Sprott monthly market update with Rick Rule: Uranium, gold and silver

With the vote of two Republicans who crossed party lines, the Nevada State Senate approved Senate Joint Resolution 15, which will eliminate constitutional caps on Nevada's net proceeds of mines tax. Two Republicans, Sens. Ben Kieckhefer of Reno and Michael Roberson of Las Vegas, joined Senate Democrats in voting for the resolution, which now goes to the Assembly.

Yellowhead Mining Inc. ("Yellowhead") (TSX VENTURE:YMI) is pleased to report Hole HC11-87 returned 242.52 m of 0.39 Cu, 1.6 g/t Ag and 0.037 g/t Au, including 33.45 m of 0.65% Cu, 2.1 g/t Ag and 0.071 g/t Au and 17.62 m of 0.96% Cu, 4.5 g/t Ag and 0.069 g/t Au.

A Conference Board of Canada report says high energy and metals prices "are prompting resource companies to invest billions in iron ore projects, nickel processing and offshore oil developments" in Newfoundland and Labrador, generating the largest growth in real GDP this year of all the Canadian provinces." The board's Provincial Outlook - Spring 2011 report issued Wednesday also forecasts that Saskatchewan "will benefit from tax breaks and a hot mining industry."

As it tunes its rigs to near surface oxides Argentex Mining (TSX-V: ATX) continues to churn out strong silver and gold mineralized intercepts at its Pinguino property in Santa Cruz province, Argentina. Of 16 drillholes Argentex recently reported the best of the lot hit 62 metres @ 88.8 g/t silver and 0.94 g/t gold, which included as much as 6 metres at 675.5 g/t silver and 5.99 g/t gold.

Eyeing potential for high-grade gold tonnage, Canada's Southern Arc reports on another swelling gold-silver mineralized vein in Indonesia. A zinger of a drilling result - wide with high-grade gold mineralization - propped up Southern Arc Minerals' theory that the Pelangan target on its West Lombok property in Indonesia may hold other bonanza-grade ore shoots.

Klondike Silver Corp. announced on Tuesday it has arranged for a private placement of up to 4,000,000 units for total proceeds of up to $1,000,000. Proceeds from the private placement will be used for exploration expenditures on the Company’s Yukon, British Columbia and Ontario mineral properties as well as for general working capital. Klondike Silver is a member of the Hughes Exploration Group of Companies.

The Rasp underground mine in the heart of one of Australia' most historic mining centres -- Broken Hill's Line of Lode -- should be operating by April next year. Development of the Rasp mine on Central Mining Lease 7 is in one of the most intensely worked areas between the Perilya Ltd North and South mining leases and it had a stop-start scenario with the big stall being when the zinc price crashed in during the global financial crisis.

Alto Group Holdings, a mining and commodities trade company headquartered in New York, announced on Monday the acquisition of the Great Excelsior Mine in Washington State. The Great Excelsior Mine, located in Washington State, was a gold-silver producer which was forced to close in 1918 due to falling metal prices and a shortage of supplies. This mining property has been explored by numerous mining companies over the years.

Bard Ventures Ltd. (TSX VENTURE:CBS)(FRANKFURT:BVU) is pleased to announce that the drill program on its Lone Pine Property has commenced. The property is located 15 kilometers north-northwest of Houston, BC and is situated in the Omineca Mining Division. The drill program is planned to further evaluate exceptional drill hole results received from all three zones on the property, being the Alaskite Zone, the Quartz Breccia Zone and the 61 Zone.