Oraco Resources, Inc. (“Oraco”) announced today that it has acquired the contractual rights for the disposition of diamonds, gold, and any other minerals recovered in both the Zimmi Town, Pujehun District and the Gbense Tailings No. 5 reserve in the Koidu Town, Kono District of Sierra Leone through the acquisition of 100% of the ownership of Oraco Resources, Inc., a Canadian corporation (“ORI”), and Jyork Industries, Inc., a Sierra Leone company (“Jyork”). “Oraco’s main focus in Sierra Leone is to locate, prospect, and mine for diamonds, gold and other natural resources, while at the same time purchasing and exporting rough gem quality diamonds for sorting, polishing, cutting and sale”

Canada's Allana Potash Corp said drilling results showed that the potential of its Dallol project in Ethiopia could be extended beyond the original resource estimate, helping its shares pare some of their losses. Shares of the potash explorer, which were down as much as six percent midday before the news, recovered to trade down two percent at C$1.70 on the Toronto Venture Exchange. More than 2.5 million shares were traded by late afternoon.

Fast-growing Danish jewellery maker Pandora (PNDORA.CO: Quote) missed forecasts with a 55 percent rise in first-quarter profit as price rises failed to […]

Assays in from one of two new diamond drill holes into the WKP West gold prospect on the Coromandel Peninsula on New Zealand's North Island has given further proof of a large epithermal system for Newmont Mining and boutique gold miner and active explorer Glass Earth Gold Ltd. Glass Earth Gold Ltd (TSX-V & NZAX: GEL) said that drill hole WKP 27 on the WKP West prospect had produced a 152.4 metre section grading 1.16 grams/tonne gold and 2.22 g/t silver, within which the best section of 1.4m went 30.7 g/t gold and 77.7 g/t silver.

Pan Pacific Copper Co, Japan's top smelter, said on Friday it and BHP had agreed to a 29 percent rise in copper treatment and refining fees for ores to be delivered in July-December, reflecting higher fees on the spot market. Pan Pacific, a unit of JX Holdings Inc , agreed to $90 a tonne for treatment fees and 9 cents a pound for refining for the six months, a company executive said.

Large copper smelters in China settled term treatment and refining charges with global miner BHP Billiton Ltd at $90 per tonne and 9 cents per pound respectively for delivery in the second half of this year, a smelter source said on Friday. The second-half treatment and refining charges, or TC/RC, will nearly double from the same period of 2010 and represent a rise of 25 percent from about $72 for the first half of 2011. The term TC/RC for the full year 2010 was $46.5 and 4.65 cents.

The West Virginia Governor's Independent Investigation Panel announced Thursday its findings that the explosion that killed 29 miners at the Upper Big Branch coal mine on April 5, 2010, was preventable. J. Davitt McAteer, the former head of MSHA, who headed the state investigation, told the news media "a great deal went wrong. A great many problems occurred that led to this disaster."

Miner Lonmin LMIJ.J (LMI.L: Quote) said on Friday that there was unspecified industrial action taking place at its Marikana operations in South Africa by members of the National Union of Mineworkers (NUM). "Lonmin announced today that it is currently experiencing unprotected industrial action by NUM members at the Karee operations of its Marikana operations. As a result, production at Karee has been disrupted since the night shift of Tuesday 17th May," it said in a statement.

China's gold output in the first three months of 2011 totalled 73.412 tonnes, up 4.63 pct from the same months of 2010, the Ministry of Industry and Information Technology said on Friday. It said gold mining output was 60.262 tonnes, up 5.18 percent, while another 13.15 tonnes was obtained from smelting base metals, up 2.21 percent from a year earlier.