Canada Mining News

Petaquilla Minerals Ltd. announces preliminary first quarter results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2011) - Petaquilla Minerals Ltd. (the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) announces that gold poured during its first quarter of fiscal 2012 has continued its upward trend totalling 18,014 ounces, an increase of 8% compared to the previous quarter. Actual gold mined equalled 61,227 ounces resulting in 43,213 stockpiled gold ounces for the Company's on/off leach pad project, which commenced production this week as previously forecasted. Gold sales during the quarter generated approximately US$26.3 million, an increase of 25% compared to the fourth quarter of fiscal 2011, with cash costs per ounce of gold sold continuing to be in the range of US$550 – US$600.

Labrador could lift uranium mining ban

The Inuit government of Labrador says it will review a 2008 moratorium on uranium mining that it brought in to protect the environment, The Winnipeg Free Press reported, with the Nunatsiavut Assembly voting last night to review the legislation imposing the moratorium on mining, production and development of uranium on Inuit lands. The moratorium was imposed on concerns over the environmental effects of uranium mining including low-level emissions produced from tailings. If a government committee recommends that the moratorium be lifted, legislation would be put forward to remove the restriction, says The Free Press. A report is expected by December.

Silvercorp targeted again in new letter, FBI gets involved

Embattled Silvercorp Metals on Wednesday was forced to respond by opening up its books after a second anonymous report which it believes comes from a group of shortsellers trying to drive down the company's share price emerged on the web. Ongoing investigations into the apparent shakedown are being conducted by the RCMP, the BC Securities Commission, the SEC and the FBI, the company said. Silvercorp was forced on Friday 2 September to make public the first fraud allegations and at the same time disclosed that someone had built up a short position of 23 million shares – more than 13% of the number outstanding. The firm with projects in China and Canada plunged after the news broke and year to date losses now top 46% despite the firm’s ongoing buyback programme and a 14.3% bounce by midday today in massive volumes.

Hathor board rallies the troops against 'predatory, opportunistic' bid

Hathor Exploration announced early Wednesday that its board unanimously recommends that shareholders reject Cameco's unsolicited offer for the company calling it 'opportunistic' and 'predatory' coming in the wake of the Fukishima disaster in Japan that sent uranium oxide prices to lows of around $50/pound. Hathor opened down slightly on Wednesday trading at $4.15 versus Cameco's offer of $3.75. Yesterday the company said a preliminary economic assessment of its Roughrider uranium deposit showed it would potentially be one of the lowest cost uranium producers in the world at only $14.44/lb U3O8. The junior uranium explorer has gained about 56% since the offer and 121% since the start of the year. In contrast $8 billion industry bellwether Cameco’s stock has almost halved in 2011.

Century Mining Shareholders approve business combination with White Tiger Gold

Century Mining Corporation ("Century Mining" or the "Company") (TSX-V:CMM) is pleased to announce that it has received shareholder approval for the Company's proposed business combination (the "Business Combination") with White Tiger Gold Ltd. ("White Tiger"). Under the Business Combination, Century Mining and White Tiger, intend to combine under a plan of arrangement resulting in 7918534 Canada Inc., a wholly-owned subsidiary of White Tiger, acquiring all of the issued and outstanding common shares of Century Mining (the "Century Shares").

Former Alberta premier opposes Keystone pipeline

The former premier of Alberta says he doesn't support the proposed Keystone XL pipeline project because it will take away jobs from Albertans. I would prefer...we process the bitumen from the oilsands in Alberta and that would create a lot of jobs and job activity," Peter Lougheed told CBC morning radio talkshow host Anna Maria Tremonti. "That would be a better thing to do than merely send the raw bitumen down the pipeline and they refine it in Texas that means thousands of new jobs in Texas."

Hathor buffs Roughrider ahead of new response to Cameco

Junior explorer Hathor Exploration on Tuesday said a preliminary economic assessment of its Roughrider uranium deposit showed it would potentially be one of the lowest cost uranium producers in the world at only $14.44/lb U3O8. The junior uranium company is the target of a hostile bid from world number one uranium miner Cameco and has gained about 56% since the offer and 121% since the start of the year. Hathor believes its worth more than the offer price and said it will formally respond tomorrow (September 14) and urged shareholders to sit tight.

BC moly mine extended by 2 years

The Endako molybdenum mine in British Columbia has been extended another two years, Thompson Creek Metals (TSX:TCM) said yesterday. The Denver and Vancouver-based company announced a 9% increase in mineral reserves from 286.2 million to 312.2 million pounds of molybdenum at the mine, located near Prince George, BC., meaning the mine will operate until 2028. "The updated reserves estimate illustrates the significant value of the Endako mine. The current report has revised our reserves estimates as a result of improved engineering, refined geological modeling and new drilling data. We believe the resource base at the Endako mine will continue to expand with our 2011 drilling program and future exploration," CEO Kevin Loughrey said in a statement.

NioGold shares rise after drill results confirm mineralization at depth

Shares in NioGold Mining (TSX-V:NOX) are up 3.28% today on brisk mid-day trading, after the company announced promising drill results from its Marban Block property, located in the Abitibi region of Quebec, Canada. Highlights from 10 new drill holes at the Marban deposit include an intersection at depth of 7.0 grams of gold per tonne (g/t Au) over 10.9 metres (MB-08-053ext) and shallow intersections obtained at the west end of the deposit of 5.9 g/t Au over 15.7 metres (MB-11-195) and 906.2 g/t Au over 2.6 metres (MB-11-198). Map by NioGold Mining Corp.

ATAC Resources Ltd. intersects 188.07 g/t silver, 8.69% lead and 6.06% zinc over 37.91 m at its Ocelot silver-lead-zinc target-Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 13, 2011) - ATAC Resources Ltd. (TSX VENTURE:ATC) is pleased to announce the final 2011 drill results from its Ocelot silver-lead-zinc discovery. The Ocelot is located within the Rau Trend in the western portion of ATAC's 100% owned Rackla Gold Project in the Keno Hill Mining District, Canada's second largest primary silver producer. The 2011 diamond drilling program consisted of 19 holes totaling 3784.75 m. The first five holes returned encouraging results near surface (see news release dated June 13, 2011).

TSX headed for slightly lower open as Europe debt fears persist, gold gains

TORONTO - The Toronto stock market was poised for a slightly lower open Tuesday as commodity prices rose but investors fretted about a Greek debt default despite indications that Athens was making progress in meeting the demands of creditors. Wall Street

Anglesey Mining: Associate Labrador Iron Mines to list on S and P/TSX SmallCap Index

Anglesey Mining ( LON:AYM ) revealed today that its 33 percent associate Labrador Iron Mines ( TSE:LIM ) has been added to the the S&P/TSX SmallCap Index. The move will become effective after the trading close this Friday (September 16). Chairman of

Barkerville intercepts up to 3.4 m (11.0 feet) of 459 g/T (13.393 oz/t) gold including 0.8 m (2.6 feet) of 1,942 g/T or 56.635 oz/T gold-discovers second and third gold zones on Cow Mountain

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 13, 2011) - Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(FRANKFURT:IWUB) (the "Company") reports the discovery of the second visible gold ("VG")-cosalite-pyrite-quartz mineralized zone returning up to 1,942 g/T or 56.635 oz/t (resplit 2,156 g/T or 62.875 oz/t) gold - the highest gold grade recorded to date in the area. The new zone is parallel/sub-parallel to the first VG-cosalite-quartz-pyrite zone on Cow Mt. reported by the company on June 27 and July 26, and is about 305 meters (1,000 feet) to the mine grid east. Both zones, running mine grid south and north, are outside the perimeter of the proposed Cariboo Gold Quartz ("CGQ") open pit on the northwest and west flanks of Cow Mountain on the company's project in central British Columbia.

Purepoint provides update on Red Willow Joint Venture with Rio Tinto

TORONTO, ONTARIO--(Marketwire - Sept. 13, 2011) - Purepoint Uranium Group Inc. (TSX VENTURE:PTU) provided an update on the advancement of Purepoint's Red Willow Project in the Athabasca Basin. The project is managed by Rio Tinto under an option agreement signed in December 2010. "Rio Tinto's focus this summer was to follow up on three areas identified from a recently completed regional 3D geological model", said Scott Frostad, Purepoint's Vice President, Exploration. "Geophysical surveys are now in progress and the results will be added to the existing base of knowledge in order to prioritize the next phase of work".

Oilsands Quest cancels rights offer after finding potential white knight

After the market close on Monday Oilsands Quest announced it is cancelling a $60 million rights offer that only two weeks ago it extended for a second time. The embattled firm's shares spiked higher 22% to 25c, five cents above the offer price, in after-hours dealings following the news. Oilsands Quest said it was working with a third party on a deal that would "change the company's financial position and funding requirements," but has not ruled out a new rights offer. Investors in the AMEX-listed firm have been on a bumpy ride. The stock is down some 70% from its January highs of 64c and gained 63% in a single day after Saskatchewan granted the company 15-year leases, the first in the province. But recent investors can feel smug about the fact that they did not buy into the junior during the frothy 2006 market – the counter hit a peak of $7.76 in March that year.

Ignace likely home for iron ore processing

The privately-held, First Nation family-owned company wants to develop an open pit mine which will create 700 construction jobs within two years and 300 permanent mine and processing jobs.

Silvercorp 2011 losses hit 40% after stock plunges again

Shares in China-focused miner Silvercorp Metals slumped over 7% on Monday after British Columbia security regulators said they were joining the investigation into an anonymous letter accusing the company of a $1.3 billion fraud. Silvercorp was forced on Friday 2 September to make public the letter and at the same time disclosed that someone had built up a short position of 23 million shares – more than 13% of the number outstanding. The firm with projects in China and Canada plunged after the news broke and Monday's drop brings year to date losses close to 40% despite the firm's ongoing buyback programme.

LIM Added to S&P/TSX SmallCap Index

TORONTO, ONTARIO--(Marketwire - Sept. 12, 2011) - Labrador Iron Mines Holdings Limited (TSX:LIM) 2011 is pleased to announce that Labrador Iron Mines Holdings Ltd. has been added to the S&P/TSX SmallCap Index which will become effective af...

Victory Ventures to List on Frankfurt Stock Exchange

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 12, 2011) - Victory Ventures Inc. (the "Company") (TSX VENTURE:VVN) is pleased to announce that it has retained a European agent to facilitate a listing of its common shares on the Frankfurt...

Benton Commences Drilling at Abernethy Gold Project

THUNDER BAY, ONTARIO--(Marketwire - Sept. 12, 2011) - Benton Resources Corp. (TSX VENTURE:BTC) ("Benton" or "the Company") is pleased to announce that the Company has commenced diamond drilling on its 100% owned Abernethy gold project loca...

Stornoway adds to sparkle for investors

Stornoway Diamond Corporation involved in the discovery of over 200 kimberlites in seven Canadian diamond districts will join S&P/TSX SmallCap Index at the end of the week, a move which should increase the appeal of the counter among institutional investors. It's a new milestone for Stornoway which flourished under the leadership of Eira Thomas, the renowned diamond explorer whose spectacular success in the 90s transformed Canadian diamond mining. Thomas left in August following the acquisition of Stornoway's lead asset – the 100%-owned Renard Diamond Project – on track to become Quebec's first diamond mine.

OroAndes announces 100% purchase of Kilometre 26 Project in BC

OroAndes Resource Corp. (TSX VENTURE:OAR) (the "Company") is pleased to announce that it has entered into an agreement (the "Purchase Agreement") with Eastfield Resources Ltd. (TSX VENTURE:ETF) ("Eastfield") to acquire (the "Proposed Acquisition") a 100% interest in the Kilometre 26 Property (the "Property").

Huakan International Mining Inc. Extends Closing Date of Sale of Greenwood Gold Project Assets

Huakan International Mining Inc. (TSX VENTURE:HK) (the "Company") reports that the deadline for closing of the sale of its Greenwood Gold project assets to Gold Crown LLC has been extended to September 30, 2011.

IBC Vice President of Nuclear Fuels Jim Malone appointed Chairman of World Nuclear Association Fuels Working Group

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 12, 2011) - IBC Advanced Alloys Corp. (TSX VENTURE:IB)(PINK SHEETS:IAALF)(OTCQX:IAALF) ("IBC" or the "Company") announces that Jim Malone, IBC's Vice President of Nuclear Fuels, has been appointed as Chairman of the World Nuclear Association's (www.world-nuclear.org) recently initiated Fuel Technology Working Group. The working group's objective is to explore evolutionary fuel technologies with a view to developing, supporting and commercializing alternative fuel-types for the nuclear industry. VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 12, 2011) - IBC Advanced Alloys Corp. (TSX VENTURE:IB)(PINK SHEETS:IAALF)(OTCQX:IAALF) ("IBC" or the "Company") announces that Jim Malone, IBC's Vice President of Nuclear Fuels, has been appointed ...

Pele Mountain drilling expands eco ridge deposit northward, demonstrates significant rare earth mineralization outside of main conglomerate bed

TORONTO, Sept. 12, 2011 /PRNewswire/ - Pele Mountain Resources Inc. (TSXV: GEM) (OTCQX: GOLDF) ("Pele" or the "Company") today announced results from the recent 7,000-metre drill program at its Eco Ridge Mine Rare Earths and Uranium Project ("Eco Ridge"