FOX Translator
No data currently available.
No data currently available.
TITLE
We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
Home / Markets / Industries / Industrials
Monday, May 05, 2008
Scorpio's Drilling of the Main Zone from the 8th Level of the Nuestra Senora Deposit Intersects 6.8, 14.3, 12.9 and 30.0 metres of Mineralization in One Hole
Comtex
VANCOUVER, May 5, 2008 (Canada NewsWire via COMTEX News Network) ----TSX:SPM
Scorpio Mining Corporation (TSX:SPM) is pleased to announce additional drill results from the 8th Level of the Nuestra Senora deposit at the 100% owned Nuestra Senora project, Sinaloa State, Mexico.
Peter J. Hawley, Chairman, CEO reports, "The robust nature of the mineralization within the Nuestra Senora Main Zone and its seven peripheral satellite zones continues to be demonstrated with results such as in Hole NS8L-08-72, which targeted the center of the Main Zone mineralization and reported four mineralized intersections totalling 64 metres core length within a 73.2 metre section of core length overall."
The underground drill holes presented in Table 1 were drilled from the 8th Level (approximately 130 metres below surface) as part of the ongoing program to define the extent of the mineralization for mine planning and upgrading of mineral resources.
<< Table 1. 8th Level Underground Drill Results - Nuestra Senora Main Zone ------------------------------------------------------------------------- Hole No. From To Length Ag Au Cu Pb Zn (m) (m) (m) (g/t) (g/t) % % % ------------------------------------------------------------------------- NS8L-07-62 19.50 22.80 3.30 293 0.207 0.00 0.89 1.15 ------------------------------------------------------------------------- 27.20 31.50 4.30 136 0.234 0.00 1.02 0.09 ------------------------------------------------------------------------- 37.60 38.80 1.20 137 0.258 0.01 0.78 0.43 ------------------------------------------------------------------------- NS8L-08-63 68.85 77.85 9.00 198 0.147 0.04 1.30 6.44 ------------------------------------------------------------------------- NS8L-08-64 6.80 10.20 3.40 149 0.306 0.93 3.48 5.35 ------------------------------------------------------------------------- 44.90 46.20 1.30 18 14.85 0.01 0.18 0.44 ------------------------------------------------------------------------- 50.55 56.00 5.45 179 0.114 0.14 1.02 17.35 ------------------------------------------------------------------------- NS8L-08-65 1.20 2.80 1.60 92 0.083 0.33 2.92 4.17 ------------------------------------------------------------------------- 4.90 5.85 0.95 256 0.089 0.82 1.54 10.85 ------------------------------------------------------------------------- 38.90 43.40 4.50 165 0.348 0.26 2.06 11.22 ------------------------------------------------------------------------- 46.20 48.80 2.60 63 0.384 0.05 0.42 10.50 ------------------------------------------------------------------------- NS8L-08-66 24.85 26.55 1.70 199 0.169 0.49 4.00 3.74 ------------------------------------------------------------------------- NS8L-08-71 65.85 69.25 3.40 106 0.180 0.19 1.18 2.47 ------------------------------------------------------------------------- 79.35 81.20 1.85 166 0.135 0.01 1.00 2.89 ------------------------------------------------------------------------- NS8L-08-72 28.60 29.15 0.55 236 0.248 0.03 2.03 1.36 ------------------------------------------------------------------------- 39.10 45.90 6.80 154 0.244 0.02 1.19 2.26 ------------------------------------------------------------------------- 50.70 65.00 14.30 106 0.212 0.03 0.82 3.77 ------------------------------------------------------------------------- 67.10 80.00 12.90 73 0.163 0.02 0.50 2.30 ------------------------------------------------------------------------- 82.30 112.30 30.00 164 0.181 0.03 1.29 4.22 ------------------------------------------------------------------------- NS8L-08-73 32.20 34.95 2.75 148 0.376 0.02 1.18 0.98 ------------------------------------------------------------------------- NS8L-08-74 29.70 30.00 0.30 520 0.840 0.49 3.03 0.19 ------------------------------------------------------------------------- NS8L-08-75 29.20 29.55 0.35 1,235 1.465 1.49 4.35 7.67 ------------------------------------------------------------------------- 31.80 32.20 0.40 255 0.601 0.25 2.35 6.24 ------------------------------------------------------------------------- NS8L-08-76 27.75 28.00 0.25 690 0.347 1.16 2.45 3.54 ------------------------------------------------------------------------- 50.20 58.90 8.70 406 0.232 0.01 1.15 1.79 ------------------------------------------------------------------------- 69.70 73.10 3.40 285 0.156 0.03 2.09 3.27 ------------------------------------------------------------------------- NS8L-08-78 40.20 41.45 1.25 168 0.241 0.00 0.47 0.01 ------------------------------------------------------------------------- 44.30 46.40 2.10 101 0.239 0.27 1.06 1.60 ------------------------------------------------------------------------- 51.00 51.70 0.70 476 0.519 0.63 2.78 8.09 ------------------------------------------------------------------------- 54.25 54.95 0.70 313 0.266 0.04 1.13 3.30 ------------------------------------------------------------------------- 61.75 62.60 0.85 206 0.235 0.06 1.37 0.61 ------------------------------------------------------------------------- NS8L-08-79 48.70 49.80 1.10 208 0.110 0.03 1.00 0.28 ------------------------------------------------------------------------- NS8L-08-80 10.20 11.10 0.90 123 0.307 0.42 3.90 5.48 ------------------------------------------------------------------------- 44.40 45.90 1.50 253 0.083 0.01 1.12 2.80 ------------------------------------------------------------------------- 61.50 65.00 3.50 142 0.148 0.01 0.58 1.29 ------------------------------------------------------------------------- NS8L-07-191 1.40 1.80 0.40 278 0.147 0.89 9.89 17.40 ------------------------------------------------------------------------- 4.00 11.90 7.90 264 0.553 0.13 1.95 1.30 ------------------------------------------------------------------------- 14.00 15.90 1.90 414 0.289 0.01 1.13 5.44 ------------------------------------------------------------------------- 23.40 26.40 3.00 184 0.143 0.01 0.50 0.69 ------------------------------------------------------------------------- 39.00 39.40 0.40 287 0.070 0.02 2.07 5.75 ------------------------------------------------------------------------- NS8L-07-192 1.90 8.40 6.50 236 0.281 0.23 2.05 1.95 ------------------------------------------------------------------------- 14.70 15.80 1.10 192 0.147 0.01 0.53 0.37 ------------------------------------------------------------------------- 21.80 22.40 0.60 178 1.435 0.10 3.57 1.84 ------------------------------------------------------------------------- 25.00 25.60 0.60 267 0.223 0.57 3.34 14.85 ------------------------------------------------------------------------- 27.80 29.60 1.80 107 0.173 0.04 0.29 0.06 ------------------------------------------------------------------------- NS8L-07-193 0.04 0.60 0.20 485 0.362 0.70 11.85 3.32 ------------------------------------------------------------------------- 4.60 8.00 3.40 342 0.564 0.36 3.21 4.27 ------------------------------------------------------------------------- 12.30 13.30 1.00 380 0.181 0.12 0.23 0.45 ------------------------------------------------------------------------- 33.10 38.40 5.30 608 0.430 0.74 6.25 7.53 ------------------------------------------------------------------------- >>
Drill hole data in Table 1 reflects down hole core lengths and actual (uncut) grades. True widths cannot be reliably estimated at this time. Further information on the Company and the Nuestra Senora project is available on the Scorpio Mining web site at: www.scorpiomining.com.
President, Mr. D. Roger Scammell, PGeo, is the Company's Qualified Person for the Nuestra Senora project. Mr. Scammell is responsible for the current exploration and development program and has reviewed the content of this release. All technical information for the Nuestra Senora property is obtained and reported under a formal quality assurance and quality control (QA/QC) program. Samples are shipped to the ALS Chemex preparation laboratory in Hermosillo, Mexico for drying, crushing and pulverizing. ALS Chemex, Hermosillo then sends the pulps by air-freight to ALS Chemex, Vancouver for assaying. Systematic assaying of standards and blanks are performed for the precision and accuracy; check assays are regularly conducted by SGS Lakefield Research. Details of the QA/QC program are available on the Company's website.
ON BEHALF OF SCORPIO MINING CORPORATION
Peter J. Hawley
Chairman & CEO
This news release includes certain statements that may be deemed "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 with respect to the future price of silver, zinc, copper, lead and gold, the timing of construction and production activities, the mine life of the Nuestra Senora Project, the economic viability and estimated internal rate of return of the Nuestra Senora Project, the estimation of mineral reserves and mineral resources, the results of drilling, estimated future capital and operating costs, projected mineral recovery rates, requirements for additional financing and Scorpio Mining Corporation's commitment to, and plans for developing the Nuestra Senora Project. Generally, these forward-looking statements can be identified by the forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "projects", "intends", "anticipates", or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "can", "could", "would", "might", or "will be taken", "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 Scorpio Mining Corporation to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development and construction of the Nuestra Senora Project, risks related to international operations, construction delays and cost overruns, the actual results of current exploration, development and construction activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of silver, zinc, copper, lead and gold, as well as those factors discussed in the sections relating to risk factors of our business filed in Scorpio Mining Corporation's required securities filings on SEDAR, including its Annual Information Form dated March 26, 2008. Although Scorpio Mining Corporation has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.
There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Scorpio Mining Corporation does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE: Scorpio Mining Corporation
Glenn Little, Jackson Little Holdings Ltd: (604) 930-4375; 1-888-930-4375, Email: jlconsulting@telus.net; Rich Kaiser, YES International: 1-800-631-8127, 001-757-306-6090 (outside North America), Email: yes@yesinternational.com
Copyright (C) 2008 CNW Group. All rights reserved.
Market Snapshot
| Symbol | Last Price | Netchange | Volume |
|---|---|---|---|
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
