Aluminium
Gold up after recent price declines
by Elaine Frei
Precious metals prices were higher on Friday, with gold up on the possibility that the declines in recent days, amounting to a loss of 4.8 percent of the metal’s value, was too much.
August gold was up $9.80 around the end of floor trade in New York to $891.50 per troy ounce while July silver added [...]
Peruvian miners vote for June strike
by Gill Montia
Peruvian miners have voted to go on strike from 16th June.
The action is being taken by the country’s largest federation of mining unions, which represents 28,000 miners and 70 unions.
It will affect around 12 mines including those operated by Southern Copper, Renco and Shougang Corp of China.
Miners are angry at a decision by the country’s [...]
Oro Silver acquires majority interest in El Compas mine
by Jo Black
Oro Silver Resources Ltd. announces that it, through its 100% owned Mexican subsidiary, completed the purchase of a 51% interest in the El Compas mining property, located four kilometres south of Zacatecas, Mexico.
Oro Silver acquired an option over the El Compas mining property in June 2007 for cash payments totalling USD $2.7 million over a [...]
BcGold to drill shear zone “A” bulk Tonnage Gold target
by Jo Black
BCGold Corp. intends to conduct a $1.2 million surface and underground exploration program on the historic Engineer Mine Property near Atlin, British Columbia.
The staged work program, commencing mid-June 2008, will encompass an initial 1,700 metre phase of diamond drilling, and will target the near-surface Shear Zone “A” bulk-tonnage gold target.
Phase I exploration will [...]
Tombstone Exploration to commence drill program
by Jo Black
Tombstone Exploration Corporation announced that Westland Resources, Inc. and Tombstone’s V.P. of Exploration and Chief Geologist are currently assessing drill targets in preparation for the start of the 2008 drill program.
The drill program will consist of twenty-three core holes drilled from fifteen distinct drill sites that are designed to intercept extensions of the State [...]
Metals prices fall with crude oil prices
by Elaine Frei
Precious metals prices were lower in afternoon trade in New York on Thursday after the dollar gained on the euro and the yen and oil prices were down by more than $4 per barrel as demand for metals as an investment declined.
August gold traded $24 lower to $881 per troy ounce while July silver was [...]
Khan Resources reaffirms offer for Western Prospector Group
by Jo Black
Khan Resources Inc. has responded to the Directors’ Circular issued by Western Prospector Group Ltd. on May 27, 2008 which recommended rejection of the offer to purchase 100% of the common shares of Western Prospector by Khan Resources.
Highlights
- Khan Resources reaffirms its Offer to purchase 100% of the common shares of Western Prospector for 0.685 [...]
Condor receives final drill results for the Ocros project
by Jo Black
Condor Resources Inc. announces that all drill results have now been received from its Ocros porphyry copper project in Peru.
Seven holes were completed on the project for a total of 2,803 metres of diamond core drilling.
The best intercept was found in the previously reported drill hole OCR-001 with 251.3 m grading 0.15% Cu, including [...]
NovaGold appoints new director to board
by Jo Black
NovaGold Resources Inc. has announced the appointment of a new director to its Board.
NovaGold shareholders voted Mr. Tony Giardini to the Board of Directors at NovaGold’s Annual General Meeting held this week in Vancouver.
Mr. Giardini was subsequently appointed to the Audit Committee to replace Mr. Mike Halvorson, who is retiring from the Board.
Mr. [...]
Nickel prices drop $800 per tonne in London
by Elaine Frei
Base metals prices were lower on Wednesday.
Nickel prices fell in London, dropping $800 to $22,500 per tonne, a decline of 3.4 percent after the metal, used in the manufacture of stainless steel, was down by 3.3 percent on Tuesday.
A decline in London Metal Exchange stockpiles of 54 tonnes during the session did not offset worries [...]
Rio sues Indonesian officials over nickel prospect
by Gill Montia
Rio Tinto’s Indonesian division has mounted a legal challenge to a regional government in Central Sulawesi, after it issued a mining permit to local miners.
The company has been negotiating a licence to develop La Sampala nickel deposit in Central Sulawesi and claims it was close to finalising an agreement, when local officials appear to have [...]
Soltoro provides geological update on La Tortuga project
by Jo Black
Soltoro Ltd. has received all of the assays results from its first phase of drilling on its La Tortuga project located in Jalisco, Mexico.
La Tortuga is currently under option to SMM Exploration Corporation, a subsidiary of Sumitomo Metal Mining Co., Ltd, (Sumitomo) one of Japan’s leading copper mining and manufacturing companies.
Soltoro will act [...]
Valterra announces flow-through financing
by Jo Black
Valterra Resource Corporation has agreed to issue 4.0 million common shares in a non-brokered flow-through private placement at a price of $0.25 per common share to raise $1.0 million.
The proceeds from the “flow-through” common shares offering will be applied to the company’s projects in SE British Columbia.
The private placement and finders fees are subject [...]
Intrepid Intersects Copper-Gold Porphyry at Tujuh Bukit
by Jo Black
Intrepid Mines Limited, an international gold and silver production, development and exploration company, has reported reports that hole GTD-08-29, from the Tujuh Bukit Project in Indonesia, has intersected highly encouraging copper-gold assays from the porphyry zone previously predicted to sit below the oxide and high sulphidation gold-silver cap.
In addition, Intrepid has received final assay results [...]
Precious metals prices lower on stronger dollar, cheaper oil
by Elaine Frei
Precious metals prices were lower on Tuesday as the US dollar strengthened and oil prices dropped, reducing the demand for metals as a safe place to invest money in the face of inflation concerns.
At shortly before the close of floor trade in New York, June gold was down $19.20 to $906.60 per troy ounce while [...]
Murchison reports mineral resource upgrade at Jack Hills
by Gill Montia
Murchison Metals Limited, the Australian listed iron ore company, has announced a substantial upgrade of mineral resources at its Jack Hills project in Western Australia.
The mine is operated by Crosslands Resources (a 50/50 joint venture with Mitsubishi Development), which has reported that the mineral resource has risen 13%, to 79.1 Mt, and beneficiation feed [...]
Kootenay drilling confirms widespread mineralization
by Jo Black
Kootenay Gold Inc. announces the first assay results from its ongoing phase II 10,000 meter drill program on its wholly owned Promontorio project in Sonora Mexico.
Drilling has intersected wide intervals of low to high grade silver-gold polymetalic mineralization to a depth of 444 meters (remains open at depth).
Drilling will continue to test a [...]
Exploration Orbite announces private placement of $1,505,000
by Jo Black
Exploration Orbite V.S.P.A. Inc. is proceeding with a private placement of a maximum of 430 units at $3,500 per unit.
Each unit is made up of 25,000 class “A” shares at $0.14 each and 25,000 share purchase warrants, each warrant entitling the holder to purchase one common share at $0.20 for a 12-month period.
The proceeds from [...]
Diamonds North updates Tunerq Nickel Prospect
by Jo Black
Diamonds North Resources Ltd. announces that drilling has commenced on the Tunerq nickel prospect located on the Company’s 100% owned Amaruk property in Nunavut.
The first drill hole intersected 26 metres of mafic and ultramafic rocks with sulphides visually varying up to 10 to 25%.
A vertical hole was drilled into the nickel bearing outcrop at [...]
Two year delay for BHP’s Ravensthorpe nickel mine
by Gill Montia
At the end of last week, BHP Billiton announced that it will be at least two years before its Ravensthorpe nickel mine in Western Australia reaches full capacity.
The original 2004 estimates for the cost of the mine stood at $1.05 billion, including the upgrade of a nickel refinery in Townsville, Queensland, but the project has [...]