Gold

Bearing Resources announced that the Company has entered into an option agreement with Eastfield Resources Ltd. ("Eastfield") to earn up to a 65% interest in the 12,113 hectare Zymo copper-gold project ("Zymo"), located 45 kilometres west of the town of Smithers, British Columbia. Exploration work carried out to date at Zymo, including surface sampling, geophysical testing and core drilling has identified a large copper-gold porphyry system. Four distinct porphyry targets have been identified over an open ended nine kilometre by three kilometre area defined by a coincident copper in soil and induced polarization ("IP") chargeability anomaly.

Further to the announcement on 15 April 2011, Gold Fields announced that its shareholders have overwhelmingly approved the US$667 million acquisition of IAMGOLD Corporation's 18.9% stake in the Tarkwa and Damang gold mines in Ghana. Of the 603 million shares (84% of total shares in issues) that were voted at a general meeting 93% were cast in favour of the transaction.

Martiono Hadianto, president director of Newmont Nusa Tenggara, said the gold miner's IPO is not likely to take place this year. NNT's management had planned to hold the IPO during the second half of this year with the long-delayed divestment process completed by mid-April.

The import of gold and silver by India has risen by a whopping 222% between April and May 2011, as compared to a year ago. In the month of May alone, imports were a staggering $9 billion, with gold demand growing 25%. "Even as inflation and a widening trade deficit to $15 billion in May continues to weigh on the minds of Indian investors, the demand for fresh gold has continued to grow."

South Africa's Sunday Independent newspaper reports attempts by mining giants AngloGold Ashanti and Anglo American to sup with the leaders of the ANC Youth League and possibly sway them against nationalization have flopped. Both companies stand to lose substantial chunks of their assets if the league – kingmakers in the country's politics – succeeds in its push for state control of mines to become the policy of the ruling party. Amid a rebound in mining output calls are growing for majority government ownership of key industries – the union representing the vast majority of mine workers recently backed the country's Freedom Charter clause on nationalization.

The Saudi Ministry for Mineral Resources has granted the first mineral exploration license for the Selib North Project to a Saudi-Turkish joint venture in which KEFI Minerals has a 40% stake and is the operating partner. The company has also received approval for two other licenses and are awaiting final approval from the Supreme Committee of Concessions in Riyadh, KEFI said in a statement. The project is located in central Saudi Arabia, 65km south-southeast of the Al Amar Gold Mine, which is currently being operated by Ma’aden. In 2007, mineral resources for the Al Amar Gold Mine were estimated at a total of 2.0 million tons.

Shares in junior precious metals miner Silver Sun Resources Corp. spiked 10% on Friday after becoming the sole owner of the Cherry Hill Mining Company, a fellow Californian gold miner. The Vancouver company's stock is up just short of 50% on the TSX-Venture exchange in 2011. Silver Sun is in the final stages of development of its gold project in Yreka, California and engaged in an on-going work programme in Mexico's prolific Zacatecas silver district and at a newly-acquired silver project Yoreme in Sonora state.

Zambia's finance minister said on Thursday that audits had highlighted tax "issues" with Konkola Copper Mines (KCM), owned by London-listed Vedanta Resources (VED.L:Quote), and Canada's First Quantum Minerals (FM.TO: Quote) in addition to Glencore's (GLEN.L:Quote) subsidiary in the country.

New Gold is accelerating its drill program for its Blackwater project in central B.C. The company has budgeted $20 million for between 40,000 […]