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« Is the HUI about to correct? | Main | BHP Billiton: Olympic Dam Gold Reserves Up 50%! »
Wednesday
Sep262007

Fronteer Developments Group: Completes takeover of NewWest Gold Corp

Fronteer has announced that the acquisition of NewWest Gold is now complete giving Fronteer an additional 3.5 million ounces of gold equivalent to add to its resource base. The statement went on to say that:

The acquisition doubles Fronteer's 43-101 global resource base and transfers ownership of 19 new projects over 623,000 acres, including 12 with drill-indicated gold mineralization located on some of Nevada's most prolific gold trends.

NewWest's resource estimate - comprising its Northumberland, Sandman and Zaca projects - stands at 2.75 million ounces of gold with 18.9 million ounces of silver (measured + indicated), and 443,000 ounces of gold with 5.45 million ounces of silver (inferred), for an overall gold equivalent resource of 3.5 million ounces. Detailed information on NewWest's resource estimate can be found on its website at: LINK


Mark O'Dea, President and Chief Executive Officer of Fronteer added that:

"This transaction establishes Fronteer as a significant gold company boasting a large deposit pipeline located in one of the best gold mining jurisdictions in the world. The combination of NewWest's exciting Nevada projects and our growing Turkish assets creates an outstanding platform for growth,"

If you can find the time it is worth watching Mark being interviewed on BNN. As a manager he comes across as extremely confident and knowledgeable just follow this LINK.

The company also has C$106 million in cash so there are no financial restraints on their exploration programme.

We originally placed Fronteer in our Uranium stocks investment account however as Fronteer are now focused on gold we are transferring it to this account. The uranium assets are now with Aurora Energy where Fronteer still retain almost 50% of the shares.

Fronteer closed at $10.36 yesterday and Aurora at $12.39.

We first bought Fronteer on 14th July 2006 for $4.70 just follow this LINK to uranium stocks should you want to read more.

Fronteer Development Group trades on the TSX and AMEX as FRG

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