Ventnor soars on drilling results

Shares in Ventnor Resources soared after the expkorean construction machinery exhibition seminarlorer reported encouraging drilling results from its Thaduna/Green Dragon copper project at Doolgunna.

The company reported 142 metres of copper mineralisation from preliminary testing with laboratory assays results pending early next year. Ventnor said drilling would continue. The company's Thaduna/Green Dragon copper project is 40km east of Sandfire Resources' high grade DeGrussa copper-gold project. Ventnor shares closed up 28 cents, or 68.29 per cent, to 59 cents.

NSW Premier's mining proposal falls flat

In what's likely to be its dying days in office, the Newbest in stone crushing plant South Wales Labor government today sought to appease community concerns over mining, announcing a series of measures aimed at controlling the industry's growth. Labor says it would ban the use of a number of chemicals used in the controversial fracking process to extract coal seam gas.

The announcement - made in the Hunter Valley - is being denounced as too little, too late by local winegrowers and farmers. The Minerals Council isn't happy either. It's warning of the dangers of, what is says, is a knee-jerk reaction from the Keneally government. Under the proposal, mining exploration would be banned in waterways adjoining national parks, other areas would be declared off limits to mining and the use of BTEX chemicals in the fracking process would be banned...

Maiden 1.8Mt resource at EL Mine, Lynn Lake Nickel Sulphide Project, Canada

Australian exploratlime kiln manufacturers in indiaion company Corazon Mining is pleased to announce that is has defined a maiden inferred resource of 1.8 Mt at 1% Ni equivalent* at the historical EL Mine at the Lynn Lake nickel sulphide project in Canada.

The EL Mine resource has been defined beneath the historic EL Mine within the Lynn Lake Nickel Sulphide Project. The resource is based upon defined mineralisation between the base of previous mining (210 metres depth) and approximately 600 metres depth. Further drilling is planned to test and potentially extend the resource beyond these limits.

The resource is considered to be a conservative estimate based upon the limited drill density to date and as such potential remains to extend the resource following further work, particularly for the higher grade zones.

Resource Statement

At a cut-off grade of 0.6% Ni equivalent*, the resource defines 1.8 Mt at 1% Ni equivalent*, including contained metal of 14,000t nickel, 9,000t copper and 400t cobalt, Corazon have yet to complete mining studies or metallurgical/processing analysis on the EL Mine mineralisation.

However, Lynn Lake is an historical nickel, copper and cobalt mining camp which operated for more than 20 years. Reported historical mine base cut-off grades were between 0.5% and 0.7% nickel.

Metal recoveries reported were approximately 85% for nickel, 93% for copper and 80% for cobalt.

Past mining utilized very simple open stope with sublevel mining methods. The historical EL Mine main stope is up to 100 metres in diameter, plus 200 metres in depth, and provides a large tonnage - low cost mining opportunity.

The EL Mine was one of the highest grade nickel mines in the district, having operated between 1954 and 1962 and produced 1.9Mt @ 2.5% nickel and 1.15% copper to a mined depth of only 210 metres. Whilst the defined boundary of the mineralised host unit is well established, drilling in areas of the resource has not been of sufficient density to accurately define the distribution of high-grade sulphide mineralisation. For this reason, the influence of the high grade material within the resource has been restricted and consequently the resource is categorised as inferred.

This resource provides a very good base from which to focus on-going exploration, and it is the Company’s opinion that it is conservative in terms of the full potential of the deposit and that additional drilling will provide a more accurate model particularly for the distribution of high-grade mineralisation.

Murchison Metals gains environmental approval for Oakajee rail project

Murchison Metals has taken a significant step in the approvals process for the Oakajee infrastructure project in Western Australia. The Commonweagrinding machine for bentonitelth Department of Sustainability, Environment, Water, Population and Communities (SEWPaC) has granted approval for the Oakajee Port & Rail’s (OPR) proposed rail development.

SEWPaC’s approval was granted under the Environment Protection and Biodiversity Conservation Act. Murchison expects Commonwealth approval for the project’s port terrestrial development later this year. The Environmental Protection Authority of Western Australia has already recommended approval under Part IV of the State Environmental Protection Act for both the port and rail developments. The company anticipates formal approval by the State Environment Minister for the Oakajee infrastructure project in the September quarter 2011. Oakajee is a 50:50 joint venture between Murchison and Mitsubishi Development Pty Ltd, to export ore from the Jack Hills project. Jack Hills is owned by Crosslands Resources, with Murchison and Mitsubishi each holding a respective 50% stake in Crosslands...

Mine protests cause friction in aboriginal corporation

The Wonnarua Nation aboriginal corporgold crusher machines washingation has distanced itself from a group protesting today in Sydney against mining expansion in the Upper Hunter. A group calling itself "Plains Clans of the Wonnarua People" has rallied in front of Parliament house against Ashton Coal's plans for a new mine at Camberwell.

They claim mining will destroy aboriginal artefacts and sacred sites. But Wonnarua Nation CEO Laurie Perry says the protesters represent only a small minority and are at odds with the view of the majority of the corporation's 300 members. He says the environmental concerns raised by their spokesman Scott Franks are not valid. "What he's said about the traditional areas we don't believe are true at all. The environmental issues it's been to the Government it's done all the reports,"he said...

Japan Offers Rare-Earth Subsidies

Japan announced a 15.2 billion yen ($185.7 million) plan Friday to cut its reliancgold mining in malaysiae on imports of key Chinese rare earth metals by roughly a third, underling the government's efforts to protect its manufacturers from potential supply restrictions by Beijing.

Alarmed by a temporary—but sharp—cut in imports of rare-earth minerals from China late in 2010, the Japanese government has made it a national priority to make the economy less dependent on Chinese metals. China dominates the global market for the metals with a 97% share, and is Japan's biggest supplier. Such materials are considered crucial for Japan's export-led economy, as manufacturers use them to build some of the country's signature products, like hybrid cars and high-tech devices.

Argex Mining shares rally on titanium dioxide collaboration with PPG Industries

Argex Mining announced this week that it has entered into a technical collaboration agreement with PPGwhat is the best design for screening plant Industries to develop and optimize PPG's technology for titanium dioxide.

The goal is to develop a titanium dioxide product that can meet conventional standards for interior and exterior paint and coatings applications, to be produced by Argex. Argex's stock was up 13.79 percent early Tuesday at 99 cents. Titanium dioxide is an inorganic substance characterized by brightness and very high refractive index, making it an ideal pigment in paints, plastics and paper. The deal is intended to make Argex's TiO2 pigment compatible with various end-use applications for PPG. Terms of the transaction were not disclosed. PPG is a large coatings and specialty products company, serving customers in construction, consumer products, industrial and transportation markets and aftermarkets. The company operates in more than...

Gold hits record, silver reaches 30-year peak

Gold rallied to record highs in Europe on Friday, with spot prices knocking on the door of $1 300 an oucrusher and screening plant in indonesiance, as expectations grew that further quantitative easing may lead to increased volatility in the currency markets. Spot gold hit an all-time high of $1,299.95 an ounce and was bid at $1,298.30 an ounce at 1416 GMT, against $1,293.50 late in New York on Thursday.

US gold futures for December delivery hit a record $1,301.60 an ounce and were later at $1,299.60 an ounce, up $3.30. Silver also reached its strongest in 30 years at $21.45 an ounce, tracking gains in gold. Spot gold prices are struggling to take out resistance at the $1,300 an ounce level, but remain firmly underpinned by expectations of further weakness in the dollar, which slipped 1 percent versus the euro on Friday. [FRX/] "With the dollar getting definitely weaker with the pass of every session, gold has little work to do other than to head higher to compensate for dollar's slide," said Pradeep Unni, senior analyst at Richcomm Global Services. "Most of the market focus has been the extreme dollar weakness and possible impact on the currency as the market encounters weaker economic data."

Second phase of Vale’s Moatize project in Mozambique due for conclusion in 2014

The second phase of the Moatize project of Brazilian mining group Valestone mill gold mine is expected to be concluded in 2014 and will represent an investment of US$1.658 billion, US$161 million of which have been consigned for this year, the group said Wednesday in Rio de Janeiro.

According to results documents for the third quarter of the year, the second phase of the Moatize project, located in Mozambique’s Tete province, includes opening a new mine, construction of a new coal reception and preparation unit and extending storage space, as well as all associated facilities. Moatize II will add 11 million tons of coal per year to total capacity, 70 percent of which is expected to be metallurgical coal and 30 percent thermal coal. As the coal operation is logistics intensive, Vale is investing in the Nacala Corridor, including construction/renovation of the railroad and construction of a....

Positive initial drill results from Fahiakoba Concession, Ghana

Asante Gold is pleased to announce that drilling to test widely spaced geophysical targets on the Fahiakoba concession in Ghana has confirmed the presence of anomalous to highly anomhow tin ore is processalous gold mineralization. These targets are generally on strike with mineralization noted at Perseus Mining’s Edikan mine, which is adjacent and to the southwest of the concession.

Partial results from 4 of the 14 diamond drill holes (2,437 metres) completed since March 2012 to date have been received, with an additional 280 sample results pending.

Drill holes FAH12-001, 2, 3 and 5 reported herein were drilled in the area of a small scale alluvial pit where a previous grab sample in saprolite gave 2.05 g/t Au. Drilling under the pit gave long intersections of quartz stockwork in a quartz-rich greywacke.

visible gold was noted in a 1.5 cm quartz vein at a down hole depth of 201.8 metres, associated with strong pyrite mineralization in siltstone /greywacke. The 0.5 metre sample containing this vein averaged 289.50 g/t Au. The gold is coarse, occurs as both free gold in the quartz and interstitial in the pyrite, and appears related to late stage foliation as noted at many West African gold deposits.

Drill hole FAH12-005 was drilled 200 metres to the east of the other noted drill holes to test the southwest end of a previously outlined airborne VTEM conductor. The hole collared in greywacke and from 47.0 to circa 200.0 metres down hole intersected poorly mineralized, but strongly foliated meta slate/phyllite with minor quartz veining. A graphitic shear zone was intersected at 175.0 metres which correlates with the extension of the VTEM anomaly to the southwest.

Best intersection in the remainder of the reported holes was 1 metre of 7.34 g/t Au at a depth of 41.5 metres in FAH12-003. Anomalous gold was noted in 8 other intervals in the first three holes at depths from 34.0 to 175.0 metres – with values ranging from 0.28 to 0.85 g/t Au.

Programs of fixed source VLF EM and additional soil sampling/auger drilling are currently underway to further evaluate the area of the discovery in FAH12-005. Completion of the budgeted 5,000 metre drill program is expected to resume once the additional submitted samples have been received and the ground work completed.

Douglas MacQuarrie, President, noted that “The initial drill results have confirmed that the extensions of the Akropong and Edikan shear zones, which cross the Fahiakoba concession, contain anomalous to highly anomalous gold mineralization. These shear zones are mappable with geophysics through the extensive surface cover. We are highly encouraged to continue to explore the indicated +20 kilometre strike length of shear zones on the concession.”

Scientific and technical information contained in this news release has been reviewed and approved by Douglas R. MacQuarrie, P.Geo. (B.C.) Geology & Geophysics, the President and CEO of the Company, who is a "qualified person" under NI 43-101. Field work and sampling was supervised by Donald G. Allen, MASc. P.Eng. (B.C.). HQ and NQ core was logged, sawn and sampled on site, with half samples sent to SGS Laboratory in Tarkwa, and analyzed for gold by fire assay-AA on a 50 gram sample charge. Internal QC consisted of inserting both blanks and standards into the sample stream and multiple re-assays of selected anomalous samples. Where multiple assays were received for an interval, the final value reported was the average of all results for the interval. Results from the QC program suggest that the reported results are accurate.

Kumba 2011 Profit Rises 19% on Iron-Ore Price Gains, Volumes

Kumba Iron Ore, a unit of Anglo American, said 2011 profit jumped 19 percent after it reduced discountsecond hand cement grinding unit at gaboned ore sales to steelmaker ArcelorMittal South Africa Ltd. and increased exports.

Net income rose to 17 billion rand, or 52.97 rand a share, from 14.3 billion rand, or 44.52 rand, a year earlier, the Pretoria-based company said today in a statement. Sales advanced 25 percent to 48.6 billion rand. Kumba’s sales of discounted ore to ArcelorMittal South Africa fell 28 percent, giving it more scope to gain from higher international prices. Average iron-ore prices in China, a global benchmark, climbed 14 percent last year as Chinese and Indian steel mills increased purchases, according to The Steel Index. The company expects export sales volumes to grow by about 3 million metric tons in 2012 from 37.1 million tons last year as volumes from its Kolomela mine increase. China will have to import iron ore to meet...

Mining lawyers reject federal resources takeover

retort for sale south africaCalls for a federal takeover of state responsibilities for mining leases have been denounced as unworkable by leading mining lawyers.

They said plans unveiled by federal independent Tony Windsor for federal legislation to override state control of mining leases would require a referendum in order to be valid. Perth mining lawyer Michael Blakiston said such a call for constitutional change would almost certainly fail because of opposition from the states. "It is fundamental to the states that they control the mining industry," Mr Blakiston said. "For the federal government to try to exert influence like that -- the states would find that fundamentally flawed." Mr Windsor, with the backing of fellow independent Rob Oakeshott, wants extra federal power over minerals in order to...

Forbes Coal makes final payment for Slater Coal

The company hindustrial milling systems kaolinas paid R140 million to Slater Coal in accordance with the provisions of the amended purchase and sale agreement entered into between Forbes Coal and Slater Coal in August 2010.

Slater Coal is situated in KwaZulu-Natal. "The Company has made significant progress in expanding the operations at the Magdalena bituminous and Aviemore Anthracite mines over the past 18 months and we are very pleased with our progress to date," said Stephan Theron, President and CEO of Forbes Coal. Forbes Coal now holds a 100% interest in Slater Coal, which has a 70% interest in interest in Zinoju Coal. Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine. The mines have a substantial resource base and each mine has...

Xstrata Thermal-Coal Output Rises on New Mines; Copper Falls

Xstrata, the largest exporter of power-stadiamond mining equipment for saletion coal, said production of the fuel from Australia rose to a record last year after the Mangoola mine started and the Newlands underground project boosted capacity.

Xstrata produced 49.8 million metric tons of thermal and semi-soft coal in the country, a 12 percent gain on the previous year, the Zug, Switzerland-based company said today in a statement. Mined nickel volumes also climbed to a record, while copper output dropped 2.7 percent. “The fourth-quarter coal result repeated the strong performance of the third quarter with particularly good performance from the...

Aquila, FMG in race to develop Pilbara port

Analysts saymobile plant capital cost for quarry Aquila Resources needs to secure up to $3 billion in funding "as soon as possible" to have a hope of beating out Fortescue Metals Group as lead proponent to develop a new port in the West Pilbara.

Bell Potter analysts Fleur Grose and David George weighed into the Anketell Point story yesterday, writing in a report that if Aquila could not convince the WA Government it could fund both its West Pilbara API iron ore joint venture and the port they expected Fortescue would "pounce on the opportunity to drive this project". Aquila and Fortescue are lobbying furiously to be in charge of developing the port at Anketell Point, which has the potential to rival Port Hedland's. Lead proponent status is important because it will determine the speed and scope of development. Aquila, the only party to have started work on getting environmental approvals for the port, wants it by early 2014 but Fortescue does not need it until 2015. Premier Colin Barnett is expected to make a decision within months, although he has not ruled out third party involvement. "Aquila must progress its funding plans ASAP to secure the lead proponent position," Ms Grose and Mr George said...

China’s Mills Are Resisting Higher Iron Ore Prices

Steel mills in China, the world’s biggest, are reiron ore fines grinding mechanism in ball millsisting efforts by Vale SA, Rio Tinto Group and BHP Billiton Ltd. to raise contract prices after steel dropped and the European debt crisis roiled markets, the China Iron & Steel Association said.

“The outlook for the European market is unclear and steel prices may keep falling,” Shan Shanghua, general secretary of the association, said in an interview. “I dare say right now no Chinese steelmakers would accept the third-quarter prices asked.” Vale, BHP and Rio, the biggest iron ore exporters, may demand a 30 percent price increase for the July quarter, China Steel Corp. said last month. Falling steel prices in China may force mills to cut output and default on quarterly iron ore contracts, Baosteel Group Corp. said June 8.

Eldorado Gold and European Goldfields announce court approval for the arrangement

Eldorado Gold and Europeabakelite manufacturing coconut shell powdern Goldfields today announce that the Supreme Court of Yukon has approved their previously announced plan of arrangement whereby Eldorado will acquire all the issued and outstanding securities of European Goldfields. The Arrangement was approved by Eldorado and European Goldfields security holders on February 21, 2012.

Under the terms of the Arrangement former European Goldfields shareholders will receive 0.85 of an Eldorado common share and C$0.0001 in cash for each European Goldfields share. With all required shareholder, court and other regulatory approvals having been obtained, the Arrangement is now scheduled to close on February 24, 2012. The completion of the Arrangement is subject to other customary closing conditions.

Tata's Misra backs Rio Tinto's offer to Riversdale shareholders

N.K. Misra, Tata Steel Ltd's group head for mergers and acquisition and its nominee on the board of Australialm series vertical mill manufacturers in egypt's Riversdale Mining Ltd, has recommended to "all shareholders" of the Sydney-based firm that they accept British miner Rio Tinto Plc's Australian $16-('724.80)-a-share cash offer to them.

With a 24.34% stake, Tata Steel is the largest shareholder in Riversdale, followed by Brazilian steel maker CSN, which owns 15.56%. Tata Steel also owns a 35% stake in Riversdale's key Benga coal mine in Mozambique. In a US $3.9 billion ('17,784 crore) bid, Rio Tinto has offered to buy all outstanding shares of the Australian Securities Exchange, or ASX-listed Riversdale, but its bid has strings attached to it. Unless it manages to acquire minimum of 50% stake in Riversdale, Rio Tinto has said it wouldn't buy any share at all. "In the absence of a superior offer", other directors of the Africa-focused coal miner last month recommended that...

Lincoln Minerals in milestone pegs proposed mine at Barns iron ore deposit

Lincoln Minerals has reached a milestone at thmolinos de bolas para minereiae Gum Flat Project, by pegging and lodging a Mineral Claim for a proposed mine at the company's Barns iron ore deposit.

At Barnes, a drilling program was recently wrapped up which included geotechnical drill holes to aid in mine design, along with large diameter cored holes to further test the hematite-goethite metallurgy of direct shipping ore. The program also included infill drilling within the immediately adjacent magnetite resource as the company looks to boost the resource to the higher confidence category of Indicated. Core from selected iron-rich intervals will now be cut and assayed. Importantly for future cash flows - Lincoln Minerals is finalising a Mining Lease Proposal for submission to the State Government to commence mining direct shipping iron ore from Barns in mid to late 2012, subject to finance and all approvals. Gum Flat is located...

Nord Gold seeks up to $1.5 bln from London IPO

Russian mining giant Severstal's gold unit Nord Gold is seeking up to 933 limestone production cost in indiamillion pounds ($1.48 billion) from a London float, pushing the hoped for total from Russian IPO hopefuls past $3 billion for 2011.

The company, which said it needs cash to pay debt to owner Severstal as well as to fund exploration, said on Thursday it would price new and existing shares at 3.00 - 3.90 pounds each, valuing the group at up to 3.2 billion pounds. Nord Gold is the fourth Russian company to announce a London IPO pricing this month -- more than any other country. Analysts say a sharp rise in...