Tin

Wesgold Minerals has struck an option agreement with a polymetallic property in Colombia. According to Canadian Press, Wesgold has acquired an option to buy up to 51 percent of a property that hosts iron-oxide-copper-gold deposits: The Vancouver-based junior miner says it bought the option for an initial 11 per cent interest in the property, known as the Cordoba Property, from Minatura International LLC for a total cash cost of $4 million. The property consists of a mining concession contract and several mining claims covering 25,790 hectares, about 200 kilometres north of Medellin.

Copper Mountain Mining announced that construction of the processing plant is complete and on scheduled for June 2011 production from the Copper Mountain Mine. Mining is proceeding as planned and has been delivering ore to the primary crusher since mid April. The Company has been stock piling ore as part of preproduction mining activities.

The rebranding of former fiery leftist Ollanta Humala apparently struck a chord with Peruvian voters as exit polls Sunday showed the former army commander is leading the race to become Peru's next president. The 48-year-old Humala declared victory late Sunday night in an apparently razor-thin win. He would succeed President Alan Garcia on July 28. Image from Agência Brasil under Creative Commons license.

Orvana Minerals announced the commissioning of its El Valle-Boinás/Carlés ("EVBC") gold-copper mine in northern Spain by Kinbauri España S.L.U. ("Kinbauri"), a wholly owned subsidiary of Orvana. EVBC initiated the start-up and commissioning of the mill May 31, 2011, with the first shipment expected in June. EVBC will initially produce at 70% capacity, increasing to its full annual target production levels of over 100,000 ounces gold, 3,900 tonnes copper and over 150,000 ounces of silver once the shaft is completed in early 2012.

Rio Tinto and Chinalco will be positioning their drills in Mainland China, the two companies announced today, in a new exploration joint venture to operate under the name Chinalco Rio Tinto Exploration Co. Ltd. (CRTX). According to a press release issued by Rio Tinto, the primary focus of CRTX will be copper exploration, with coal and potash to be considered later.

Peru's President Alan Garcia Perez and the Ministry of Energy and Mines have suspended mining concessions in several of the nation's provinces for the next 12 months. The President of the Council of Ministers Rosario Fernandez Figueroa said a multi-sectoral commission has been appointed to study and propose reforms regarding mining concessions.

Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that it has determined to exercise its right to purchase from Trafigura Beheer B.V. its 45.96% net profit interest in Compania Minera Condestable S.A. ("Condestable"), which is the subsidiary through which Iberian holds its approximately 98.73% interest in the Condestable Mine. In accordance with the terms of the CMC Purchase Agreement, Iberian retained the option to purchase the NPI from Trafigura at any time until June 30, 2011 in consideration of the payment of US$60,000,000 (the "NPI Buy-out").

The global copper-mining industry needs to expand to new regions if producers are to bring supply back into line with unprecedented demand, according to a mining- studies group in Chile, the world’s largest producer. So far, the industry’s reaction to record prices has been slow because of declining ore grades, the need for deeper mines and higher costs, Juan Carlos Guajardo, executive director of the Center for Copper & Mining Studies, said. Copper futures in London surged to an all-time high in February.

Capstone Mining announced the result of a National Instrument 43-101 compliant mineral resource estimate for the Wildfire/Copper Keel area at the Minto Mine in Yukon, Canada. Wildfire/Copper Keel is now recognized as a southeastwardly extension of the Area 2/118 deposit which is currently being pre-stripped in preparation for mining. The combined Area 2/118/Copper Keel/Wildfire mineral resources are now recognized as a single mineral deposit and will be referred to as the Minto South Deposit ("MSD"). The Copper Keel region of this larger deposit model is still open and exploration drilling is currently in progress with two drills. Image of Minto mine from Capstone Mining.