Silver Top Stories

Skeena intersects 22.59 g/t gold over 14.33 metres at Eskay Creek

Canadian company announced the final gold-silver assays from surface drilling…

Rio Tinto, Calibre enter Nicaragua exploration deal

Rio has entered an option agreement on Calibre's Borosi project.

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Minera Andes announces first quarter 2011 financial results and restated financial results for 2010

Minera Andes announced net income of $17.0 million ($0.06 per share basic and diluted) for the quarter ended March 31, 2011, an increase of $19.9 million compared to a net loss of $2.9 million ($0.01 per share loss basic and diluted), as restated, for the same period in 2010. The increase is primarily attributable to the strong performance of the San José Mine where our 49% ownership interest is reflected in our Income from Investment in Minera Santa Cruz S.A. ("MSC") which increased from $0.1 million in Q1 2010 to $11.7 million in Q1 2011. Comparing Q1 2011 to Q1 2010, silver ounces sold at MSC increased from 739,000 ounces ("oz") to 1,342,000 oz and gold ounces sold increased from 14,000 oz to 18,000 oz, reflecting increases of 82% and 29%, respectively.

With probable election of Humala as president, miners in Peru are in for bumpy ride

The rebranding of former fiery leftist Ollanta Humala apparently struck a chord with Peruvian voters as exit polls Sunday showed the former army commander is leading the race to become Peru's next president. The 48-year-old Humala declared victory late Sunday night in an apparently razor-thin win. He would succeed President Alan Garcia on July 28. Image from Agência Brasil under Creative Commons license.

Orvana announces commissioning of El Valle-Boinas/Carles gold/copper mine, northern Spain

Orvana Minerals announced the commissioning of its El Valle-Boinás/Carlés ("EVBC") gold-copper mine in northern Spain by Kinbauri España S.L.U. ("Kinbauri"), a wholly owned subsidiary of Orvana. EVBC initiated the start-up and commissioning of the mill May 31, 2011, with the first shipment expected in June. EVBC will initially produce at 70% capacity, increasing to its full annual target production levels of over 100,000 ounces gold, 3,900 tonnes copper and over 150,000 ounces of silver once the shaft is completed in early 2012.

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Peru suspends mining concessions in several provinces

Peru's President Alan Garcia Perez and the Ministry of Energy and Mines have suspended mining concessions in several of the nation's provinces for the next 12 months. The President of the Council of Ministers Rosario Fernandez Figueroa said a multi-sectoral commission has been appointed to study and propose reforms regarding mining concessions.

Iberian Minerals announces purchase of net profit interest from Trafigura and $62 million “bought deal” financing

Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that it has determined to exercise its right to purchase from Trafigura Beheer B.V. its 45.96% net profit interest in Compania Minera Condestable S.A. ("Condestable"), which is the subsidiary through which Iberian holds its approximately 98.73% interest in the Condestable Mine. In accordance with the terms of the CMC Purchase Agreement, Iberian retained the option to purchase the NPI from Trafigura at any time until June 30, 2011 in consideration of the payment of US$60,000,000 (the "NPI Buy-out").

Capstone adds 219 million pounds of copper in M&I mineral resource at Minto mine

Capstone Mining announced the result of a National Instrument 43-101 compliant mineral resource estimate for the Wildfire/Copper Keel area at the Minto Mine in Yukon, Canada. Wildfire/Copper Keel is now recognized as a southeastwardly extension of the Area 2/118 deposit which is currently being pre-stripped in preparation for mining. The combined Area 2/118/Copper Keel/Wildfire mineral resources are now recognized as a single mineral deposit and will be referred to as the Minto South Deposit ("MSD"). The Copper Keel region of this larger deposit model is still open and exploration drilling is currently in progress with two drills. Image of Minto mine from Capstone Mining.

NV Senate votes to eliminate net proceeds of mine taxation cap

With the vote of two Republicans who crossed party lines, the Nevada State Senate approved Senate Joint Resolution 15, which will eliminate constitutional caps on Nevada's net proceeds of mines tax. Two Republicans, Sens. Ben Kieckhefer of Reno and Michael Roberson of Las Vegas, joined Senate Democrats in voting for the resolution, which now goes to the Assembly.