Nautilus rockets 26% as investors speculate what's next for seabed mining

Nautilus increases indicated marine gold and copper by more than 20%

Nautilus, the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits, announced on Friday a drilling campaign conducted at its tenements in the Bismarck Sea of Papua New Guinea has enabled the company to increase the resource estimate at its Solwara 1 project, and to declare a maiden Inferred Resource at the nearby Solwara 12 deposit. Earlier this month Toronto-listed company completed the quarter with a cash balance of $155.1 million, after successfully raising $70.5 million in the first tranche of a $98.1 million capital raising. The final tranche of C$27.6 million was received in October. The capital raising involved the issue of approximately 39 million shares at C$2.52 per share. The counter was trading down 2.9% on Friday at $2.29 giving it market worth of $448 million.

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Frik Els | November 25, 2011 | 6:40 pm

Ahead of the Herd With Great Panther Silver

Today I’m speaking with Robert Archer, President and CEO of Great Panther Silver TSX-GPR. Mr. Archer has more than 30 years experience working for mining companies throughout North America, including Newmont Exploration of Canada Ltd., Rio Algom Exploration Inc., Placer Dome Canada Ltd. and Noranda Exploration Inc.

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Richard Mills - Ahead of the Herd | November 24, 2011 | 8:45 pm
The Chinese scramble to mine Africa

Coal and ports investments set to transform Mozambique

Reuters reports the board of Brazil's Vale has approved a $6 billion expansion of its Moatize coal project in Mozambique to lift output to 22 million tonnes per year from the 11 million tonnes it expects to mine initially with first production forecast for the second half of 2014. The country's Tete province is believed to hold one of the world's largest untapped coal reserves that has been compared with Australia's coal-rich Bowen Basin. Mozambique suffered a 15-year long civil war that ended in 1992 and remains one of the poorest countries in the world, but the ex-Portuguese colony 7% economic growth this year is forecast to accelerate thanks to billions in mining and infrastructure spending. The Mozambique metical is also the world's best-performing currency.

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Frik Els | November 22, 2011 | 9:45 pm

Desert Gold Receives Conditional Exchange Approval for Acquisition of TransAfrika Belgique S.A.

Further to its press release of October 5, 2011, Desert Gold Ventures Inc. (TSX-V: DAU) (the "Company" or "Desert Gold") is pleased to announce that the TSX Venture Exchange (the "Exchange") has conditionally approved its proposed acquisition (the "Acquisition") from TransAfrika Resources Cyprus Limited (the "Vendor") of all of the outstanding shares of TransAfrika Belgique S.A. ("TransAfrika"), a private Belgian company which owns interests in three advanced exploration-stage gold deposits in central and western Africathrough subsidiaries in Rwanda, Mali and Senegal.

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CNW Telbec | Mining/Metals | November 22, 2011 | 7:19 pm
Dollar knocks gold price back below $1,200

GobiMin makes handsome $8 million on sale of $30 million China coal stake

TSX Venture-listed GobiMin's financial and operating results for the third quarter of 2011 showed the diversified explorer made a handsome profit on the sale of a stake in a Chinese coal project. GobiMin disposed of a 24.49% indirect equity interest in Balikun Coal Project for a total consideration of $30.35 million, recording a gain of $8.21 million. The unaudited interim financial statements also showed the company ended the quarter with $63 million in cash. GobiMin also announced its Sawayaerdun Gold Project has completed drilling works of about 30,100 meters with 84 drill holes and continues for further drilling aiming to maximize the project potential and that it has extended the deadline for obtaining the mining license of Yanxi Copper Deposit to January 31, 2012.

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Frik Els | November 22, 2011 | 5:00 pm

Mindoro Arranges Private Placement to Raise up to C$4 million for Gold Program

Mindoro Resources Ltd (TSX VENTURE:MIO) (ASX:MDO.AX - News) (FRANKFURT:WKN 906167) today announced it is undertaking a capital raising through the sale of up to 33,400,000 Common Shares and CDIs on a private placement basis to qualified investors at a price of C$0.12 per share in Canada and A$0.115 per CDI in Australia for gross proceeds of up to the equivalent of C$4 million ("Private Placement").

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Marketwire - Mining and Metals | November 21, 2011 | 11:00 pm