Canada Top Stories

Monarch Gold begins drilling at McKenzie Break

The program will drill 2,670 metres in seven holes.

Westhaven to raise $7.35 million for Shovelnose drilling

Proceeds of the financing will be used for ongoing expansion…

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Taseko makes new bid for Prosperity

Taseko Mines submitted a new plan for its Prosperity project on Monday, saying it has addressed environmental concerns that saw its last plan rejected by the Canadian federal government.

Quebec Cree sign agreement with Goldcorp

The Cree Nation and Goldcorp Inc. have signed a cooperation agreement over the Éléonore gold project in the province of Quebec, Canada. Under the agreement, signed on Monday, Goldcorp recognizes Cree rights in the area surrounding the project, and the Cree support the rights of Goldcorp. to develop the property in traditional Cree territory.

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Transporting raw oilsands’ bitumen poses substantial risks, says report

Diluted bitumen from the oilsands can pose a substantial risk when carried through pipelines, says the Natural Resources Defense Council in a report released this week. "Increasingly, pipelines transporting tar sands crude oil into the United States are carrying diluted bitumen or "DilBit"—a highly corrosive, acidic, and potentially unstable blend of thick raw bitumen and volatile natural gas liquid condensate—raising risks of spills and damage to communities along their paths," says the report. The Natural Resources Defense Council claims that the company's that produce oilsands are using conventional pipeline technology, however the operating temperature and pressure to push the bitumen down the pipes must be higher which can lead to ruptures, corrosion and leaks.

Potash inventories tighten in January

PotashCorp said on Tuesday that inventory in January was down 84,770 tonnes, about 24% below the previous five-year average. PotashCorp produces approximately 23% of the world's supply of potash. It is also a major producer of phosphate and nitrogen. Current spot prices puts potash at just under $400 a ton. Jay Taylor, editor of J. Taylor's Gold, Energy & Tech Stocks newsletter, says that major potash firms are trying to improve their positions, so they can benefit from a sector that is expected to grow.

Claude releases new resource numbers for Amisk gold project

Canadian gold company Claude Resources Inc. has published a resource estimate for its Amisk property, located in northeast Saskatchewan about 20 kilometres from Flin Flon, Manitoba. The independent mineral resources statement shows indicated resources of 30,150 tonnes graded at 0.85 g/t gold and 6.17 g/t silver, and 28,653 tonnes inferred at 0.64 g/t Au and 4.01 g/t silver.

Silvercorp up 4 per cent after positive preliminary assessment

Silvercorp announced on Thursday that it received a positive preliminary assessment for its Silvertip silver-lead-zinc project in northern British Columbia. Silvercorp's stock was up 4% on the TSX on Friday. The report prepared by Golder Associates favoured a small mine and mill operating seasonally at 500 tonne per day or 72,000 tonne per year. "The initial capital cost of the project is estimated to be $US49 million with sustaining capital costs over the remaining mine life (21 years) estimated at $US54.2 million. The payback period is estimated at 4 years for the base case and 2 years for the upside case after reaching commercial production."

Smelter shutdown to cut Vale nickel production 5%

The Brazilian miner said on Friday it will lose 5% of its total nickel production for 2011 as a result of a 16-week shut down of a smelter furnace in Canada Brazilian miner Vale said on Friday it will lose around 5 percent of its total 2011 nickel

Anglo American reports jump in net profit to $6.54bn

The group announced better-than-expected results for the year on the back of higher prices and said it remains positive about the outlook for commodities markets. Anglo American (AAL.L: Quote) (AGLJ.J:Quote), the world's fourth-largest diversified miner,