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Recent News & Updates
Find all the latest news, reviews and other informations about North Thunder Bay Mining Co. Ltd. and related markets.
North Thunder Bay Mining Seeks New Sponsor on Frankfurt Exchange
Toronto, Canada – January 13, 2012
North Thunder Bay Mining Co. Deutsche Börse symbol: 84NN (www.norththunderbay.com), wishes to advise its shareholders that trading in its shares has been suspended after the resignation of its sponsor. Proof of the assignment of a Deutsche Börse Listing Partner is a requirement by the Exchange in order for a Company's shares to be actively traded.
Management advises that this unanticipated development is regrettable, and that it is taking every action to secure a new sponsor as quickly as possible in order to restore trading again with the least possible delay.
North Thunder Bay Mining Acquires Interest in Singfil Corporation
Toronto, Canada – December 5, 2011
North Thunder Bay Mining Co. Deutsche Börse symbol: 84NN (www.norththunderbay.com), is pleased to announce that it has acquired a 25% interest in Singfil Corporation (Singfil) in exchange for USD $500,000.
Singfil is a relatively young privately-owned corporation in the water purification and supply industry. It recently signed it's first major bulk water supply contract with the Masbate-Mobo Water District in the Island Province of Masbate located in the Bicol region of the Philippines. The contract will see Singfil deliver 7,000 cubic meters of potable water to the district daily. The contract is valued at roughly $650,000 in gross revenue annually.
The water will be drawn from the Masbate River, and treated in a new water treatment facility which is currently beginning construction. The funds from the acquisition will help fund the construction of the facility, which is slated to go online in May, 2012.
Fresh potable water is in short supply in the district. Currently, there are hundreds of local water peddlers supplying water by push cart in order to meet neighborhood household needs. The water is usually drawn from private wells, and the quality of the water is inconsistent at best, due to the lack of proper purification methods.
North Thunder Bay Mining Completes Recapitalization
Toronto, Canada – July 21, 2011
North Thunder Bay Mining Co. Deutsche Börse symbol: 84NN (www.norththunderbay.com), is pleased to announce that it has completed a recapitalization, and has resumed active trading after a brief suspension during the execution of a reverse stock split. The reverse split saw 1 new share issued for each 100 shares outstanding as of July 14 and was executed in order to comply with new rules regarding minimum share prices from the Frankfurt Exchange.
The recapitalization saw the Company being issued a new ticker symbol, ISIN number and WKN number, which are provided below.
Ticker Symbol: 84NN
ISIN: CA66285Y2015
WKN: A1JHD3
North Thunder Bay Mining Optimistic Based on Record Breaking Prices of Gold and Copper
Toronto, Canada – (For immediate release) – March 3, 2011
North Thunder Bay Mining Co. Deutsche Börse symbol: 84N (www.norththunderbay.com), is expecting to see continued upward pressure on the price of copper and gold. Both Copper and gold have been reaching record high prices, further improving the economic feasibility of bringing its Lubo-Boneng prospect back into production.
Gold reached an all time high of $1,434 per oz this week, and some experts are advising there is still significant upside potential for these prices to escalate further. Amid fears of turmoil in Libya, the Middle East and North Africa and soaring oil prices, investors are looking for a safe haven to protect their wealth.
Once again, China seems to be a key factor driving the price of gold up, as the Country celebrates national holidays and as the wedding season begins, all of which are associated with gift giving – and gold products are the gift of choice.
Additionally, Chinese investors are buying into the idea that gold has plenty more upside potential, even at the current elevated rates.
Experts say the continual decline of your US dollar has triggered investors to choose risk-free haven goods such as gold and silver precious metals. And with higher consumption and purchasing demand, gold prices and silver prices will continue to go up. One expert has advised that he expects the price to rise for the remainder of the year, and reach as much as $1,900 per oz. by years-end.
At the same time, copper is also reaching all time record highs, but for very different reasons. China is once again a leading factor, as demand remains strong for construction and electronics continues even in the face of recent Chinese economic policies to slow down the pace of growth and keep inflation under control.
The Lubo-Boneng project is a past producer of copper, gold and silver. The plant produced 65,230 tonnes of copper, 3.70 tonnes of gold, and 1,507 tonnes of silver contained in concentrates, in the 1970s through to the early 1980s. The reason for closure came as a result of very weak metal prices encountered in the 1980s. However, with prices of these metals hitting historic highs, the economic viability of the mine is extremely promising once again.
North Thunder Bay Mining Sees Strong Demand Keeping Copper Prices High
Toronto, Canada – (For immediate release) – February 25, 2011
North Thunder Bay Mining Co. Deutsche Börse symbol: 84N (www.norththunderbay.com), is expecting to see continued upward pressure on the cost of Copper. Management is optimistic regarding the potential success of its Lubo-Boneng copper mine prospect.
Copper was trading at historical lows of USD $0.70 per pound in the 1990s, but has skyrocketed in recent years and is trading well above USD $4.00. On a tonnage basis, we are looking at a price of USD $10,000 per tonne.
Once again, China is a major part of the rise in price, as their economy continues to expand. India is another major market that is growing.
With key uses of the product in electronic/electrical and construction, the base metal is tied strongly to economic performance on a global basis. After taking a major hit in price in 2009, the price of copper has rebounded strongly and now trades at approximately $4.50 per pound.
Despite weak economies in the western world, China and other emerging economies are driving demand, and have been more than picking up the slack from the developed world. Simply put, China is an enormous market that is growing at breakneck speed.
The continued urbanization of the population is driving demand for construction related materials. In the past 30 years, the population shift to cities has been unprecedented. The number of people living in cities has more than doubled to reach 45% of the total population. To put that into perspective, China has about 170 cities with a population over one million people. All of Europe has roughly 35.
As for the longer term, analysts suggest that an additional 300 to 400 million more people will move the larger cities over the next coming 20 years. That more than the total population of the U.S.
It must also be remembered that copper is not easily replaced by a less expensive metal. As an example, aluminum electrical wiring (popular in the 1960s) carries a significant risk of fire, and is no longer used in new home construction. Similarly, because of its high level of conductivity, there are no other base metals regarded as an obvious substitute in electronic devices.
North Thunder Bay Mining Completes Pre-Feasibility Study for Lubo-Boneng Copper Mining Project
Toronto, Canada – (For immediate release) – February 8, 2011
North Thunder Bay Mining Co. Deutsche Börse symbol: 84N (www.norththunderbay.com), is pleased to provide updated information on it Lubo-Boneng copper project, based on the results of a pre-feasibility study completed by the Company's joint venture partner Al Magan Mining Exploration Corporation (AMMEX).
The team that conducted the study was assembled by AMMEX and came from senior professionals in several disciplines who worked primarily at Philex Mines - the first block cave mine in the Far East.
Because of the geologic similarity of the Lubo porphyry copper-gold deposit to the Sto. Tomas II deposit of Philex Mines, in particular, to its pencil- or pipe-like shape, low copper grade, the terrain of the project area, an underground mass mining method, such as induced block caving, has been selected.
Like the Banget Concentrator of Philex Mines, a conventional flotation processing plant would be chosen for the Lubo-Boneng Block Cave Mine with a capacity of 15,000 tonnes per day to produce 150 tonnes concentrate containing copper and by-products gold and silver.
The study suggests that the total ore that can be mined, based on 350 production days per year, and processed in the concentrator plant, would be 5,250,000 tonnes of copper-gold ore to produce 52,500 tonnes of copper concentrates with a metal content of 24.86% copper, 0.446 ounce gold per dry tonne concentrate, and 1.906 ounce silver per dry tonne concentrate. This translates to an annual metal production of;
- 27,616,171 pounds of copper;
- 23,415 ounces of gold;
- 100,065 ounces of silver.
Sales Revenue of Annual Production
On the basis of a copper price of US$ 3.50 per pound, gold price of US$ 1,000 per ounce, and silver price of US$ 20 per ounce, the Net Smelter Return (NSR) payable would amount to USD $121,404,469 per annum. In computing NSR, the smelter contract agreement of Philex Mines with its Japanese buyer of concentrates was used.
Projected Operating Costs
Initial estimates for operating costs of the mine for the first four years (qualified for a tax holiday) are roughly USD $39,191,250 for production costs and a further USD $12,338,453 for marketing and treatment costs (including ocean freight, smelting and refining costs etc.). Net income is projected at USD $49,094,531. This results in a payback period of less than three years based on positive cash flow from the venture.
Indicative Capital Costs
At this Pre-Feasibility Study stage of the project, only an indicative capital cost figure can be given which is USD $162,780,000. This can be broken down to USD $962,500 for permitting, USD $4,840,000 for the final feasibility study, USD $80,404,720 for underground mine development and USD $76,572,600 for plant construction.
North Thunder Bay Mining to Report on Mayantoc Exploration Program
Toronto, Canada – (For immediate release) – December 20, 2010
North Thunder Bay Mining Co. Deutsche Börse symbol: 84N (www.norththunderbay.com), announced today that it has begun the exploration program to develop the Mayantoc iron ore project. The steps included in the first phase of exploration include the following:
- Geological mapping
- Chip sampling and analysis
- Geophysical surveys
- Survey of lands for mining
- Survey of access roads
- Evaluation of reserves
Once these activities are completed, the Company will have a clear estimate of the amount of surface exposed iron ore available to ship to China. This will also indicate the life expectancy of the near surface mining activities and the number of shipments of ore that can be committed for export.
It is expected that these activities will be completed within a nine month period of time.
North Thunder Bay Mining Enters Discussions to supply Iron Ore to China
Toronto, Canada – (For immediate release) – November 30, 2010
North Thunder Bay Mining Co. Deutsche Börse symbol: 84N (www.norththunderbay.com), announced today that it has entered discussions with a Chinese company to export iron ore to China, based on the initial sample results for the Mayantoc prospect, located in Nambalan, province of Tarlac in the Philippines.
The initial samples from the Mayantoc site averaged 62% iron ore and 1.5 grams of gold per ton. The negotiations center primarily on the supply of the iron ore, although the Company would be paid for the gold contained in the ore based on actual yields at the smelting operations in China.
The contract will require the iron ore to maintain a minimum ore content of 55%. The Chinese company has requested that its name be withheld until the contract discussions are completed and mining has commenced.
North Thunder Bay Mining Plans to Begin Small Scale Mining on Mayantoc Property
Toronto, Canada – (For immediate release) – November 30, 2010
North Thunder Bay Mining Co. Deutsche Börse symbol: 84N (www.norththunderbay.com), announced today that it plans to begin small scale iron ore mining operations to supply a Chinese company based upon the successful completion of contract negotiations.
The Mayantoc prospect, located in Nambalan, province of Tarlac in the Philippines has extensive surface accessible deposits of iron ore, and up to 10 small scale operators will be contracted to begin mining operations on the property. The contract envisions exporting 10,000 tons of ore per month once operations begin.
The Company will provide updates on these developments as they become available.
North Thunder Bay Mining Reports on Option to Increase Size of Mayantoc Mining Project
Toronto, Canada – (For immediate release) – November 30, 2010
North Thunder Bay Mining Co. Deutsche Börse symbol: 84N (www.norththunderbay.com), reported today that it has the option of doubling the size of the Mayantoc mining property, located in Nambalan, province of Tarlac in the Philippines.
The option exists to double the current 2,000 hectares to 4,000 hectares. With the opportunity to set a contract with a Chinese company to purchase 10,000 tons of iron ore monthly, this option to expand becomes attractive.
North Thunder Bay Mining Reports on Strong Iron Ore Market
Toronto, Canada – (For immediate release) – November 30, 2010
North Thunder Bay Mining Co. Deutsche Börse symbol: 84N (www.norththunderbay.com), reported that demand for iron ore has rebounded significantly since the global financial meltdown, due primarily to continuing strong demand and growth in the Chinese market.
The FOB spot price for iron ore peaked in late April at ~ US $160/tonne. Recent prices for Indian ore of 63 - 63.5% concentrate were $156 - $158 a tonne, cost and freight delivered to China.
Although China is the world's largest producer of iron ore, in the last 10 years its ratio of imported to domestic iron ore has gone from 34/66 to 66/34 (estimated for 2010), according to a recent report in Resource World magazine.
A more complete analysis of the iron ore market will be made available at the Company's website in the near future.
North Thunder Bay Mining to Test Mayantoc Iron Ore for Uranium
Toronto, Canada – (For immediate release) – November 30, 2010
North Thunder Bay Mining Co. Deutsche Börse symbol: 84N (www.norththunderbay.com), announced today that Chinese company seeking to purchase iron ore from the Company has advised the Company they intend to retest the iron ore samples from its Mayantoc prospect for Uranium, based on their geologists examination of the iron ore samples provided.
If suitable levels of uranium are found, this will be incorporated into the final purchase contract of the iron ore. The Chinese company will be advising North Thunder Bay of the results of these additional tests once completed.
North Thunder Bay Mining Acquires Interest in Mayantoc Iron, Copper and Gold Prospect
Toronto, Canada – (For immediate release) – October 8, 2010
North Thunder Bay Mining Co. Deutsche Börse symbol: 84N (www.norththunderbay.com), announced today that it has acquired an interest in an iron, copper and gold prospect in the municipality of Mayantoc, Province of Tarlac.
The Mayantoc prospect has had periodic, basic exploration conducted in the past, and has shown anomalous levels of both copper and gold. Assays conducted on rock chips and float chips have shown varying elevated levels of both metals. Additional follow-up work is indicated, with geochemical/IP-geophysical investigation as the next step.
A recent field trip to the prospect revealed many showings of iron in the form of boulders as well as in the streams and earth with widespread visible signs of ferrous oxide. With an eye towards China, which is in great need of iron, the Company is expecting to develop the property as an iron mine, and secondarily explore the prospects for gold and copper. Pictures of the iron showings will be posted on the Company website shortly.
The prospect is well situated with easy access via nearby highways and side roads.
Ban on Open Pit Mining Not Expected to Affect North Thunder Bay Mining
Toronto, Canada – (For immediate release) – August 16, 2010
North Thunder Bay Mining Co. Deutsche Börse symbol: 84N (www.norththunderbay.com), announced today that it does not expect to be affected by the recent signing into law of a ban on open pit mining by outgoing governor Daisy Fuentes of South Cotabato.
North Thunder Bay Mining president and CEO, Mr. Medrado Pineda noted; "This is a local law that has created much controversy. The bottom line is that it does not affect our Lubo-Boneng project, which is located in the municipality of Kibungan, Province of Benguet in the Cordillera Administrative region. In addition, we are planning on moving forward using block cave mining techniques, as opposed to an open pit mine.
What is important to take away from the ban is that there is a strong anti-mining sentiment in areas where mining companies may have not followed best practices in avoiding potential pollution resulting from their mining activities. It is a strong reminder that we must respect the environment wherever our activities take place, and we must use best practices to ensure that our mining activities do not have any adverse affect on the environment or local population."
North Thunder Bay Mining Enters Discussions for Joint Venture
Toronto, Canada – (For immediate release) – August 10, 2010
North Thunder Bay Mining Co. Deutsche Börse symbol: 84N (www.norththunderbay.com), announced today that it has entered discussions with China Beijing Xingfung Huahang Minerals and Metallurgical Company for a joint venture to bring the Lubo-Boneng mine, located in the Province of Benguet, Philippines into production.
The Lubo-Boneng mine has been a past producer of copper, gold and silver, during seven years of actual production in the early 1970s to early 1980s. The plant produced 65,230 tonnes of copper, 3.70 tonnes of gold, and 1,507 tonnes of silver contained in concentrates.
Based on more than 100 drill holes completed and 3 kms of combined underground workings, the Lubo-Boneng Mine has a resource base of 332,488,730 tonnes of which 151,996,440 tonnes can be categorized as a measured resource containing 0.305% Cu and 0.351 gram Au per tonne, or 0.50% Cu-equivalent.
The China-based company will be sending a team of experts to review the mine site and make recommendations on how to develop the project most efficiently.
North Thunder Bay Mining president and CEO, Mr. Medrado Pineda noted; "We welcome the interest from China Beijing Xingfung Huahang and feel optimistic that we will be able to secure funding to exploit the known resources of the Lubo-Boneng project, and possibly some of the other satellite properties in close proximity to the main site. With continued expansion of the Chinese economy, there is an ongoing need to secure supplies of copper required in the construction and manufacturing sectors, as well as strong demand for precious minerals such as gold and silver."
Disclaimer & Safe Harbor Statement:
This release may contain certain "forward-looking statements" with respect to certain of North Thunder Bay Mining Co.'s plans, goals and expectations regarding its future financial condition, performance, results, strategy and objectives. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "could", "would", "might", "will" and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, beliefs, plans, projections, objections, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements in this press release are not promises or guarantees of future performance and are subject to risks and uncertainties that could cause North Thunder Bay Mining Co.'s actual results to differ materially from those anticipated. North Thunder Bay Mining Co. cautions the reader not to place undue reliance upon any such forward-looking statements. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed herein as well as the following: (i) domestic and global economic and business conditions; (ii) market related risks and the performance of financial markets generally; (iii) the policies and actions of regulatory authorities; (iv) the impact of competitive factors; (v) risks and uncertainties associated with future acquisitions or combinations within relevant industries; and (vi) changes in capital, solvency or accounting standards as well as tax and other relevant legislation or regulations in the jurisdictions in which North Thunder Bay Mining Co. operates. The actual results that North Thunder Bay Mining Co. achieves may differ materially from any forward-looking statements which are based on management's beliefs and opinions at the time the statements are made. North Thunder Bay Mining Co. does not undertake any obligation to update forward-looking statements should circumstances or management's beliefs or opinions change.
