Philippines delays environment minister nomination approval over mining woes

VANCOUVER, Oct. 18, 2011 /PRNewswire/ - By a narrow 280 - 246 (53 - 47%) margin, voters in Southwest Alaska's Lake & Peninsula Borough have supported a ballot measure that, if upheld by the courts, would restrict future development that affects more than one square mile of land within the 31,000 square mile borough. The Pebble Limited Partnership (the "Pebble Partnership" or "PLP") and the State of Alaska view the initiative sponsored by anti-Pebble activists as unconstitutional and unenforceable because it seeks to restrict development of state-owned resources on state lands through a municipal ordinance, and will challenge it in Alaska's Superior Court.

News reports from Australia say BHP Billiton may face delays in getting approvals for its $30 billion Olympic Dam expansion, as Greens and other minor parties holding the balance of power in the South Australian Parliament push for an inquiry into the project. The legal agreement between BHP and the State Government will be introduced to parliament on Tuesday or Wednesday, but the Greens now want BHP Billiton officials to appear before a parliamentary committee to investigate the indenture legislation for the expansion. The project will create an open pit mine adjacent to the current Olympic Dam underground operation that would be the world's biggest – trucks will haul overburden 24/7 for five to six years just to reach the ore body.

UKZambians reports Zambia's Mines Minister Wilbur Simusa says he expects total cooperation from the mining companies as government engages them on taxation and that they should brace for tough decisions ahead, but he added that he does not anticipate resistance. There is mounting pressure on Zambia's new president Michael Sata who took office on the promise of improving mining conditions and a bigger share of mining profits for Zambians after protests at a Chinese-owned copper mine earlier this month and a brief ban on metal exports to sort out revenue collection in Africa’s top copper producer.

What better gauge of the health of the gold mining industry and the prospects for bullion than the value placed on the sector by miners themselves? Starting in June deals among other miners have ground to a halt but the first nine months of 2011 has been an astounding year for gold M&A, PwC reports.

China's state news agency reports all production at Freeport McMoran's Grasberg mine in a remote province of Indonesia has been halted after a pipeline was sabotaged, access to the pit and underground operations were blocked and three miners were killed in an ambush. The latest attack follows an incident last week when Indonesian security forces fired on striking workers after a protest turned violent, killing one and injuring a dozen other. Some 12,000 Workers at Grasberg began a strike on 15 September and has vowed to shut down the mine if hourly wages of $1.50 is not upped 8-fold. The local police chief said between 500 – 600 policemen are now billeted at the mine.

IAMGOLD Corporation, which produces nearly one million ounces of gold each year, is looking is looking for projects capable of 150,000/oz of gold per year and has two million oz of reserves. The company made the announcement during a corporate presentation in October. Bloomberg reported that the company is looking for transactions in the range of $300 million to $500 million.

North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to announce that it has signed a Memorandum of Understanding ("MOU") with Devlin's Bench Mining Ltd and P. Wright Contracting Ltd ("PWC") to enter into a joint-venture on North Bay's Fraser River Platinum Project in British Columbia. The Fraser River Platinum Property is located near Lytton in south-central British Columbia, Canada, and covers approximately 4.5 kilometers of placer claims along the Fraser River. The property includes the Van Winkle Bar, from which BC MINFLE 092ISW078 and BC Open File 1986-7 have documented historical assays of 5681 grams (182.67 ounces) per tonne platinum from black sand concentrate.

New Gold Inc. ("New Gold") (TSX:NGD)(NYSE Amex:NGD) and Silver Quest Resources Ltd. ("Silver Quest") (TSX VENTURE:SQI) today jointly announce a binding letter agreement whereby New Gold will acquire, through a plan of arrangement (the "Arrangement"), all of the outstanding common shares of Silver Quest. Under the terms of the Arrangement, Silver Quest shareholders will receive 0.09 of a New Gold share (the "Share Consideration") for each Silver Quest share held and one common share in a new Yukon-focused precious metals exploration company, McIntyre Minerals Inc. ("McIntyre") for every three Silver Quest shares held (the "Spinco Consideration").

Hong Kong’s Chinese Gold & Silver Exchange Society, a century-old bullion bourse, will start trading gold quoted in yuan today, boosting the city’s status as an offshore hub for the currency.