Aluminium
AngloGold Ashanti to acquire 15.9% direct interest in B2Gold
by Jo Black
AngloGold Ashanti Limited has completed the transaction with B2Gold Corp (B2Gold) as previously announced on 14 February 2008, under which:
AngloGold Ashanti’s existing right to receive 20% of the voting shares of B2Gold’s wholly-owned subsidiary, Andean Avasca Resources Inc. (AARI), has been terminated; their existing Colombian joint venture arrangements have been amended; and [...]
Base metals prices down on inventories
by Elaine Frei
Base metals prices fell on Monday as inventories climbed for several of the metals used in industrial applications.
Zinc was down $77 to $2,288 per tonne as inventories climbed by 5,075 during the session and after it became clear that only a small amount of smelting capacity - about 300,000 tonnes, or about 1 percent of [...]
Rio faces iron ore boycott by Chinese steelmakers
by Gill Montia
Rio Tinto’s negotiations with China Iron and Steel Association (CISA) are at a critical stage.
Rio says it is confident that it will successfully complete the annual contract negotiations in the next six weeks but meanwhile, Chinese steelmakers are calling for a boycott of its spot sales of iron ore.
Problems have arisen because, last year Rio [...]
Alturas Minerals reports drill results
by Jo Black
Alturas Minerals Corp. reported assay results from a 4,709 meter reverse circulation drilling program recently completed at its 100% owned Banos del Indio in southern Peru.
The program comprised 18 widely spaced holes drilled to depths of between 169 and 350 meters, targeting multiple combinations of geochemical, geophysical (high resistivity) and structural anomalies in the [...]
Frontier Pacific adopts shareholder rights plan
by Jo Black
Frontier Pacific Mining Corporation announced that its Board of Directors has adopted a Shareholders Rights Plan (the “Rights Plan”).
The Rights Plan is a “new generation” plan in the form consistent with plans that in the past have been supported by regulatory authorities and recommended by proxy advisory services.
The Rights Plan has been adopted to [...]
Largo and Glencore enter into off-take agreement
by Jo Black
Largo Resources Ltd. has entered into an off-take agreement with Glencore International AG (Glencore) for all vanadium products produced at the Maracas vanadium project in Bahia, Brazil.
The agreement shall remain in effect for a six year evergreen period commencing from commercial production, and shall be renewable for a further six years.
Mark Brennan, Largo President and [...]
June gold adds $20 on oil, falling dollar
by Elaine Frei
Gold prices were higher Friday on the weaker dollar and on another surge in crude oil prices to a new record at $127.82 per barrel.
After hitting $902 per troy ounce in early afternoon trade, June gold was up $20 to $900 per troy ounce near the close of trade in New York.
July silver was up [...]
Western Areas declares Spotted Quoll results outstanding
by Gill Montia
Australian miner, Western Areas, has reported that results from a scoping study for an open pit mine at its mineral resource at Spotted Quoll are outstanding.
The results have been estimated for an optimised pit which would extend to approximately 160 metres in depth.
The scoping study indicates an annualised production rate of approximately 8,000 tpa nickel, [...]
Dia Bras announces results from its Bolivar Pilot-Mining program
by Jo Black
Dia Bras Exploration Inc. is pleased to report the first quarter 2008 results from its c in Chihuahua, Mexico.
Highlights:-
Production value of US$6.9 million in Q1-2008, a 32.69% increase over Q1-2007
Record production of copper concentrate with 2,249 DMT produced
Costs improvement contributes to generate a US$3.8 M direct operating cash margin
During the first quarter of [...]
Amador Gold announces private placement
by Jo Black
Amador Gold Corp. has arranged a private placement for up to 3,000,000 units. The financing will consist of non-flow through units priced at $0.25 per non flow-through unit.
Each of the units will consist of one non-flow through common share and one non-flow through non-transferable share purchase warrant entitling the holder to purchase one additional [...]
Silver Standard appoints Chairman
by Jo Black
Silver Standard Resources Inc. announces that following the re-election of all directors at the company’s Annual General Meeting held on May 14, 2008, Peter Tomsett was appointed as Chairman of the Board of Directors by the Board.
Mr. Tomsett has over 25 years of experience in the mining industry, 20 years of which he served [...]
Aluminium, zinc higher on China quake aftermath
by Elaine Frei
Prices for most base metals were higher on Thursday, with aluminium and zinc both rising on issues related to the aftermath of the earthquake in China earlier this week.
Three-month aluminium added $72 to $3,010 per tonne in London on the possibility that power shortages due to the earthquake could shut down smelters and interrupt supplies.
Additionally, [...]
Quaterra provides Mexico exploration update
by Jo Black
Quaterra Resources Inc. announced that a “scout” (reconnaissance) drilling program at its Mirasol property in Durango, Mexico, and core drilling at the Company’s Crestones property, also in Durango, intersected insignificant amounts of precious metal mineralization.
Geologic mapping and sampling at Americas, which abuts Mirasol on the west, has identified at least 10 prospective drill targets. [...]
East Asia Minerals announces private placement
by Jo Black
East Asia Minerals Corporation has entered into an agreement with a syndicate of agents led by RBC Capital Markets and including Haywood Securities Inc and PI Financial Corporation to act as agents on a best efforts agency basis to sell, on a private placement basis, up to $37.5 million of subscription receipts (the “Offering”) of [...]
MAG Silver announces assay results
by Jo Black
MAG Silver Corp. announces assay results from an ongoing drill program on MAG’s 100% owned Cinco de Mayo property in northern Chihuahua State, Mexico.
This drill program is expanding the “Jose Manto” discovered in Hole 07-20 which intersected 6.8 metres (estimated true thickness) of galena and sphalerite-rich massive sulphides grading 254 g/t (7.4 opt) silver, [...]
Linear Metals announces new discovery
by Jo Black
Linear Metals Corporation has reported a new discovery on the Northwest Skarn target, located 600 metres west of the Main Zone, at its Cobre Grande Project, in Oaxaca, Mexico.
The recently announced 49.8 million tonne resource estimate from the Cobre Grande Project did not include any mineralization from the Northwest Skarn, which now represents [...]
Farallon announces $80 Million agreement with Silver Wheaton
by Jo Black
Dick Whittington, President and CEO of Farallon Resources Ltd. announces that the company and its wholly owned subsidiaries have entered into an arrangement with a subsidiary company of Silver Wheaton Corp. (Silver Wheaton) to sell up to 75% of the silver produced from the Campo Morado polymetallic (zinc, gold, silver, copper, lead) project in Guerrero [...]
Crosshair to extend drilling at Armstrong
by Jo Black
Crosshair Exploration & Mining Corp. announces that uranium mineralization has now been intersected along a strike length of 300 metres (m) at Armstrong on the Company’s Central Mineral Belt (CMB) Uranium Project in Labrador.
With the successful completion of its 2008 winter drill program, Crosshair has anchored the southern end of the 4.5 kilometre (km) [...]
Precious metals prices lower on dollar
by Elaine Frei
Precious metals prices were lower Tuesday after the US dollar gained on the euro and other currencies.
The dollar was higher on new data showing that with automobile sales excluded from the equation, retail sales were up 0.5 percent in April, leading to the possibility that the Federal Reserve will break its string of interest rate [...]
Golden Predator intersects gold mineralization at Modoc property
by Jo Black
Golden Predator Mines Inc. has intersected gold-bearing quartz stockwork mineralization including 70 ft of 0.86 ppm (0.025 opt) Au from 485 ft depth, including 20 ft of 2.6 ppm (0.076 opt) Au in drill hole NMD-001 at its Modoc Property in the Battle Mt. mining district of Lander Co., Nevada.
Five reverse circulation drill holes, [...]