Canada Mining News

Oilsands Quest scraps $60M rights offering as it seeks corporate transaction

Oilsands Quest Inc. (NYSE Amex:BQI) has cancelled its $60 million rights offering of shares as the oilsands operator negotiates a potential deal that would change the Calgary company's financial position and financing needs.

Canadian base metal miners tumble as copper drops

(Reuters) - Shares of Canadian base metal miners tumbled on Monday as copper prices slid to their lowest level this year on economic jitters and the lingering threat of a Greek default.

Acadian Mining shares up 32% on strong drill results

Acadian Mining (TSX:ADA) shares were up 32% in mid-day trading on Monday after the company announced strong drill results from its Fifteen Mile Stream gold project in Nova Scotia, Canada.

Northern potash and coal port gets $15 million from BC government

Premier Christy Clark announced on Monday a $15-million contribution for a $90-million road rail utility corridor project, phase one of a planned $300-million development at the Port of Prince Rupert. The $90-million Road Rail Utility Corridor Project will expand Ridley Island's terminal capacity to help meet growing demand from Asia for Canada's natural resources. The project includes construction of new inbound and outbound rail lines and the extension of on-site rail and utilities. The BC government says that the investment will create over 570 direct construction jobs over the life of the project and will further provide up to 4,000 operational jobs after all construction is complete.

Selwyn Resources Ltd.: new high-grade mineralization extends XY West to the Northwest

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 19, 2011) - Selwyn Resources Ltd. ("Selwyn") (TSX VENTURE:SWN) is pleased to provide additional information on the discovery of zinc-lead mineralization northwest of XY West deposit, as described in the August 15, 2011 news release, within an adjacent fault panel. These new drill results support the significant mineral potential of the Selwyn Project now that high-grade zinc-lead mineralization has been traced over 2,900 metres in the XY Central-XY West deposits area. This drilling was 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. The location of the new drill holes and lenses can be found on drill plan maps available at www.selwynresources.com.

IAMGOLD update on rare earth drilling and assay results

IAMGOLD Corporation ("IAMGOLD" or the "Company") today announced an update on its exploration of the rare earth elements ("REE") adjacent to its Niobec niobium mine near Saguenay, Quebec, Canada. The known rare earth element zone ("REE zone") located about one kilometre north of the Niobec mine was last explored in 1985, and is known to host significant rare earth element mineralization. As reported in the Company's 2011 second quarter report, a supplemental exploration program of $2.5 million was approved to drill test the projected extensions of known niobium resources at Niobec, and to explore the REE zone. A 21,000 metre diamond drilling campaign commenced in the second quarter, with 8,500 metres directed to the REE zone.

Aurizon Mines Ltd.: two new high grade gold zones discovered at Marban

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 19, 2011) - Aurizon Mines Ltd. ("Aurizon") (TSX:ARZ)(NYSE Amex:AZK) is pleased to report the discovery of two new high grade mineralized gold zones at the Marban Block property, located in the Malartic gold camp, Abitibi region of Quebec. "These are extremely encouraging results for us," said George Paspalas, President and CEO of Aurizon. "The original premise for entering into the Marban joint venture was to test for both extensions of the current known gold mineralization in the top 300 metres, and to test for vertical extension at depth. These results confirm that premise." VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 19, 2011) - Aurizon Mines Ltd. ("Aurizon") (TSX:ARZ)(NYSE Amex:AZK) is pleased to report the discovery of two new high grade mineralized gold zones at the Marban Block property, located in t...

First signs of potash demand destruction as India sales plummet 58%

The Hindu Business Line reports disproportionate price increases of fertilizers are clearly playing out, with sales of di-ammonium phosphate (DAP) falling 21.6% and muriate of potash (MOP) plunging 58% during the kharif (monsoon) planting season. The more than 50 million small farmers in India that depend on the soil nutrient have also had to contend with a weak rupee that caused domestic MOP prices to rise by as much as 91%. India imports some 6 million tonnes of potash a year with current pricing around the $500/tonne level. Chinese and Indian consumption drove the potash price from $100/tonne in 2004 to almost $900/tonne in the run up to the 2008 recession when the boom went bust and prices rapidly fell back to $350/tonne.

Keystone oil sands pipeline 'absolutely' will happen

TransCanada CEO Russ Girling, told the EnergyNow program airing on Sunday that the proposed $7 billion, 3,190km Keystone XL pipeline connecting Alberta’s oil sands to refineries on the US Gulf Coast is “absolutely” going to happen and the show quotes US Energy Secretary Steven Chu as saying "having Canada as a supplier of our oil is much more comforting than to have other countries supply our oil.” The oil sands industry feeding Keystone XL has tripled in size since 1995 and the US government estimates that Canada may double its current output of heavy crude by the end of this decade. Canada currently pumps 2 million barrels per day to the US, with more than half coming from the oil sands. A final decision on Keystone XL by US President Obama is expected before the end of the year.

Dale Mah: Gold companies to watch from the Yukon to Colombia

From the Yukon to Colombia, with stops in Nevada and Mexico, Dale Mah, an equity research analyst with Mackie Research, covers the map looking for exciting exploration plays.

Northern Gold Mining raises $10 million in private placement, Sprott among investors

Northern Gold Mining ("Northern Gold" or the "Company") (TSX VENTURE:NGM) is pleased to announced that it has completed a non-brokered private placement for aggregate gross proceeds of $10,870,471 subject to regulatory approval (the "Offering"). The Offering consists of the sale of 25,724,260 common shares comprised of 11,205,078 shares issued on a hard dollar basis at $0.40 per share for aggregate gross proceeds of $4,482,031, and 14,519,182 shares issued on a flow-through basis at $0.44 per share for aggregate gross proceeds of $6,388,440. Lead Investors include funds managed by Sprott Asset Management L.P.

B2Gold Corp. announces further positive exploration drill results from the Cebollati project in Uruguay

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2011) - B2Gold Corp. (TSX:BTO)(OTCQX:BGLPF)(PINK SHEETS:BGLPF) ("B2Gold" or the "Company"), is pleased to announce additional drilling results from the first exploration drill program at its newly discovered Cebollati gold project in Uruguay. B2Gold is earning an 80% interest in the property.

Rainy River resources conditionally approved to graduate to the TSX

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2011) - Rainy River Resources Ltd. ("Rainy River" or the "Company") (TSX VENTURE:RR) is pleased to announce that it has received conditional approval to list its common shares on the Toronto Stock Exchange (the "TSX"). The listing remains subject to certain conditions including, without limitation, final approval of the TSX. Rainy River is coordinating the arrangements for listing on the TSX and de-listing from the TSX Venture Exchange. The Company will advise further about the timing of the graduation, which is anticipated to occur by early October 2011.

Apogee to acquire the balance of its Chilean venture

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2011) - Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) provides the following update with respect to its agreement with Valencia Ventures Inc. ("Valencia"). Further to previous news releases issued by the Company (October 5, 2009 and December 21, 2010), the parties have now agreed that Apogee will purchase all of Valencia's participating interest in Compania Minera Valencia Ventures – Chile Limitada ("Compania Minera"). Compania Minera holds Valencia's entire 80% participation interest in each of the Cachinal Property and the Nueva Juncal Silver Property, both located in northern Chile, (Figure 1), for an aggregate purchase price of $500,000 in cash and 3,000,000 common shares of Apogee.

Jayden completes earn-in for an additional 10% interest in silver coin

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2011) - Jayden Resources Inc. ("Jayden" or "the Company") (TSX:JDN)reports that it has completed the expenditure requirements to earn an additional 10% interest in the Silver Coin project, bringing the Company's ownership to 80%. Pursuant to a July 2009 agreement with JV partner Mountain Boy Minerals Ltd. ("Mountain Boy"), Jayden increased its ownership in Silver Coin to 70% with an option to acquire an additional 10% by spending $4M on the project by July 2014.

Changes to oil sands royalty rates boost Alberta coffers by $1 billion without scaring investors

In a study released Thursday by Calgary University's School of Public Policy, Professor Ken McKenzie using economic data found incremental revenue for the government of Alberta over the last two years under the controversial New Royalty Framework in excess of $1 billion. McKenzie said it was done without generating the political outcry that accompanied much of the changes to conventional oil and gas as a part of the royalty review process.

Alexco posts 9-fold increase in profit from Bellekeno silver mine

Alexco Resource Corp. (TSX:AXR) posted a banner year in silver production and sales, as the Vancouver-based company made the successful transition from mine developer to producer. With production starting on January 1st at its Bellekeno silver-lead zine underground mine in Canada's Yukon Territory, Alexco managed in the first six months to produce 5,059 tonnes of lead-silver concentrate and 2,788 tonnes of zinc concentrate, leading to sales of 7,956 tonnes of concentrate and revenues of $38.269 million.

Australia's first potash miner wants to break Canadian grip on market

Encouraged by test work that revealed extraction potential using its own technology at one of the world’s largest known glauconite deposits, Perth-based Potash West on Wednesday expanded it exploration tenure by almost 40% to 2,905km² in Australia's wheatbelt. The company raised $6 million on the Sydney bourse in May this year hoping to become the first Australian firm to break into the lucrative potash market dominated by about 10 mainly Canadian companies. Global potash prices currently average $500 a tonne, up more than 40% from 2008-recession lows.

Northwest Transmission Line begins service in 2013

The Northwest Transmission Line, which will bring power to number of potential mines in British Columbia, will be in service by the end of 2013. Rohan Soulby, Director, Export Transmission Development for Powerex, provided an update on the project during a Thursday luncheon with the Vancouver, BC Branch of the Canadian Institute of Mining, Metallurgy and Petroleum. Soulby said that the line will be able to do 300,000 kW when it comes into service. With further upgrades, he said the ultimate capacity of the transmission line will be north of 400,000 kW.

Company on track to reopen two Ontario nickel mines

Canadian Arrow Mines could soon be mining nickel again at its Kelex and Alexo mines near Timmins, Ontario. The Toronto-listed company (TSX-V:CRO) has received regulatory approvals to resume production with a small-tonnage, open-pit operation at the Kelex Central West pit, which was exposed, but only superficially mined, before suspension of production in 2005 due to nickel prices falling below US$5/lb.

$304 million in mining royalties in 2010-2011: Quebec has collected in a single year more than it did in the 10 previous years

Montréal, September 15, 2011 – “The new mining royalty regime enables us to attain the objectives that we set, i.e. to obtain from mining companies fair compensation for our natural resources without discouraging investment,” Minister of Finance and Minister of Revenue Raymond Bachand said today at a technical information session held jointly with Minister of Natural Resources and Wildlife and Minister responsible for the Plan Nord Clément Gignac. Minister Bachand indicated that the mining royalties the government collected reached $304 million in 2010-2011, more than double the $133 million originally forecast in the 2011-2012 Budget.

More Canadian mining CEOs join the millionaires club in 2011

VANCOUVER, Sept. 15, 2011 /CNW/ - In 2011, Canadian mining CEOs are enjoying high salaries on par with 2010's blockbuster year for compensation and there has been a rise in mining CEO millionaires this year, according to the 2011 Mining Industry Salary Survey by Coopers Consulting and PwC. In 2011, the average annual base salary for Canadian mining CEOs was $486,000 in 2011, similar to $480,000 in 2010. Of the 95% of CEOs who were eligible for cash bonuses, 85% reported receiving payouts averaging 76% of their base pay (compared to 88% in 2010 and 61% in 2009) with the highest cash incentive percentage totalling 300% of base pay.

Anvil Mining reins in $1 billion takeover rumours

Anvil Mining (TSE:AVM), a copper miner based in the central Africa, tamped down speculation that it may be acquired for $1 billion. Australian Finance Review reported that it was in serious discussion with a Chinese firm about some sort of business tie up. Last month, Anvil announced that it started a strategic review process and the company had formed a special transaction committee to ". . . review and consider the value maximizing alternatives available to the Corporation. BMO Capital Markets has been retained to assist in this regard," said the company in a statement.

Golden Share reports surface grades up to 31.70 g/t Au north-east of Band Ore and 25.80 g/t on Pistol Lake

MONTREAL, QUEBEC--(Marketwire - Sept. 15, 2011) - Golden Share Mining Corporation ("Golden Share" or the "Company") (TSX VENTURE:GSH) is pleased to provide an update on its 2011 Shebandowan Gold Project ("SGP") on-going work program.

Uragold Retains the Services of GENIVAR for an Environmental Audit on the Beauce Placer Gold Property

MONTREAL, QUEBEC--(Marketwire - Sept. 15, 2011) - Uragold Bay Resources Inc. (TSX VENTURE:UBR), Uragold is pleased to announce that it has retained the services of GENIVAR Inc. (GENIVAR) (TSX:GNV), one of the largest professional services firm in Canada. GENIVAR will provide Uragold with an audit of its environmental compliance in order to meet all legal requirements and obligations as it continues to explore the Beauce Placer gold property located in the municipality of St-Simon les Mines in southeastern Quebec. As part of its mandate, GENIVAR has also been instructed to handle Uragold's permitting requirements regarding the extraction of a bulk sampling of 10,000-tons of gold bearing basal till from the same location. This will allow Uragold to broaden its planned bulk-sampling program.