Lundin Gold starts mining of first production stope at Fruta del Norte

Impact  Silver Corp.  announced  on Wednesday additional drill results for the planned open pit Capire mine in the 200-square-kilometer Mamatla Mineral District, in central Mexico. Production plans at Capire are to first install a 200-tonne-per-day pilot plant (already purchased) to optimize mining and processing parameters toward planning for a larger operation in the future.

Venezuelan President Hugo Chavez (pictured) said on Wednesday he will nationalize the gold industry, from mining through to processing, and move bullion reserves held in Europe to Venezuela's central bank. Toronto-listed Rusoro is the only large gold miner operating in Venezuela and the country does not feature in the top 20 global gold producing states. In late afternoon trading Rusoro had lost 6.67% in above average volumes. Rusoro holds a 50% interest in the Isidora gold mine that produced some 100,000 ounces last year. The Chavez government holds the rest.

Iberian Minerals Corp. (TSX VENTURE:IZN) today announced financial and operating results for the three and six month periods ended June 30, 2011, with comparative figures for the three and six month periods ended June 30, 2010. The Company reported net income of $47.80 million for Q2 2011, representing $0.13 per share.

Reuters reports Peru's mining firms have agreed to pay higher royalties in an overhaul of the current system, sources on both sides of negotiations between companies and leftist President Ollanta Humala's government said on Tuesday. Under the new system, companies would pay royalties based on their operating profits, not sales and will be be similar to the system used in Chile. The new royalties rates still need to be defined, but they would likely be higher than the current rates of 1% – 3% charged on sales. The initiative comes as mining companies in Peru plan to invest $42.5 billion over the next decade, mainly in copper and gold projects. Peru is the world's largest miner of silver and the second-largest miner of copper.

Wealth Minerals Ltd. (the "Company" or "Wealth") (TSX VENTURE:WML)(FRANKFURT:EJZ) announces the completion of the first phase of diamond drilling at its Rodeo de los Molles ("Rodeo") Rare Earth Element ("REE") Project in San Luis Province, Argentina. The Phase I drilling consisted of 26 drill holes (975.5 metres) targeting outcropping, high-grade REE mineralization confirmed by channel saw sampling results (see Wealth News April 11, 2011 and July 7, 2011).

The mine operated and controlled by BHP Billiton Limited said that the 15 day illegal strike at the Escondida copper mine in Chile didn't have a relevant impact. As Escondida produces roughly 1.09 million tonnes of copper a year, press reports estimated

IAMGOLD's net earnings attributable to equity shareholders were $478.9 million ($1.28 per share) in the quarter, including the gain of $402.6 million from the sale of the Tarkwa and Damang mines. "In January, we said our plan was to divest our minority interest in the Tarkwa and Damang mines for proceeds in excess of $600 million and by the end of June we had closed the sale for gross proceeds of $667 million. During that period, we also confirmed a near 700% increase in mineral resources at our niobium mine and increased our dividend by 150," said Steve Letwin, IAMGOLD's President and CEO.

Despite a report on Wednesday showing a surge in July, China's copper imports were still down 22% in the first seven months, suggesting slowing demand in the world's top copper consumer is adding to concerns that shaky western economies will knock prices further. However, according to a new study by Canaccord the copper mining industry is operating under 'a high degree of stress' and called robust copper prices the 'new normal' thanks to supply shortages. More than 500,000 tonnes of production have been lost this year due to weather delays, poor deposit grades, worker strikes and mill problems, mostly in Chile, the world's number one producer.

Macusani Yellowcake Inc. (the "Company") (TSX VENTURE:YEL) (FRANKFURT:QG1) is pleased to announce additional assay results from the drilling program on two platforms, PT-CH17 and PT-CH2, at the Chilcuno Chico area on the Kihitian Property on the Macusani Plateau in Puno, Peru. The exploration program, which targeted the deeper Manto "B" zone, intersected 11 m with a weighted average grade of 2,042 ppm U3O8 (or 4.084 lbs/ton) from 85 to 96m. This intersection represents the high-grade portion of a larger 27 m intersection (from 74 to 101m) with a weighted average grade of 862 ppm U3O8 (or 1.724 lbs/ton).