Richmont Mines Inc. (TSX:RIC)(NYSE Amex:RIC) is pleased to announce financial and operational results for its first quarter ended March 31, 2011. Financial results are based on International Financial Reporting Standards ("IFRS") and dollars are reported in Canadian currency, unless otherwise noted.
Canada Mining News
Following on the footsteps of an ambitious, $80 billion plan to invest in Quebec's north announced earlier this week, the provincial government is looking at changing its Mining Act, the Montreal Gazette writes: Bill 14, amending Quebec’s Mining Act “in keeping with the principles of sustainable development” was presented Thursday in the Quebec National Assembly.
IAMGOLD Corporation reported its unaudited consolidated financial and operating results for the first quarter ended March 31, 2011. Net earnings were $162.3 million ($0.41 per share), an increase of $102.1 million compared to the first quarter of 2010, and operating cash flow was $205.8 million ($0.55 per share1), representing an increase of 177% from the first quarter of 2010. "Our strong first quarter results reflect our focused strategy to maximize the value of mines that we own and operate," said Steve Letwin, IAMGOLD's President and CEO. "Attributable gold production was up 41% year-over-year driven chiefly by the inclusion of Essakane along with higher recoveries at Rosebel. We continue to benefit from higher gold prices and are implementing various initiatives to reduce our cash costs."
Intergeo, the Russian copper and nickel company owned by billionaires Mikhail Prokhorov and Maxim Finskiy, hopes to raise from C$100 million ($104.2 million) to C$500 million in a initial public offering on the Toronto Stock Exchange by the end of the year. Finskiy, the company's chairman and 20 percent stakeholder, told Reuters in an interview on Wednesday the company would float about 10 percent of its shares in the offering.
The Montreal Gazette reports on an Ernst & Young report released this week that points to opportunities for rare earth companies in Canada and elsewhere, as a result of REE export restrictions imposed by China: China’s clampdown on exports of rare earth metals used widely in smartphones and other electronic products, is opening up huge opportunities for the Canadian and international mining industry, consultants Ernst & Young said Wednesday.
The Canadian province of Quebec plans to develop its huge frozen northern reaches into a powerhouse of mining and renewable energy, targeting C$80 billion ($83 billion) of private and public investment. Quebec's 25-year "Plan Nord," launched on Monday, envisages funding for infrastructure, mines and the development of renewable energy, taking advantage of an improving investment climate as the earth warms and polar ice melts.
Mountain Province Diamonds Inc. (TSX: MPV, NY-AMEX: MDM) today announced the results of an updated independent valuation of the diamonds recovered from the Gahcho Kué Project. The valuation was conducted by WWW International Diamond Consultants Ltd. and took place at the London offices of the Diamond Trading Company in early April, 2011. All diamond values presented below are based on the WWW Price Book as at April 11, 2011. Importantly, for the first time, the Gahcho Kué diamonds were grouped into larger parcels, each parcel representing diamonds from the Hearne, Tuzo and the separate lobes of the 5034 kimberlite. In the opinion of WWW, grouping of the diamonds into larger parcels increased the accuracy of the diamond valuation. Image by Mountain Province Diamonds
Canadian precious metals company North American Palladium Ltd's first-quarter loss narrowed, but the company cut its 2011 palladium production forecast as it shifts focus to development from production. The company cut its full-year production forecast to 145,000-155,000 ounces of palladium from its earlier view of 165,000-175,000 ounces.
Advanced Explorations Inc. (TSX-V:AXI) is pleased to announce progress in the ongoing Feasibility Study work for the C-Zone of its Roche Bay Iron Project in Nunavut, northern Canada. The Company has concluded multiple advantages may be drawn from an increased production of up to 5 million tonnes per year of concentrate (65%-66% Fe grade). This represents a 66% increase in production from the previously announced base case (3 million tonnes per year).
Thompson Creek announces first quarter 2011 record production of 10.3 million pounds of molybdenum and approves Mt. Milligan capital expenditure budget
Thompson Creek Metals Company Inc. announced financial results for the three months ended March 31, 2011, prepared in accordance with United States generally accepted accounting principles ("US GAAP"). All dollar amounts are in U.S. dollars unless otherwise indicated. Financial Highlights: Revenue for the quarter ended March 31, 2011 was $206.7 million, up 62% from $127.8 million for the first quarter of 2010. Image by Thompson Creek Metals
Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX:SLW)(NYSE: SLW) is pleased to announce that its Board of Directors has declared its second quarterly cash dividend payment for 2011 of US$0.03 per common share. The quarterly dividend will be paid to holders of record of its common shares as of the close of business on June 20, 2011, and will be distributed on or about June 30, 2011. The Company's dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.
Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) announced today that employees at its Fording River operation in southeastern British Columbia have ratified a new five-year agreement, replacing an agreement which expired on April 30, 2011. "Our discussions with the union were very productive and we are pleased to have reached a new five-year collective agreement at our Fording River operation," said Bill Fleming, Vice President, Operations and Engineering.
Today the Association for Mineral Exploration BC (AME BC) joined the Northwest Power Line Coalition in celebrating the federal environmental approval of the Northwest Transmission Line project. This federal approval supports the decision taken by the BC Environmental Assessment Office to grant BC Hydro an environmental assessment certificate for the proposed $404 million, 344-kilometre transmission line project from the existing Skeena substation south of Terrace to a new substation near Bob Quinn Lake along Highway 37 in northwest British Columbia.
Cameco announced Q1 results on Friday. Net earnings came in at $91 million compared to $143 million a year ago. The company said the decline was due to lower earnings at all its electricity, uranium and fuel services businesses and an increase in average cost of product sold. The company said production volumes were 23% lower this quarter due to lower production at McArthur River/Key Lake.
Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NY-AMEX: MDM) today announced the results of an updated independent valuation of the diamonds recovered from the Gahcho Kué Project. The valuation was conducted by WWW International Diamond Consultants Ltd. and took place at the London offices of the Diamond Trading Company in early April, 2011. All diamond values presented below are based on the WWW Price Book as at April 11, 2011. Importantly, for the first time, the Gahcho Kué diamonds were grouped into larger parcels, each parcel representing diamonds from the Hearne, Tuzo and the separate lobes of the 5034 kimberlite. In the opinion of WWW, grouping of the diamonds into larger parcels increased the accuracy of the diamond valuation.
The Company recorded first quarter earnings of $168 million or $0.88 per share (basic) compared to earnings of $55 million or $0.55 per share for the previous year. The higher earnings in the current quarter were driven by a $134 million pre-tax gain on the disposition of Gold Wheaton shares, higher average copper prices and the inclusion of the Sudbury operations following the merger with FNX. These factors were partially offset by lower sales volumes at Robinson and Carlota. Adjusted earnings for the first quarter totalled $51.8 million or $0.27 per share (basic) compared to $55.3 million or $0.56 per share (basic) for the previous year.
Seabridge Gold Inc. (TSX:SEA)(NYSE Amex:SA) announced today the results of an updated National Instrument 43-101 compliant Preliminary Feasibility Study ("PFS") for its 100% owned KSM project located in northern British Columbia, Canada. Image by Seabridge Gold
Allana Potash Corp. (TSX VENTURE:AAA) ("Allana" or the "Company") is pleased to announce that drill hole DK-11-17 intersected significant potash mineralization of 31.03% KCl over 1.00 metre starting at a depth of 74.20 metres. Hole […]
Shear Diamonds Ltd. (TSX VENTURE:SRM) today announced the commencement of its spring drilling program at its 100% owned Jericho Diamond Project, Nunavut. The first drill hole within the Jericho open pit into the Jericho Kimberlite Complex has been completed and intersected more kimberlite than expected based on the past models.. As part of the ongoing exploration program (see news release February 28, 2011), a series of six angled delineation drill holes have been planned to test areas of the Jericho Kimberlite Complex where it is felt that additional data points are required and to determine the potential for increased tonnage.
Talmora Diamond Inc. (CNSX:TAI) is pleased to announce that it proposes to complete a part brokered and part non-brokered private placement of up to 25,000,000 Units, comprised of at least 20,000,000 Hard Dollar Units and up to 5,000,000 Flow-Through Units at $0.05 per Unit, for gross proceeds of up to $1,250,000. The private placement is expected to close not later than May 16, 2011.
NioGold Mining Corporation (TSX-V: NOX) is pleased to report on the on-going exploration drilling program within the southern portion of company's wholly-owned Malartic Block property, located in the Malartic gold camp, Abitibi region of Quebec. The first three holes of the program intersected two important altered, veined and sulphide mineralised shear zones cutting sedimentary rocks.
Independent technical report confirms IAMGOLD's niobium mine potential with a 691% increase in M&I resources and a net asset value up to $2 billion
IAMGOLD Corporation (TSX:IMG)(NYSE:IAG) today announced the results of an independently prepared NI 43-101 compliant preliminary economic assessment ("PEA") on the company's wholly-owned Niobec niobium mine in the province of Quebec, Canada. The PEA shows a significant increase in the measured, indicated and inferred mineral resource estimates at Niobec with the potential for a significant production expansion. The PEA examined the impact of changing the existing underground mine to an alternative bulk mining method. IAMGOLD technical personnel then compared the economics of the open pit scenario and a block caving scenario. The work done on the PEA and the study will be advanced in a 2011 pre-feasibility study to confirm the potential upside of Niobec.
Lake Shore Gold announces first quarter 2011 production results, company targeting 125,000 ounces in 2011
Lake Shore Gold Corp. (TSX:LSG) today released production results for the first quarter of 2011. Ore processed in the quarter amounted to 148,400 tonnes at a grade of 4.89 grams per tonne ("gpt") at a recovery rate 95.8% for recovered gold of 22,300 ounces. Gold poured related to mill production totaled 25,900 ounces. Total gold sold during the first quarter of 2011 was 34,000 ounces at an average gold price of US$1,387 per ounce. Image by Lake Shore Gold
Alexco releases initial production results for Bellekeno Mine; On track for 2011 silver production of 2.8 million ounces
Alexco Resource Corp. (TSX:AXR)(NYSE Amex:AXU) today reported the first full quarter production results from its newly commissioned Bellekeno mine and mill in the Keno Hill Silver District, Yukon. First Quarter Highlights: * Silver Production of 447,524 ounces * Lead Production of 3,682,304 pounds * Zinc Production of 1,334,144 pounds
Record drill hole intersection at Kirkland Lake; Drill Hole 53-1685 asays 8.16 ounces of gold per ton over 46.7 feet true width
Kirkland Lake Gold Inc. (TSX:KGI)(AIM:KGI), an operating and exploration gold company, is pleased to announce a record drill hole intersection from one of the underground exploration programs on the company's 100% owned Macassa property. This particular drill hole, which was targeting the east `08 Break Zone from the 5300 foot level of the Macassa Mine, intersected the New South Zone within a previously defined resource area of the South Mine Complex (SMC). Image by Kirkland Lake Gold Inc.