subject: Harry Winston Purchase Update Along With Orfg.pk Stock Report - Pennytobuck.com [print this page] Orofino Gold Corp., ORFG.pk Orofino Gold Corp., ORFG.pk
ORFG.pk has taken a shine to Colombia .
ORFG.pk has several Gold development properties in Colombia, a current hot spot of gold production in the world markets.
At the ORFG.pkSenderos de Oro project, government recorded Gold production from the area has been significant with production records between 1987 to present of over 1,300,000 ounces. All production has been Artisanal (small miners) in nature and production continues to this day.
With the frequent occurrence of the very high grade gold vein systems in the central area of ORFG.pks Senderos de Oro project and with several small scale grinding and amalgamation mills in-place ORFG is planning to design a central processing and recovery facility that is modular in design (each additional module added creates 10,000 ounces of annual production) and will be capable of processing enough high grade material to produce up to 120,000 ounces of gold annually while ORFG continues to explore further the Primary Porphyry Target which is the bulk minable gold/copper porphyry systems.
ORFG.pk has reviewed several engineering and design firms with gold production facilities design and operational experience and is currently creating a short list prior to engaging the design team.
ORFG.pk intends to continue the relationships currently enjoyed with all government agencies, the local communities, as well as current production teams and will involve these groups in all major processing and production planning decisions.
Harry Winston Diamond Corporation, HWD
HWD has reached an agreement in principle to purchase from Kinross Gold Corporation, its 9% indirect interest in the Diavik Joint Venture for aggregate consideration of approximately US$220 million.
Purchase will comprise US$50 million in cash, payable at closing, plus the issuance to Kinross of approximately 7.1 million treasury HWD common shares and a promissory note in the amount of US$70 million, maturing 12 months from the date of closing. The note will bear interest at a rate of 5% per annum and can be repaid in cash or, subject to certain limitations, shares issued by HWD to Kinross.
Kinross has also stated that it has reached an agreement to sell its existing holding of approximately 15 million common shares of HWD to a group of financial institutions through a block trade transaction. Kinross' resulting direct ownership interest in Harry Winston following closing of the transaction will be approximately 8.5%.
HWD supplies rough diamonds to the global market from its 40% ownership interest in the Diavik Diamond Mine. (economic ownership interest of 31%)
HWD's retail division is a premier diamond jeweler and luxury timepiece retailer with salons in key locations, including New York, Paris, London, Beijing, Tokyo, and Beverly Hills.
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by: Bill Pennyman
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