Aussie miners new dilemma: ore reserves up, exploration down

Reuters reports Indonesia may impose a tax or quota on mineral ore exports ahead of a planned regulation to ban all exports of raw minerals by 2014, the industry ministry said on Wednesday. The planned ban is part of a mining and coal law introduced in 2009 that requires miners to process minerals into higher value products before exporting them. The move would negatively impact copper miners Newmont and Freeport as currently only 30% of output is processed domestically and comes on top of news that workers at Freeport's massive Grasberg mine in the Papua province plan a second strike next week after wages negotiations broke down.

Dow Jones reports Norilsk Nickel's (PINK:NILSY) board will consider a buyback at $306 a share next Tuesday, a source close to the company's board said Wednesday. Norilsk may spend up to $4.5 billion on the buyback of a 7.7% stake in the company.

The Canberra Times reports Australia's proposed emissions trading scheme – which will evolve from the carbon tax being implemented next year – has won praise from Beijing, where it will be the model for one of six Chinese pilot programmes to be introduced in 2013. Earlier this week the EU also endorsed the controversial Australian plans and announced the start of talks for the eventual linkage of carbon trading by 2015. The carbon tax is vociferously opposed by Australia's coal export industry, the world's largest, which will be forced to pay a levy of $25 per metric tonne of carbon pollution next year.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2011) - Columbus Silver Corporation (TSX VENTURE:CSC) ("Columbus Silver") has entered into a memorandum of understanding (the "MOU") under which the publicly-listed U.S. company Santa Fe Gold Corporation (OTCBB:SFEG) ("Santa Fe") has conditionally agreed to acquire all of its outstanding common shares ("Shares") for CDN$0.20 per share in cash (the "Acquisition"). If successful, the Acquisition will be completed as a plan of arrangement under the Business Corporations Act (British Columbia).

The price of December gold – the most actively traded contract – dropped by almost $80 to trade below $1,800 an ounce on Wednesday morning. By midday bullion had regained some of its footing but was still down just over 3% or $56.60, at 1,816/oz in New York as traders banked profits. Gold has declined $120 in less than 24 hours after setting an intraday record of $1,923.10 an ounce on Tuesday. During August the metal added 12% as investors sought a safe haven from the slumping US economy and the continuing debt crisis in Europe. Despite the losses many analysts believe gold will hit $2,000 an ounce soon as talk of another round of monetary stimulus or a direct injection into the economy as part of a jobs programme lead to more cheap money entering the financial markets.

ABC News reports that Queensland is looking to the private sector to help it build a $2.6 billion dam and $2 billion off-shore cargo facility. Premer Anna Bligh said on Tuesday that the Queensland Treasury had been tasked with investigating investment opportunities to fund the Connors River Dam and proposed multi-cargo facility at Abbot Point. The government expects to approach the market in early 2012.

TORONTO, ONTARIO--(Marketwire - Sept. 7, 2011) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce that work continues in support of the Roche Bay Feasibility Study ("FS"). In addition to this summer's resource and geotechnical drill programs the Company has initiated a number of metallurgical studies looking to optimize concentrate process and quality while reducing the associated operating and capital cost. To date there have been five independent metallurgical studies undertaken (two in Canada, two in Germany and one in China) which support the previously reported results that a high quality concentrate can be produced. The Company does expect to provide a further update on the C- Zone resource as part of this ongoing work with the intention of expanding the FS resource base.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2011) - Astral Mining Corporation (TSX VENTURE:AA)(TSX VENTURE:AA.WT)(PINK SHEETS:AAMJF)(FRANKFURT:A7DA) ("Astral" or "the Company") is very pleased to announce commencement of diamond drilling on its 4,168ha Los Crestones gold-silver project, located within the Sierra Madre gold-silver belt of western Mexico in Sinaloa state. Three parallel vein/breccia zones, named Corona, Bohemia and Indio will be tested in this first-ever drilling program at Los Crestones. Astral plans to complete a minimum of 2,500m of HQ and NTW sized diamond core drilling during the program using a highly mobile diamond drill supplied by Energold Drilling Mexico.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2011) - ("Stronghold" or the "Company") (TSX VENTURE:Z) The Company is pleased to announce that it has entered into a Letter of Intent with Mowasi Gold Corp. ("Mowasi") whereby Stronghold has agreed to acquire a ninety-five (95%) interest in the 23 prospecting permits medium scale and 8 mining permits medium scale (collectively the "Concessions") in which Mowasi has an exclusive interest and which are contiguous to the Company's Eagle Mountain Project in Guyana under the following terms and conditions: