IDM uncovers new Lacasse zone at Red Mountain

Uranium miner Denison Mines (TSE:DML) announced a $15 million profit or four cents a share for the three months ended September 30. During the same period last year the company had a net loss of $5.5 million. The company's stock was unchanged at $1.55 a share. The company is deferring uranium sales. "As a result of the events in Japan in March 2011, the uranium spot market demand has declined and the price has been trading in a range of $50.00 to $55.00 per pound. In response to these weaker market conditions, Denison has deferred uranium sales to later in the year," said the company in a statement.

Suncor Energy Inc. (NYSE:SU), Canada's largest energy company, announced third quarter record earnings of $1.287 billion or 82 cents per share. Operating earnings almost tripled to a record $1.789 billion or $1.14 per common share. On the news, which was announced on Thursday, the company's shares were up 1.8% to $31.88. Production from oil sands was a bright spot for the company with an increase from 306,600 to 326,600 barrels a day; however cash costs increased $3.30 a barrel.

South America-focused Yamana Gold (TSE:YRI) increased production and revenue targets for the third quarter, and rewarded shareholders with a 63% dividend increase. Toronto-based Yamana boosted production 4% to 279,274 gold-equivalent ounces (GEO) and brought in $555 million for the quarter — a 22% increase. Operating cash flow rose 57% to $330 million. The higher output came despite lower production at some of Yamana's mines in Brazil, Chile and Argentina. The best production figures came out of the El Peñón mine in Chile, which posted a 15% increase in GEO, and the Gualcamayo mine in Argentina, which marked a 17% improvement.

Canadian copper miner Capstone Mining TSE:CS says it is looking to acquire a producer that would boost its annual output to 100 million pounds. Capstone CEO Darren Pylot told Bloomberg the company is seeking producing mines in the Americas that would add at least 40 million pounds of output.

Royal Nickel (TSE:RNX) plans to advance its Dumont Nickel project, which is estimated to generate $1.1 billion after tax NPV, after receiving a prositive pre-feasibility study. The company, which made the announcement on Tuesday, expects production to start in 2015. On Wednesday afternoon Royal Nickel's stock was down 1.27% to 78 cents a share. The company says there will be a staged development so it can lower cost and risk. Initial capital expenditure of $1.1 billion for 50 ktpd operation is planned.

President Obama will have the final say on whether the Keystone XL gets built. In an interview with the Nebraska news station, Obama said that the State Department will be giving him a report "over the next several months", which he will use to make a decision. "The state department is in charge of analyzing this, because there is a pipeline coming in from Canada. They'll be giving me a report over the next several months. My general attitude is what is best for the American economy and what is best for the American people short term and long term," said Obama to KETV NewsWatch 7's Rob McCartney.

As controversy continues to rage over mining in Zimbabwe's Marange alluvial diamond fields, Voice of America reports a deal has been reached to sell Marange diamonds. According to the World Diamond Council, the agreement allows two Marange operations to sell diamonds on the international market and a third, run by a Chinese miner, will be allowed to resume sales following third-party verification. The agreement, reached in Kinshasa, Congo, was ratified by members of the Kimberley Process, which is a system to prevent the sale of so-called "blood diamonds". The United States opposed the decision by abstaining from the vote.

A mining watchdog agency created to hold Canadian mining companies accountable is being called toothless. The Office of the Extractive Sector Corporate Social Responsibility Counsellor was formed in 2009 to probe complaints about Canadian companies abroad, but the Toronto-based agency has so far only received two complaints, one of which was dropped because the mining company chose voluntarily not to be investigated, CBC reported: "The whole counsellor position is toothless," said Toronto-based lawyer Murray Klippenstein who is involved in a case against a Canadian mining company. "It's basically a whitewash .… It's a bogus PR job, as a cover for business as usual."

A centuries-old Chinese gold coin has been unearthed in the Yukon. The Vancouver Sun reports that the coin, which dates back to the Qing Dynasty (1662 to 1722), was discovered by archeologists near the proposed Casino mine being developed by Western Copper and Gold Corp. (TSE:WRN).