Asia Now Resources Corp.
COMPANY DATA | INTRODUCTION
| PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | 14th Floor, 220 Bay Street Toronto, Ontario Canada M5J 2W4 |
| Tel No.: | (416) 364-7281 |
| Fax No.: | (416) 703-3507 |
| Web Site: | www.asianow.ca |
| Corporate Email: | info@asianow.ca |
| Contact Person: | Christina Staples |
| Position: | Corporate Secretary |
| Traded Market: | TSX-V |
| Traded Symbol: | NOW |
| Outstanding Shares: | 48,036,988 |
| Public Float: | 76.3% |
| 52 Week High: | $ 0.64 |
| 52 Week Low: | $ 0.265 |
| Present Price: | Click Here |
Asia Now Resources Corp. is a Canadian mineral exploration company active in China since 2002. The Company has established offices, joint ventures and a significant network with Chinese partners providing excellent deal flow. Under the leadership of an experienced management team, the Company recently raised over $5 million dollars to conduct an aggressive exploration program, including diamond drilling, on four properties in China. It conducts its exploration activities through joint venture companies.
PROJECT IN HAND
(1) Dongchuan Property, Yunnan Province, China
In 2005, Asia Now entered into a joint venture with Yunnan Jinsha Mining Co. Ltd. ("YJM"), a subsidiary of Yunnan Copper Corp., China's third largest copper producer, and Yunnan Non-Ferrous Geology and Mineral Resources Company Limited ("YNGM"). The Dongchuan property is bordered to the north by the Boka gold property of Southwestern Resources Inc. in northeast Yunnan Province.
The Dongchuan property covers approximately 202 sq.km in Yunnan Province. Targets at Dongchuan are gold deposits similar to Southwestern Resources Inc.'s Boka project.
Under the agreement with YJM, Asia Now holds 75% of the joint venture company Yunnan Dongsha Now Resources Company Limited; under the agreement with YNGM, Asia Now holds 72% of the joint venture company Yunnan Dongxin Mineral Exploration Company Limited.
Exploration rights related to Company's JV with Yunnan Copper pertain to all gold deposits and any copper discoveries. Anomalous gold values are being investigated with detailed mapping and rock-chip sampling to define drill targets.
Dongchuan Gold Project
· 202 sq.km exploration property in premier gold belt
· Approximately 10 km south of main Boka gold deposits, in same geology
· 275 sq.km exploration rights; can earn up to 90%
· Indicated gold mineralization; previous exploration for copper only
· Exploration budget: Year 1: US$2.0 million; Year 2-5: US$4.0 million
(2) Beiya Property, Yunnan Province, China
In 2005, Asia Now entered into a joint venture with Yunnan Non-Ferrous Geology and Mineral Resources Company Limited ("YNGM") and Yunnan Geology and Mineral Resource Co. Limited ("YGMR"). The Beiya property covers approximately 350 sq.km in Yunnan Province. The southeastern area of the project is adjacent to an operating, open-pit gold mine with a mineral resource of approximately 10 million tonnes grading 5.0 grams per tonne or 1.5 million ounces contained gold. In the northern area a large anomaly extending over 6 sq.km was discovered in late 2005 with gold values in soil samples of up to 0.9 g/t.
Under the agreement with YNGM, Asia Now can earn 72% interest from the joint venture company; under the agreement with YGMR, Asia Now can earn 70% interest from the joint venture company.
Soil geochemical and ground magnetic surveys conducted in 2005 detected numerous other gold and base metal anomalies on this large property and these will be followed up with further mapping and sampling.
Beiya Gold Project
· Area shows evidence of mineralization, but had minimal exploration
· Adjoining property has 50 tonnes of gold (Chinese reserves)
· Excellent infrastructure
· 361 sq.km of exploration concessions; can earn up to 90%
· 20+ gold occurrences detected since mid-1990s; up to 24 gpt at surface
· Exploration budget: Year 1: US$1.0 million; Year 2-5: US$6.6 million
(3) Habo Property, Yunnan Province, China
In 2004, Asia Now entered into a joint venture with Yunnan Geology and Mineral Resource Co. Limited ("YGMR"). The Habo property covers 162 sq.km in Yunnan Province approximately 25 km from the Vietnam border. Asia Now has identified a large porphyry copper-gold system extending over at lest 1,000 metres by 600 metres on prominent hills in the Longtian area in the south tenement of the project. The system was discovered through recent mapping, pitting and trenching.
Under the agreement with YGMR, Asia Now can earn 70% interest from the joint venture company Yunnan Now Mineral Exploration Company Limited.
Further pitting and trenching will be used to locate the most strongly mineralized areas and define the extent of the system. Asia Now intends to drive shallow adits into the hillside for subsurface sampling and to provide sites for diamond drilling.
(4) Great Wall Property, Hebei Province, China
In June 2004, Asia Now entered into a joint venture with the 2nd Geological Team of the Hebei Prospecting and Developing Bureau of Geology and Mineral Resources ("2nd Geological Team"). The Great Wall Property covers a 24 sq.km area hosting several gold showings and geochemical anomalies and is located about 80 km northeast of Tangshan City in northeast China. The property is situated within a mineralization zone that has similarities in many respects to the Carlin style gold deposits in the western United States.
Under the agreement with the 2nd Geological Team, Asia Now holds 80% of the joint venture company Hebei Now Resources Limited ("Hebei Now"). Asia Now must contribute a minimum of US$1.25 million to the exploration programs within three years and can hold up to a 92% interest by funding the development of the mine.
Hebei Now has begun surface exploration programs to identify the drilling targets with the hope of initiating a drilling program toward the end of 2006.
MANAGEMENT
Asia Now Resources Corp. has a professional management team with experience in different areas.
Philip S. Martin, P.Eng., MBA, Executive Chairman
- Formerly VP Corporate Finance, First Associates Investments; Managing Partner Investment Banking, Gordon Capital
- Director: Southern Era Resources, Rubicon Minerals & Beta Minerals
Kaihui Yang, Ph.D, President & Director
- Ph.D in geology (1990 China); Research Geologist, University of Toronto (1990s)
- Consultant: Barrick, World Bank, Inco, Falconbridge, Noranda, junior exploration companies (1994-2002)
Gordon A. McCreary, MBA, Director
- President and Chief Executive Officer of Baffinland Iron Mines Corporation
- Mining Engineer with more than 30 years experience in the mining industry
Douglas Scharf, C.A., Director
- President of Douglas Scharf International Inc.
- Former Vice President, Finance and CFO of Inmet Mining Corporation
Lord John Taylor of Warwick, Director
- LLB (1976) Barrister-at-Law (1978 England), Life Peer with British Parliament (1996)
- Corporate positions with several companies and Chancellor of Bournemouth University
Noel White, Ph.D, Director
- Former Chief Geologist for BHP
- 39 years experience in gold, copper, nickel and PGE deposits worldwide
James S. Borland, Executive Vice President
Edwin Lee, C.A., Chief Financial Officer
Christina Staples, Corporate Secretary
NEWS UPDATE
On March 5, 2007, Asia Now Resources Corp. announced that it has signed a heads of agreement (HOA) with Zinifex Australia Limited, a subsidiary of Zinifex Limited, one of the world's largest zinc producers, to form an alliance for mineral exploration in China. The HOA calls for the two companies to jointly finance exploration for zinc-silver-lead base metal deposits throughout China with an initial budget of combined cash and in-kind contribution of US$1.5-million. Zinifex will contribute cash and Asia Now, which will manage the alliance, will make contribution in kind including the services of its exploration team.
On February 23, 2007 Asia Now Resources Corp. released assay results from the first drill hole and from soil samples at its Beiya project in Yunnan province, China. It intersects shallow gold-silver zones within 13km gold anomaly that covers adjacent open-pit mine.
On February 14, 2007 The Department of Land and Resources of Yunnan province, China, has granted two new exploration rights covering a total of 150 square kilometres to a joint venture company Asia Now Resources Corp. controls. The new rights will be part of Asia Now's Beiya project bringing the entire project area to 500 square kilometres. The expanded project covers all of the known gold anomalies and major gold mineralization zones surrounding the Beiya gold mine, an operating open pit operation wholly owned by YGMR that is currently undergoing an expansion designed to bring its annual gold production to more than 100,000 ounces.
On February 06, 2007 Asia Now Resources Corp. released assay results for channel samples collected from four adits and new trenches on a large copper-gold porphyry-mineralized system at its Habo project in Yunnan province, China. " These results indicate extensive sulphide mineralization below surface, and therefore confirm the potential for a large bulk-tonnage, open-pittable, porphyry-style copper-gold deposit," said company president, Kaihui Yang."It is worth noting that all four of these adits ended in mineralization."
On January 8, 2007, Asia Now Resources Corp. announced that it has received the assay results for soil samples and channel samples collected from trenches that were completed to test gold anomalies on the Beiya Far North and Beiya West blocks of its Beiya Project in Yunnan province, China. Some soil samples from the gold anomalies have indicated high gold grades up to 0.7 g/t in the Beiya Far North block. This trenching program has indicated extensive gold mineralization associated with structural zones in limestone and felsic intrusions. The geology indicates potential for Carlin-style gold deposits in the Beiya Far North block. The trenching programs in the Beiya West block indicate extensive copper-gold mineralization related to felsic intrusions and limestone. The Company plans to drill these mineralization zones at both blocks to test the primary grades at depth.
On January 4, 2007, Asia Now Resources Corp. announced that it has received assay results of channel samples collected from underground workings at the Yinmin mine near the northern boundary of the Company's Dongchuan project in southwestern China. The assay results indicate wide gold and/or copper mineralization zones intersected by the underground workings.
On January 2, 2007, Asia Now Resources Corp. announced that it has started diamond drilling on its Habo project in Yunnan province, China. The initial 1,000-metre drill program includes two holes to test a large copper-gold-molybdenum system in the Habo South block.
On November 6, 2006, Asia Now Resources Corp. announced that it now begins drilling at its Beiya gold project in China. The drill program includes an initial two holes which will total 700 metres. Further drilling will be based on results from those initial holes.
On October 31, 2006, Asia Now Resources Corp. announced that it has appointed Mr. Douglas Scharf as chairman of the Company and Mr. Philip Martin remains director of the Company.
On September 29, 2006, Asia Now Resources Corp. announced that it has appointed Gaetan Chabot, CA, as Chief Financial Officer, effective Oct. 1, 2006. Mr. Chabot received his bachelor of commerce degree from the University of Ottawa in 1970 and has been certified as a chartered accountant since 1974. He spent 12 years in public practice with Price Waterhouse, Chartered Accountants, before entering industry where he served in various senior financial roles, including vice-president finance and chief financial officer, for private and public companies.
On September 7, 2006, Asia Now Resources Corp. released an update on exploration at its Habo project in Yunnan province, China. The Company has started driving three adits in the Longtian area, in the southern part of the property, where extensive porphyry-style stockwork mineralization has been found at surface. The Company plans to initiate an additional five adits to test this large porphyry copper-gold system and begin drilling following the rainy season, which is expected to end in October.
On June 19, 2006, Asia Now Resources Corp. announced the election of Gordon McCreary to its board of directors at the Company's Annual General and Special Meeting of Shareholders held June 15, 2006. Mr. McCreary joins Philip S. Martin, Douglas Scharf, Lord John Taylor of Warwick, Noel White and Kaihui Yang on the board, all of whom were re-elected at the shareholders' meeting.
Mr. McCreary is President and Chief Executive Officer of Baffinland Iron Mines Corporation. A mining engineer with 30 years experience in the mining industry, he also earned a Masters of Business Administration from Queen's University.
The Company also announced that it has granted to a director an option to purchase up to 200,000 shares of the Company's capital stock at $0.28 per share, that being the closing price of the shares on the TSX Venture Exchange on June 15, 2006. The options are exercisable until June 15, 2011.
On May 25, 2006, Asia Now Resources Corp. provided update on exploration at its Dongchuan Project in Yunnan Province, China. Exploration at Dongchuan has focused on gold targets similar to those at Boka. Soil and bedrock sampling (a total of 10,520 samples) covering a 131 sq.km area has indicated a number of gold anomalies along a structural zone that extends from the Boka gold mineralization belt. The gold-anomalous area covers existing underground copper mines that have been in production for more than 50 years but were not mandated by the central government for gold production and therefore have never been explored for gold. The underground workings access copper deposits in the same stratigraphy that hosts the Boka deposit.
Assays on 512 rock-chip samples from surface outcrops and one underground working returned anomalous gold values in some samples ranging from 0.3 to 1.3 g/t. Previous assays on 24 rock-chip samples also indicated anomalous gold values.