Canada Mining News

Imperial Oil CEO backs Keystone pipeline expansion

As unrest in Libya, Saudi Arabia and other Middle Eastern countries continues to put pressure on the price of oil, the head of Imperial Oil Ltd. is backing a multi-billion-dollar expansion project to bring Canadian oilsands crude to U.S. markets. The Wall Street Journal reports: A pipeline project that's pending U.S. approval is necessary to ensure the reliability and security of oil supplies to the world's largest oil consumer, the head of Imperial Oil Ltd. (IMO) said. Imperial Oil is a Canadian company majority owned by Irving, Texas-based Exxon Mobil Corp. (XOM), the world's largest publicly traded oil company.

The burning question: Getting power to the Ring of Fire

Financial Post mining writer Peter Koven inteviews Bill Boor, president of ferroalloys at Cliffs Natural Resources Inc., at this week's PDAC conference. The topic? Securing a massive supply of power to the remote Ring of Fire development.

Police investigating mine death at Ontario gold mine

For the second time this year, police have been called to the scene of a mining-related death in Timmins, Ontario. According to a report in The Timmins Times, a 57-year-old man died Thursday morning in an accident at Goldcorp's Hoyle Pond gold mine in Timmins. Paramedics were dispatched to the Hoyle Pond Mine just before the noon hour today in response to a 9-1-1 call that a miner suffered a serious injury after being struck by a piece of heavy equipment underground near the 1400 level.

Anglesey inks rail agreement with QNS&L

Anglesey Mining's 41%-owned Labrador Iron Mines Holdings Limited (TSX: LIM) has entered into a life of mine transportation contract with Quebec North Shore and Labrador Railway for transporting iron ore from LIM's DSO iron ore projects near Schefferville. The contract provides that QNS&L will carry LIM's iron ore from Emeril Junction, Newfoundland and Labrador, to Sept- les Junction, Quebec, on the QNS& L Railway. The railway already carries iron ore for Iron Ore Company of Canada, Wabush Mines and Consolidated Thompson's (now Cliffs Resources) Bloom Lake Mine.

Aurizon bumps up Casa Berardi resource estimate by 44%

Aurizon Minerals has reported a 44% increase in mineral reserves at its Casa Berardi mine in northwestern Quebec. That brings the gold reserves to 1.457 million ounces, with 370,000 ounces available for open pit mining in the principal zones, which are open laterally.

'Significant risk' associated with Equinox offer, Inmet says

Inmet Mining is holding firm on the proposed friendly merger with Lundin Mining, saying there are significant risks associated with the hostile Equinox offer for Lundin announced last week. Inmet continues to believe the proposed merger of equals between Inmet and Lundin to create Symterra provides superior benefits to shareholders of both Inmet and Lundin without the risks associated with the Equinox offer, Inmet stated on Thursday.

Crystallex's request for arbitration registered by the World Bank's ICSID

Crystallex International Corporation (TSX:KRY)(NYSE Amex:KRY) announced today that its February 16, 2011, Request for Arbitration before the Additional Facility of the World Bank's International Centre for Settlement of Investment Disputes ("ICSID") against the Bolivarian Republic of Venezuela ("Venezuela") has been registered by the Secretary General of ICSID.

Canadian Orebodies Inc. announces completion of Can$5.25 million private placement

Further to its earlier news release of February 17, 2011, Canadian Orebodies Inc. (TSX VENTURE:CO) ("Orebodies" or the "Company") is pleased to announce that it has completed a brokered private placement of 15,000,000 subscription receipts […]

Equinox could sell Lundin assets to cut debt: Bloomberg

Equinox Minerals would consider selling some of Lundin Mining's assets in order to clear off debt, the company's CEO said in a conference call to analysts on Thursday. Equinox has bid CAD$4.8 billion in a challenge to Inmet Mining's friendly merger with Lundin, but needs a $3.2 billion bridge loan, according to the story by Bloomberg. “We would consider asset sales in the context of non-core, non-copper assets,” Craig Williams, chief executive of the Perth-based company, said today. Equinox may sell Lundin’s Zinkgruvan zinc mine in Sweden, he said.

HudBay Minerals triples profit in Q4 2010

HudBay Minerals posted some big gains in its fourth-quarter and year-end financials, the Toronto-based miner reported on Wednesday. Net earnings in Q4 2010 more than tripled to $24.5 million, compared to $7.2 million in the fourth quarter of 2009. Year-end numbers were also impressive, with net earnings of $73 million — a 475% increase over 2009 after adjusting for gains on the sale of investments, the company stated.

Hong Kong lures miners

Eric Lam, writing in The Financial Post, reports on junior companies that are tapping a rich vein of investor interest in Hong Kong and China. So much so that some are considering listing on the Hong […]

Bayfield raises $5 million for Rainy River

Bayfield Ventures Corp. announced a $5 million brokered private placement Wednesday, with proceeds going towards the company's Rainy River gold project in northern Ontario. The deal is expected to close on April 7. The 100%-owned Rainy River property contains three mineralized claim blocks. The March 2010 NI 43101 report showed 2.37 million indicated ounces of gold at 1.3 g/t, with an additional 2.66 million ounces inferred at 1.2 g/t Au.

Lake Shore Gold to double gold resource over next 12 months

Lake Shore Gold (LSG.TO) expects to double the size of its gold resource over the next 12 months and aims to produce about 300,000 ounces a year of gold by 2013, said one of the junior miner's top executives on Tuesday. "We don't think it's unreasonable to think that we may have found a new century of gold mining in a century-old mining camp," said Mark Utting, Lake Shore's head of investor relations.

Kemess South gold mine closing; transitions to Ontario

Northgate Minerals Corp.’s Kemess South gold mine in British Columbia is about to close. In fact, it might be happening as we speak. “It could finish today,” chief executive Ken Stowe said. The Financial Post […]

Golden Predator completes $22.7 million bought-deal private placement

Golden Predator Corp. (TSX:GPD) (the "Company") is pleased to announce that it has closed its previously announced bought deal private placement offering. The Company sold a total of 16,675,000 Flow-Through Shares at a price of $0.90 per Flow-Through Share and 10,350,000 Units at a price of $0.75 per Unit, for gross proceeds to the Company of $22,770,000, including the exercise of the Underwriters' option of $2,970,000.

Canadian mining sector poised to hire

The Globe and Mail reports that Canada’s mining sector is set for a hiring spree in the coming quarter, making it the most upbeat sector in the country as other employers remain cautious. Across all industries, one in five employers expect to boost their payrolls in the April-to-June period, according to a Manpower Inc. survey released Tuesday. According to The Globe, almost three-quarters, or 73 per cent, expect no change in staffing levels while 5 per cent are planning cutbacks – responses that are little changed from the prior quarter. It’s a different story for mining, where second-quarter hiring intentions are by far the strongest, and where the outlook also jumped the most in the quarter.

Equinox commences offer to acquire Lundin

Equinox Minerals Limited (TSX and ASX: EQN) ("Equinox" or the "Company") advises that it has commenced its previously announced offer (the “Offer”) to acquire Lundin Mining Corporation ("Lundin"). The Offer will remain open until 6:00pm on April 14, 2011 unless withdrawn or extended.

Forum and Mega Option the Maurice Bay Uranium Deposit From Cameco

Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce that the Company has entered into an option agreement with Cameco Corporation whereby Forum and Mega Uranium Ltd. may jointly earn a 60% interest in the 98 square kilometer North West Athabasca project, including the historical 1.5 million pound Maurice Bay uranium deposit in the Western Athabasca Basin.

Pan Orient announces closing of Can$45 million bought-deal financing

Pan Orient Energy completed a previously announced bought deal financing of 6,870,240 common shares at a price of $6.55 per Common Share for gross proceeds of $45,000,072 on a private placement basis. The syndicate of underwriters was co-led by Raymond James Ltd. and Macquarie Capital Markets Canada Ltd. and included GMP Securities L.P., Canaccord Genuity Corp., Mackie Research Capital Corporation, Haywood Securities Inc. and Paradigm Capital Inc.

Nunavut government plans public consultation on uranium mining: CBC

CBC reported that there will be a series of public forums held across Nunavut to guage the public's views about uranium mining.

Detour Gold Commences Drilling Program at Conquest's Sunday Lake Property

Detour Gold Corporation has commenced a 2,000-metre diamond drilling program at Conquest's Sunday Lake Property, which is currently under joint venture option to Detour Gold.

Spirit Resources SARL advises of intention to acquire additional Diamond Fields shares

Diamond Fields International Ltd. has been advised by Spirit Resources Sarl that it intends to acquire additional shares of the Company through an ordinary course purchase program for up to additional 5% share of DFI from time to time, over the next twelve months

C53.3mn all-share deal ends NovaGold-Copper Canyon takeover battle

Copper Canyon Resources is getting more for its Copper Canyon property along with a spin-off company to develop its other exploration assets.

Another Canadian iron ore partnership in the works

Closely following the CAD$4.9 billion Cliffs-Consolidated Thompson deal earlier this year, Canadian iron ore company New Millenium Capital Corp. has teamed up with Tata Steel Ltd. for a huge iron ore project, The Financial Post reported: With a giant Indian steelmaker providing the cash, New Millennium Capital Corp. is preparing to develop what it thinks will be the largest mine in Canadian history. Following months of due diligence, Montreal-based New Millennium unveiled a joint venture with Tata Steel Ltd. on Monday that will guide financing and construction of its mammoth Taconite iron ore project in Labrador and Quebec.

Canadian gov't to spend $25 million on exploration

Reporting from the PDAC, The London Free Press says the federal government will spend $25 million on mineral exploration over the next five years in the hopes of driving more mining business to Canada. Minister of Natural Resources Christian Paradis made the announcement from the annual mining conference in Toronto on Monday. The announcement more than doubles the initial two-year allocation of $12 million to help develop new ways of looking for deep mineral deposits and to help boost private sector activity in the highly lucrative and increasingly competitive industry, the minister's office said.