Imperial Oil is spending $2 billion to expand its Cold Lake insitu oilsands operation in northeastern Alberta.

American-based heavy equipment maker Caterpillar (NYSE:CAT) through its subsidiary Electro-Motive Canada (EMC), said today that it is closing EMC's locomotive production operations at its London, Ontario plant, after several months of unsuccessful contract negotiations with the Canadian Auto Workers union.

Gold futures eased Friday after better than expected US jobs data made further relaxation in Fed monetary policy, already very loose, less likely and money flowed into stocks.

A day after violent demonstrations forced the cancellation of the grand opening of its newly minted Independencia Mine in Paraguay, Latin American Minerals (CVE:LAT)(OTCQX:LATNF) announced that it began operations at its Pilot Plant facility, located at the Paso Yobai gold project.

Shares in ASX and TSX-listed Magma Metals rocketed 68% after Panoramic Resources, a nickel miner, launched a $40 million takeout bid.

IAMGOLD Corporation ("IAMGOLD" or the "Company") today announced that it has declared an inferred resource of 466.8 million tonnes at a grade of 1.65% Total Rare Earth Oxides ("TREO") as a result of its 2011 exploration drilling program conducted on the rare earth elements ("REE") zone adjacent to its Niobec niobium mine near Saguenay, Quebec, Canada.

Canada's mining sector contributed $36 billion to the national GDP in 2010, and employed 308,000 workers in mineral extraction, smelting, fabrication and manufacturing. An additional 3,215 companies supplied engineering, geotechnical, environmental, financial and other services to mining operations.

Treasure hunters are working to recover cargo on a World War II merchant ship, which was sunk by German u-boats just off Boston, that was carrying 71.4 tons of platinum, estimated to be worth $2.5 to $3 billion.