The Company recorded first quarter earnings of $168 million or $0.88 per share (basic) compared to earnings of $55 million or $0.55 per share for the previous year. The higher earnings in the current quarter were driven by a $134 million pre-tax gain on the disposition of Gold Wheaton shares, higher average copper prices and the inclusion of the Sudbury operations following the merger with FNX. These factors were partially offset by lower sales volumes at Robinson and Carlota. Adjusted earnings for the first quarter totalled $51.8 million or $0.27 per share (basic) compared to $55.3 million or $0.56 per share (basic) for the previous year.
Canada Mining News
Seabridge Gold Inc. (TSX:SEA)(NYSE Amex:SA) announced today the results of an updated National Instrument 43-101 compliant Preliminary Feasibility Study ("PFS") for its 100% owned KSM project located in northern British Columbia, Canada. Image by Seabridge Gold
Allana Potash Corp. (TSX VENTURE:AAA) ("Allana" or the "Company") is pleased to announce that drill hole DK-11-17 intersected significant potash mineralization of 31.03% KCl over 1.00 metre starting at a depth of 74.20 metres. Hole […]
Shear Diamonds Ltd. (TSX VENTURE:SRM) today announced the commencement of its spring drilling program at its 100% owned Jericho Diamond Project, Nunavut. The first drill hole within the Jericho open pit into the Jericho Kimberlite Complex has been completed and intersected more kimberlite than expected based on the past models.. As part of the ongoing exploration program (see news release February 28, 2011), a series of six angled delineation drill holes have been planned to test areas of the Jericho Kimberlite Complex where it is felt that additional data points are required and to determine the potential for increased tonnage.
Talmora Diamond Inc. (CNSX:TAI) is pleased to announce that it proposes to complete a part brokered and part non-brokered private placement of up to 25,000,000 Units, comprised of at least 20,000,000 Hard Dollar Units and up to 5,000,000 Flow-Through Units at $0.05 per Unit, for gross proceeds of up to $1,250,000. The private placement is expected to close not later than May 16, 2011.
NioGold Mining Corporation (TSX-V: NOX) is pleased to report on the on-going exploration drilling program within the southern portion of company's wholly-owned Malartic Block property, located in the Malartic gold camp, Abitibi region of Quebec. The first three holes of the program intersected two important altered, veined and sulphide mineralised shear zones cutting sedimentary rocks.
Independent technical report confirms IAMGOLD's niobium mine potential with a 691% increase in M&I resources and a net asset value up to $2 billion
IAMGOLD Corporation (TSX:IMG)(NYSE:IAG) today announced the results of an independently prepared NI 43-101 compliant preliminary economic assessment ("PEA") on the company's wholly-owned Niobec niobium mine in the province of Quebec, Canada. The PEA shows a significant increase in the measured, indicated and inferred mineral resource estimates at Niobec with the potential for a significant production expansion. The PEA examined the impact of changing the existing underground mine to an alternative bulk mining method. IAMGOLD technical personnel then compared the economics of the open pit scenario and a block caving scenario. The work done on the PEA and the study will be advanced in a 2011 pre-feasibility study to confirm the potential upside of Niobec.
Lake Shore Gold announces first quarter 2011 production results, company targeting 125,000 ounces in 2011
Lake Shore Gold Corp. (TSX:LSG) today released production results for the first quarter of 2011. Ore processed in the quarter amounted to 148,400 tonnes at a grade of 4.89 grams per tonne ("gpt") at a recovery rate 95.8% for recovered gold of 22,300 ounces. Gold poured related to mill production totaled 25,900 ounces. Total gold sold during the first quarter of 2011 was 34,000 ounces at an average gold price of US$1,387 per ounce. Image by Lake Shore Gold
Alexco releases initial production results for Bellekeno Mine; On track for 2011 silver production of 2.8 million ounces
Alexco Resource Corp. (TSX:AXR)(NYSE Amex:AXU) today reported the first full quarter production results from its newly commissioned Bellekeno mine and mill in the Keno Hill Silver District, Yukon. First Quarter Highlights: * Silver Production of 447,524 ounces * Lead Production of 3,682,304 pounds * Zinc Production of 1,334,144 pounds
Record drill hole intersection at Kirkland Lake; Drill Hole 53-1685 asays 8.16 ounces of gold per ton over 46.7 feet true width
Kirkland Lake Gold Inc. (TSX:KGI)(AIM:KGI), an operating and exploration gold company, is pleased to announce a record drill hole intersection from one of the underground exploration programs on the company's 100% owned Macassa property. This particular drill hole, which was targeting the east `08 Break Zone from the 5300 foot level of the Macassa Mine, intersected the New South Zone within a previously defined resource area of the South Mine Complex (SMC). Image by Kirkland Lake Gold Inc.
Small B.C.-based junior Serengeti Resources (TSX-V: SIR) signed on a sizeable partner to explore territory thick in prospective copper-gold porphyries. Mining giant Freeport McMoRan Copper & Gold (NYSE: FCX) inked an exploration agreement with Serengeti Resources that could see a 51-49-percent joint venture in Freeport's favour formed on Serengeti's Choo and Tchentlo properties, not far from Thompson Creek Metals' Mt. Milligan copper-gold project.
Five drillholes plugged some wide gaps for Richfield Ventures (TSX-V: RVC) at its Blackwater deposit, showing impressive continuity of deep gold mineralization at its flagship project 100-kilometers south of Vanderhoof, B.C. New Gold (TSX: NGD) will likely be pleased, as in early April it announced an all share takeover of Richfield worth C$550 million and plans on bringing Blackwater into production if the takeover succeeds. Ongoing drilling is part of an aggressive campaign to flesh out and expand Richfield's growing resources.
Coalspur Mines Limited (ASX: CPL, TSX:CPT) is pleased to announce that it has successfully completed its public offering of 24 million ordinary shares of the company at an issue price of C$1.85 per ordinary share for gross proceeds of C$44.4 million. This was announced to the market on April 13, 2011. In addition to the public offering, the previously announced private placement of 6 million ordinary shares at C$1.85 each to raise a further C$11.1 million, before costs , is expected to be completed in June 2011. The private placement is being made to the Highland Park Group, a strategic shareholder of the company.
Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") is pleased to announce the closing of the previously announced agreement with Caterpillar Financial ("Cat Financial") pursuant to which Cat Financial will underwrite US$105 million in […]
In an updated prefeasibility study of its proposed KSM mega-mine, Seabridge Gold (TSX: SEA) makes major additions to the cost, size, and operating plan of its flagship project in northwestern B.C. Already one of the largest undeveloped copper-gold porphyry projects in the world, perhaps the most significant changes are reserves increasing by 8.5 million ounces gold and 3 billion pounds copper, much of which came from the newly defined Iron Cap zone.
Lake Shore Gold (TSX: LSG) grew two new resources at its Bell Creek project in Canada near Timmins, Ontario, as it eyes bringing on line a second 100,000-ounce-plus gold mine. "It's fair to say we have found more than we expected at Bell Creek," Mark Utting, Lake Shore vice president of investor relations said. Image by Lakeshore Gold
No word yet from China's Jinchuan Group as to whether the company is officially in the market for Canada's Lundin Mining. Canadian media reports claim a consortium headed by Jinchuan, which includes sovereign wealth fund China Investment Corp., was planning a takeover bid for the Canadian base metals miner.
Brazilian Gold Corporation (TSX VENTURE:BGC) ("Brazilian Gold" or the "Company") is pleased to announce the closing of its previously announced bought deal private placement, including the full exercise of the $3,003,000 Underwriters' option (the "Offering"). Under the Offering, the Company issued an aggregate of 16,445,000 common shares (the "Common Shares") of the Company at a price of $1.40 per Common Share for gross proceeds of $23,023,000. The Company intends to use the net proceeds of the Offering to advance the Company's gold projects in Northern Brazil, and for general corporate purposes.
Creso options up to approximately 70% interest in part of the Shining Tree property to Hunter Dickinson in a $43 million deal
Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT)(OTCQX:CRXEF)(FRANKFURT:C3X) is pleased to announce that Hunter Dickinson Resources Ltd. ("Hunter Dickinson"), a subsidiary of Hunter Dickinson Inc., has signed an agreement to acquire up to a 69.95% interest in a portion of the Company's Shining Tree property position (the "Project") in NE Ontario. A binding letter agreement ("Letter Agreement") has been executed and is subject to, among other things, completion of due diligence ("Due Diligence") within 60 days.
Inmet Mining bettered its earnings in the first quarter compared to Q1 of last year, Reuters reported: Inmet Mining's (IMN.TO) first quarter profit rose on higher metal prices and higher sales volumes, the Canadian copper producer said on Thursday. Inmet earned C$59.4 million, or 97 Canadian cents a share, from continuing operations. That compared with C$49.4 million or 96 Canadian cents a share in the year-ago period. The Toronto-based company sold its 18 percent stake in Ok Tedi Mining for $335 million in January.
Potash Corporation of Saskatchewan Inc. (PotashCorp) today reported record first-quarter earnings of $0.84 per share1 ($732 million), 71 percent above the $0.49 per share ($444 million) earned in the same period last year. Strong demand and improved prices for all three nutrients resulted in record first-quarter gross margin of $1.1 billion, significantly above the $729 million earned in last year’s first quarter. Earnings before finance costs, income taxes and depreciation and amortization (EBITDA)2 of $1.1 billion and cash flow prior to working capital changes2 of $899 million substantially exceeded the first-quarter 2010 totals of $776 million and $633 million, respectively.
North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL)(NYSE Amex:PAL) today released an updated mineral reserve and mineral resource estimate for its Vezza gold project and Sleeping Giant gold mine, located in the Abitibi gold district in Quebec. "We are pleased to see the Vezza gold project advance in accordance with the budget and timeline, as this supports our strategy to organically grow our gold division," said William J. Biggar, President and CEO. "Future growth will come from the continued exploration and development of our advanced gold projects in the Abitibi region, where we have a significant land position and an underutilized mill."
Wolverine Minerals Corp. (TSX-V:WLV) min is pleased to announce that after a comprehensive review of historical information and analysis of the results of last year's programs, it has now finalized its work program and budget for the 2011 field season on the Company's Yukon properties optioned from Strategic Metals Ltd ("Strategic"). Estimated expenditures will be approximately $5 million, with the majority of this work to be focused on eight of the Company's core properties. Through Archer, Cathro & Associates (1981) Limited ("Archer Cathro"), all crews, camps, equipment, drills, helicopters and other necessary supplies have been arranged and the following programs will begin on June 1, 2011: Image by Wolverine Minerals Corp.: DDD-Shamrock property.
Barrick's Q1 earnings rose 22% to $1.0 billion, up from $820 million a year ago. The company, which released its quarterly financial results on Wednesday, said the rise was due to better than expected production results and higher prices for copper and gold. Barrick's earnings per share were an even $1.00. The total cash cost per ounce of gold is $437 while net cash cost is $308. Barrick said cash costs were ahead of budget due to higher production at its Cortez, Goldstrike and Veladero operations.
Nemaska Exploration reports 53.5 m at 1.81% Li2O, 39.6 m at 1.56% Li2O intersections at its Whabouchi Lithium Project
Nemaska Exploration reported on Wednesday drill results for its Whabouchi lithium project. Highlights were 53.5 m at 1.81% Li2O, 39.6 m at 1.56% Li2O, 13.5 m at 1.81% Li2O and 17.0 m at 1.71% Li2O. Results were from 10 additional holes from a recently completed drill program. In total, the company has drilled more than 43 holes totalling 8,909 metres.