Philippines says open pit mining ban to stay put

Aurizon Mines reported gross profits of $29.1 million in the second quarter, a 45% increase from the same period last year, while net profit was up 17%. Chief executive David Hall credited stronger cash flows due to better performance from the Casa Berardi mine in the Abitibi region of Quebec, Canada, where the company is deepening the shaft and conducting the largest exploration program in Aurizon's history. Aurizon produced 41,418 ounces of gold in Q2, an 8% increase from the same period last year, at cash costs of US$544/oz. Image of Aurizon Mines' Joanna project

Gold traders saw the precious metal lose over $60 in value today after gold dipped below $1,740 in afternoon trading. Yesteray gold broke through $1,800/oz. While gold was down, markets were up on strong corporate earnings and good U.S. job's data. The Dow Jones was up 5.16% and the S&P 500 was up 5.76%. The Canadian markets were up modestly. The resource-heavy S&P TSX rose 2.16%.

The lawyer who acquitted the geologist at the centre of the Bre-X scandal is facing a disciplinary hearing in Toronto for his conduct during the trial, which happened a decade ago. The Law Society of Upper Canada accuses Joe Groia of professional conduct for "incivility" during the trial, The Globe and Mail reported on Thursday: Mr. Groia, 56, criticized in previous court judgments for using “petulant invective” and “guerillia theatre” in the Bre-X trial, faces anything from a reprimand to the revocation of his licence if a three-member Law Society panel finds he violated the profession's rules.

B2Gold reported results from its operations for the second quarter ended June 30, 2011. Highlights were adjusted net earnings of $22.0 million ($0.07 per share); record cash flow from operations of $28.8 million ($0.09 per share); and an increase of cash and cash equivalents to $78.9 million at quarter end.

Nautilus Minerals announced on Thursday that they were granted offshore exploration licences in Fiji. The Fijian Government has granted the company 14 special prospecting licences, covering a total of approximately 60,000 km2. The territory is considered highly prospective, having been the subject of marine research by Japanese, French and other scientific cruises in the late 1980s and early 1990s. The licences each have an initial term of two years.

Investors aren't the only ones rushing to profit from the booming value of gold. Refiners, who buy scrap gold from dealers and private owners, say they are also seeing an upsurge in activity. "It is great for business," says Terry Hanlon, director of the

Gold Fields, one of the world's top five gold producers, announced June quarter earnings that were up 15% to US$186 million, compared with US$158 million in the March quarter. During the same June quarter last year, Gold Fields made US$120 million. The company announced its quarterly results on Wednesday.

Gold Hedge reports that a German newspaper is telling its readers that it's time to buy gold. Bild Zeitung, is Germany’s biggest- selling newspaper, is the best-selling newspaper outside Japan and has the sixth-largest circulation worldwide. Bild encouraged German people to invest in gold as the global debt crisis continues to deteriorate and cause turmoil in global markets.

South Africa's gold output fell 5.7 percent in volume terms in June while total mineral production fell 0.7 percent compared with the same month a year earlier, data showed on Thursday.