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Entree Gold said a $5.3 million net loss in the first quarter of 2011 was due to increased exploration activities at its Yerington copper porphyry projects in Nevada. "We are advancing our Yerington projects to development through systematic drilling and upgrading of known deposits and by exploration of additional targets. We have been building our team and operations in Yerington and are strongly encouraged by the initial drilling results we have received. In addition, substantial exploration and development work is underway on our properties in Mongolia," Entree Gold president and CEO Greg Crowe said on Friday.

Quadra FNX Mining announced on Sunday a US$724 million joint venture with Sumitomo Corporation to develop the Sierra Gorda copper-molybdenum project in Chile. The total cost of the mine is estimated at 2.8 billion and production is scheduled to start in 2014. Sumitomo has a 45% stake in the joint venture; Quadra FNX has 55%. Sierra Gorda is a copper exploration project located in the Atacama Desert, Region II of Chile. According to Quadra FNX's recently completed feasibility study, the production from current sulphide reserves will average 483 M lbs of copper, 25 million lbs of molybdenum, and 64 kozs of gold per annum over a 20-year mine life.

Overall construction of the Oyu Tolgoi Project was 15.1% complete by the end of Q1'11, slightly ahead of the planned 14.8%. Total capital invested in the project by the end of Q1'11 was $1.8 billion. The Oyu Tolgoi Project initially is being developed as an open-pit operation, with the first phase of mining planned to start at the near-surface Southern Oyu deposits, which include Southwest Oyu and Central Oyu. A copper concentrator plant, related facilities and necessary infrastructure that will support an initial throughput of 100,000 tonnes of ore per day are being constructed to process ore scheduled to be mined from the Southern Oyu open pit. Commercial production of copper-gold-silver concentrate is projected to begin in the first half of 2013.

Speculators in gold, silver and copper futures and options sharply cut their net long positions in the week ended May 10. Metal prices sold off during a commodities rout during the period, according to the latest report by the U.S. Commodity Futures Trading Commission.

The Directors of Aurelia Resources Limited (ASX:AJU) are pleased to confirm the opening of the company’s Offer Period for an Initial Public Offering (IPO) to raise $3 million, and to undertake a listing on the Australian Securities Exchange (ASX). Listing on the ASX is expected before the end of June 2011. Fifteen million shares are being offered at 20 cents per share and the company may accept subscriptions for a further 5 million shares to raise an additional $1 million. Also, a loyalty option, priced at 1 cent will be offered to shareholders after three months on a 1 for 2 basis. The exercise price is 20 cents with an expiry date of 30 April 2014. Image by Aurelia Resources Limited

Northern Freegold Resources announced that it intends to complete a non-brokered private placement of up to 22,857,142 units at a price of $0.35 per unit, for gross proceeds of up to $8 million. Each unit will consist of a common share and a share purchase warrant, each warrant being exercisable to acquire an additional share at $0.45 for 18 months following the closing. Net proceeds from the private placement will be applied towards advancement of the Company's Yukon mineral properties and for general working capital purposes.

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

Europe's No.2 copper producer KGHM (KGHM.WA) nearly tripled its net profit in the first quarter, beating expectations thanks to a rally in metal prices. Poland's state-controlled miner said on Friday its bottom line reached 1.96 billion zlotys ($710 million), compared to 1.84 billion seen in a Reuters poll.

Silvercorp Metals reported in Q4 that net earnings were up 29% to $12.6 million, or $0.07 per share, compared to net earnings of $9.8 million, or $0.06 per share, in the same quarter last year. It also said that quarterly cash flows from operations up 44% to $34.3 million, or $0.20 per share, from $23.8 million in the same quarter last year. Production was 1.05 million ounces of silver in the quarter, resulting in a record annual production of 5.3 million ounces of silver and achieved the fifth consecutive year of production growth.