Canada Mining News

Why diamonds may be an investing gem

Can you name a precious commodity that hit record prices this summer? That has long been considered highly valuable for its remarkable beauty alone? In which demand is surging at the same time as mineable supplies are shrinking?

Mining deals drop off a cliff in July and August as China retreats to sidelines

The deal-making frenzy in the global mining sector during the first half of the year was followed by a dramatic drop in activity in July and August, according to a new report by consultants PricewaterhouseCoopers. Figures from the report titled Riders on the Storm show that in July and August the value of global mining deals fell by 49% and deal volumes declined by 25%. The sharp reversal came after a record first half when 1,379 deals worth $71bn were announced even though Chinese entities, firmly focused on value, retreated from iconic western takeovers. Buyers were also willing to pay over the odds for large publicly listed targets – for $500 million+ acquisitions, the average premium was 37%. For sub-$500 million deals, premiums averaged a mere 8%.

Latest weapon for oil sands pipeline backers – Oprah Winfrey, which stated goal is countering inaccurate and unfair criticisms of the oil sands, this week launched their first television ad as debate about the Keystone pipeline intended to carry Canadian crude to refineries on the US Gulf coast intensifies. The treatment of women in Saudi Arabia is the focus of the new ad running exclusively on the Oprah Winfrey Network in Canada and comes on the heels of demonstrations in front of the White House where celebrities had themselves arrested to persuade President Barack Obama, who has the final say, of oil sands' dangers and influential environmental voice Al Gore calling oil sands the "dirtiest fuel on the planet."

Northaven Cancels 15,000,000 Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2011) - NORTHAVEN RESOURCES CORP. (TSX VENTURE:NTV) is pleased to announce that it has cancelled a total of 15,000,000 previously issued warrants which were surrendered by the holders for...

Sea of red for uranium sector as price drops to Fukushima lows

With the spot price for uranium falling below $50 – levels last seen immediately after the nuclear accident at Fukushima – U3O8 producers and explorers dropped across the board on Tuesday. Not even Hathor Exploration, the subject of a hostile takeover by industry bellwether Cameco, managed to get into in positive territory and the sector as a whole has lost more than 40% its value since the 11 March earthquake off the coast of Japan. And the near term outlook for the sector is not rosy either with a new study by Resource Capital Research indicating market price expectations looking out 3 to 6 months points to further downside, with a spot price expectation of $45.95/lb.

Selwyn significantly expands XY west deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2011) - Selwyn Resources Ltd. ("Selwyn") (TSX VENTURE:SWN) is pleased to announce the first drill results from the recent drilling of the XY West deposit at the Selwyn Project, Yukon. The drill results are part of the exploration and definition drilling program of the XY West deposit conducted by Selwyn Chihong Mining Ltd. ("SCML"), the joint venture company equally owned by Selwyn and Chihong Mining Canada Ltd. Chihong Mining Canada Ltd. is a wholly owned subsidiary of Yunnan Chihong Zinc and Germanium Co. Ltd

Rare Earth Metals intersects significant heavy REE mineralization at Dory Pond area, red wine project, with HREO/TREO ratio of 42.1% from intersection of 1.55% TREO over 21.0 meters

THUNDER BAY, ONTARIO--(Marketwire - Sept. 6, 2011) - Rare Earth Metals Inc. ("Rare Earth Metals", "RA" or the "Company") (TSX VENTURE:RA)(OTCQX:RAREF)(PINK SHEETS:RAREF) is pleased to report preliminary Rare Earth Element results from drilling on the Dory Pond project area of the Red Wine property. The second hole of this drill program (DDH-B3N-03) was successful in testing an area defined by a number of Heavy Rare Earth anomalous prospect samples and resulted in an intersection of 1.55% TREO (HREO/TREO of 42.1%) over 21.0 meters within a wider intersection of 1.11% TREO (HREO/TREO of 41%) over 42.9 meters. Of particular importance are the high values in Dysprosium, Yttrium and Neodymium which compare favourably with other more advanced Heavy Rare Earth Deposits.

Exploration company accused of bribery in Mexico

The Royal Canadian Mounted Police are investigating a Calgary-based company over allegations of bribery in Mexico. The Mounties are checking whether Blackfire Exploration Ltd. made monthly payments to a local mayor to prevent protesters from interrupting the mine's operation, says the CBC:

Canada leads mining M&A during first half with slew of big deals

Canada led the world in the number of mining mergers and acquisitions (M&A) for the first half of the year, says Ernst & Young. And while the number of deals fell in comparison to the highly acquisitive first half of 2010, the value of the transactions that took place this year more than doubled compared to the same period last year. The country was the leading buyer in H1 with 196 deals, and also the leading target destination with 129 deals. Australia came second as a buyer and target destination, with 83 and 72 deals respectively.

China pours more money into Canada west coast oil sands pipeline

The Globe and Mail reports on Friday that MEG Energy, a small oil sands developer partly owned by China's CNOOC, has ponied up $100 million to join another Chinese state-owned firm Sinopec as financial backers of a planned pipeline from the oil sands to the northern British Columbia coast. Slowing demand in the US is adding pressure for a go-ahead on the Northern Gateway pipeline that will stretch for more than 1,100km at a cost of $5.5 billion affording Canada world prices for its oil, currently priced against heavily discounted US crude. Regulatory hearings are scheduled to start in January.

Osisko Mining Corporation Terminates Mountjoy Exploration Agreement

Claim Post Resources Inc. (TSX VENTURE:CPS) (the Company) announced today that Osisko Mining Corporation (Osisko) terminated the exploration agreement on Claim Post Resources wholly owned Mountjoy Property near Timmins Ontario. The original agreement on 110 claim units was signed August 10, 2009.

Big pay day for shortseller as investors jump Silvercorp ship

Silvercorp Metals was forced on Friday to react to an anonymous letter also sent to the Ontario Securities Commission, presumably from a shorter of the company's stock that alleges a “potential $1.3 billion accounting fraud” at the company. The firm with projects in China and Canada closed down just shy of 10% after five times the usual number of shares changed hands. It had lost as much as 14% of its value earlier in the day after the company also said someone had built up a short position of some 23 million shares over the last two months. The Vancouver company has 175 million shares outstanding and is worth $1.3 billion. Silvercorp is the latest in a string of Canadian companies with Chinese backing and operations being accused of fraud.

Mineral association asks Quebec government for clearer rules

The Quebec Mineral Exploration Association asked the Quebec government for rules that will simplify mineral development and exploration. A mining bill, which the association has criticized, is working its way through the provincial legislature. The association says that sections of the bill could lead to industry losses of $1 billion in mineral exploration investments. The association is mainly concerned with some jurisdiction for mining and exploration remaining at the local level. Instead, the association would like to see clear rules across the province for assessing development.

Sandstorm Gold announces US$6 million payment to Metanor Resources and provides update on the Bachelor Lake project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2011) - Sandstorm Gold Ltd. ("Sandstorm") (TSX VENTURE:SSL) has remitted the US$6 million final payment to Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) in accordance with the gold purchase agreement announced January 17, 2011. Under the terms of the agreement, Sandstorm is entitled to purchase 20% of the life of mine gold produced from the Bachelor Lake project ("Bachelor Lake") at a per ounce price equal to the lesser of US$500 and the then prevailing market price of gold.

High River provides an update on the bankruptcy procedures of Prognoz Silver LLC

TORONTO, ONTARIO -- (Marketwire) -- 09/02/11 -- High River Gold Mines Ltd. (TSX: HRG) ("High River" or the "Company") was informed that the Arbitration Court of the City of Moscow terminated the official bankruptcy proceedings for Prognoz Silver LLC ("Prognoz Silver") in connection with the application of Prognoz Silver claiming that the criteria of bankruptcy are no longer in place. As previously disclosed, the application to put Prognoz Silver into bankruptcy was initially filed by Prognoz Silver itself. High River holds a 50% indirect interest in Prognoz Silver, which operates the Prognoz silver project in the Republic of Sakha (Yakutia), Russia.

Hathor to respond to Cameco offer no later than Sep 14th

Hathor is considering Cameco's hostile, all-cash bid in consultation with its legal and financial advisors and will respond within two weeks. TORONTO (Reuters) - Hathor Exploration , the target of a hostile bid from Canada's top uranium miner, Cameco

Titan Iron Ore Corp. Commences Geologic Recon Program at Labrador Trough Property

Titan Iron Ore Corp. ("Titan", "we", the "Company") is pleased to announce that it has begun a geological reconnaissance survey of its Titan Trough project in northern Quebec, Canada. This property currently consists of two claim blocks consisting of 202 claims totalling approximately 22,000 acres.

Saskatchewan party wants to put potash royalties into fund

CanadaViews reports Saskatchewan NDP Leader Dwain Lingenfelter announced Thursday an NDP government would create the Bright Futures Fund, modelled on oil and gas revenue funds in Alaska and Norway. The fund will dedicate a portion of Saskatchewans non-renewable resource royalties to invest for the future. This fund would be independently managed, and the government would not be allowed to withdraw money to cover short-term deficits and day-to-day spending. Lingenfelter said that the Sask Party has seen over $10 billion dollars in non-renewable resource revenue flow through their hands and spent on one-time projects or to cover budget deficits.

Fort Mac grapples with oil sands growth as population grows 80% since 2000

Alberta Oil Magazine takes an in-depth look at infrastructure challenges that persist for Fort McMurray, the centre of Canada's oil sands industry, in the middle of a global bonanza.

Cameco inks agreement with Kazatomprom to increase uranium production at Inkai by 1.3 million pounds

Cameco (NYSE:CCJ) announced on Wednesday that it signed signed a memorandum of agreement with its partner, Kazatomprom, to increase annual uranium production at the Joint Venture Inkai Limited Liability Partnership (JVI) from 3.9 million pounds to 5.2 million pounds. The Inkai in-situ recovery uranium mine and processing plant is located in central Kazakhstan and is operated by JVI, 60% owned by Cameco and 40% owned by Kazatomprom, the Kazakhstan government owned national atomic company. Under the memorandum of agreement, Cameco's share of Inkai's annual production will be 2.9 million pounds with the processing plant at full capacity.

Cartier cuts 1.5 % copper and 100 g/t silver over 19 metres on Cadillac extension

VAL-D'OR, QUEBEC--(Marketwire - Sept. 1, 2011) - Cartier Resources Inc. (TSX VENTURE:ECR) ("Cartier") is pleased to announce that additional results from channel samples returned 1.5 % copper and 100 g/t silver over 19 meters and 629 g/t silver, 1.2 % copper and 1.4 g/t gold over 2 meters within a broader interval grading 1.0 % copper and 80 g/t silver over 32 meters on the Cadillac Extension project located 115 kilometers east of Val-d'Or in the province of Quebec. Other results returned 2.7 % copper, 1.1 % zinc and 67 g/t silver over 3 meters within a wider interval grading 0.7 % copper and 27 g/t silver over 20 meters. One section returned 6.6 g/t gold and 237 g/t silver over 1 meter. These are the latest results from trenching conducted on the Langlade polymetalic zone, 45 samples are pending for final results.

Goldstrike discovers intrusive related gold mineralization in Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 1, 2011) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINK SHEETS:ADRAF)(FRANKFURT:KCG1) is pleased to report that initial rock samples from outcrop have returned up to 4.003 grams per tonne gold on its road-accessible OLIVER property located in the Yukon's 7.6 million ounce Red Mountain-Dublin Gulch Gold District. This rock sample was also strongly anomalous in numerous other elements, including 6,560 ppm Cu, 1,247 ppm Pb, 1,744 ppm Zn, >100 ppm Ag, 102.1 ppm Ni, >2,000 ppm Co, >10,000 ppm As, 35.7 ppm Cd, 86.9 ppm Sb, >2,000 ppm Bi, >100 ppm Se, and >100 ppm W. The sample shows a strong intrusive signature and was taken in an area where a high-level stock of Cretaceous granite has formed tourmaline-matrix breccias, veins, and skarns in Hyland Group metasedimentary rocks.

Osisko, Argentina to jointly develop Famatima gold property

Osisko Mining has signed an agreement with a state government in Argentina for joint development of the Famatima gold property, located in La Rioja province, The Montreal Gazette reported:

Al Gore calls oil sands the dirtiest fuel on the planet

Al Gore's latest blog entry reads: The leaders of the top environmental groups in the country, the Republican Governor of Nebraska, and millions of people around the country – including hundreds of people who have bravely participated in civil disobedience at the White House – all agree on one thing: President Obama should block a planned pipeline from the tar sands of Alberta to the Gulf of Mexico. The tar sands are the dirtiest source of fuel on the planet...

Amid oil sands growth, a boom for natural gas

The rapid growth of Canadas oil sands is expected to dramatically increase its consumption of natural gas over the coming decade, a prospect that stands to help Albertas gas industry but raise the countrys emissions.