Posts by Canadian News Wire:

CGA plans a near threefold increase in exploration expenditure

The Board of CGA Mining announced a substantial increase in planned exploration expenditure at the Masbate Gold Project. In the twelve months to 30 June 2011 CGA spent $7M on exploration, drilling 51,900m. Having now fully geared up the exploration program and with six rigs dedicated to exploration drilling, CGA is planning a near threefold increase in exploration expenditure in the next financial year.

Colibri reports more drill results at Ramard; 311 grams per tonne silver, 2% lead, and 3.4% zinc between 37 and 38 meters depth, plus multiple intervals of silver-lead-zinc.

Colibri Resource Corporation reports final results from a 2400 meter drill program at the Ramard silver project, in Sonora, Mexico. The Ramard property consists of over 4000 hectares of mineral concessions located 100 km north of the city of Hermosillo, Sonora, wholly owned by Colibri's Mexican subsidiary, Minera Halcones. The Ramard property contains numerous historical artisanal silver mine workings.

Golden Predator intersects 46.7m of 3.78 g/t gold at Carlos Zone, Grew Creek Project, Yukon

Golden Predator Corp. (TSX: GPD) announces the results of an additional six core holes from its winter 2011 drill program at the Carlos Zone, Grew Creek Project, Yukon. All of these holes have intersected significant mineralization including 46.7m of 3.78 g/t gold beginning at a depth of 130.4 m in core hole GC11-276 and 47.3m of 1.02 g/t gold from a depth of 47m in core hole GC11-275.

Silver Predator options Illinois Creek silver-gold property in Alaska

Silver Predator announced that it has signed an option to acquire a 100%-interest in 125 State of Alaska mining claims comprising the Illinois Creek silver-gold district located in west-central Alaska. The past-producing Illinois Creek Mine lies in the southern Kaiyuh Mountains in west-central Alaska about 30 kilometers east of the Yukon River and the small village of Kaltag and 90 kilometers south of the town of Galena.

Gold Fields Ghana acquisition approved

Further to the announcement on 15 April 2011, Gold Fields announced that its shareholders have overwhelmingly approved the US$667 million acquisition of IAMGOLD Corporation's 18.9% stake in the Tarkwa and Damang gold mines in Ghana. Of the 603 million shares (84% of total shares in issues) that were voted at a general meeting 93% were cast in favour of the transaction.

Heatherdale closes $9.3 million financing

Heatherdale Resources announced that it has closed the previously announced non-brokered private placement of 11,314,255 units of its capital at a price of $0.83 per unit for gross cash proceeds of $9,390,831. Each unit consists of one common share and one warrant entitling the holder to purchase an additional common share at a price of $1.20 for a period of 18 months from the closing of the private placement. The common shares and warrants comprising the units are subject to a four month hold period from the closing date, which hold period expires on October 15, 2011.

De Beers Canada and Mountain Province Diamonds Provide Gahcho Kue Project Update

Gahcho Kué JV partners De Beers Canada Inc. (51%) and Mountain Province Diamonds Inc. (49%) (TSX: MPV) (NYSE AMEX: MDM) today announced that they have:
  • Approved the Gahcho KuĂ© feasibility study with agreed revisions and clarifications;
  • Approved the execution of the necessary development work for the Gahcho KuĂ© project; and
  • Mandated the Gahcho KuĂ© project operator to prepare a plan and budget for the development of the Gahcho KuĂ© mine.
  • The plan and budget, once approved by the JV partners, will serve as the basis for a final investment decision, which is expected to be made once the partners have clarity on the progress of the environmental review currently underway.

Endeavour Mining Reports Q1 2011 cash flow from mine operations of $6.6 million and on track to product 84,000 ozs in 2011

Endeavour's Youga Mine in Burkina Faso produced 20,056 ounces of gold during Q1 2011 at cash cost of $664 per ounce sold1. Endeavour reiterated its production guidance for 2011 with a production target of 84,000 ounces of gold at cash cost of approximately $600 per ounce sold1. At March 31, 2011, the Corporation had cash & equivalents and marketable securities of $196 million and was debt-free.

Stornoway announces 56% increase in Renard diamond price estimate

Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the results of a recent diamond valuation exercise undertaken in support of the ongoing feasibility study at the Renard Diamond Project, Stornoway's 100% owned flagship project located in north central Québec. The diamond valuation was performed under the supervision of WWW International Diamond Consultants Ltd. ("WWW") in Antwerp, Belgium between May 9th-13th, 2011.