Canada Mining News

Midas Gold Corp. IPO values Vista Gold investment at $103 million

Vista Gold Corp.announced Thursday Midas Gold Corphas successfully completed an IPO, issuing 12,307,700 common shares of Midas ("Midas Shares") for gross gross proceeds of Cdn$40,000,025 million. Based on the IPO price of Cdn$3.25 per share, Vista's investment in Midas is expected to have a value of Cdn$103,358,499 and based on the number of issued common shares of Vista, this is equivalent to Cdn$1.45 per Vista share.

Gold-Ore announces earnings of $3.0 million in second quarter

Vancouver's Gold-Ore Resources Ltd announced Thursday that it has released financial results for the second quarter ended May 31, 2011.

India alarm over 'potash cartel' grows

India's Department of Fertilisers raised concerns with the country's Foreign Affairs minister on Thursday over 2011 prices set by Canpotex, the company that markets and distributes Saskatchewan's potash globally. India's farming co-ops have halted imports due to the impasse and while waiting for a government decision on import subsidies. At over 6 million tonnes/year India is the biggest importer but says it pays much higher prices than a country like China can negotiate.

Western Potash stock is floated on Tuesday, sunk on Wednesday

On only the second day of trading in Western Potash Corp. common shares on the main board in Toronto, investors were already abandoning the stock in droves. The junior player in Saskatchewan’s potash industry ended Wednesday down 5.5% after an analyst downgraded the stock. Western Potash is in the pre-feasability stage of its Milestone Project in the south of the province where it hopes to mine almost a billion tonnes of potash using steam.

Sandstorm Gold signs gold purchase deal with Donner Metals

Sandstorm Gold shares were one of the most heavily traded on the Toronto Venture Exchange on Wednesday morning, while Donner’s stock was one of the top traded with a 15 percent rise.

Jet Gold options Zinc Bay property

Brad J. Moynes, President of Jet Gold Corp. ("Jet Gold" or the "Company") (TSX-V: JAU) is pleased to announce that the Company has signed an option agreement with Guardsmen Resources Inc. to acquire up to a 75% interest in the Zinc Bay property located in northwestern British Columbia.

FLetcher Nickel Inc Warrant Exercise

Fletcher Nickel Inc. President Frank Smeenk, Suite 1000, 141 Adelaide Street West, Toronto, Ontario exercised a total of 1.4 million warrants, expiring July 13, 2011, to acquire Fletcher Nickel Inc. (the "Company") common shares from treasury at $0.06 each (the "Transaction").

Opti Canada files for creditor protection

Reuters) - Opti Canada Inc , whose major asset is a stake in Nexen Inc's troubled Long Lake oil sands project in northern Alberta, filed for court protection from creditors on Wednesday as it agreed on a equity-for-debt swap with bondholders. Opti said

Northgate Minerals to acquire Primero Mining for $370 million

Northgate Minerals announced on Wednesday that it will acquire Primero Mining for $370 million. The new company, which will have a combined market capitalization of approximately $1.2 billion, will be a mid-tier gold producer and will tie together the San Dimas mine in Mexico; the Fosterville and Stawell gold mines in Australia; and the Young-Davidson gold development project in Ontario.

Spanish Mountain Announces Closing of $20 Million Financing

Spanish Mountain Gold Ltd. ("the Company") (TSX VENTURE:SPA) is pleased to announce that it has closed its private placement offering (the "Offering"), previously announced on June 30, 2011. Pursuant to the Offering, 33,333,328 units (the "Units") have been placed at a price of $0.60 per unit for total gross proceeds of approximately CAD$20,000,000.

N. American Palladium to produce gold at Quebec mine in 2012

Precious metals company North American Palladium Ltd expects underground production at its Vezza gold project in the Abitibi region of Quebec to begin early next year.

Stepping up aboriginal presence in oilsands workforce

Governments and industry are putting up $1.5 million for a mobile business-incubator project designed to help fledgling firms get into the oilsands industry. All along Highway 881 — called the SAGD Alley, after the steam-assisted gravity drainage system of oilsands production — which runs from Fort McMurray south to Lac La Biche, aboriginal communities are in the midst of Alberta’s booming underground oilsands region.

St. Eugene plans to expand Tartan Lake drilling program

Reuters reported that positive gold discoveries at Tartan Lake prompted St. Eugene Mining Corp to expand its drilling program.

Saskatchewan's crude hopes dashed as Oil Sands Quest takes a beating

Proving that nothing is a sure bet – not even the development of prime bitumen fields – Oilsands Quest on Tuesday suffered a second day of heavy losses, dropping 10% shortly after the open. The losses come after the company said it will ask for more cash from investors because its almost one-year long global quest to find a heavyweight partner has come up empty handed. It is also bad news for Saskatchewan’s oil sands aspirations as Oilsands Quest was hoping to build the province’s first thermal mine but does not have the wherewithal to go it alone.

Why Canada supported a uranium cartel

A recent Globe and Mail column on the uranium cartel of the 1970s claims that Canada secretly organized a group of nations and companies to raise the price of uranium, and when its efforts became public, “one of Canada’s most authoritarian prime ministers, Pierre Trudeau,” made it a crime to discuss the matter in public.

GGL Resources sampling program for Northwest Territories diamonds under way

Vancouver's GGL Resources Corp. announced on Tuesday Rio Tinto Exploration Canada Inc. (formerly, Kennecott Canada Exploration Inc.) has notified GGL that it is planning to budget approximately $650,000 for diamond exploration on the CH Project claims. The CH Project Area is located some 250 kilometers north of Yellowknife in the Northwest Territories (NT) of Canada.  The Property lies within an area measuring 60 km east-west by 80 km north-south, and begins 30 km west of the Diavik Diamond Mine.

Sumitomo Metal Mining zinc and lead operations at Harima smelter set for major revamp

Sumitomo Metal Mining Company Limited in a move designed to enhance the company’s competitive position in zinc smelting operations has decided to terminate processing of zinc and lead concentrates which are imported into Japan as raw materials and

Labour shortage bigger challenge than ever

An executive from a big-name construction company drew laughs at a recent business conference when he urged everyone in the room to go home and make babies — so dire is the need for workers in Alberta. It’s no joke for employers;

William and Kate visit Yellowknife, get Diavik diamonds

Polar bears were the theme of the diamond jewelry items presented to the Duke and Duchess of Cambridge during their visit to Canada's Northwest Territories. The newlyweds received a set of diamond pave cufflinks modeled after the polar bear logo of the NWT Government, and a diamond pave brooch also in the shape of the North's iconic bear.

China daily crude steel output at record in Jun

China's daily crude steel output hit a record high at the end of Jun amid a construction boom, Reuters reported. Daily output in China, the world's top steel-producing country, hit 2.018 million tonnes in the last 10 days of Jun, up 3.2% from the

Timmins Gold announces sale of Pacific Road block

Vancouver, BC - Timmins Gold Corp. (TSX:TMM) and Pacific Road Capital Management have engaged MPartners and National Bank Financial as agents to sell, on a best efforts basis, the 25,205,090 common shares of the Company held by Pacific Road Capital

Trevali announces $15 million non-brokered private placement

Trevali Mining announced that it has arranged a non-brokered private placement of up to 10,000,000 common shares at a price of CDN $1.50 per common share to raise gross proceeds of up to CDN $15.0 million (the "Offering"). Closing of the Offering is anticipated to occur on or before July 21, 2011 and is subject to receipt of all necessary regulatory approvals.

First Majestic Silver Corp.: another record quarter of silver production

First Majestic Silver announced that production in the second quarter of 2011 reached 1,843,830 equivalent ounces of silver, representing an 11% increase over the 1,656,165 equivalent ounces of silver produced in the second quarter of 2010. Production during the quarter consisted of 1,780,379 ounces of silver, making First Majestic's second quarter production 97% pure silver, the highest in the silver mining industry.

AJM Deloitte releases June 30, 2011 oil and gas price forecast

A strong Canadian dollar, a well-supplied North American market and a lack of access to international markets continues to dampen Canadian domestic oil and gas prices according to a quarterly price forecast released today by AJM Deloitte.

Saskatchewan potash production could come close to record levels this year

Potash will play a huge role in Saskatchewan's predicted economic growth of an average rate of 3.5% over 2011 and 2012, according to the latest economic forecast by Scotiabank. Potash production is expected to climb close to its 2007 peak of 11 million tonnes in 2011, after suffering a dramatic 60% drop during the recession of 2009.