Nautilus underwater project in Eastern Pacific richer than thought

Gold Reach Resources (CVE:GRV) enjoyed a 15% lift in its stock price today on news that it has quadrupled its resource estimate at the company's Ootsa Lake property in British Columbia, about 120 kilometres south of Smithers.

Mercator Minerals (TSE:ML) rose 5.5% today after announcing record production from its Mineral Park Mine in Arizona.

The Washington Post reports in a move reminiscent of the crackdown on lead in toys, more than a dozen major retailers including Target, Saks and Gap, are voluntarily halting sales of jewelry that contain more than trace levels of cadmium, a byproduct of zinc mining.

Reuters reports the London Metal Exchange has been approached by several   potential bidders and will consider takeover proposals in late February according to its CEO. The LME handles some 80% of global trade in metals futures and a takeover will help the the 134-year old trading floor to compete against rapidly-expanding Asian metal trading hubs.

US mine safety authorities on Wednesday ordered Hecla to shut down the silver shaft at its Lucky Friday mine for the rest of the year following a rockburst in December and a string of accidents, two of them fatal, at the Idhaho mine during 2011.

Hard Assets Investor reports precious metals ETFs enjoyed solid $5.9 billion inflows last year that brought total assets in the sector to just under $98.5 billion; a figure that represents just under two-thirds of all exchange-traded products including energy and agriculture.

In the midst of mine ramp-up, Mark Cruise, Trevali Mining president, says cash should start flowing from commercial operations in the second quarter this year.

Solitario Exploration & Royalty (TSE:SLR) said today that its drilling results at its Bongará zinc joint venture project in Peru were "outstanding".

With gold trading $40 higer, silver up nearly $2, crude oil rising $4.25 a barrel and mining shares on the move, today […]