Investment Positives Investment Risks Technical Risks Finance Essay - Free Essay Example

Sample details Pages: 15 Words: 4360 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Mineral exploration and development involves a high degree of risk, as not all properties being explored can be ultimately developed into producing mines. The company is presently focused on the exploration and development of its flagship Banfora gold project in Burkina Faso, West Africa. New mines often face a few development/commissioning issues, which need to be addressed. Don’t waste time! Our writers will create an original "Investment Positives Investment Risks Technical Risks Finance Essay" essay for you Create order As the project is strategically located in a major gold producing district in the south-west of Burkina Faso, the home to several world class gold deposits, we do not foresee any major issues with the development of the project. However, any unforeseen circumstances could lead to delays in the development. The Banfora gold project is presently in the exploration-stage, and the planned drilling activities are underway at the new satellite targets to upgrade the current inferred resources level. Towards this, the company anticipates a new resource estimate during 2010, followed by desktop and scoping study reviews by end-2010. The companys future success depends on the successful discovery of additional mineral resources and economically recoverable ore reserves. Once the new resource estimation, desktop and scoping studies are complete, our confidence in the project will further increase. Foreign exchange risks GRY is headquartered in Perth (Western Australia), but mainly focused on the exploration and development of its Banfora gold project in Burkina Faso. Accordingly, a major portion of its expenses (exploration costs) are incurred in US dollars and Burkina Faso Cefa. Any significant change in currency exchange rates between the Australian dollar relative to the US dollar and Burkina Faso Cefa may impact the companys results. The company doesnt have a formalized foreign currency risk management policy so far; rather monitors its foreign currency exploration commitments taking into account exchange rate movements. Availability of capital Over mid Aug-09 to mid Jan-10, GRY raised total gross proceeds of A$22.0 MM through private placements, which has significantly strengthened its cash position, should support all near-term exploration plans at the Banfora project. However, the company will require substantial amount of funding for the development of its Banfora project in future. As the company doesnt have positive operating cash flow, it will remain dependent on private placements and external borrowings to raise the required financing. In turn, the availability of financing depends on the progress/outcome of its Banfora project, investor perceptions/expectations, and the prevailing conditions in the financial metals markets. If the company is unable to arrange the required funding on time, this may adversely impact its future exploration and development plans. CORPORATE OVERVIEW A junior gold explorer mainly focused in West Africa Gryphon Minerals Ltd. (GRY) is a Perth-based mineral exploration company, primarily focused in the exploration and development of gold deposits in West Africa. The company has been actively exploring and developing its 100%-owned flagship Banfora gold project, a green field discovery in Burkina Faso. In addition to the Banfora gold project in Burkina Faso, the company also owns three gold projects (Radio, Duggan, and Eastern Goldfields) and four sulphide nickel projects (Collurabbie South, Mount Rankin, Mount Windarra, and West Bendering) in Australia. However, the companys shareholders, recently during Apr-10, approved to divest the non-core Australian assets to unlock value of those assets, and to allow the management to mainly focus on the core Banfora gold project and the West African growth plans. The company has four wholly-owned subsidiaries in Australia (Gryphon Minerals West Africa Pty Ltd., Gryphon Minerals Burkina Faso Pty Ltd., Gryphon Uranium Pty Ltd., and Espial Miner als Pty Ltd.) and one wholly-owned subsidiary in Burkina Faso (Gryphon Minerals Burkina Faso Sarl). The companys shares are listed on the Australian Securities Exchange (ASX) under the symbol GRY. 100%-owned Banfora gold project the flagship project of Gryphon Minerals The companys flagship Banfora gold project is strategically located in a major gold producing district in the south-west of Burkina Faso, West Africa, which is home to several world class gold deposits such as Rangolds Tongon deposit (4.2 Moz Au) about 30km to the south of the project, Resolutes Syama deposit (5 Moz Au mined and 6.5 Moz Au in resources) about 50km to the west of the project, and Rangold/Anglo Ashantis Morila deposit (6.5 Moz Au) about 75km to the north west of the project. The project consists of five continuous exploration licenses covering a large land package of about 1,200 sq. km., and encloses the highly prospective and unexplored Loumana Birimian greenstone belt within Burkina Faso. The project is currently home to a JORC-compliant inferred mineral resources of 14 Mt @ an average Au grade of 2.4 g/t containing 1.1 Moz of Au resources, however, the management views the current defined resource estimate as an interim estimation with significant potential for di scovery of multi million shallow gold ounces from the on-going drilling programs at the satellite targets. Shareholders recently approved to divest non-core Australian assets During Apr-10, GRYs shareholders approved to divest the companys non-core Australian assets to a Western Australia-based newly established gold exploration company, Renaissance Minerals Ltd. (Renaissance). This divestment strategy will not only help to unlock value of its non-core Australian assets, but also will allow the management to solely focus on its flagship Banfora gold project as well as West African growth plans. As part of the divestment strategy, the company has agreed to sell four of its Western Australia-based projects (Radio, Eastern Goldfields, Collurabbie South, and Mount Rankin) in consideration for 10 MM shares (approximately 18% interest) in Renaissance and re-imbursement of up to A$0.2 MM in cash for past exploration expenditure. However, this proposed sale of assets is subject to Renaissances receipt of approval for listing on the ASX and successful raising of about A$5 MM (the necessary capital to commence further exploration at these assets). On April 16, 20 10, Renaissance filed a prospect for an initial public offer of 25 MM shares at an issue price of AS0.20/sh, to raise a gross proceeds of A$5 MM, with the option to allot over-subscriptions of up to an additional 5 MM shares. According to Australian Stock Exchange (ASX), Renaissance is expected to list on the ASX on May 28, 2010 under the symbol RNS. Cash position strengthened with recent private placements Over mid Aug-09 to mid Jan-10, GRY raised a total gross proceeds of A$22.0 MM through private placements, which has significantly strengthened its cash position, should support all near-term exploration plans at the Banfora project. During mid Aug-09, GRY completed a private placement with International Finance Corporation (IFC) and raised gross proceeds of $2.0 MM through issuance of 10.0 MM ordinary shares at an issue price of A$0.20/sh. Later, over late Nov-09 to mid Jan-10, the company also completed two tranches of private placements with a number of Australia, UK, and North America based institutional investors and raised total gross proceeds of A$20.0 MM through issuance of an aggregate 40.0 MM ordinary shares at an issue price of A$0.50/sh. The company intends to use the net proceeds of the aforesaid private placements for funding its ongoing drilling program targeting further enhancement of resources level at the Banfora project. Won Explorer of the Year Award for 2009 In Jan-10, GRY was honored with the prestigious Explorer of the Year Award for 2009 by the highly regarded Gold Mining Journal magazine for surpassing a million ounce gold resource estimate. Picture XX: Gryphon Minerals location map of Banfora gold project Source: Gryphon Minerals Ltd., Picture XX: Gryphon Minerals location map of Australian projects Source: Gryphon Minerals Ltd., Table XX: Banfora gold project quick overview Project/mine Name: Banfora Gold Project Location Burkina Faso, West Africa Ownership 100% Type of Mine Primary Metal Gold Secondary Metal Throughput Yet to be determined Production Expected mine life (years) Reserves Inferred Resources 14 Mt at 2.4 g/t Au (1.1 Moz) Current Status in development Source: Gryphon Minerals Ltd., Table XX: Gryphon Minerals summary outlook for production and financial performance Ticker(s) GRY:ASX Shares outstanding (MM) 216.0 Fully-diluted shares outstanding (MM) 224.0 Average Daily Volume (000s) 823.0 Head office Perth, Western Australia Location of projects Banfora Gold Project, Burkina Faso, West Africa Gold reserves and resources  Reserves (Moz) Inferred Resources (Moz) 1.1 Average expected mine life based on reserves Banfora Yet to be determined Total gold production (Koz) FY2010E FY2011E FY2012E FY2013E Cash cost (US$/oz) FY2010E FY2011E FY2012E FY2013E Source: Gryphon Minerals Ltd., OPERATIONS and PROJECTS Banfora Gold Project, Burkina Faso, West Africa Strategically located in a major gold producing district in the south-west of Burkina Faso GRYs flagship Banfora gold project is strategically located in a major gold producing district in the south-west of Burkina Faso, West Africa, which is home to several world class gold deposits such as Rangolds Tongon deposit (4.2 Moz Au) about 30km to the south of the project, Resolutes Syama deposit (5 Moz Au mined and 6.5 Moz Au in resources) about 50km to the west of the project, and Rangold/Anglo Ashantis Morila deposit (6.5 Moz Au) about 75km to the north west of the project. The project consists of five continuous exploration licenses covering a large land package of about 1,200 sq. km., and encloses the highly prospective and unexplored Loumana Birimian greenstone belt within Burkina Faso. Since the commencement of exploration program at the project during 2006, about 90% of all the drilling activities have been focused at the Nogbele and Fourkoura gold deposits, and so far the companys regional program and soil geochemistry have covered only half of the total project area. In turn, the company has also identified several high priority satellite targets, which offer potential for discovery of world class gold deposits at the Banfora project similar to those of other major gold deposits in West Africa. Picture XX: Banfora gold project strategically located in a major gold producing district in Burkina Faso Source: Gryphon Minerals Ltd., Offers relatively lower cash costs advantage Given the Banfora gold project strategically located in Burkina Faso, West Africa, the project offers potential for relatively lower cash costs advantage compared to other major gold producing regions worldwide. The cash costs in West Africa stands at about A$450/oz vis-à  -vis about A$600/oz in Australia. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦has easy access to well established infrastructure and reliable rural workforce Burkina Faso is one of the most mining friendly countries in West Africa, with strong government support and well established infrastructure. The project has easy access to well developed roads, grid power, water, telecommunications network, regular fuel supply, permanent field camp, and reliable rural workforce. The project is easily accessible by well maintained roads, and is located in close proximity to the Banfora town, which is well connected to the city of Bobo Diolasso (about 100km) and to the countrys capital city, Ouagadougou (about 350km). Furthermore, the grid power is located about 30km from the eastern boundary of the project. Most items needed by the company can be obtained locally or from the Banfora town, about 30 minutes drive from the field camp. One of the worlds very few new gold discoveries with 1 Moz of gold resources GRYs Banfora gold project is one of the worlds very few new gold discoveries made during last couple of years with 1 Moz of gold resources. The company started drilling at the project in 2006 and surpassed 1 Moz of gold resources mark in Sep-09, a significant achievement by the world gold exploration standards. The project is currently home to a JORC-compliant inferred mineral resource of 14 Mt @ an average Au grade of 2.4 g/t containing 1.1 Moz of Au resources, of which about 90% remains shallow and above 100m depth. The current defined resource estimate is an interim estimation based on RC/DD drill results from only the Nogbele and Fourkoura deposits, and offers significant potential for discovery of multi million shallow gold ounces from the on-going drilling programs at the satellite targets. A new resource estimate is due during 2010, followed by desktop and scoping study reviews by end-2010. Picture XX: Number of gold discoveries worldwide found per year with 1 Moz million ounces Source: Gryphon Minerals Ltd., World Gold Council, Nogbele and Fourkoura deposits host the current defined resource estimate Since the commencement of exploration program at the Banfora gold project during 2006, about 90% of all the drilling activities have been focused on the Nogbele and Fourkoura deposits, which host the current defined inferred resource estimate. The companys first gold discovery came at the Nogbele deposit, which currently hosts 0.9 Moz of contained Au resource (or about 82% of the current total contained Au resource at the Banfora project). The deposit primarily has two distinct mineralization orientations east-west trending zones and northwest-southeast trending zones, which should help in open pit extraction with lower strip ratios. These zones typically hosts higher gold grade mineralization, as evident from the best intercepts 10m @ 13.0 g/t Au (130.0 gram meters), 24m @ 4.60 g/t Au (110.4 gram meters), and 16m @ 5.60 g/t Au (89.6 gram meters). The Fourkoura deposit is located about 7km from the Nogbele deposit, which presently hosts 0.2 Moz of contained Au resources. The comp any has only drilled 750m or about 25% of the soil anomaly at the deposit, where all drill holes intersected significant gold mineralization, including 16m @ 8.95g/t Au from 30m and 17m @ 9.20 g/t from 16m. As the gold mineralization, at both the deposits, remains open at depth and along strike, and about 90% shallow above 100m depth, this results in lower discovery costs of US$10/oz. Picture XX: Banfora gold project location map of Nogbele and Fourkoura deposits Source: Gryphon Minerals Ltd., Under-explored with several high priority satellite targets GRYs regional program and soil geochemistry have so far covered only half of the total project area, primarily focused on the Nogbele and Fourkoura deposits. However, the project has several other high priority satellite targets, which offer significant potential for addition of multi-million shallow gold ounces to the current defined resource estimate. Towards this, the company has identified five immediate high priority satellite targets (Samavogo, Ouahiri, Nangolo, Que Far Que, and Muddi) within a 15km radius of the Nogbele deposit, on which an aggressive 20km RC/DD drilling is presently underway. These immediate high priority targets offer high potential to become future resource growth areas, as evident from the encouraging preliminary RAB drilling results. Picture XX: Banfora gold project indentified high priority satellite targets Source: Gryphon Minerals Ltd., Encouraging initial drill results from the Samavogo satellite target The Samavogo target, located about 20km north-east of the Nogbele deposit, hosts a 12km regional shear zone covering a large intrusive, and is similar in style to that of Randgolds Tongon deposit (4.2 Moz Au). The company recently announced encouraging initial drill results from this target, which returned with significant shallow gold mineralization from the targeted first 2.5km of the structural shear zone. The best intercepts include 8m @ 4.34 g/t Au from 20m, 4m @ 8.24 g/t Au from 4m, 12m @ 2.64 g/t Au from 44m, 8m @ 2.95 g/t Au from 36m, and 4m @ 4.21 g/t Au from 4m. The gold mineralization was identified in several rock chips within an overall large scale soil geochemical anomaly across much of the target. Moreover, the mineralization remains shallow with 50m vertical depth. Picture XX: Samavogo satellite target initial drill results Source: Gryphon Minerals Ltd., Geology at the Banfora Gold Project Entirely covers the highly prospective Loumana Birimian greenstone belt The Banfora gold project entirely covers the highly prospective and under-explored Loumana Birimian greenstone belt. The project is also strategically located in close proximity to several world class gold deposits such as Rangolds Tongon deposit (4.2 Moz Au) about 30km to the south of the project, Resolutes Syama deposit (5 Moz Au mined and 6.5 Moz Au in resources) about 50km to the west of the project, and Rangold/Anglo Ashantis Morila deposit (6.5 Moz Au) about 75km to the north west of the project among others. Mineralization remains open at depth and along strike The Nogbele and Fourkoura deposits hosts the current defined inferred resource estimate. At both the deposits, mineralization remains open at depth and along strike, and about 90% remains shallow and above 100m depth. Picture XX: Nogbele and Fourkoura deposits mineralization remains open at depth and along strike Source: Gryphon Minerals Ltd., Nogbele deposit hosts two high grade gold mineralized zones The Nogbele deposit mainly hosts two high grade gold mineralized zones east-west trending mineralized zones and northwest-southeast trending mineralized zones. Within a granodiorite intrusion, the east-west trending mineralized zones primarily host several parallel sub-parallel zones of hematite/magnetite, silica pyritic alteration, sericitic schist, and lode quartz veins. In contrast, the northwest-southeast trending mineralized zones hosts little or no quartz veins with moderate to strong hematite, carbonate, sericite, and pyritic alteration. A main shear zone on the western edge of the Nogbele deposit extends south for 30km to Randgolds world class Tongan gold deposit. Picture XX: Nogbele deposit step out drill results Source: Gryphon Minerals Ltd., Fourkoura deposit similar in style to the Western Australias Golden Mile dolerite The Fourkoura deposit is located about 7km from the Nogbele deposit, on the intersection of a main shear corridor and a zoned dolerite intrusive, similar in style to that of the Western Australias Golden Mile dolerite. A large historical soil geochemical anomaly extending over 2.5km along strike with several peak values of 1,000ppb gold coincides with this dolerite intrusive. The gold mineralization is hosted within single multiple sub-parallel zones with intense magnetite, silica, and pyrite alteration, and quartz veins within the dolerite intrusive. Picture XX: Fourkoura deposit step out drill targets Source: Gryphon Minerals Ltd., Reserves and Resources As of Sep-09, GRY had a JORC-compliant inferred mineral resource of 14 Mt @ an average Au grade of 2.4 g/t containing 1.1 Moz of Au resources at its flagship Banfora gold project, of which about 90% remains shallow and above 100m depth. This resource estimation is based on results from 697 RC drill holes plus 63 RC pre-collars, and 63 diamond drill holes at the Nogbele deposit, and 90 RC drill holes and 1 diamond drill hole at the Fourkoura deposit. At both the deposits, mineralization remains open at depth and along strike. The companys management views the current inferred resource as an interim estimation with significant potential for discovery of multi million shallow gold ounces from the on-going drilling programs at the project. A new resource estimate is due during 2010, followed by desktop and scoping study reviews by end-2010. Table XX: Gryphon Minerals mineral resource estimate at the Banfora gold project (as of Sep-09) Deposits Tonnage Au Grade Contained Au (lower cut-off grade of 0.9 g/t Au and top cut of 30 g/t Au) (Mt) (g/t) (Moz) Inferred Resources: Nogbele 11.0 2.3 0.9 Fourkoura 3.0 2.5 0.2 Total Inferred Resources 14.0 2.4 1.1 Source: Gryphon Minerals Ltd., Financials Income and cash flow statements analysis During 2006, GRY started its drilling program at the Banfora gold project. So far, about 90% of all the drilling activities have been focused at the Nogbele and Fourkoura gold deposits. However, the companys regional program and soil geochemistry have covered only half of the total project area, there are several identified high priority satellite targets, which offer potential for addition multi-million shallow gold ounces. The project is still in the resource development stage, and an aggressive 20km of RC/DD drilling program is presently underway at the high priority satellite targets to establish a multi-million ounce gold district. Accordingly, till production commencement, the company will continue to witness net loss and negative cash flow from operations, which stood at A$2.3MM and A$1.6 MM during FY09, respectively, compared to A$3.1 MM and A$1.9 MM during FY08. Balance sheet As of Dec-09, GRY had A$19.1 MM in cash cash equivalents and A$29.9 MM in shareholders equity. The company is currently debt-free. Over mid Aug-09 to mid Jan-10, the company raised an aggregate gross proceeds of A$22.0 MM through private placements, which has significantly strengthened its cash position, should support all near-term exploration plans at the Banfora project. Table XX: Gryphon Minerals financial statements Income Statement (A$ MM)  FY2006A FY2007A FY2008A FY2009A 1HFY09A 1HFY10A Total Revenue $0.2 $0.8 $0.4 $0.7 $0.4 $0.4 Administrative Costs $0.3 $0.5 $0.7 $0.5 $0.3 $0.5 Employees Benefits Expense $0.3 $0.4 $0.9 $0.8 $0.3 $0.9 Exploration Written off $0.0 $0.2 $0.2 $0.6 $0.2 $0.6 Depreciation (DDA) $0.0 $0.1 $0.1 $0.1 $0.0 $0.0 Share Based Payment Expense $0.4 $0.5 $1.0 $0.7 $0.0 $0.1 Others $0.3 $0.4 $0.6 $0.4 $0.3 $0.2 Total Expenses $1.2 $2.1 $3.5 $3.0 $1.1 $2.2 Tax Expense $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Net Earnings ($1.1) ($1.2) ($3.1) ($2.3) ($0.7) ($1.8) EPS (A$) ($0.02) ($0.02) ($0.04) ($0.02) ($0.01) ($0.01) Cash Flow Statement (A$ MM) Net Earnings ($1.1) ($1.2) ($3.1) ($2.3) ($0.7) ($1.8) Depreciation (DDA) $0.0 $0.1 $0.1 $0.1 Change in Working Capital ($1.9) ($3.7) ($7.3) ($3.8) Other non-cash items $0.3 $0.5 $1.1 $0.7 Cash from Operating Activities ($2.6) ($4.3) ($9.3) ($5.4) ($2.9) ($6.7)  Proceeds from Issue of Securities, net $4.3 $6.2 $13.0 $10.0 $0.0 $14.4 Other ($0.2) ($0.2) ($0.7) ($0.6) $0.0 ($0.7) Cash from Financing Activities $4.1 $6.1 $12.3 $9.4 $0.0 $13.7  Capex ($0.2) ($0.3) ($0.1) ($0.0) ($0.0) ($0.0) Other $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Cash from Investing Activities ($0.2) ($0.3) ($0.1) ($0.0) ($0.0) ($0.0)  Net Increase (Decrease) in Cash $1.3 $1.4 $3.0 $3.9 ($3.0) $7.0 Cash at beginning of period $2.4 $3.6 $5.1 $8.1 $8.1 $12.0 Cash at end of period $3.6 $5.1 $8.1 $12.0 $5.1 $19.1 CFPS (A$) ($0.02) ($0.01) ($0.02) ($0.01) Balance Sheet (A$ MM) Assets Cash and Cash Equivalents $3.6 $5.1 $8.1 $12.0 $5.1 $19.1 Trade and Other Receivables $0.1 $0.3 $0.7 $0.4 $0.5 $0.4 Other Current Assets $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Total Current Assets $3.8 $5.4 $8.8 $12.4 $5.6 $19.5 Property, Plant and Eqpt. $0.2 $0.4 $0.3 $0.3 $0.1 $0.1 Exploration and Evaluation Expenditure $2.9 $6.7 $14.0 $19.0 $15.6 $22.9 Other Non-Current Assets $0.3 $0.2 $0.8 $0.4 $1.1 $0.4 Total Assets $7.3 $12.7 $23.9 $32.0 $22.3 $42.9 Liabilities Total Current Liabilities $0.6 $0.7 $1.7 $2.1 $0.9 $1.0 Long-term Liabilities $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Total Liabilities $0.6 $0.7 $1.7 $2.1 $0.9 $1.0 Shareholders Equity Issued Capital (Common Shares) $8.1 $14.1 $26.9 $36.4 $26.9 $50.1 Retained Earnings ($1.8) ($3.0) ($6.1) ($8.5) ($6.8) ($10.3) Total Shareholders Equity $6.6 $12.0 $22.1 $29.9 $21.5 $41.9 Total Liabilities Shareholders Equity $7.3 $12.7 $23.9 $32.0 $22.3 $42.9 Sources: Gryphon Minerals Ltd., share capitalization As of March 16, 2010, GRY had nearly 216.0 MM ordinary shares issued and outstanding. The company also had nearly 8.1 MM options outstanding at an average exercise price of A$0.32/sh. Furthermore, GRY is a tightly held company, with the top-40 shareholders holding about 69.5% of its ordinary shares outstanding. The major shareholders of the company are Baker Steel Capital Managers LLP (7.3%), Genesis Asset Managers LLP (6.5%), Ruffer Investment Management Ltd. (4.9%), Dundee Precious Metals Inc. (2.9%), and Nestor Investment Management (1.5%). Based on the closing market price of A$0.76 as on May 24, 2010, the company had a market capitalization of A$164.2 MM. Table XX: Share capitalization Total Shares Strike Price In-the-Money Value of Options/Warrants (MM) (A$) Shares (MM) ITM (A$ MM) Ordinary Shares Outstanding 216.0 Options 8.1 0.32 8.1 2.6 Warrants Total Fully Diluted Shares 224.0 8.1 2.6 Source: Gryphon Minerals Ltd., Table XX: Major shareholders Holder Name Percentage Outstanding Baker Steel Capital Managers LLP 7.3% Genesis Asset Managers LLP 6.5% Ruffer Investment Management Ltd. 4.9% Dundee Precious Metals Inc. 2.9% Nestor Investment Management 1.5% Symrorgh Trust 1.4% Parsons Stephen 1.2% ACD Services Ltd. 0.7% International Finance Corp. 0.7% Dynamic Funds 0.6% Source: Bloomberg, MANAGEMENT GRYs management team has extensive experience in the mineral resources industry, varying through successful project acquisition, exploration, resource definition, and timely financing. During late Jan-10, the company further strengthened its management team by appointing Mr. Steven Zaninovich as the Non-Executive Board Director and Mr. Matthew Bowles as the Chief Development Officer. They bring together about two decades of resource industry expertise in commercial, MA, engineering, and project management areas, which fits well with the companys strategy to become a significant gold exploration and mining company in West Africa. As the company is in the hands a technically accomplished and highly-experienced management team, this, in our view, will take the company forward from the stage of exploration to successful resource development and production. Mr. Mel Ashton (Non-Executive Chairman) also serves as the Chairman of Empired Ltd. and Venture Minerals Ltd. Furthermore, he ho lds several board appointments, including National Director of the Institute of Chartered Accountants, Australia, a Director of The Hawaiian Group of Companies, and a Director of Cullen Wines (Australia) Pty Ltd. He holds a bachelor degree in Commerce from the University of Western Australia, and is also a fellow of the Institute of Chartered Accountants, Australia and the Australian Institute of Company Directors. Mr. Stephen Parsons (Managing Director) is a graduate from the University of Canterbury, New Zealand with an honors degree in Geology. He played an important role in the companys successfully listing on the ASX in Arp-04. Prior to joining GRY, he worked on various technical positions for several junior resource and major mining companies including CRA Exploration and Placer Dome, exploring for a wide variety of commodities throughout Australia. Mr. Didier Murcia (Non Executive Director) has over two decades of experience in corporate, commercial and resource law. He also serves as a Director of Aminex PLC, listed on the London Stock Exchange, and as a Non-Executive Director of Gindalbie Metals Ltd. and Non-Executive Chairman of Target Energy Ltd., both listed on the ASX. He is also the Chairman of a Perth-based law firm, Murcia Pestell Hillard, and the Honorary Consul for the United Republic of Tanzania. Mr. Steven Zaninovich (Non-Executive Director) has close to two decades of resource industry experience in senior management, engineering consultancy, and project management in various West African gold mining projects (all stages of project development from concept to completion). Mr. Hamish Halliday (Management Consultant) has about 15-years of corporate and technical experience in the mining industry. He was one of the founding directors of Adamus Resources Ltd., and played an important role in listing of the company on the ASX in 2001. Prior to Adamus, he worked with Intrepid Mines Ltd. (formerly known as Taipan Resources NL) taking the Paulsens gold project from the grass-roots exploration stage through feasibility. Moreover, he was also instrumental in the acquisition of the GRYs current Banfora tenement portfolio. Mr. Brett Dunnachie (Chief Financial Officer/ Company Secretary) is a Chartered Accountant and holds a bachelor degree in Commerce. Prior to joining GRY, he was an audit manager at a major chartered accounting practice. He also serves as the Company Secretary for Avonlea Minerals, Renaissance Minerals, and Venture Minerals. Mr. Shane Hibbird (Exploration Manager, Australia) is a professional geologist with 17-years of exploration experience in gold, PGEs, base metals, coal, oil gas, mineral sands, and other industrial minerals throughout Australia, Laos and China. Prior to joining GRY, he worked with various junior exploration multi-national mining companies, and has experience in grass roots conceptual exploration to advanced resource appraisal. Some of his recent works involves the Kanm antoo Cu-Au deposit (Adelaide, South Australia), and the Panton Sill PGE deposit (Kimberley region, Western Australia). Mr. Michael Fox (Exploration Manager, West Africa) has about 25-years of resource industry experience, and has served in several technical management positions with various developing projects and mining operations worldwide. Some of his previous engagements include IAMGolds Mupane Gold Mine in Botswana Rwamagaza gold project in Tanzania, African Gold Resources Booro gold project and Armadas Erdenet copper mine in Mongolia, Western Mining Corporations Hill 50 gold mines and Kalgoorlie gold operations in Australia. He has also served as a Sr. Manager for the Bank of Western Australias resource project financing and project evaluation. He brings significant amount of resource industry experience to GRYs management team, will help the company in unlocking the full potential of the Banfora project.

Future of the U.S. Essay - 1882 Words

Future of the U.S. America has always been viewed as the richest and freest nation in the world. America has grown from thirteen self-governed states, to a nation with a strong central government of power and wealth. The change in society has allowed the U.S. to grow into what it is today. Without the change in views and the responsibility of the citizens the economy would have never grown to be strong and wealth. The nation is effected by many different variables. One variable effects the other. The nation was started and has progressed to where it is today, but with rises and downfalls in all areas of life from education and small families to economics and large businesses. America’s economy is the most successful economy the†¦show more content†¦Each citizen has a responsibility to aid in the world economy. One can do this in several different ways. The first and easiest way is by purchasing products from both Americas industries and from foreign industries. This will enable money to circulate in America and it will also aid in the sales of imports and exports. America needs to take the lead in the global economy by negotiating trade agreements that help the poor in Mexico and other nations join the consumer class(3). Brown suggests that America look for trade agreements that will put people first and not money-centered agreements. This she says will be a trade policy for the future and not the past. Taxes are another very important part of America’s economy. If citizens do not pay there taxes then the government will not be funded and the economy will falter. The public has the main responsibility to keeping the economy strong; with out them there would not be one. We could have all of the trade agreements in the world but without the public to support them they would be useless. The future of the economy is still going strong but one has not seen the great strides in advancement, as was the case from 1983 to 1993(economy). 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Learning From The Past Essay - 1128 Words

â€Å"Genuine poetry can communicate before it is understood.† (Eliot) Poetry is something that can teach so much in only a few lines. Many times it makes the reader see something in a new way, but it also has the ability to teach about the past. Poetry like this is very meaningful. It is meaningful because it allows people today to appreciate their past. In the 20th century life was very different from the way that it is today. Back then life was a lot harder and people had to live through a lot of hard times economically and physically. Many people used to farm and this took work from the whole family, not just the parents. Kids from a very young age learned how to plow farm land and take care of animals because their family needed them to†¦show more content†¦Ã¢â‚¬Å"Don’t let him cut my hand off- the doctor when he comes. Don’t let him, sister!† So. 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Islamic Influences On The Renaissance Persuasive Essay Example For Students

Islamic Influences On The Renaissance Persuasive Essay Islamic Influences On The Renaissance BY Ashley Islamic Influences on the Renaissance Islam is a religion that is almost as old as Christianity itself. The two are very closely related, with only a few differences; the two key differences concern the Godhead being a single being rather than a Trig-Un entity like the Christians believe, and who exactly was the Chosen Prophet of God. As these differences are tantamount in each faith and are conflicting, it is natural to assume that both faiths would be at constant odds with one another. History offers more than enough material to back up that lain, but the focus of this paper will not be the conflict of the faiths. Instead it will focus on the Islamic influences on the Renaissance period of Europe. However, the two faiths dont want to coexist with each other, so when one gains power, they eliminate the others influence to the best of their ability. There are two key factors in which Islam left a very lasting mark that cannot be ignored and discarded, no matter the effort put into doing so. Education and architecture are two aspects of culture in which Islam left an influence on cultures and faiths all across the globe, including Christianity. To understand why Islam played such a big role in the fields of education and architecture, it must first be understood what Islam is and where it came from. Islam is a faith that traces its origin to Abraham, who is said to have established the original covenant with his God. This God is placed at the center of all Abraham religions. Therefore, God is the center of Islamic practices and beliefs. The major beliefs, as mentioned above, are that God is only one being, a complete, all- powerful, single deity. There are several other aspects to Islam than those that have been described here, but none of which are important. The only attribute of Islam that is relevant to this discussion is the fact the faith and reason go hand-in-hand in Islam. Muslims were encouraged to pursue knowledge of the natural world around them. This helped them gain an appreciation for the intricate and harmonious nature that can be found in God, or as He is known in Islam, Allah. There is a period in time in which the Islamic world experienced something akin to the Renaissance of the 14th 17th centuries. This period is known as the Islamic Golden Age. While the Renaissance was a time of cultural growth in the fields of the humanities by taking lassie aspects from history and building off of them -imitating and innovating, the Islamic Golden Age was also a time of cultural growth in every sense of the religion particularly in the fields of academia. The movement can be seen in establishments such as the House of Wisdom that the Muslims built in Baghdad. The Muslims quest for knowledge was not only limited to their own discoveries and libraries; they sought to bring all the knowledge of the world under one roof. Baghdad was not the only city to become such a great center for learning; cities throughout the Islamic empire allowed suit and became centers for learning for Muslims and non-Muslims alike. Cities that rivaled Baghdad were the city of Egypt and the city of CORBA in Al- Andalusia (Islamic Golden Age. Www. Electroluminescent. Com). For five centuries, the Islamic empire as a whole enjoyed phenomenal growth in every aspect of culture. The Islamic people not only developed the academic side of their culture, they developed the humanitarian side as well. Most of the areas in the humanities will have little effect on the main idea of this paper except for one; the only area of once is the architectural style that the Islamic p eople developed that would influence the Renaissance period that comes to mind in the Western World. To better understand how Islam played a part in Renaissance architecture, Gothic architecture must be discussed and understood. The architecture style that was imitated and innovated in the Renaissance was the Gothic style. The features that define this architectural style are the ribbed vaults, flying buttresses, and mostly notably the point arch. Each of these features made it possible for architects to design and build taller buildings than the Romanesque style allowed. The definitions for each of the elements of Gothic architecture will come from the Encyclopedia Britannica website. A ribbed vault is defined as follows: arching and intersecting stone ribs support a vaulted ceiling surface that is composed of mere thin stone panels, which greatly reduced the weight the vaults weight. (Gothic Art. Encyclopedia Britannica. ). The next feature of Gothic architecture to be defined in the Encyclopedia Britannica is the flying buttress. A structure consisting of an inclined bar carried on a half arch that extends, or flies, from the upper part of a wall to a pier some distance away and aeries the thrust of a roof or vault. A pinnacle often crowns the pier, adding weight and enhancing stability. The design increased the supporting power of the buttress and allowed for the creation of the high-ceiling churches. (Gothic Art. Encyclopedia Britannica. ). The third, and most important, feature of the architectural style to be defined is the pointed arch. The importance and significance of this feature is pointed out by many scholars and architects. At About. Com Architecture, there is an article specifically about pointed arches, and we can see this claim manifested. During the Gothic era, builders discovered that pointed arches would give structures amazing strength and stability. They experimented with varying steepness, and experience had shown them that pointed arches thrust out less than circular arches, says famed architect and engineer Mario Salvador. The main difference between Romanesque and Gothic arches lies in the pointed shape of the latter, which, besides introducing a new aesthetic dimension, has the important consequence of reducing the arch thrusts by as much as fifty percent. In Gothic buildings, the weight of the roof was supported by the arches rather than the walls. This meant that walls could be thinner. (Gothic Style Architecture. About. Com. ). This is where some scholars argue that the Islamic world had an influence on the Western architectural style. Some believe that this feature came from all the conquests of Islamic cities and towns, such as the Crusades. But there is strong evidence that the pointed arch was being employed in Islamic architecture before it became to be part of the Western styles, such as the Gothic architectural style. Examples of this claim are the Lazar of Seville and the True Cathedral in Spain. By these two examples, we can see that the Islamic influence in Western Europe from the seventh century onward played a crucial role in the influencing of the development of the Gothic architectural style. It is through these early influences that the Islam Empire managed to leave their mark on the Christian Renaissance that would come a few centuries later. The Renaissance took the Gothic architecture style and built its own style using the Gothic one as a base. The style that came out of Renaissance Italy came to be known as the Renaissance architectural style. The innovation that the Renaissance style made upon its Gothic base was to go back to the roots of antiquity. Referring to the Metropolitan Museum of Art weeping, an article on renaissance architecture provides a definition of what the Renaissance architectural style emphasized; Classical orders and architectural elements such as columns, pilasters, pediments, interrelates, arches, and domes form the vocabulary of Renaissance buildings Art, Early, High and Italian Renaissance, TestThis theory was later reinforced by the experiments of Galileo and other astronomers of the Renaissance period. These claims, however, were shunned by society for religious reasons. In order for the field of astronomy to be better understood, there had to be advancements in the mathematical formulas and equations to better explain the phenomena that astronomy presented. The field of mathematics was greatly influence by Islam. The most important of all the advancements made by the Muslims was the development of algebra. There were several other advancements made in terms of the calculus, trigonometry, geometry, and other aspects of mathematics, and each of them in turn were innovated upon by mathematicians during the Renaissance period. Mathematicians from here focused more on the practical application of math than the theory that the Muslims had focused on. These can be seen in the addition mathematical operators such as plus and minus, as well as new grouping structures such as the cube and square roots of numbers. Algebra however, became a cornerstone for the mathematical field ever since its development in the Islamic Empire. Without it, the other areas of math, like trigonometry and geometry, would have had to base their operations in a different model. Other ways to use mathematics other than in the field of astronomy is in the field of medicine. Medicine is largely dependent upon the culture in the ancient times. When the Muslims introduced science into the field, it became more universal across the ultras of the world. Before Islamic influence, there were physicians whose sole responsibility was to oversee the diagnosis and treatment of illnesses. The methods employed by these physicians largely depended upon the physician himself. With Islamic influence, treatments of physicians were given more specific quantity and type of medicine to treat a specific illness. This revolutionized the medical world by leaps and bounds all across the world. These mathematical applications also allowed for timeliness to be given to illnesses to better determine the stage of an illness based upon the symptoms displayed at the time of diagnosis. One aspect of the medical field that was improved upon by the Muslims and improved upon again by Renaissance men, women and scholars was surgery. The Muslims improved surgery by introducing the practice of dissecting bodies that had recently passed to determine what the cause of death was, the autopsy. Another practice the Muslims had introduces was quarantine. This could have come in handy in the later Middle Ages when the bubonic plague ran rampant across the region. Muslims were also very good at drawing elementary diagrams of carious bodily functions and systems, such as the circulatory system of the human body. One Renaissance scholar managed to use this information and build upon it. Miguel Server was the first person in recorded history to describe pulmonary circulation of the human body. To explain such a thing, the physician would most likely have a working knowledge base of the field of physics. Physics in itself is a universal subject, but in pre-Renaissance times it largely depended upon the accepted social views and on their understanding of natural philosophy. Islam managed to separate the two in a much more effective way than previous attempts had done. The experimental methods that were used by the Hakes allowed for a much more structured and detailed look into the mechanics behind the physical world. One Hacked in particular was fundamental in advancing the field of physics during the Islamic Golden Age. Bin al-Hath (mentioned earlier who revolutionized the field of optics) is the key player in the advancement of physics. His early version of the empirical scientific method was crucial in moving forward. Bin al-Hath, along with several other Hakes, had formed crude theories of the laws of the physical world, which Isaac Newton would finalize and come known for. Muslims are also known for their contributions to the arts, but unfortunately the Christian and Islamic view of the arts and humanities varied and often conflicted. In Christianity, the creation and possession of symbols and depictions of God and other Holy things is perfectly acceptable, and at some points in time actually encouraged and enforced. In Islam, it is almost forbidden for there to be any visual interpretation of God and His realm. The Islamic way to portray God in art was by way of calligraphy and the dome that is present on every Islamic mosque. It is because of this conflict, both in traditions and in beliefs, that one will have a very difficult time trying to make any connections during a specific period in time. During the Renaissance period, it is almost nonexistent. Islam definitely had influence on earlier artwork due to the heavy Islamic presence throughout the Iberian Peninsula, northern Africa, and Spanish regions. As far as the Renaissance goes, they wanted to go back to the roots of antiquity, not the recent past. Islamic art did actively influence the Renaissance through architecture by way of the pointed arch however. Muslims also made huge advancements in the areas of scientific study, particularly those of astronomy, mathematics, medicine, and physics. These advancements were built upon and innovated even more when the Renaissance men and women came to their own conclusions on the subjects; Galileo on astronomy, Copernicus in mathematics, Server in medicine, and Newton in physics. These Renaissance men are but a few of the many influential figures who were a part of the Renaissance. It is through the fields of academia that Islam had the biggest influence of the Renaissance, and it is a fact that needs to be more widely known.