Posts by CNW Telbec | Mining/Metals:

Klondex Mines Ltd. announces Can$21,000,000 equity financing

Klondex Mines Ltd. (TSX: KDX) ("Klondex Mines" or the "Company") announced today that it has entered into an agreement with a syndicate of underwriters lead by GMP Securities L.P. and including Mackie Research Capital Corporation, Jones, Gable & Company Ltd. and Fraser Mackenzie Limited (the "Underwriters"), pursuant to which the Underwriters have agreed to purchase 8,400,000 units (the "Units") of the Company, at a price of C$2.50 per Unit (the "Offering Price") for aggregate gross proceeds to Klondex Mines of C$21,000,000.00 (the "Offering").

Katanga gets $635 million to build world’s largest cobalt mine

Katanga Mining announced on Friday it has secured $635.5 million in new loan facilities from parent Glencore International to fund the expansion of its Democratic Republic of Congo copper-cobalt mine. The Toronto-listed firm wants to bump copper production to 270,000 tonnes per annum and thereafter bump it up to 310,000 tonnes from cash flow. The company is already ramping up copper production with financials results also out on Friday showing year to date copper in ore mined was 157,658 tonnes, a 96% increase over 2010. Cobalt produced fell 30% to 593 tonnes, but that was in line with expectations. Katanga says with the expansion the DRC complex it could become Africa's largest producer of copper and the world's number one cobalt mine.

Marathon Gold Reports 2011 Third Quarter Financial Results

Completed the earn-in for a 50% interest in the Valentine Lake Project by making a payment of $3,000,000 to Richmont Mines Inc., triggering the formation of the Valentine Lake 50/50 joint venture with Mountain Lake Resources Inc. Completed an updated NI 43-101 Resource Estimate on the Valentine Lake Project based on drilling results from the 2010 drilling campaign, which included Measured and Indicated Resources of 3.3 million tonnes grading 2.6 g/t gold, representing a total of 277,000 ounces of gold, and an additional Inferred Resource of 4.4 million tonnes grading 2.0 g/t gold, representing an Inferred Resource of 285,000 ounces.

State of Alaska files suit to strike down anti-Pebble ordinance

The State of Alaska has filed a constitutional challenge in Alaska Superior Court to strike down a municipal ordinance recently enacted by ballot measure in Southwest Alaska's Lake & Peninsula Borough. By a margin of just 34 votes, local voters supported a ballot measure put forward by anti-Pebble activists that would restrict future development that affects more than one square mile of land within the 31,000 square mile borough.

Sarama Resources completes IPO to raise $16.7 million for Burkina Faso gold exploration

Sarama Resources Ltd. are pleased to announce the completion of our initial public offering ("Offering") and the issuance of a total of 18,538,711 Units (which includes the partial exercise of the over-allotment option of 1,872,045 Units) at$0.90 per Unit, raising gross proceeds of $16,684,840. We will use the net proceeds of the Offering principally to advance our exploration activities at the South Houndé Project where extensive drill programs are planned and our other prospects in Liberia and Mali where significant exploration programs are already underway.