‘Significant milestone’ for new gold mine in Scottish highlands

Silver Bull Resources Inc. (SVB.TO,SVBL) is trading over 7% higher today at 58 cents a share and the company receiving a $5-million investment from Coeur d'Alene Mines Corp. (CDM.TO,CDE) as part of a larger non-brokered sale of stock raising $7.525 million in gross proceeds.

More than 150 internationally known writers and artists are urging Mexican President Felipe Calderon to cancel mining concessions in an area of northern Mexico considered sacred ground by the Huichol Indians.

North American stock exchanges are on a tear today after central banks made more funds available to lenders, giving investors hope for a way out of the European debt debacle. The markets were also cheered by better than expected private sector job growth in the United States. The mining-heavy S&P/TSX Composite was up 2.5% to just over 12,000 at time of writing. The Dow Jones Industrial Average gained 384 points, or 3.3%, the most on a closing basis since Aug. 11, according to Bloomberg. Spot gold was up $32 from yesterday to $1747 which is just above the 20-day moving average of $1744, noted Kitco. Silver was up marginally to $32.86 from yesterday's $31.92, while benchmark copper was up more than 5% to a two-week high of $7,885/tonne. Zinc, lead, aluminum and nickel were also up from Tuesday.

Reuters reports schools and businesses were closed and Peruvian police fired tear gas on Friday to break up a protest at Newmont Mining and Buenaventura's proposed $4.8 billion Conga gold mine as the government tried to mediate a bitter environmental dispute over the project. Residents in the northern city of Cajamarca which has more than 200,000 residents (pictured), led by the president of the region,  say a new mine – adjacent to South America’s largest gold mine Yanacocha – will harm agriculture and livestock by relocating water supplies.  Conga would be the biggest investment ever in Peru mining.

Nautilus, the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits, announced on Friday a drilling campaign conducted at its tenements in the Bismarck Sea of Papua New Guinea has enabled the company to increase the resource estimate at its Solwara 1 project, and to declare a maiden Inferred Resource at the nearby Solwara 12 deposit. Earlier this month Toronto-listed company completed the quarter with a cash balance of $155.1 million, after successfully raising $70.5 million in the first tranche of a $98.1 million capital raising. The final tranche of C$27.6 million was received in October. The capital raising involved the issue of approximately 39 million shares at C$2.52 per share. The counter was trading down 2.9% on Friday at $2.29 giving it market worth of $448 million.

By buying the stake held by defunct broker MF Global, JP Morgan has dramatically boosted its influence in the battle to acquire the London Metal Exchange. As the biggest shareholder JP Morgan now has stronger input into any changes proposed by suitors while making a tidy profit from any sale, but retains the option to team up with others to block a takeover, analysts and industry sources told Reuters. JP Morgan now has a stake of 1.4 million shares or 10.9%, jumping ahead of the former dominant shareholder, Goldman Sachs, but the banks have also come under scrutiny over possible conflicts of interest as it also owns metal warehouses and proved brokerage services. One of the last bastions of open outcry trading, the 134-year old exchange handles some 80% of global trade in metals futures.

Imperial Metals (TSE:III) is extending its Huckleberry mine in northern British Columbia by 7 years. The company said it plans to extend the Main zone pit and build a new tailings storage facility, which will keep the mine running until 2021, 7 years later than the previous plan to close the mine in 2014. The pit is estimated to contain 39.7 million tonnes of ore grading 0.343% copper, with an overall strip ration of 1.46 to 1. Since startup in 1997, the mine has produced an aggregate 870 million pounds of copper, 8 million pounds of molybdenum, and 105,000 ounces of gold and 3.4 million ounces of silver.

TSX Venture-listed GobiMin's financial and operating results for the third quarter of 2011 showed the diversified explorer made a handsome profit on the sale of a stake in a Chinese coal project. GobiMin disposed of a 24.49% indirect equity interest in Balikun Coal Project for a total consideration of $30.35 million, recording a gain of $8.21 million. The unaudited interim financial statements also showed the company ended the quarter with $63 million in cash. GobiMin also announced its Sawayaerdun Gold Project has completed drilling works of about 30,100 meters with 84 drill holes and continues for further drilling aiming to maximize the project potential and that it has extended the deadline for obtaining the mining license of Yanxi Copper Deposit to January 31, 2012.

A new study is casting doubt on the viability of undersea mining, despite recent success by Vancouver-based Nautilus Minerals (TSE:NUS) in obtaining the first-ever permit to mine the seafloor off the coast of Papua New Guinea. The Canadian-led study, published in the journal Geology, states that "the possibility of mining sea floor [deposits] has stirred debate about the sustainable use of this new resource and whether commercial development is worth the risk.” The Vancouver Sun quotes Mark Hannington, the University of Ottawa's Goldcorp Chair in Economic Geology and lead author of the study, saying that while there may be vast mineral deposits under the ocean, they cannot hope to meet the world demand for metals: