• 28.75m of 6.74 g/t Gold
• including 10.0m of 15.02 g/t Gold
• including 1.0m of 87.50 g/t Gold

Today’s report from Nuukfjord shows the company intersected gold in 8 of 15 initial holes drilled in the 1200 sq km Gold Province.

A couple of the holes, including the hole noted above with 28.75m of 6.74 g/t gold, are likely to attract some significant attention from gold bulls around the world.  The Nuukfjord News Release itself wastes no time in getting straight to the assays, with the table of drilling results front and center right at the top of the release.  Not much corporate jargon to get through before seeing the numbers.

The gold grades are no doubt exceptional in these Nuukfjord holes.  However, even successful exploration results carry question marks.  The big question here, in our view, is just how big this mineralized area is.  The answer to this can only be ascertained one way – with further drilling.  In looking at the drill map, the question is, “does this deposit continue down plunge to the northeast?”. It might.  It might not. The down plunge extension to the northeast has yet to be drilled.

If it does continue , it could have big ramifications for size.  However, all exploration carries risk and the risk here is that it doesn’t continue down plunge.

While nobody has the answers to those questions about what future drilling might bring, today it is suffice to say that there must be many shareholders enjoying the current assays.

We will keep readers posted.  More news is expected in short order from Nuukfjord (NUU: TSX) as the company notes that significant regional work has been completed with “initial analytical results expected soon”.

It was not long after the dissolution of the Soviet Union in 1991 and the corresponding declaration that the Ukraine had become an independent democratic state, that Ukrainian government agencies began their exploration for gold in east central Ukraine. Their intense exploration of the Sergeevske Gold Deposit began in 1992, lasting until 1996 when a downturn in the general economy lead to shortfalls in funding. Now, with the enjoyment of steady real economic growth in the Ukraine and a dramatic jump in the price of gold, Secova Metals Corp. (“Secova”) is stepping in to help revive what Ukrainian government agencies began over a decade ago.

Secova has signed a Memorandum of Understanding with a private group to acquire up to a 90% interest in the Sergeevske Gold Deposit and will direct all exploration activity on the property. Experts at the Ukrainian State of Geology Committee estimate Ukraine has reserves of 3200t of gold identified in over 200 locations and believe Ukraine could produce as much as 22t gold per year. In the Sergeevske Gold Deposit, results of deposit resource calculations completed in 2000 by Ukraine government experts, estimate a current deposit resource of 1.63 Mt at 6.8 g/t gold applying a cut-off grade of 1.8 g/t (approximately 356,000 ounces. At a cut-off grade of 1.0 g/t gold the resource is estimated at 3.85 Mt at 4.5 g/t (approximately 557,000 ounces).  It’s also important to note that the deposit is interpreted to be wide open in every direction for expansion. While the historical (and non 43-101 compliant) numbers can help guide drilling, many believe the most exciting aspect of the project is the room for dramatic expansion.

The Sergeevske Gold Deposit is located 40km southwest of Dniepropetrovsk, population over 1 million, and is highly accessible with close proximity to power, railway lines and other avenues of transportation. The Sergeevske Deposit is the largest known Archean lode gold occurrence within the Surska Archean Greenstone belt of the Ukrainian Precambrian Shield.  The favourable topography of flat land allows drilling all year round.

Although Ukraine may be known for its historical struggle to become an independent state, the Ukrainian government very much welcomes foreign trade and investment and therefore foreign parties are graced with the same laws and regulations as domestic. Foreigners have the right to purchase businesses and property, to repatriate revenue and profits, to receive compensation, and this all extends into the mining industry as well. The mining rights for foreign and domestic parties are equal and no restrictions are imposed on foreign ownership of the companies that retain any subsurface use rights.

Now, in this welcoming mining environment, Secova Metals is set to pick up where things left off at the Sergeevske Deposit.  And although Ukraine may rank near the bottom in the World Olympic Gold medal count, they have no intention of ranking low in mining for gold.

This US $8,500,000 in construction debt funding replaces the previously announced debt funding commitment for the project (see Greenscape News Release April 7, 2010).

The Wells Fargo loan is a traditional construction loan with a three year (36 month) term and the loan shall bear interest from the date of drawing at a rate of 4.00% above the variable 30-day LIBOR Market Index Rate. GP will be required to hedge the construction loan’s floating interest expense with an interest rate swap for the full amount and term of the loan.

Based on current market swap rates, as an example, all-in fixed interest costs would be approximately 5.75%.

Construction of the parking facility is progressing rapidly, on budget, and ahead of schedule.  Greenscape looks forward to the completion and grand opening of this state-of-the-art facility!

The entire Nuukfjord Gold Project lays claim to an extensive land package of 1200km2 that is largely under explored, thus simultaneous exploration is accompanying the drill program with the purpose of generating additional drill targets, beginning with other high priority areas within the 150 km Archean Gold Belt.

It has long been that the fishing industry prevails in Greenland, however, with the hopes and anticipation of bringing new industry and export to their country, Greenland’s government is very supportive of mining exploration and development. New sources of ruby discovered on the southwest coast of Greenland in recent years appears to be providing a potential, promising move towards these goals, and now Nuukfjord Gold Ltd. has commenced drilling, in the hopes that the development of a significant gold industry also ends up contributing to these goals.

For a country whose land was called green, whose surface is almost entirely covered by an ice sheet (81%), and from which fishing became the dominant industry, who would have ever thought gold could potentially be its ultimate attraction?

The parking facility has attracted the attention of national and international media due to its cutting edge design and the incorporation of a variety of environmentally sustainable operating methods.  It looks like construction is proceeding quickly and Greenscape reports that the fixed, maximum-price construction project will complete by the start of December 2010 (building contractor: dcb Construction Company Inc. of Denver, Co).  Nick Skomorowski, who is playing a key role in overseeing the construction process for Greenscape, is one of Canada’s most accomplished senior construction project managers and has supervised more than $1 billion on construction projects.

Project debt financing has been arranged by RBC Capital Markets Real Estate Group,

which Canadians will know as a member of the Royal Bank of Canada group of companies. Greenscape looks ready to scale, with recently inked relationships with groups such as Marsh Canada, TAITRA and the previously mentioned RBC.

It promises to be an exciting several months for this aggressively growing Canadian company.  Greenscape trades in the United States with the clearing symbol GSCPF and in Canada on Toronto’s TSX Venture Exchange under the symbol GRN.

Mirdita District in Albania

Tirex Resources, via today’s news release, has shown what modern exploration techniques can do when applied in historically prolific mineral regions of the world.

Tirex announced a discovery hole today in a new area of focus within their 553 sq km Mirdita District in Albania.  Outside of the fact that a discovery in and unto itself is exciting, it is also important to note that this is an area of the property that has seen very limited past drilling.  The reason for the limited historical work in this particular area of the property is that a thick rock cover (called mélange) made it difficult for past state-run drill programs.  Without the use of modern exploration techniques and equipment, it was nearly impossible for previous exploration programs to get through the mélange and into the favourable volcanic host rocks to test what was going on in that rock sequence.

With a revised drilling strategy, modern equipment and modern techniques, Tirex not only got through the mélange but made a discovery in the process.  Breaking news today is that Tirex has just announced a 21 metre (68 foot) intercept of mineralization underneath this mélange unit which seemed almost impenetrable to previous state-run explorers.

Tirex noted in today’s news that this 21m intercept has similarities with previous intercepts elsewhere in the District that had elevated GOLD levels. Assays are pending for this discovery hole, a 2nd hole has started and lots of eyes will be on Tirex in the days ahead.

Also interesting to note in today’s News Release, and perhaps overshadowed by the big discovery news, is the fact that Tirex has hired a Canadian-based engineering firm to move towards NI 43-101 compliant resource calculations for Letitna, Koshaj and South Gurthi which are three of the more advanced deposits within the Tirex District.  This is indicative of Tirex’s commitment to concurrently execute on their advanced stage work on site at Mirdita in concert with their pure exploration work focused on discovery.

Tirex trades under the symbol TXX on Toronto’s TSX Venture Exchange, in Germany under 3TI and in the US via TIRXF.

Construction Activity at Denver, mid May 2010

Construction has started at Green Park LLC’s wholly owned green parking facility.  The CEO of Greenscape Capital Group (Greenscape is a 90 percent equity owner in the project), couldn’t be more pleased.  Bryan Slusarchuk, CEO, explains, “It’s great to see construction start at the Denver facility.  This project will represent a very substantial asset for our company and we’re excited to see the building process underway.  The projected time to complete is 7 months, with the facility fully operational before the end of the year.  Projects like this don’t get built by themselves and I really commend our U.S. operating partners, our financiers and the construction team for enabling the commencement of construction.”

The 4200 stall Denver project is poised to become the world’s greenest parking facility and will service the Denver International Airport (DIA).  Denver is a rapidly growing airport that services residents of multiple U.S. states.  It is actually the largest airport by land size in the United States and the third largest in the world.  Denver International is also the fifth busiest airport, as ranked by passenger traffic, in the United States and the tenth busiest in the world.

Michael Hofer, Canadian Certified Environmental Professional and Greenscape Director, notes, “I’ve been involved in multiple capital projects in the environmental field and believe that this project is one of the most unique.  I look forward to the completion of this project and the start of operations at the facility.  From what I’ve seen, there is a first class group involved in the construction process and I’m sure this asset will end up being world class in its field.”

We’ll keep you up to date as construction progresses at Denver and the next time you fly out of DIA, you might just have a green alternative when deciding where to park your vehicle.

Today Greenscape published the first numbers from a recently completed Robbins Parking Lot retrofit.

Greenscape is projecting an estimated return on net investment (taking into consideration government incentive rebates) of approximately 248% over a 24 month period.

Every Greenscape retrofit client enters into an Energy Savings Participation Structure agreement, detailing exactly how much of each months energy savings will go to Greenscape and how much will go to the client.   This particular Robbins Parking contract brings the first two years of energy savings to Greenscape and 100% to Robbins thereafter.

Importantly, for this particular contract Greenscape’s total payback period on capital exposed is estimated be less than 7 months.  Nearly 64% of the total cost of this project was recovered by means of government and/or utility incentive programs.

Have a look at the Robbins Parking installation pictures below.  This is a rather simple process of replacing inefficient lighting with newer, highly efficient technology.  Greenscape estimates that for every $1 spent on the upgrades, Robbins Parking can expect $1.74 in energy savings.

Those who invest in the resource space do so because there is the potential for some big returns, but getting caught up in the hype and forgetting about the associated risks breaks the cardinal rule of investing: the greater the potential rewards, the greater the potential risk.  At Skanderbeg, while we feature companies that we believe have great potential, we also want to make people constantly aware of risk. While the world was surprised by some unexpected risk during the past couple of years, due to massive financial system failures in the United States and Europe, investors should never be surprised by risk in the resource sector. Particularly in mineral exploration, where risks are many; commodity risk, financing risk, exploration risk, political risk, etc.

A lot of people have made a lot of money investing in the resource space. The sector provides absolutely massive upside potential. Nothing excites the investment world more than a new discovery. However, the risks in this space are very real . This is where a qualified, reliable investment advisor is your best friend.  You have to trust that he/she will have your best interests in mind – consult them when you’re looking at a new investment in the resource sector, or any other sector for that matter.

Mining