Proactiveinvestors USA & Canada FURA Gems https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada FURA Gems RSS feed en Wed, 20 Feb 2019 07:16:00 -0500 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Fura Gems help develop Provenance proof blockchain for coloured gemstones ]]> https://ca.proactiveinvestors.com/companies/stocktube/12213/fura-gems-help-develop-provenance-proof-blockchain-for-coloured-gemstones-12213.html Thu, 14 Feb 2019 06:43:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/12213/fura-gems-help-develop-provenance-proof-blockchain-for-coloured-gemstones-12213.html <![CDATA[News - Fura Gems launches Provenance Proof Blockchain technology to aid transparency; Regius Resources Group deal terminated ]]> https://ca.proactiveinvestors.com/companies/news/214368/fura-gems-launches-provenance-proof-blockchain-technology-to-aid-transparency-regius-resources-group-deal-terminated-214368.html Fura Gems Inc (CVE:FURA) told investors it is piloting the Provenance Proof Blockchain, aimed at promoting industry transparency and is available across the colored gemstone supply chain.

The blockchain is effectively a shared ledger that creates a logbook of transactions down the supply chain.

READ: Fura Gems files maiden resource estimate for Coscuez mine, a first for Colombian emerald sector

It starts in the mine and has data about the miner, location, a simple description of the stone, and a time stamp. That is forwarded to the buyer by way of a digital key, which allows them to write the next chapter in this ledger.

Provenance Proof Blockchain has been launched by Gubelin Gem Lab with Everledger, at the Tucson gem show in Arizona.

The technology has already been successfully applied to the diamond industry and is a ground-breaking addition to the colored stone industry.

Fura noted that this was also an opportunity for Colombia, which as an emerald source sets a new precedent for best practices and responsibly sourced emeralds globally.

"We firmly believe that the application of blockchain technology to the colored gemstone industry will raise best practices and serve the entire supply chain, by educating consumers, promoting transparency and providing a platform from which producers can demonstrate their commitment to preserving the environment and contributing to local communities through education, training and employment opportunities," said Dev Shetty, the president and CEO of Toronto-based Fura.

Regius Resources deal terminated

In a separate statement today, the company said the agreement with Regius Resources Group over the acquisition of the ruby licences/concessions held by Regius has been terminated.

Fura however, continues to advance towards closing its proposed acquisition of assets in Mozambique from New Energy Minerals Ltd announced last November.

Fura owns a 76% interest in the Coscuez emerald mine in Boyaca, Colombia and is also involved in the exploration and mining of rubies in Mozambique.

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Mon, 11 Feb 2019 08:41:00 -0500 https://ca.proactiveinvestors.com/companies/news/214368/fura-gems-launches-provenance-proof-blockchain-technology-to-aid-transparency-regius-resources-group-deal-terminated-214368.html
<![CDATA[Media files - Fura Gems assets in Colombia and Mozambique have amazing backstories ]]> https://ca.proactiveinvestors.com/companies/stocktube/12029/fura-gems-assets-in-colombia-and-mozambique-have-amazing-backstories-12029.html Tue, 29 Jan 2019 17:30:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/12029/fura-gems-assets-in-colombia-and-mozambique-have-amazing-backstories-12029.html <![CDATA[News - Fura Gems files maiden resource estimate for Coscuez mine, a first for Colombian emerald sector ]]> https://ca.proactiveinvestors.com/companies/news/213286/fura-gems-files-maiden-resource-estimate-for-coscuez-mine-a-first-for-colombian-emerald-sector-213286.html Fura Gems Inc (CVE:FURA) told investors it had now filed the previously announced maiden resource estimate for the Coscuez emerald mine in Colombia, in which it holds a 76% stake.

In December last year, the precious stones miner said the project contained around 3 million tonnes of inferred mineral resources.

READ: Fura Gems unveils maiden resource estimate for Coscuez Emerald Mine

That was at a grade of 2 carats per tonne for a total of 6 million carats at a conservative value of US$200 per carat.

The NI 43 101 report was the first of its kind at an emerald deposit in Colombia.

Dev Shetty, the president and chief executive of Fura, said the group had already recovered nearly 16,000 carats of emeralds from bulk sampling activities, with the resources estimate providing “additional confidence" to the geological understanding, emerald distribution and the potential value of the stones recovered.

"This historic mine's maiden Mineral Resource estimate is a significant milestone for the Company. We look forward to upgrading the resource estimate to a higher category in the upcoming year," he had said.

 

Contact Giles at giles@proactiveinvestors.com

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Thu, 24 Jan 2019 12:37:00 -0500 https://ca.proactiveinvestors.com/companies/news/213286/fura-gems-files-maiden-resource-estimate-for-coscuez-mine-a-first-for-colombian-emerald-sector-213286.html
<![CDATA[News - Fura Gems unveils maiden resource estimate for Coscuez Emerald Mine ]]> https://ca.proactiveinvestors.com/companies/news/211075/fura-gems-unveils-maiden-resource-estimate-for-coscuez-emerald-mine-211075.html Fura Gems Inc (CVE:FURA) has unveiled a maiden mineral resource estimate for the Coscuez emerald mine in Colombia, in which it holds a 76% stake.

The precious stones miner said the resource estimated that the Coscuez mine contained around 3mln tonnes of inferred mineral resources at a grade of 2 carats per tonne for a total of 6mln carats at a conservative value of US$200 per carat.

READ: Fura Gems Inc raises $5.2mln in private placement to fund development of assets in Colombia and Mozambique

Dev Shetty, president and chief executive of Fura, said the group had already recovered nearly 16,000 carats of emeralds from bulk sampling activities, with the resources estimate providing “additional confidence to the geological understanding, emerald distribution and the potential value of the stones we have recovered”.

“This historic mine's maiden Mineral Resource estimate is a significant milestone for the Company. We look forward to upgrading the resource estimate to a higher category in the upcoming year.”

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Wed, 12 Dec 2018 15:05:00 -0500 https://ca.proactiveinvestors.com/companies/news/211075/fura-gems-unveils-maiden-resource-estimate-for-coscuez-emerald-mine-211075.html
<![CDATA[News - Fura Gems Inc raises $5.2mln in private placement to fund development of assets in Colombia and Mozambique ]]> https://ca.proactiveinvestors.com/companies/news/210878/fura-gems-inc-raises-52mln-in-private-placement-to-fund-development-of-assets-in-colombia-and-mozambique-210878.html Fura Gems Inc (CVE:FURA) has raised around $5.2mln in a private placement that will be used to fund exploration and development of its assets.

The gemstone miner said it had issued around 13.1mln shares at a price of $0.40 per share, a 25% premium to its last close price.

READ: Fura Gems to fetch Mustang ruby assets for less under loan agreement

Fura said it would use the proceeds of the placing to fund the exploration and development of its emerald and ruby assets in Colombia and Mozambique, as well as for general corporate purposes.

The firm added that it had also appointed Guarav Gupta to its board of directors with immediate effect.

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Mon, 10 Dec 2018 13:25:00 -0500 https://ca.proactiveinvestors.com/companies/news/210878/fura-gems-inc-raises-52mln-in-private-placement-to-fund-development-of-assets-in-colombia-and-mozambique-210878.html
<![CDATA[News - Fura Gems to fetch Mustang ruby assets for less under loan agreement ]]> https://ca.proactiveinvestors.com/companies/news/210229/fura-gems-to-fetch-mustang-ruby-assets-for-less-under-loan-agreement-210229.html Fura Gems Inc (CVE:FURA) told investors on Thursday that the purchase price of its proposed acquisition of Mustang ruby assets in Mozambique from New Energy Minerals has been reduced as part of a loan agreement.

Fura will now pay A$2.8mln for the assets, instead of the A$9.9mln previously agreed, in exchange for providing an A$2.8mln loan to New Energy..

READ: Fura Gems Inc well on the way to building strong position in emerald and ruby mining

The deadline for satisfying the conditions for closing the deal on the assets has been extended to February 28.

Dev Shetty, chief executive and president of Fura, said the deal represents a “major win-win” for Fura and New Energy shareholders.

"We are very pleased to assist New Energy Minerals, one of our counterparties in the several Mozambican ruby acquisition projects that are currently underway, via an A$2.8mln.”

Fura also announced that it has agreed to buy additional ruby wash plant capacity from New Energy for A$489,439 to support its mining licences.

The company also confirmed that it expects to use the net proceeds of its US$10mln share placement to complete the acquisition of ruby mining licence 5572L in Mozambique and for general corporate purposes. 

If for whatever reason it does not complete the transaction, the net proceeds of the financing will be used for general corporate purposes, for developing current mining assets and for future acquisitions.

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Thu, 29 Nov 2018 13:24:00 -0500 https://ca.proactiveinvestors.com/companies/news/210229/fura-gems-to-fetch-mustang-ruby-assets-for-less-under-loan-agreement-210229.html
<![CDATA[News - FURA Gems plans to raise C$5.249mln via a private placement offering of up to 13.1225mln common shares ]]> https://ca.proactiveinvestors.com/companies/news/209933/fura-gems-plans-to-raise-c5249mln-via-a-private-placement-offering-of-up-to-131225mln-common-shares-209933.html FURA Gems Inc. (TSXV:FURA) (OTC:FUGMF) (FRA:BJ43) plans to raise C$5.249mln via a private placement offering of up to 13.1225mln common shares in the company.

The offering price of C$0.40 per share represents a premium of 27% to the closing price of FURA's common shares on the most recent trading day on the TSX Venture Exchange.

READ: FURA Gems says initial core drilling at Coscuez emerald project in Colombia shows promising results

The group said the net proceeds of the offering are expected be used for exploration and development of the company's emerald and ruby assets in Colombia and Mozambique, respectively, and for general corporate purposes.

It added that the closing date of the offering is expected to occur on or about December 7, 2018 and remains subject to a number of conditions, including without limitation, the approval of the TSX Venture Exchange. 

The firm said all FURA common shares issued under the offering will be subject to a regulatory hold period of four months and one day.

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Mon, 26 Nov 2018 08:01:00 -0500 https://ca.proactiveinvestors.com/companies/news/209933/fura-gems-plans-to-raise-c5249mln-via-a-private-placement-offering-of-up-to-131225mln-common-shares-209933.html
<![CDATA[News - FURA Gems updates on social responsibility and community engagement at Coscuez project ]]> https://ca.proactiveinvestors.com/companies/news/209581/fura-gems-updates-on-social-responsibility-and-community-engagement-at-coscuez-project-209581.html FURA Gems Inc (TSXV:FURA OTC:FUGMF FRA:BJ43) has updated on its sustainability and corporate social responsibility (CSR) program as well as community engagement at its Coscuez emerald project in Boyacá, Colombia.

The precious stones miner said since completing its acquisition of Coscuez, it had launched the first transparent employment recruitment processes in the area as well as providing direct employment for 270 people, of whom 90% are from the region of operations, and has strengthened its relationship with more than 70 local suppliers, thus supporting the improvement of living conditions for more than 340 families in West Boyaca.

READ: FURA Gems says initial core drilling at Coscuez emerald project in Colombia shows promising results

The company also said that it had initiated a number of social projects, including a seamstress workshop, carpentry and construction, providing opportunities for community members and traditional miners.

FURA is also planning to construct a health clinic in the area, along with a soccer initiative for 300 youths and the promotion of an SMS communications platform for local stakeholders that allows free, direct and constant engagement, participation and feedback regarding CSR action plans.

Dev Shetty, president and chief executive of Fura, said: "We are pleased to have developed the local socialisation sessions, the baseline CSR study and community engagement activities and we are delighted that our bakery and seamstress workshop projects were inaugurated by Ahmed Bin Sulayem, Executive Chairman of Dubai Multi Commodity Centre.

He added: "CSR remains a priority across the breadth of Fura's operations. We continue to promote a process whereby the Company and communities work together, learning from each other, and making a positive contribution in our area of influence."

Initial core drilling at the Coscuez project last week has identified the total potential emerald bearing horizon of 632 metres along the down dip, with a thickness of 200 metres at the top, tapering to 100 metres towards the bottom.

FURA said that after promising results from Phase 1 of the Bulk Sampling Program, in which 12,845 carats of emeralds at 7.14 carats per tonne were recovered, Phase 2 has been initiated with a larger size stope, to further define the mineralisation.

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Tue, 20 Nov 2018 12:42:00 -0500 https://ca.proactiveinvestors.com/companies/news/209581/fura-gems-updates-on-social-responsibility-and-community-engagement-at-coscuez-project-209581.html
<![CDATA[News - FURA Gems says initial core drilling at Coscuez emerald project in Colombia shows promising results ]]> https://ca.proactiveinvestors.com/companies/news/209190/fura-gems-says-initial-core-drilling-at-coscuez-emerald-project-in-colombia-shows-promising-results-209190.html FURA Gems Inc. (TSXV: FURA) (OTC: FUGMF) (FRA:BJ43) has said initial core drilling at the Coscuez project in Boyacá, Colombia shows promising results, with emeralds found in the first drill hole.

The Canadian firm said it has identified the total potential emerald bearing horizon of 632 metres along the down dip, with a thickness of 200 metres at the top, tapering to 100 metres towards the bottom.

WATCH: Fura Gems launches all-female wash plant team at emerald project in Colombia

It added that 3-D modelling of the Coscuez mineralised zone indicates a carrot shaped zone of potential emerald mineralisation.

FURA Gems said that after promising results from Phase 1 of the Bulk Sampling Program, in which 12,845 carats of emeralds at 7.14 carats per tonne were recovered, Phase 2 has been initiated with a larger size stope, to further define the mineralisation.

The group also pointed out that the maiden national instrument NI 43-101 Mineral Resource Estimate is on track to be completed in the fourth quarter of 2018 and said it has appointed Mining One Australia to carry out a Scoping Study to validate its mine plan assumptions.

FURA Gems said it is the first company in the Colombian emerald industry to drill from underground tunnels rather than surface drilling, and it plans to construct a large underground mine, due to be completed in the fourth quarter of 2018.

Initial results “encouraging”, says CEO

Dev Shetty, FURA Gems’ president & CEO, said: “It is encouraging to see that the initial results prove down dip continuity of mineralised zones, and as we are approaching a new pad at -125m, we expect to continue to see results that strengthen current indications of the potential of the Coscuez Emerald Mine."

He added: "In my years of drilling experience, it is the first time I have seen emeralds in cores in our first drill hole. It is a very encouraging sign, as we move ahead with plans at the Coscuez Emerald Mine."

Shetty concluded: "As a company, we are committed to applying scientific and technological methods to turn the Coscuez Emerald Mine into a world-class emerald mine and continuing to achieve milestones based on sustainable work with our employees and local communities."  

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Wed, 14 Nov 2018 08:21:00 -0500 https://ca.proactiveinvestors.com/companies/news/209190/fura-gems-says-initial-core-drilling-at-coscuez-emerald-project-in-colombia-shows-promising-results-209190.html
<![CDATA[Media files - Fura Gems launches all-female wash plant team at emerald project in Colombia ]]> https://ca.proactiveinvestors.com/companies/stocktube/10966/fura-gems-launches-all-female-wash-plant-team-at-emerald-project-in-colombia-10966.html Wed, 24 Oct 2018 10:55:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10966/fura-gems-launches-all-female-wash-plant-team-at-emerald-project-in-colombia-10966.html <![CDATA[News - Fura Gems launches all-female wash plant team at Coscuez emerald project in Colombia, a first for the mining sector ]]> https://ca.proactiveinvestors.com/companies/news/207666/fura-gems-launches-all-female-wash-plant-team-at-coscuez-emerald-project-in-colombia-a-first-for-the-mining-sector-207666.html FURA Gems (TSXV:FURA) (OTC:FUGMF) has announced the launch of an all-female wash plant team at the Coscuez emerald project in Boyacá, Colombia, a first for both the gemstone industry and the mining sector.

The Toronto-listed firm made the announcement during a presentation at the Second World Emerald Symposium, Bogota, which outlined the company's CSR (corporate social responsibility) projects.

READ: Fura Gems Inc outlines plans to raise US$10mln

The group noted that traditionally, women in West Boyaca have contributed to emerald mining as ‘barequeras’, washing tailings to find rough emerald, but until now had only been employed for formal work in areas such as general services - kitchen and cleaning - at the Coscuez Emerald Mine.

It said the decision to launch the All-Female Wash Plant project was made on the back of findings from the Fura Socialization Program, in which women expressed their desire to take a more active role in emerald mining and sought employment from FURA Gems.

The company said it is planning on installing a new wash plant at the mine, which will have the capacity to process up to 100 tonnes per hour or 240,000 tonnes per annum.

The new plant is expected to be operational by the first-quarter of 2019, Fura said, adding that it will require a minimum of 30 women to run it.

Dev Shetty, President & CEO of Fura, commented: "We are delighted that local women in Coscuez are contributing in such a vital way to the work of Fura Gems.”

He added: "The all-female wash plant reflects our commitment to the development and empowerment of women through professional and personal growth, as well as of communities as a whole."

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Tue, 23 Oct 2018 07:36:00 -0400 https://ca.proactiveinvestors.com/companies/news/207666/fura-gems-launches-all-female-wash-plant-team-at-coscuez-emerald-project-in-colombia-a-first-for-the-mining-sector-207666.html
<![CDATA[News - Fura Gems Inc outlines plans to raise US$10mln ]]> https://ca.proactiveinvestors.com/companies/news/202821/fura-gems-inc-outlines-plans-to-raise-us10mln-202821.html Fura Gems Inc (CVE:FURA) said it wants to raise up to C$10mln via a placement of stock in the company at 40 cents a share.

The cash will be used to complete the merger of ruby assets formerly owned by Mustang Resources and Regius Resources as well as funding the purchase of a prospecting licence in Mozambique.

Fura owns emerald and ruby assets in Colombia and Mozambique respectively.

The private placement is being overseen by Panmure Gordon here in the UK and Hannam & Partners in Canada.

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Tue, 14 Aug 2018 07:49:00 -0400 https://ca.proactiveinvestors.com/companies/news/202821/fura-gems-inc-outlines-plans-to-raise-us10mln-202821.html
<![CDATA[News - Fura Gems Inc well on the way to building strong position in emerald and ruby mining ]]> https://ca.proactiveinvestors.com/companies/news/201442/fura-gems-inc-well-on-the-way-to-building-strong-position-in-emerald-and-ruby-mining-201442.html “We launched this business in January 2017,” says Dev Shetty, the chief executive of Fura Gems Inc (CVE:FURA).

“At its core are emeralds and rubies.”

Most of the Fura team, including Shetty himself, formerly worked at Gemfields, back in the time when it was UK’s foremost coloured stone producer and before it was absorbed into the Brian Gilbertson Pallinghurst vehicle.

It’s a rare enough skill to have, but from the get-go, there has been plenty of know-how about coloured stones at Fura, about where to get them, how to mine them, how to process them, and not least, how to market them.

So these are industry professionals pooling a wealth of experience and expertise, and if the business itself is fairly new, the business model itself is old as the hills.

“Most of the management come out of Gemfields, having built the world’s largest emerald mine and the world’s largest ruby mine,” says Shetty.

Perhaps not surprising that within well under two years Fura is already capitalised at nearly C$50mln.

But how has this been achieved, and what are the future prospects?

At the moment there are two main focuses: emeralds from Colombia and rubies from Mozambique.

“Colombia,” says Shetty, “is the world’s largest supplier of emeralds by dollar value.”

And the Coscuez emerald mine that Fura acquired a majority stake in earlier this year used to account for around 90% of Colombia’s emerald production in the 1970’s.

So that’s the potential for a commanding position in the industry right there, although playing catch-up to Pallinghurst will take some doing.

“The plan is to take the Colombian asset from a small-scale artisanal operation up to a fully mechanised operation,” says Shetty.

That will require some significant investment of course, but Shetty is confident that he can access the required capital.

“We’re working on a couple of options,” he says. One possibility is that Fura will dual list in London. Shetty has been marketing in London recently, and the company’s major backer Forbes & Manhattan, though Canadian, does have significant experience in London too. And perhaps more to the point, the departure of Gemfields has created a significant opening.

The stated plan is to use data garnered from the 2,500 metre drill programme that got underway at Coscuez in June to underpin an NI43-101 resource that should be ready by December.

Meanwhile, over in Mozambique, the recently announced US$16mln acquisition of the ruby portfolios of Mustang Resources and Regius Resources looks set to transform Fura’s ruby proposition too.

It was in announcing that deal that Fura first trailed the possibility of the London listing, as it outlined plans to complete bulk sampling by the end of 2018, and to conduct its first auction sales in the third quarter of next year.

“The first year is all about stockpiling,” says Shetty.

Nevertheless, by the first quarter of next year, he expects emerald sales to start, with ruby sales following in the third quarter.

With the new Mozambique properties integrated into the company, Shetty expects rapidly to ramp up production from one million carats per year to between three and four million carats per year, and rising in the long-term to six million carats.

The likely emerald output from Coscuez, meanwhile is harder to quantify, given that more data on grade is currently being gathered.

“In the next three months it will be clear,” says Shetty. “It needs a little bit more time.

At around US$12 per carat, rubies fetch considerably less than the US$200 per carat commanded by emeralds, but according to Shetty the markets for both stones are still at rock bottom.

Even allowing for that, Shetty is expecting an EBITDA margin of around 45%-50% on these operations, a level that he regards as standard for the industry. But if prices improve, Fura’s margin could be boosted considerably.

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Tue, 24 Jul 2018 12:17:00 -0400 https://ca.proactiveinvestors.com/companies/news/201442/fura-gems-inc-well-on-the-way-to-building-strong-position-in-emerald-and-ruby-mining-201442.html
<![CDATA[Media files - Fura Gems to hold largest Ruby land package in Mozambique after merger ]]> https://ca.proactiveinvestors.com/companies/stocktube/9869/fura-gems-to-hold-largest-ruby-land-package-in-mozambique-after-merger-9869.html Tue, 17 Jul 2018 08:19:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/9869/fura-gems-to-hold-largest-ruby-land-package-in-mozambique-after-merger-9869.html