Canada Mining News

Quebec's tiny Century Iron gets $120 million China injection

Quebec minnow Century Iron Mines (CVE:FER) said Wednesday that China's Wuhan Iron and Steel (WISCO) will invest $120 million over two years in three joint ventures to explore and develop the company’s Duncan Lake, Attikamagen and Sunny Lake projects in Quebec. The joint venture agreement was signed on Tuesday in Beijing with the premier of Quebec in attendance. Century Iron hardly trades but on Wednesday the company enjoyed a tenfold increase in volumes on the Toronto exchange with 44,000 shares exchanging hands. It ended the day flat at $2.60 with a market value of less than $1 million.

North American Energy Partners announces $127 million oil sands contract

CALGARY, ALBERTA--(Marketwire - Aug. 30, 2011) - North American Energy Partners Inc. ("NAEP" or "the Company") (TSX:NOA) (NYSE:NOA) today announced it has been awarded a $127 million heavy civil construction contract with Fluor Canada Limited at Syncrude Canada Ltd's (Syncrude) Base Mine and provided an update on the progress of discussions with Canadian Natural Resources Limited (Canadian Natural).

Nautilus Minerals to raise $100 million for PNG seafloor project

Nautilus Minerals (TSX:NUS)(AIM:NUS) is to raise approximately US$100 million (C$98.1 million*) through a private placement of common shares to fund the development of its first project, Solwara 1, in the Bismarck Sea of Papua New Guinea. The placing will involve the issue of approximately 39 million shares to a number of investors at a price of CAD$2.52 (US$2.58) per share. Nautilus President and CEO Steve Rogers said the private placement would provide funds for the construction of the seafloor resource production system, which initially will be deployed at Solwara 1 – the company's first deepwater copper and gold project.

Daryl Hannah arrested

Actress Daryl Hannah was arrested Tuesday during a sit-in in front of the White House protesting a pipeline expansion project that would significantly increase the amount of oil the United States imports from Canada’s controversial Alberta oil sands. Image from Вени Марковски

Grizzly Provides Update on Greenwood Gold Project and Prepares to Drill New Targets With Anomalous Gold-In-Soils

Grizzly Discoveries Inc. (TSX VENTURE:GZD) (OTCQX:GZDIF) (FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to provide the following update on its 2011 exploration program at its 100% owned Greenwood Gold Project, a 225,000 acre contiguous block of mineral claims centered on Greenwood, British Columbia.

Silvercorp Metals in share buyback

Silvercorp Metals Inc., a Vancouver-based mining company, said Wednesday it purchased 2,027,167 of its common shares at an average price of $8.112 (Canadian).

Silver Spruce reports continued significant REE results Pope's Hill MP trend, Trans Labrador Highway, NL

BRIDGEWATER, NOVA SCOTIA--(Marketwire - Aug. 31, 2011) - Silver Spruce Resources Inc. (TSX VENTURE:SSE)(FRANKFURT;S6Q) - Silver Spruce Resources Inc. is pleased to announce continued significant results from prospecting on the road accessible Pope's Hill (PH) rare earth element (REE) property, along the paved Trans Labrador Highway (TLH) approximately 100 km to the west of Happy Valley-Goose Bay in south central Labrador. Results were previously released on July 21 and August 9, 2011. A total of 153 samples have been submitted for analyses from the 100% owned PH property including 17 from regional exploration. Results are reported for the 136 samples along the MP trend on the original PH property. The regional results remain pending.

Osisko announces an increase in Caterpillar Lease Financing Facility

MONTREAL, QUEBEC--(Marketwire - Aug. 31, 2011) - Osisko Mining Corporation ("Osisko")(TSX:OSK)(FRANKFURT:EWX) is pleased to announce that it has entered into an agreement with Caterpillar Financial ("Cat Financial") to increase its equipment leasing facility by US $56.3 million. The facility will be used to acquire additional mobile mining equipment fleet to develop the Canadian Malartic Mine and the Barnat gold deposit.

BCGold Corp. closes first tranche of private placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2011) - BCGold Corp. (TSX VENTURE:BCG)(PINK SHEETS:BCGOF) (the "Company") is pleased to announce that it has closed the first tranche of its private placement previously announced on July 11, 2011. The Company has raised $1,472,440 through the issuance of 2,660,000 of non-flow through units (the "NFT Units") at a price of $0.10 per NFT Unit and 10,053,663 flow through units (the "FT Units") at a price of $0.12 per FT Unit.

Fjordland Options Dillard Gold and Copper Property, Between Copper Mountain Mine and Elk Gold Mine, Southern British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2011) - Fjordland Exploration Inc. (TSX VENTURE:FEX) has signed a Letter of Intent with private vendors for the 2,200-hectare Dillard Property, located in southern British Columbia. The option agreement to purchase a 100% interest covers prospective ground straddling newly discovered porphyry copper showings and high-grade gold quartz vein targets. The road-accessible Dillard Property is located approximately 35 kilometres north of Princeton, where Copper Mountain Mining Corp. recently put the Copper Mountain (Similco) copper-gold-silver mine back into production

Spanish Mountain announces commencement of pre-feasibility study

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2011) - Spanish Mountain Gold Ltd. (the "Company") (TSX VENTURE:SPA) is pleased to announce the commencement of a Pre-Feasibility Study ("PFS") for the Spanish Mountain Gold Project (the "Project"). The PFS will refine the estimates of capital and operating costs that were the basis for the Preliminary Economic Assessment (PEA) completed by the Company in December 2010. The Company currently has ongoing resource definition, geotechnical, metallurgical and power supply studies underway, the results of which will form part of the PFS.

AuRico snaps up Northgate on the cheap

AuRico Gold Inc. is paying the cheapest valuation for a takeover of a North American gold producer in seven years even as bullion trades at a record. Including net cash, AuRico’s acquisition valued Northgate at 14.7 times Ebitda. In last year’s biggest North American gold takeover, Toronto-based Kinross, Canada’s third-largest producer of the metal, paid 40.4 times Ebitda to acquire Red Back Mining of Vancouver in a $6.7 billion deal.

Upcoming conference looks at CSR and mining

Corporate Social Responsibility (CSR) has become a big buzzword in mining, as companies strive to meet increasingly stringent environmental and social obligations, while remainining profitable. 'Third National Civic Forum and CEO Summit on Building Corporate Responsibility', hosted by the FGL Open Global Business Society, will discuss these issues at a conference on Oct. 12 in Toronto, Canada. MINING.com speaks with conference organizer David Mitrovica about why CSR is important in mining, and what conference attendees can expect from the conference in Toronto:

Ressources Appalaches Completes Private Placement of $600,000

Ressources Appalaches (TSX VENTURE:APP) ("Appalaches") has completed a private placement of $600,000 with accredited investors and employees, executive officers, directors and consultants. Pursuant to this placement, Appalaches has issued 10 000 000 common shares at a price of $0.06 per share and 10 000 000 common share purchase warrants.

Knelson Concentrator founder passes away

Byron Knelson founder of Knelson Concentrators (Knelson), has passed away at the age of 80. Byron succumbed to complications arising from his battle with cancer.

Lake Shore reports extensions of gold mineralization along strike and to depth at Gold River trend project

TORONTO, ONTARIO--(Marketwire - Aug. 30, 2011) - Lake Shore Gold Corp. (TSX:LSG) ("Lake Shore Gold" or the "Company")
  • Deep Drilling at North Porphyry/4800 Zones intersects multiple zones of mineralization up to 450 metres below current resource (840 meters below surface)

Cameco commences offer to acquire Hathor Exploration Limited

SASKATOON, SASKATCHEWAN--(Marketwire - Aug. 30, 2011) - ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED) Cameco (TSX:CCO) (NYSE:CCJ) today announced that it has commenced its offer to acquire all of the outstanding shares of Hathor Exploration Ltd. (TSX: HAT) for cash consideration of $3.75 per share in a transaction which values the fully diluted share capital of Hathor at approximately $520 million(1) (the "Offer").

Advanced Explorations Inc. reports 165 metre section of 34% iron at Tuktu project-includes 8 metres of 50% iron

TORONTO, ONTARIO--(Marketwire - Aug. 30, 2011) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to announce further drill results from its Tuktu Iron Ore Project located in Nunavut, Canada. Drill-hole 11TT011 intercepted 8 metres of high quality banded iron formation (BIF) grading 50.27% Fe within a broader 165.25 metre interval of BIF grading 33.61% Fe (see table below). The same broad interval also included 14 metres of 46.34% iron.

New Prince Rupert BC potash terminal edges closer

The Canadian Environmental Assessment Agency announced on Monday it is conducting a comprehensive study, which is a type of environmental assessment, for the proposed Canpotex Potash Terminal Project located on Ridley Island, in the Port of Prince Rupert, British Columbia. The Agency is also making available $50,000 under its participant funding program to assist groups and individuals to take part in upcoming steps in the federal environmental assessment of this project. Construction is projected to start in 2013 and to be completed three years later.

Small Canadian miner's Tibetan plateau gold mine likely largest in Asia

China Daily reports local land and mineral resource officials in the Qinghai province estimate that the Dachang gold mine in the Tibetan autonomous prefecture of Yushu is likely to become one of the largest gold mines in Asia with 300 tonnes in proven reserves. The geological exploration was conducted jointly by Qinghai mining development bureau and TSX-listed Inter‐Citic Minerals with a total investment of $31.3 million. The project is at an elevation of approximately 4,500 meters and consists of five exploration licenses covering some 279 square kilometers. Tiny Inter-Citic says it allocated $6.3 million in exploration expenses for this year.

Debut Signs Option to Acquire 70% Interest in 33 Diamond Exploration Targets Near Nakina

Debut Diamonds Inc. ("Debut") is pleased to announce that it has signed an agreement to acquire a 70% interest in 33 diamond exploration targets near Nakina, Ontario.

North American Gem starts drilling in Saskatchewan

North American Gem Inc. (NAG) (TSX VENTURE:NAG) reports that DJ Drilling LTD. of Aldergrove, B.C., has commenced drilling near Hudson Bay, Saskatchewan. NAG has permitted five fully approved drill locations to the south of the Goldsource Mines "Border Property". The Hudson Bay area has been the target of coal exploration by various companies since the discovery drill hole by Goldsource in 2008. This discovery has resulted in a NI 43-101 estimate of coal resources in several small basins that include 79.2 million Indicated tonnes plus 33.0 million Inferred tonnes on the Border properties

RCMP probe Calgary mining firm over Mexican bribery allegations

The RCMP have confirmed that a criminal investigation is now underway into bribery allegations against Blackfire Exploration Ltd., a Calgary mining company. In March 2010, a coalition of non-governmental organizations forwarded documents to police that appear to show 14 payments to the mayor of Chicomuselo, Julio Cesar Velazquez Calderon, and a letter from the company to the congress of the state of Chiapas in which the company asks for the mayor to be removed from power.

KWG completes Debut Diamonds acquisition

MONTREAL, QUEBEC--(Marketwire - Aug. 29, 2011) - KWG Resources Inc. (TSX VENTURE:KWG) has completed the acquisition of 7 million treasury units of its subsidiary Debut Diamonds Inc. ("Debut") valued at $0.30 each in exchange for subscription receipts for 21 million KWG treasury units valued at $0.10 each. KWG's subsidiary Debut holds nine diamond exploration projects, three of which are presently undergoing assessment programs valued at almost $3 million.

Hathor urges no action by shareholders in response to Cameco offer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2011) - Hathor Exploration Limited (TSX:HAT) is aware that Cameco Corporation intends to proceed with a hostile and unsolicited all cash take-over bid for Hathor at a price per Hathor common share of Cdn.$3.75. The announcement stated that the bid will be open for at least 60 days from the time it is made. Hathor has not yet been provided with a formal offer and so is not in a position to respond. Hathor will issue a strong and detailed response to the offer after it has received and reviewed the bid materials, and received guidance and input from its financial and legal advisors.