Canada Mining News

Oilsands Quest forced to extend begging bowl to battered investors once again

Oilsands Quest stock was trading below the rights offer price of 20c at the open on Friday after announcing it was extending a rights offer to advance its Axe Lake oil sands project in Saskatchewan a second time. The company is attempting to raise $60 million after it was forced to go it alone following a fruitless 11-month quest to find a partner or buyer.

Why U.S. protesters want Obama to “just say no” to Canada’s oilsands

Thousands of Americans – many of them high-profile, law-abiding citizens – will be risking arrest over the coming weeks to send a message to their president about importing oil from Canada’s oilsands: “Just say no.”

Detour Gold obtains another $40 million for mine fleet

Detour Gold has executed a term sheet with Caterpillar Financial Services pursuant to which Cat Financial has agreed to underwrite an additional mining fleet lease facility of some $40 million to fund its acquisition of additional Caterpillar mobile fleet equipment including two rope shovels for the Detour Lake gold project in northeast Ontario.

The secrets of diamond mining are forever

24/7 Wall St says the global diamond mining industry may be one of the world’s best-kept secrets and diamond mining is not unlike the oil business, where about 100 massive fields supply about half the world’s oil.

Mountain Lake discovers of new gold-bearing vein

Mountain Lake Resources Inc reports discovery of a new quartz-tourmaline-pyrite vein structure from the current resource boundary of the Leprechaun gold deposit , Newfoundland.

TerraX completes first drill hole at Stewart Gold-Copper Property

TerraX Minerals Inc. reports that it has completed the first hole of the current drill program on its Stewart gold-copper property, Newfoundland.

US review to find Canada pipeline impact 'limited' – report

The U.S. State Department's final environmental review of a proposed Canada-to-Texas oil pipeline will affirm an earlier finding that the project will have "limited adverse environmental impacts," The Washington Post reported on Wednesday.

Selling oil sands coast to coast

The environmentalists protesting daily outside the White House over a proposed pipeline to carry “dirty” Alberta oil south – and landing in the slammer for it – cast doubt on Canada’s image as a pristine purveyor of nice. Luckily, Gary Doer has been several steps ahead of them.

World potash supply won't reach capacity this year: PotashCorp official

A top executive at Saskatchewan PotashCorp says potash producers will not be able to meet the 2011 world supply capability of 61 million tonnes. David Delaney, PotashCorp executive vice-president and chief operating officer, said in a conference call Tuesday that "hitting the target would have required "perfect production, very little downtime. When you're pulling all these operations around the world that hard, it's really difficult to do."

Balmoral intersects 8.14 g/t gold over 21.47 metres in shallow angle intercept at Martiniere West, Quebec

Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE:BAR) reported results from the first six holes of its summer 2011 drill program on the Martiniere Gold Property located along the Detour Gold Trend in Quebec.

Margot Kidder arrested in oil sands protest

Canadian actress Margot Kidder was among the latest slate of environmentalists to be arrested outside the White House on Tuesday, handcuffed and sent to jail on the fourth day of a two-week civil disobedience campaign against TransCanada's Keystone XL pipeline.

Harper Arctic Visit: PM talks economic development at Meadowbank Gold Mine

Stephen Harper is using the backdrop of peaking gold prices amid international economic turmoil to sell his vision of economic development in Canada's Far North.

Mountain Province breaks off third party talks for $600 million Gahcho Kué project

Mountain Province Diamonds said on Wednesday it is breaking off talks with unspecified parties that showed an interest in the company and is instead focusing on advancing its Gahcho Kué project and to arrange its share of the financing which amounts to some $600 million. Shares in the little-traded company jumped almost 8% on the news.

Prefeasibilty study predicts 3 year payback for Ring of Fire project

TSX V-quoted Noront Resources on Tuesday published the results of a prefeasibility study into its Eagles Nest nickel-copper-platinum project in Ontario’s Ring of Fire, outlining a $734-million capital investment for a one-million ton a year mine.

IOC looking to double production capacity as iron ore prices surge

Canada's largest iron ore producer is looking to expand its operations in Newfoundland/Labrador. IOC announced last week that it has launched a study to evaluate options that would increase production to 50 million tonnes per year by 2016. The expansion effectively doubles IOC's capacity from 26 million tonnes per annum, the target set for 2013 after the completion of three concentrate expansion projects (COPs).

Russians buy High River Gold Mines stake at a discount

Russian steelmaker OAO Severstal's unit said it bought 1 percent of High River Gold Mines at a discount, sending the Canadian miner's shares down 3 percent on Tuesday morning on the Toronto Stock Exchange.

Canada crude to fall further behind global oil as Horizon syncrude restarts

Canadian Natural Resources said on Tuesday its Horizon oil sands operation has resumed production after a seven month gap caused by a fire. The Calgary-based company said expects to reach full capacity of 110,000 barrels per day of syncrude – a light oil manufactured from bitumen – by next week. The Horizon outage led to a shortage of syncrude which helped Alberta’s producers attract a premium of $18 above benchmark US oil. That premium is now shrinking and is set to return to normal levels of a slight discount. Last week the spread between US crude and North Sea Brent reached a record margin of $26 a barrel. Western Canada Select in turn trades at $13 a barrel below US levels which on Tuesday was $84 a barrel.

Canadian miners' pay expected to surpass national average

While miners in Chile, South Africa, Indonesia and Mexico downed tools recently to strike for higher wages, those working in the Canadian mining sector can take comfort in knowing that their pay packets are expected to grow fatter than workers in other Canadian industries. According to a report by consulting firm Hay Group, which surveyed 660 Canadian employers, companies expect to see wages climb 2.8 per cent on average across their work force in 2012, with salary gains of 3.8 per cent in the mining sector and 3.7 per cent in the oil and gas field.

Eriez® announces expansions in U.S., Canada, China and India

Eriez®, world authority in advanced technology for magnetic, vibratory and inspection applications, announced that the company will expand its operations in the United States, Canada, China and India to address the growing global demand for Eriez products.

Tawsho Mining Hits New Yr-High As Strikes Significant Gold in Newfoundland

Tawsho Mining Inc. (TAW.V) is now surging 32%, hits a new year high of about 37 cents earlier, after announcing results from its summer 2011 drill campaignon its Whisker Valley Gold Project.

Canada's Silvercorp buying Chinese assets

Canadian company Silvercorp Metals Inc. said Monday it is buying a controlling share in two Chinese mining companies for about $10.4 million, including debt. Silvercorp will hold a 90 percent stake in Zhongxing Mining Co. Ltd. and Chuanxin Mining Co. Ltd. It will pay $4.3 million cash for the two companies and assume $6.1 million in debt. Silvercorp is making the purchase through its majority-controlled Henan Found Mining Co. unit.

American Manganese Initiates Detailed Exploration on Their 100% Owned Rocher Deboule Iron Oxide Copper Gold Target

Larry W. Reaugh, President and Chief Executive Officer of American Manganese Inc. (TSX VENTURE:AMY)(PINK SHEETS:AMYZF)(FRANKFURT:2AM) ("American Manganese" or the "Company") is pleased to report the Company has initiated a detailed exploration program of prospecting, mapping, soil and rock sampling and limited geophysics on their 100% owned, 9956 hectare (24,602 acre) property located 10 km south of New Hazelton, BC.

Canada proposes crackdown on coal-fired power

Proposed standards would in effect ban coal-fired power stations without carbon capture capabilities The Canadian government has proposed long-awaited rules that could result in the phasing out of coal-fired power plants.

US greens see red over Keystone oilsands pipeline

Thousands of opponents of a $7 billion pipeline that would boost U.S. dependence on Canadian oil sands plan to get arrested in protests over the next two weeks that they hope will help persuade the Obama administration to kill the project.

Gold gets above $1800 as bad economic news piles on

Gold futures on the COMEX traded above $1,800/oz on Thursday as bad economic news continues to mount and market sentiment turns. On Thursday, the S&P/TSX Composite index fell nearly three percent. The S&P/ASX 200 was off 3.51%. Markets worry that Europe could pull the world economy down due to a spreading euro-zone fiscal crisis.