Platinum

Post by Krista Smith, Palladium Researcher Cadillac Ventures Inc. (CVE:CDC) reports assay results for the CV-11-02 and CV-11-03 deep holes successfully drilled into the “tooth” at depth at Thierry. The press release is quoted as saying, Upon the

Noront Resources has completed a brokered placement worth $17.4 million, the Toronto-listed junior explorer announced yesterday. The deal will give Baosteel the right to increase its stake in Noront to 19.9%. It will also give Baosteel, a large steel producer owned by the Chinese government, a seat on Noront's board of directors. Proceeds from the placement will be used for feasibility studies on Noront's Eagle's Nest nickle-copper-palladium property and the Blackbird chromite deposit in the Ring of Fire poly-metallic mining district in northern Ontario, Canada.

Franco Nevada reported an adjusted net income of US$21.4 million or 18-cents per share for the first quarter, a 157% increase over the adjusted net income of US$8.3 million or 7-cents per share for the first-quarter 2010. Net income for the first quarter of 2011 was $21.2 million or 18-cents per share, which included a $5.6 million gain, $6.5 million in forex losses and $1.7 million in losses recorded from the equity accounting of Franco's investment in Gold Wheaton prior to the acquisition, which closed on March 14, 201

Canadian precious metals company North American Palladium Ltd's first-quarter loss narrowed, but the company cut its 2011 palladium production forecast as it shifts focus to development from production. The company cut its full-year production forecast to 145,000-155,000 ounces of palladium from its earlier view of 165,000-175,000 ounces.

Following the approval by Wesizwe shareholders in March 2011 of the total mine development financing solution offered by the Chinese consortium of Jinchuan, CAD Fund and Micawber, TWP Projects, a Basil Read Group company, has submitted a full EPCM proposal to the company for the new twin vertical shafts (the Main and Ventilation Shafts), a new plant and all surface infrastructure at its Frischgewaagd-Ledig Complex near Rustenburg, South Africa.

The Company recorded first quarter earnings of $168 million or $0.88 per share (basic) compared to earnings of $55 million or $0.55 per share for the previous year. The higher earnings in the current quarter were driven by a $134 million pre-tax gain on the disposition of Gold Wheaton shares, higher average copper prices and the inclusion of the Sudbury operations following the merger with FNX. These factors were partially offset by lower sales volumes at Robinson and Carlota. Adjusted earnings for the first quarter totalled $51.8 million or $0.27 per share (basic) compared to $55.3 million or $0.56 per share (basic) for the previous year.

GFMS, in its recently-published "Platinum & Palladium Survey 2011", is forecasting that platinum will sustain a gross surplus in 2011 of a similar magnitude to that of 2010. Mine production is expected to increase modestly this year, and while GFMS describes the situation in South Africa as "challenging", including risks surrounding this year's wage negotiations, the prospect of a repetition of the major disruptions of 2007 and 2008 is relatively low. The prospect of relatively buoyant prices also underpins increased supply from recycling and GFMS doubts that fabrication demand this year and keep pace with supply, let alone exceed it.

[Highlights from] Stillwater Mining Company:

• Net income of $36.2 million or $0.34 per diluted share -- nearly triple first quarter 2010 earnings
• Mined PGM production increased to 131,200 ounces
• Continued strong prices for palladium and platinum

Stillwater Mining Company today reported record net income for the 2011 first quarter of $36.2 million, or $0.34 per diluted share, on revenues of $170.1 million. This compares to first quarter of 2010 net income of $13.4 million, or $0.14 per diluted share, on revenues of $133.5 million.

South Africa's Northam Platinum (NHMJ.J: Quote) said on Wednesday it would sell part of the mineral rights for its Booysendal property to Aquarius Platinum (AQP.L: Quote) for 1.2 billion rand ($180.6 million). Northam said Aquarius would buy the mineral rights attached to the southern part of Booysendal, which is adjacent to Aquarius' own Everest mine.