded down 22.97% on Friday, reaching $2.18. 950,768 shares of the company’s stock were exchanged. Nymox Pharmaceutical Corp has a 1-year low of $0.35 and a 1-year high of $4.37. The stock’s 50-day moving average price is $3.36 and its 200-day moving average price is $2.78. The company’s market capitalization is $92.92 million.

Nymox Pharmaceutical Corp Company Profile

Nymox Pharmaceutical Corporation, formerly Corporation Pharmaceutique Nymox, is a biopharmaceutical company. The Company is focused on developing its drug candidate, NX-1207, for the treatment of benign prostatic hyperplasia (NASDAQ:NYMX) and the treatment of low-grade localized prostate cancer. The Company markets NicAlert and TobacAlert tests that use urine or saliva to detect use of tobacco products. The Company also has a patent portfolio covering its marketed products, its investigational drug, as well as other therapeutic and diagnostic indications. The Company also has the United States and global patent rights for the use of statin drugs for the treatment and prevention of Alzheimer’s disease. The Company’s subsidiaries include Nymox Corporation and Serex, Inc. Nymox Corporation conducts research and development, while Serex conducts research and development, and manufacturing for NicAlert and TobacAlert.