World’s top copper miner sees metal at $2 a pound for at least two years

Chad Venzke, who was profiled by Bloomberg, has posted some how-to videos on how to bury gold in your backyard. "If you don't own it physically, in your hand and easily accessible, it's a high percentage chance that you don't own it," says Venzke in his YouTube video. The recent market turbulence and the general fear regarding the economic outlook is causing some people to cling to gold more tightly. Venzke's video has had over 8,000 views.

Hecla Mining Company ("Hecla") HL +3.79% announces that it has reached an agreement with its lenders to increase the amount available under its undrawn secured revolving credit facility to $100 million from $60 million. The amendment is effective immediately and represents a new three-year term on the facility. The financial covenants and interest rate at LIBOR plus 2.75% to 3.5% depending on the leverage ratio of the Company, remain unchanged. The lenders for the credit facility are Scotia Capital and ING Capital LLC.

First Majestic (TSE:FR) announced that its Q3 silver production was 4% lower from the prior quarter and 6% lower from the same quarter in 2010. The company produced 1,708,865 silver ounces in Q3 compared to 1,780,379 in Q2. In early morning trading, the company's stock was up 20 cents to $17.69 a share. The company believes that silver production should increase due to operational improvements at La Parrilla, its Mexican mine. First Majestic completed a new 1,000 tpd flotation circuit, which will replace an old 425 tpd flotation circuit and will allow silver production to ramp up in the fourth quarter.

Endeavour Silver Corp. (TSX:EDR)(NYSE:EXK)(FRANKFURT:EJD)announced today that silver and gold production from the Company's two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State, continued to rise year-on-year in the Third Quarter, 2011. Silver production was up 8% to 858,738 ounces (oz) and gold production was up 7% to 4,926 oz compared to the Third Quarter, 2010. Revenues jumped 93% for the quarter to US$38.8 million thanks to both higher silver and gold production and higher realized metal prices.

Agnico Eagle's production (NYSE:AEM) totaled 265,978 ounces, an increase of approximately 11% over the second quarter 2011 level of 239,328 ounces due to improved performance at Kittila Mine and Meadowbank Mine. "For the first nine months of 2011, the Company produced a record 757,668 ounces of gold. This compares with the previous nine month record set in the first nine months of 2010 when gold production was 731,138 ounces," said the company in a news release. Last month Agnico Eagle acquired Grayd Resources for $275 million.

Australia on Monday gave environmental approval for BHP Billiton to expand its Olympic Dam mine but set more than 100 environmental conditions on the uranium, copper and gold project. The $30 billion expansion of the existing Olympic Dam underground operation will create an adjacent open pit mine that would be the worlds biggest. An idea of the olympian effort required to construct the mine and the size of the undertaking is clear from the fact that trucks will haul overburden 24/7 for five to six years just to reach the ore body. The combined operations would mine 72 Mt ore per year and would produce 750,000 tonnes refined copper, 19,000 tonnes uranium oxide, 800,000 gold ounces and 2.9 Moz of silver per year.

Gold for December delivery traded up $37.30, or 2.3%, at $1,673.10 an ounce on the New York Mercantile Exchange in early afternoon trade Monday, after climbing more than $40 earlier to touch an intraday high of $1,676.70. Gold's gains come amid strong buying during China's Golden Week despite the fact that buyers have to contend with bullion that is $300/oz more expensive than last year. Traders reported that the price of gold has been moving up and down in sync with the S&P 500 in the last four sessions, while the safe-haven buying that spurred the metal's three-year rally was largely absent. Other precious metals also benefited from a near 2% drop in the dollar index.

A new report from research firm TNS could have implications for mining. A survey of affluent households around the world — defined as greater than $100,000 — found that 80% of the world's wealthy live in Western countries.TNS's Global Affluenty Investor study conducted interviews across 24 markets including China, Brazil and India.

Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN)(OTCQX:AUNFF)(PINK SHEETS:AUNFF) is pleased to report silver production for Q3 2011 of 244,243 ounces that is based on just 80 days of mill production at La Negra. Year-to-date ("YTD"), silver production has increased 26% to 742,026 ounces, compared to 587,057 ounces in 2010. As anticipated, Q3 2011 silver production was slightly lower than 2010's 250,953 ounces as a result of the La Negra ball mill being down nine mill days in order to upgrade a ball mill. Due to this maintenance, total mill feed of 119,772 tonnes was 4% lower than the 125,050 tonnes for Q3 of 2010.