Ascot Resources enters agreement to acquire IDM Mining

Canada's mining output grew 2.9% in July, according to Statistics Canada which released its monthly gross domestic product numbers on Friday. The gains in the mining sector were attributable to more productivity after ". . . a period of production difficulties and maintenance work." Oil and gas production was down significantly, actually shrinking the output from the resource sector as a whole.

The Zimbabwe Guardian reports that at least 137 mining companies are risking losing their mining licences for refusing to comply with the country's new indigenization regulations. Affected companies include Anglo-American, Murowa Diamonds and Metallon Gold, according to the newspaper, which notes that 38 companies have complied. The government of Zimbabwe, the country with the largest platinum reserves outside number one producer South Africa, is demanding 51% of all foreign-owned mines operating in the country under its so-called indigenization laws.

Selwyn Resources Ltd. ("Selwyn") (TSX VENTURE:SWN) is pleased to announce additional drill results from the XY West deposit at Selwyn Project, Yukon.

Enterprise Products Partners and Enbridge on Thursday announced a proposed new 800 kilometre (500 mile) pipeline from Cushing, Oklahoma – the pricing point for US crude – to the Gulf of Mexico. The Wrangler Pipeline would have the capacity to carry up to 800,000 barrels of crude oil a day. Although the glut at Cushing has eased this year it is the main factor behind US crude trading near a record discount of $25/barrel to the international Brent benchmark. Canadian heavy oil from the oil sands – all of which goes to the US – sells for $10+ less than US crude, meaning oil sands developers have to deal with an effective oil price of $60-$70 a barrel. Unlike the controversial Keystone XL, Wrangler does not cross international boundaries and won't have to be approved by US president Barack Obama.

David Frum, in a debate with Lawrence Martin at the Museum of Civilization in Ottawa this September, looked at Pierre Trudeau's legacy. Frum said Trudeau's turn at prime minister was a disaster for Canada. One of his many transgressions was the National Energy Policy.

The effects of climate change will cost Canada about $5 billion per year by 2020 and increase to somewhere between $21 and $43 billion per year in 2035, according to the National Round Table on the Environment and the Economy. The NRT released its study this week, Paying the Price: the Economic Impacts of Climate Change for Canada. The study finds that costs will be borne by the timber industry and the coastal regions. Medial costs will also be higher since there will be adverse effects on people's health.

Temex Resources (CVE:TME) Wednesday reported additional high grade assay results over significant core widths from surface exploration drilling on the Broulan Reef Mine area of the Whitney Property in Ontario, extending mineralization to the east. Shares in the company were up 14% at 24 cents on the TSX Venture Exchange Wednesday morning.

TransCanada’s bid to build the Keystone XL pipeline is facing growing high-profile opposition, drawing fire from the Dalai Lama (pictured), Archbishop Desmond Tutu and seven other Nobel Peace Prize laureates on Wednesday who are following in the footsteps of a raft of Hollywood celebrities and green activists. The laureates, only one of whom is North American, insist the project will "endanger the entire planet" and urged US President Barack Obama not to approve construction of the $7 billion, 3,190km Keystone XL pipeline that could carry up to 700,000 barrels per day of Alberta’s oil sands to refineries on the US Gulf Coast and ensure a better price for Canadian crude, which trades at a discount of more than $20/barrel to international prices.

Major Drilling Group International Inc. ("Major Drilling" or the "Corporation") (TSX: MDI) is pleased to announce that it has closed its prospectus offering of subscription receipts ("Subscription Receipts"). The Corporation issued a total of 5,900,000 Subscription Receipts at a price of $11.90 per Subscription Receipt for aggregate gross proceeds of $70,210,000 (the "Offering"). The Offering was underwritten by a syndicate of underwriters led by TD Securities Inc. that included Scotia Capital Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Beacon Securities Ltd., Jennings Capital Inc. and Salman Partners Inc. (collectively, the "Underwriters").