Canada Mining News

Aurizon’s new CEO takes reins at gold miner

In late June, Aurizon Mines announced that George Paspalas would take over as president and chief executive officer for David Hall, who has been with the company for decades. (Mr. Hall is staying on as chairman.) Mr. Paspalas' career includes fourteen years in senior management positions, most recently as the Chief Operating Officer at Silver Standard Resources Inc.

Northern Ontario: 175 million ounces of gold and counting

At it’s peak, the Klondike gold rush only lasted for a few years – 1896-99 – and produced a miserly 12.5 million ounces of gold. “Chump change” compared to northern Ontario’s four major gold rushes.

Beware junior gold miners

Julie Gordon of Gold Matters writes with recession fears weighing on equity markets, resource investors would do well to steer clear of speculative Canadian mining plays and put their cash into producing miners with strong […]

Manicouagan provides an exploration update on its Pickle Lake gold properties

In late July 2011, Manicouagan completed a follow-up diamond drill program on its Kasagiminnis Lake Project to test for the down-dip extension of the encouraging results from the drill program carried out in April this year. The current drill program consisted of five holes KAS-11-10 to 14 totalling 1,095.3 metres. Four holes (KAS-11-11 to 14) all intersected the mineralized zone at depth. Assay results are expected by the end of August. Hole KAS-11-10 had to be abandoned due to ground conditions.

Selwyn Resources Ltd.: deep drilling at Don Deposit defines new mineral potential in Don Valley

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 15, 2011) – Selwyn Resources Ltd. ("Selwyn") (TSX VENTURE:SWN) is pleased to announce the final drill results from the Don deposit area at Selwyn Project, Yukon. The exploration drill results expand […]

Thor Announces Closing of the Acquisition of African Star

Thor Explorations Ltd. (TSX VENTURE:THX) ("Thor" or the "Company") is pleased to announce that it has closed its previously announced transaction (the "Transaction") of all of the issued and outstanding shares of African Star Resources Incorporated

Labrador Iron to sell 2011 iron ore production to IOC

Labrador Iron Mines Holdings Limited (TSX: LIM) is pleased to report that it has entered into an agreement with the Iron Ore Company of Canada (“IOC”) for the sale and shipping of all of LIM’s 2011 iron ore production. Iron ore from LIM’s new James Mine in northwest Western Labrador is currently transported by rail from its Silver Yards rail head, near Schefferville, via the TSH railway and the Quebec North Shore and Labrador (QNS&L) railway, to the Port of Sept-Iles where the ore is unloaded and stockpiled adjacent to LIM’s Point-aux-Basques dock facilities leased from the Port of Sept-Iles.

Mega Uranium Ltd. releases unaudited results for the three and nine months ended June 30, 2011

Mega Uranium today announces its unaudited results for the three and nine months ended June 30, 2011. As at June 30, 2011, Mega had cash, cash equivalents and marketable securities totaling $31.1 million, as compared to $49.9 million at the end of September 30, 2010, a decrease of 38%. The decrease is primarily attributable to the Lake Maitland feasibility costs and other exploration expenditures incurred during the current period. As at June 30, 2011, the Company had mineral properties and related expenditures of $265.9 million, as compared to $251.7 million as at September 30, 2010. The increase reflects expenditures on our mineral properties of $18.9 million, offset by write offs of mineral properties of $4.6 million.

Carpathian closes $20 million strategic placement by Barrick Gold Corporation

Carpathian Gold announced that it has closed its previously announced agreement with Barrick Gold Corporationfor a non brokered CDN$20 Million private placement to purchase 38,461,538 common shares at a price of $0.52 per share.

Field assessment of nickel targets on Diamonds North's Amaruk property

Diamonds North Resources Ltd. (TSX VENTURE:DDN) reports that Minerals and Metals Group (MMG) has informed the Company that they have mobilized a field crew to conduct lake-bottom sediment sampling to follow-up on preliminary EM anomalies identified from the survey recently completed on the Amaruk nickel project in Nunavut (see news release July 14, 2010). To view a presentation on the nickel potential at Amaruk visit our website www.diamondsnorth.com.

Aurizon Mines gross profit up 45%

Aurizon Mines reported gross profits of $29.1 million in the second quarter, a 45% increase from the same period last year, while net profit was up 17%. Chief executive David Hall credited stronger cash flows due to better performance from the Casa Berardi mine in the Abitibi region of Quebec, Canada, where the company is deepening the shaft and conducting the largest exploration program in Aurizon's history. Aurizon produced 41,418 ounces of gold in Q2, an 8% increase from the same period last year, at cash costs of US$544/oz. Image of Aurizon Mines' Joanna project

Canadian Major Mining Company Executive Compensation

With everything related to mining and the economy in general seemingly falling–except the price of gold—let us delay a little and bask in the heady news of what Canadian major mining company executives take home—and presumably spend to keep the economy buoyant.   These following numbers are from the CostMine 2011 Survey Results of Canadian Mine Salaries, Wages and Benefits.

Losing our cool in the summer

Predictability is a long-sought but elusive state in the modern economy. It seems particularly elusive at the moment. Unusual uncertainty and volatility are delaying the global economy’s healing process. Listen to the the podcast from Peter Hall, VP and Chief Economist with Export Development Canada.

Gold tumbles to $1,740 while stock markets bounce back strongly

Gold traders saw the precious metal lose over $60 in value today after gold dipped below $1,740 in afternoon trading. Yesteray gold broke through $1,800/oz. While gold was down, markets were up on strong corporate earnings and good U.S. job's data. The Dow Jones was up 5.16% and the S&P 500 was up 5.76%. The Canadian markets were up modestly. The resource-heavy S&P TSX rose 2.16%.

Odds against oil sands projects rapidly stacking up

Recent developments are rapidly stacking the odds against Alberta oil sands: the oil price has fallen 20% in one month, the gap between US crude and world prices hit a record on Wednesday above $24, the premium syncrude enjoyed in recent months is melting away and Canadian heavy oil's discount to US crude has widened to $15. The question now is how many of the $100 billion of oil sands projects in various stages of development will be completed or run at a profit when Canadian crude only attracts $60-$70 a barrel and could go lower. Sky-rocketing labour and equipment costs and a rising loonie could well turn out to be the proverbial last straw.

BCMJV bags EPCM contract for Canadian mine

British Columbia Mining Joint Venture (BCMJV) has reached a final agreement with Terrane Metals to provide mining services at Mt. Milligan copper-gold project in Canada.

Bre-X defence lawyer faces disciplinary hearing

The lawyer who acquitted the geologist at the centre of the Bre-X scandal is facing a disciplinary hearing in Toronto for his conduct during the trial, which happened a decade ago. The Law Society of Upper Canada accuses Joe Groia of professional conduct for "incivility" during the trial, The Globe and Mail reported on Thursday: Mr. Groia, 56, criticized in previous court judgments for using “petulant invective” and “guerillia theatre” in the Bre-X trial, faces anything from a reprimand to the revocation of his licence if a three-member Law Society panel finds he violated the profession's rules.

Passport Potash Inc.: rights plan proposed

Passport Potash announces it has scheduled its annual and special general meeting for August 25, 2011. At the meeting, the Company is seeking shareholder approval for a shareholder rights plan. The Board has proposed the adoption of the Rights Plan between the Company and Computershare Trust Company of Canada ("Computershare Trust"), as Rights Agent. The Board's objective in adopting the Rights Plan is to ensure the fair treatment of shareholders in connection with any take-over bid for the Company's common shares.

Timmins Gold reports first quarter production results

Timmins Gold Corp. (TSX:TMM) is pleased to report preliminary production results for the first quarter ended June 30, 2011. The Company sold 17,965 gold ounces during the quarter. This represents a 59% increase in gold sales over the first quarter of fiscal 2011. The Company produced 16,676 gold ounces and 9,089 silver ounces during the quarter.

Selwyn mobilizes drills to ScoZinc Mine

Selwyn Resources Ltd. (TSX VENTURE:SWN) ("Selwyn") is pleased to inform investors that it has commenced exploration activities at the ScoZinc mine (formerly the Scotia mine) to provide infill definition drilling and to conduct near-mine exploration in support of the mine restart activities. Restart activities were initiated shortly after closing of the acquisition of ScoZinc Limited (see June 1, 2011 news release). ScoZinc Limited has entered into a drilling contract with Logan Drilling Group of Stewiacke, Nova Scotia. Two drill rigs are being mobilized to the ScoZinc mine for the commencement of diamond drilling.

New Earth Potash closes $5.4 million private placement

New Earth Potash announced the closing of a non-brokered private placement successfully completed largely due to the efforts of PowerOne Capital Markets Limited. The private placement consisted of 21,575,000 units at a price of 25 cents per unit for aggregate gross proceeds of $5,393,750. Each unit consists of one common share of the company and one-half of one common share purchase warrant.

Innovative documentary shows zinc mining town being 'erased'

The Web documentary "Welcome to Pine Point" by combining video, photographs, text, music and narration and then blurring the boundaries among them, pushes storytelling and documentary filmmaking into new territory. "Welcome to Pine Point" is the story of a small lead and zinc mining town in Canada's Northwest Territories that physically disappeared from the map after the mines closed in 1988. The first buildings were erected in 1952 and at its peak it had 1,200 inhabitants.

Kirrin airborne survey shows 13 high priority targets at Key Lake uranium project

The eastern margin of the Athabasca Basin is home to the most productive and highest grade uranium mines in the world with roughly 25% of the world’s uranium production coming from this area. Kirrin’s target at KLSW is basement-hosted unconformity-type uranium deposits, similar to Cameco’s basement-hosted Millennium deposit. Kirrin is earning a minimum 70% interest in the KLSW property by spending $3.0 million on exploration and making payments of $310,000 by 31 December 2015. Kirrin is current on its obligations.

North American Palladium Announces Second Quarter 2011 Results

North American Palladium announced financial results and operational updates for the second quarter ended June 30, 2011. Highlights were production of 46,971 ounces of payable palladium at a cash cost1 of US$335 per ounce; realized palladium price of US$751 per ounce, giving an operating margin of US$416 per ounce, and total operating margin of US$20 million for the palladium produced; revenue of $51.4 million; and adjusted EBITDA of $15.4 million.

We will pay for oilsands monitoring

The new federal environmental monitoring plan stopped me short on Page 11 of the first part on Air Monitoring. There is an image that shows the NO2 (nitrous oxide) monitoring related to North America.