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Venezuela bans gold exports; passes nationalization decree

Venezuelan President Hugo Chavez followed through on a promise he made last month to ban the export of bullion under a broad scheme to nationalize the country's gold industry, The Wall Street Journal reports (sub required): Under guidelines published in the Official Gazette on Monday, the government said "all gold that is obtained through mining activity within national territory will be handed over to the Bolivarian Republic of Venezuela." The decree also gives companies 90 days to form joint ventures for gold mining, in which the government will hold a 55% stake.

Lakeland gets a 30% bump on high gold grades at Midas

Lakeland Resources (TSX-V:LK) was up nearly 30% at the close of trading Tuesday, after the company said it made a new gold discovery on its Midas property in Ontario, Canada. A 1500-metre drill program returned grab sample values ranging from 2 g/t to 130 g/t, Lakeland said, with one non-assayed sample containing 5.92 g/t gold over 4.70 metres.

FLSmidth to acquire Canadian company Knelson

FLSmidth has today signed an agreement to acquire the assets of the privately owned company Knelson, a Canada based corporate partnership which is active within the minerals industries. Knelson develops, manufactures, and installs equipment for the recovery of precious metals such as gold, platinum and silver, as well as the enhanced gravity separation of base metals and industrial minerals with over 3000 installations in over 70 countries worldwide. The customer base comprises all the major gold, platinum and silver mining companies.


Quantum Rare Earth Developments Corp announces additional drilling results from Elk Creek, Nebraska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2011) - Quantum Rare Earth Developments Corp. (TSX VENTURE:QRE)(OTCQX:QREDF)(FRANKFURT:BR3) ("Quantum", the "Company") is pleased to announce Rare Earth Element ("REE") results for the remaining two holes of the spring/summer exploration program at the Elk Creek Niobium – REE Project, located in southeastern Nebraska, USA. REE results have been finalized for drill holes NEC11-004, located approximately 2.5 kilometres east of the Niobium Deposit; and NEC11-005, located approximately 1 kilometre ENE of the Niobium Deposit.

Empire Mining final assays from Demirtepe main zone return significant copper-gold-silver and molybdenum values

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2011) - Empire Mining Corporation (TSX VENTURE:EPC) ("Empire") is pleased to report the final assay results for the remaining drill holes from Phase I drilling at the Demirtepe copper-gold-silver-molybdenum project located in western Turkey, where drilling in the Main Zone has consistently intercepted significant shallow mineralization in every hole completed. The most recent assays include the following significant copper-gold-silver and molybdenum intersections

Russia in zinc mining deal with Iran

Russia has agreed to develop an Iranian zinc deposit that is among the largest in the world in a deal involving an Iranian bank that faces international sanctions, the Russian business newspaper Kommersant reported on Tuesday. The agreement to develop

Prophecy Platinum clarifies and restates certain disclosure

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2011) - Prophecy Platinum Corp. ("Prophecy Platinum" or the "Company") (TSX VENTURE:NKL)(OTCQX:PNIKF)(FRANKFURT:P94P) reports that as a result of a review by the British Columbia Securities Commission (BCSC), it is issuing the following news release to clarify, retract, restate and update certain of its previously issued technical reports, investor relations presentations and disclosures on its website

Altius and Century Iron Mines sign principal and royalty agreements on four Labrador Iron Ore properties

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Sept. 20, 2011) - Altius Minerals Corporation (TSX:ALS) ("Altius") and Century Iron Mines Corporation (TSX:FER) ("Century") are pleased to announce that they have signed a principal agreement and a royalty agreement (together, the "Agreements") covering four of Altius' regional iron ore projects in the Labrador Trough: Astray, Grenville, Menihek and Schefferville. Under the Agreements, Century will acquire a 100% interest in the four projects for exploration expenditures of $7 million per project and the issuance of 5 million Century shares cumulatively over a 5-year period. Altius will retain a 1% to 4% sliding scale Gross Sales Royalty ("GSR") on the properties as well as additional consideration of "bonus" Century shares as National Instrument 43-101 compliant iron ore resources are defined above various thresholds.

Rough diamond demand growth to hit record this year

Diamond producer De Beers expects global demand growth for rough diamonds to set a new record this year on the exceptionally strong performance of its key US market and robust demand in China and India, the head of the company’s distribution arm said. Despite global volatility and concerns that the global economy is sliding towards another financial crisis, demand for diamonds was unlikely to be badly impacted because of its safe-haven appeal, Diamond Trading Co (DTC) Chief Executive Varda Shine told Reuters in an interview on Monday.