Canada Mining News

Pressure on rich over coal rules

AUSTRALIA and other rich countries are under pressure to change rules that allow them to meet climate change targets by subsidising coal plants in poor countries.

Chinese investors 'do not want to become a Potash-like story themselves'

“Chinese companies that are looking to invest in Canada do not want to become a Potash-like story themselves. Face and company reputation are important,” Peter Harder, president of the Canada-China Business Council told The Globe & Mail in an interview in Beijing this week as executives gathered for the council’s annual general meeting.

Fjordland Encounters Mineralization in Drilling on Tak (Moffat) and Red Lobster Projects, British Columbia

Fjordland Exploration Inc. (TSX VENTURE:FEX) is pleased to report that it has encountered mineralization in both its Tak (Moffat) and Red Lobster late-season drilling programs, in central and southeastern BC, respectively.

Quebec mining investment at an all-time high, up 43% from 2009

The mining industry in Quebec is roaring, with $2.92 billion in investment in 2010, up from 43% in 2009. The Institut de la statistique du Québec, which released the findings on Wednesday, said that this was the seventh straight year mining investment increased, and in each of the last three years investment was greater than $2 billion. In March the Fraser Institute warned that changes to the province's tax code would harm business investment, and Quebec slid from first to fourth in the institute's list of mining-friendly jurisdictions. If the changes don't weigh on province, 2011 could be a banner year.

Syncrude operator unearths rare fossil, believed to be complete Wapuskanectes

Syncrude's heavy equipment operator, Maggy Horvath, unearthed what may be a nearly complete plesiosaur and the 10th fossil found on Syncrude leases. The discovery contributes to Alberta's prehistoric history and the understanding of the evolution of life on Earth. The fossil, which Horvath found during her shift on November 14, 2011, is currently being examined by scientists and technicians from the Royal Tyrrell Museum of Palaeontology. "This is a very rare find. It's a long necked plesiosaur, which is a marine reptile with a very long neck, small head and short body. The last one that was recovered was 10 years ago; it was recognized as a new kind and given the name Wapuskanectes," said Dr. Don Brinkman, Director at Royal Tyrrell. "It felt pretty good to call my son and let him know that I found a prehistoric fossil while working in the mine," said Horvath.

Major Processing Design Improvements Boost Recovery of Critical Rare Earths at Pele Mountain’s Eco Ridge Mine Project

Pele Mountain Resources Inc. (TSX Venture: GEM; OTCQX: GOLDF) (“Pele” or the “Company”) today announced that processing design improvements have resulted in sharply higher recoveries of critical rare earth oxides (“REO”), including neodymium, dysprosium and yttrium oxides, (Pele’s “Big 3 REO”) at its Eco Ridge Mine Rare Earths and Uranium Project (“Eco Ridge” or the “Project”) in Elliot Lake,Ontario.

Cadillac Closes $2.5 Million Financing

Cadillac Ventures Inc. (TSX VENTURE:CDC) ("Cadillac" or the "Company") is pleased to announce the closing of the first tranche of a private placement financing led by NCP Northland Capital Partners Inc. and including Stifel Nicolaus Canada Inc. and Secutor Capital Management Corporation (collectively, the "Agents") (see the Company's news releases dated October 26, 2011 and November 15, 2011) (the "Offering"). Pursuant to the Offering, an aggregate of 11,039,196 flow-through units ("FT Units") were sold at a price of $0.23 per FT Unit for aggregate gross proceeds of approximately $2.5 million.

Royal Canadian Mint's gold-backed ETF alternative raises $600 million

The Royal Canadian Mint has a hit on its hands after raising $600 million from the sale of its exchange traded fund alternative, exchange traded receipts backed by physical gold bullion held in the mint’s facilities in Ottawa, Ontario. The Canadian mint, which introduced the ETRs just over three weeks ago, says that ETRs are different than other gold investment products since the purchaser of an ETR owns the actual gold rather than a unit or share in an entity that owns the gold. Given the money raised, the Globe and Mail calculates that the ETRs may be the largest initial public offering of the year.

Warburg Pincus sees oil sands opportunity

Warburg Pincus LLC, one of the world’s oldest and largest private equity firms, wants to do more deals in Canada’s oil sands. In a rare interview, Charles (Chip) Kaye, co-president of the New York-based firm, said he thinks the U.S. government’s decision to postpone approval of TransCanada Corp.’s Keystone XL pipeline was shortsighted. And it will in no way diminish Warburg Pincus’s appetite for oil sands investments.

Great Lakes iron ore trade up 13% in October

The Maritime Executive reports iron ore shipments on the Great Lakes totaled 5.7 million tons in October, a decrease of 11 percent from September, but an increase of 13 percent compared to a year ago. October loadings also were up 7.2 percent compared to the month’s 5-year average. Shipments from US ports totaled 5.1 million tons, an increase of 18 percent compared to a year ago. However, loadings at Canadian ports slipped 16.3 percent from a year ago.

Franco-Nevada announces C$340 million bought deal financing

Canadian gold royalties company Franco-Nevada aims to raise C$340-million in an equity offering, it said on Tuesday. The TSX- and NYSE-listed firm said it would use the cash for acquisitions, working capital and general corporate purposes.

Canada's oil exports to triple by 2035 thanks to in situ production

Canada's net crude oil exports will triple by 2035 due to in situ production and not hydraulic fracturing, according to a report by the National Energy Board released on Tuesday. Oilsands accounts for 55% of Canada's oil production today rising to 85% 24 years from now. "By 2035, in the Reference Case, oil sands bitumen production is projected to reach 811 thousand m³/d (5.1 million bbl/d), three times the production for 2010."

Huckleberry minelife extended by 7 years

Imperial Metals (TSE:III) is extending its Huckleberry mine in northern British Columbia by 7 years. The company said it plans to extend the Main zone pit and build a new tailings storage facility, which will keep the mine running until 2021, 7 years later than the previous plan to close the mine in 2014. The pit is estimated to contain 39.7 million tonnes of ore grading 0.343% copper, with an overall strip ration of 1.46 to 1. Since startup in 1997, the mine has produced an aggregate 870 million pounds of copper, 8 million pounds of molybdenum, and 105,000 ounces of gold and 3.4 million ounces of silver.

Canada competition watchdog clears Rio Tinto bid for Hathor

Canada's competition watchdog has cleared global miner Rio Tinto's C$654 million ($630 million) takeover offer for Hathor Exploration , Rio Tinto said on Wednesday.

Balmoral Acquires New Neighbour in Detour Gold Belt as Osisko Mining Options Adjacent Property

Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR.V - News) advises its shareholders that Midland Exploration Inc. ("Midland") today announced that is has granted Osisko Mining Corporation ("Osisko") an option to earn up to a 75% interest in its Casault Property. The Casault Property is located between Balmoral's Detour East and Martiniere Gold Projects along the Detour Gold Trend in central Quebec.

Crosshair Completes 2011 Drilling Program In the Central Mineral Belt (CMB), Labrador

Crosshair Energy Corporation (TSX:CXX)(NYSE Amex:CXZ) is pleased to announce the successful completion of its 2011 drill program on the CMB Uranium/Vanadium Project located in central Labrador, Canada.

Teck, Vale make changes at the top

Boardroom chairs are being shifted at two large diversified mining companies, Vancouver-based Teck Resources and Brazilian powerhouse Vale SA, the world's second largest miner. Teck announced yesterday that Marcia Smith, Vice President, Corporate Affairs, will replace Doug Horswell as Senior Vice President, Sustainability and External Affairs. Horswell, staging into retirement, will work half-time in the company's Zinc and Health program. Meanwhile, Vale announced that coming this Thursday, CEO Murilo Ferreira will submit to the Board of Directors a proposal for a new structure of the company's Executive Board. Among the changes, the most high-profile is the replacement of CFO Guilherme Cavalcanti with Tito Martins, who currently runs Vale’s base metals division.

Nebraska votes to reroute pipeline

Nebraska legislators have voted unanimously to reroute the Keystone XL pipeline away from an ecologically sensitive region and the governor has signed new bills into law. The legislation is to pay for new environmental studies on the exact route the rerouted pipeline will take. The state and the proponent of the project, Canadian company TransCanada Corp. (TSE:TRP), agreed earlier this month to reroute the $7 billion project away from the Ogallala aquifer, a sprawling water table that provides water to cities and for irrigating farms. The new path would involve about 50 kilometres of pipeline. The company had long resisted changing the route, having already spent some $1.4 billion securing right of ways and stockpiling material for the project, which would deliver 700,000 barrels of crude oil a day from the Alberta oilsands to Texas refineries.

Kaminak Intersects Multiple High-Grade Gold Zones in Deep Drilling at Latte and New Gold Zone Discovered at Connector (MRW)

Kaminak Gold Corporation (TSX VENTURE:KAM) today announced diamond drill results from the Latte (8 holes) and Connector (4 holes) zones, located on the Company's 150,000 acre Coffee Gold property, Yukon Territory.

Omineca Mining and Metals and Sierra Madre Developments Announce Signing of an Option to Purchase the Harrison Gold Property

Management of Omineca Mining and Metals Corp. (Omineca)(TSX-V:OMM) is pleased to announce that the Company has signed an Option to Purchase Agreement with Sierra Madre Developments Inc. (Sierra Madre)(TSX-V:SMG) whereby Sierra Madre may acquire a 100% interest in the Harrison Gold Project (also referred to as the Abo project) located in south western British Columbia.

Fancamp Exploration Ltd.: Fermont-Fire Lake North-Preliminary Economic Assessment

Fancamp Exploration Ltd. (TSX VENTURE:FNC.V -News) is pleased to announce that Champion Minerals Inc. (the Operator) has released results of the updated preliminary economic assessment (PEA) study on the 17.5% owned Fire Lake North project that was performed by BBA Inc. VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2011) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) is pleased to announce that Champion Minerals Inc. (the Operator) has released results of the updated preliminary economic assessment (P...

Fieldex Exploration announces maximum $2 million private placement

Fieldex Exploration Inc. (TSXV: FLX) (Frankfurt: F7E) announces that it has entered into an engagement letter with Industrial Alliance Securities Inc. for a best-efforts private placement of "flow-through" units and non-"flow-through" units in a maximum amount of $2 million.

Golden Hope releases results with significant drill intersections from its on going campaign at Bellechasse-Timmins, Quebec

Golden Hope Mines Limited is pleased to announce further significant results from 4 additional holes from its Summer/Fall Drill Campaign. These holes include BD2011-158, 159, 160 and 164.

Balmoral intersects 44.97 g/t gold over 2.33 metres; extends high-grade Martiniere West Gold Zone, Detour Gold Trend, Quebec

Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR) today reported additional results from the Company's Martiniere West Gold Zone expansion drilling program.

B.C. Liberals' changes to Mines Act spark protest

Premier Christy Clark is about to find out her plans to chip away at the mountain of bureaucracy facing mining developments in British Columbia won't be an easy climb if environmental groups have any say in the matter. Opening eight new mines is a ...