Aluminium
Gold adds $16.30 on decline in dollar
by Elaine Frei
Precious metals prices were up on Tuesday after the US dollar declined versus the euro and investors looked for hedges against inflation.
April gold was up $16.30 to $935 per troy ounce in New York as UBS analysts predicted that the price of gold will rise to $950 in the next month and will go up [...]
Gold Resource extends El Arroyo mineralization
by Jo Black
Gold Resource Corporation reports 1 meter of 11.15 g/t gold, 658 g/t silver within 7 meters of 4.51 g/t gold, 350 g/t silver or 51.83 g/t (1.67 oz/tonne) gold equivalent (AuEq) and 2 meters of 4.34 g/t gold, 3645 g/t silver or 90.36 g/t (2.91 oz/tonne) (AuEq) at its recently discovered El Arroyo area.
El [...]
Boxxer enters LoI on Indin Lake Gold project
by Jo Black
Boxxer Gold Corp has entered into a Letter of Intent (LOI) with Ursa Polaris Developments Corporation, an arms length third party, to purchase a 100% interest in 15 Mineral Leases covering approximately 3,277 acres located in the Indin Lake mafic volcanic belt. These Mineral Leases are located approximately 210 kilometres northwest of Yellowknife, Northwest Territories.
Mr. [...]
Quaterra announces private placement
by Jo Black
Quaterra Resources Inc. has received conditional TSX Venture Exchange approval and is applying for AMEX approval of listing of such additional shares for a non-brokered private placement of up to US$12,800,000, or 4,000,000 Units at a price of US$3.20 per Unit.
All the common shares and warrants issued pursuant to the Offering will bear a legend [...]
Skye Resources provides update on Fenix project
by Jo Black
Skye Resources Inc. released an update on its Fenix project and its audited consolidated financial statements for the year ended December 31, 2007.
2007 Highlights
Skye achieved several important milestones in 2007, significantly advancing the Fenix ferro-nickel project:
- Met the option conditions in the master agreement with Vale Inco Limited to make unconditional the 2004 acquisition of [...]
Greenwich updates transaction with Stans Energy
by Jo Black
Greenwich Global Capital Inc. has executed a letter of amendment with Stans Energy Corp. for the completion of the amalgamation announced on August 23, 2007 on materially the same terms and conditions subject to the amendments described below.
According to this letter of amendment and subject to the approval of the TSX Venture Exchange, the shareholders [...]
Harte Gold announces management changes
by Jo Black
Harte Gold Corp announces that by resolution of its Board of Directors, Mr. Robert Platt has been removed as President and Chief Executive Officer of the Company effectively immediately and Mr. Robert Isles B.A.Sc., has been appointed as President and Chief Executive Officer effective immediately.
The Company also announces that Mr. Milton Klyman, has resigned as [...]
Harvest Gold to complete drilling at Lesavage North property
by Jo Black
Harvest Gold Corporation says that its winter exploration program at the Lesavage North Project is nearing completion. Eight of a planned nine holes are finished and the ninth hole is underway. In total, the program will include approximately 2,000 meters of drilling. The Lesavage North Property is located in the Rice Lake Gold Belt, approximately [...]
Pan American Silver changes Board of Directors
by Jo Black
Pan American Silver Corp. announced the retirement of John Willson from the Board of Directors of the Company effective at the Company’s upcoming annual general meeting on May 13, 2008. David Press, a mining engineer with over 38 years of mining experience, will be nominated to fill the vacancy on the Board created by Mr. [...]
Crosshair announces revised pricing for bought deal financing
by Jo Black
Crosshair Exploration & Mining Corp. has agreed with Canaccord Capital Corporation, the lead underwriter in connection with the Company’s announced bought deal financing to: 1) increase the size of the offering of Flow-Through Shares from 3,226,000 to 3,575,000 and reduce the offering price of the Flow-Through Shares from C$1.55 to C$1.40 per Flow-Through Share, [...]
Gold falls more than $25 in New York
by Elaine Frei
Gold prices fell again Thursday as the US dollar strengthened versus the euro and on decreased sentiment for future interest rate increases in the United States.
April gold dropped $25.30 to $920.50 per troy ounce in New York.
Some analysts think gold will have to drop to $850 per troy ounce before investor interest returns, but some [...]
Apex raises funds for Wiluna Gold Mine
by Gill Montia
Apex Minerals, the Australian-listed gold and nickel miner, has completed a placement of approximately 73 million ordinary shares at a price of A$0.85 per share.
The company is raising around A$62 million, which will be used to fund the resumption of gold production at the Wiluna Gold Mine, by the end of 2008.
Wiluna is a [...]
Lihir Gold and Equigold to merge
by Jo Black
Lihir Gold Ltd and Equigold NL are to merge their businesses, creating a global pure gold company with a diversified portfolio of high quality operations, a strong financial base and an exceptional growth profile.
The combined group will have world class assets in Australia, West Africa and Papua New Guinea, producing in excess of 1.2 million [...]
Allied Nevada purchases mining fleet
by Jo Black
Allied Nevada Gold Corp. has purchased a used mining fleet for US $13.9 million.
The mining fleet will be used at the Company’s Hycroft open pit mine located near Winnemucca, Nevada. The fleet consists of five 200-ton haul trucks, two 28-yard wheel loaders, two blast hole drills and various pieces of support equipment. The fleet will [...]
Dundee Mines raises $1.95 million
by Jo Black
Dundee Mines Ltd. has filed with the TSX Venture Exchange documentation related to two previously announced non-brokered private placements with gross proceeds of $1,953,550.
The company has received subscriptions for 3,143,000 flow-through units at a price of $0.35 per unit (one flow-through common share and one-half non flow-through share purchase warrant, with each full warrant exercisable [...]
Azure reports enouraging Los Chinos results
by Gill Montia
Azure Minerals, the Australian-based miner, has reported highly encouraging assay results from its Los Chinos project in Sonora, Mexico.
Results for nine of the 12 holes so far drilled on the property are available and all have been successful, intersecting zinc and lead mineralisation over significant widths.
In addition, both silver and gold mineralisation is [...]
Metals prices lower on disappointment with Fed rate cut
by Elaine Frei
Metals prices plummeted Wednesday after Tuesday’s interest rate cut by the US Federal Reserve disappointed some traders, who had expected deeper cuts.
Among precious metals, April gold was down $58.80 to $945.50 per troy ounce in New York, a decline of around 6 percent on the session after gaining 3.3 percent in the past six sessions.
May [...]
PWC predicts “record high” M&A activity will continue
by Gill Montia
A report published this week by PricewaterhouseCoopers (PWC) suggests that mining merger and acquisition activity in 2008 could exceed 2007’s record of $158.9 billion.
The report asserts that consolidation in the industry is accelerating as economic growth in emerging markets fuels demand for resources and expansion by Russian and Chinese miners increases competition for assets.
The total [...]
Normabec provides drilling result from Pitt Gold
by Jo Black
Normabec Mining Resources Limited announce additional results from its on-going winter drilling program on the Pitt Gold property, located along the Porcupine-Destor Break, some 35 km north of Rouyn-Noranda, in the Abitibi region of Quebec.
Normabec previously released impressive results from its first two first holes of the season.
Hole PG2008-01 is located 100 metres to [...]
African Gold to test multiple structures
by Jo Black
African Gold Group, Inc., reports that the Phase II geochemical surveys at both the Assuowunu and Manso Atwere concessions, located in the Northern Asankrangwa region of Ghana, West Africa, are now completed. The programs commenced in November, 2007 and were carried out by AGG technical personnel through to February, 2008.
AGG’s consolidated Asankrangwa land holdings comprise [...]