A Canadian coal junior has teamed up with one of the world's largest steel producers to move the Mount Klappan Metallurgical Coal Project in northern British Columbia into production. Fortune Minerals said yesterday that it has formed a joint venture with POSCO Klappan Coal Ltd. and POSCO Canada Ltd. (POSCAN) — a subsidiary of South Korean steelmaking giant POSCO.
Melkior Resources Inc. announced assay results from six new holes from the 2011 diamond drill program on its 100% owned Carscallen gold project, located 5 kilometres west of the Timmins Gold Deposit and recent Thunder Creek gold discovery. All holes intersected multiple intervals of anomalous gold mineralization; the highlight was hole CAR-71-2011, which intersected one of the widest, high-grade gold intercepts to date from the property and returned 13.25 metres at 5.10 g/t gold from the Shenkman Zone at a vertical depth of 200 metres.
Yamana Gold Inc. (TSX:YRI; NYSE:AUY; LSE:YAU) today announced mid-year highlights from its 2011 exploration program at existing operations, development projects and a new discovery, Arco Sul in Brazil.The company’s exploration budget was increased by approximately 25% to $105 million which was announced in May, 2011. This increase partially resulted from the significant cash flow being generated by the company and the success of the 2010 program as well as the success already achieved in 2011.
Aurizon Mines Ltd. (TSX: ARZ)(NYSE Amex: AZK) is pleased to report that an updated mineral resource estimate has been completed for the Hosco deposit at its 100% owned Joanna Property, located 20 kilometres east of Rouyn-Noranda, in north-western Quebec. The updated mineral resource estimate was prepared by SGS Canada Inc. - Geostat ("SGS Geostat") in collaboration with Aurizon's personnel. Image of the Joanna Gold Project by Aurizon Mines Ltd.
A potent combination of rising gold prices and favorable geology has reignited gold exploration in British Columbia, attracting some of the industry’s biggest mining companies and sparking renewed interest in the province’s oldest mining camps.
The Australian reports Tim Netscher the new chief executive of Gindalbie Metals took over after the miner in March announced a second cost blowout at its West Australian Karara joint venture. At the time, Netscher, 60, was working for Newmont Mining and thinking about swapping executive roles for non-executive positions, but the Gindalbie offer was too good to refuse. The multilingual Netscher, who speaks Afrikaans, Indonesian, German, Spanish and English, knows that Gindalbie's Karara magnetite project is at a crucial stage of development, but the mining industry veteran is not shy about a challenge.
The Toronto Sun reports employees from Shell Canada's Muskeg River and Jackpine mines near Fort MacKay were evacuated late Thursday night as wildfires continue to rage in that part of Alberta, Canada. Despite cooler weather and scattered showers on Friday 290 forest firefighters from Alberta, B.C. and the Northwest Territories are still fighting out of control blazes in the Richardson area 60 km north of Fort McMurray where 354,000 hectares have burned. Imperial Oil and Shell Canada say they're working with the government and other oil sands operators to monitor the fire and smoke conditions in the area and Syncrude Canada says all of its staff at its operations in that part of the province are still continuing to work.
Toronto stock exchange listed Minera Andes announced on Friday the proposed spin-out of its copper assets, including the 100%-owned Los Azules project, has been deferred. The gold, silver and copper exploration company cited weaker financial markets, financing uncertainties, and a delayed legal decision regarding its dispute with TNR Gold over claims on the Argentinean property, as contributing to the board’s decision.
Aurizon Mines Ltd. notched an $18 million gross profit in the first quarter of 2011, bettering Q1 of 2010 by 43%. The Toronto-listed miner chalked up $14.5 million in cash flow from operations, a 58% increase from the same period last year. The company says its results were positively impacted by rising operating profit margins, and offset by increased exploration at its exploration properties. Revenue from its Casa Berardi operation increased, from $39.8 million in the first quarter of 2010, to $47.2 million in Q1 of 2011, on higher gold prices. Image by Aurizon Mines
Crocodile Gold announced today that it closed a Can$85 million bought-deal closing of 81 million units at Can$1.05 per unit. Each unit consists of one common share of the company and one-half of one common share purchase warrant. The syndicate of underwriters was co-led by GMP Securities L.P. and Cormark Securities Inc.