Marathon Receives Initial Metallurgical Gold Recoveries for Leprechaun Deposit

Marathon PGM Corporation announced today that results from initiacrurshed stone machine iranl metallurgical test work from the Leprechaun Gold Deposit in Central Newfoundland, demonstrate recoveries exceeding 90%.

Highlights:

• results suggest gold recoveries in excess of 90% could be achieved through standard processing methods – gravity plus cyanide recoveries


• gravity recovery varied between 45% and 58% which is very high and indicative of coarse gold


• calculated head-grade from tests and assays by G&T Metallurgical Services averaged 4.4 g/t gold


• 8,000 m drill campaign is 60% complete and pending assays are expected in the near future


• new resource estimate is on track for completion in Q4 of 2010

"Metallurgical recoveries are typically one of the largest risks facing the development of a mining project. We decided to address the metallurgical risks quickly as a part of our plans to develop an economically viable deposit. The initial results are quite positive and very encouraging especially with high gravity recoveries,” said Phillip Walford, President and CEO of Marathon PGM. "While we have only been working on the Leprechaun Gold Deposit for 8 months, these initial metallurgical results are an important milestone. These results will be used in the upcoming resource estimate."

Carrick names NQM boss as new CEO

Carrick Gold has appointed former North labotory jaw crushers in south africaQueensland Metals boss John McKinstry as chief executive officer. The mining engineer of 25 years experience has also worked for Normandy, Newmont Mining and MIM.

North Queensland Metals was recently taken over by Conquest Mining. Carrick Gold chairman Laurence Freedman said Mr McKinstry's skills would be very valuable to the company as it continued the transformation from explorer to producer. "The company has over $18 million in cash and no debt as it continues to explore its gold tenements located north-east of Kalgoorlie," he said. "We have a major exploration program planned for 2011 with the aim of moving towards achieving production in the 2012 financial year."

Fortescue Responds to Media Reports Relating to the Solomon Project

Fortescue Metals Group Ltd (“Fortescue”) responds to media commentary in today’s Australianlist of t d losses in various city Financial Review in relation to capital costs associated with its Solomon Project.

The article makes reference to a preliminary, incomplete and confidential document which is in the process of being finalised by the company and its financial advisers. As previously advised the company has commenced a roadshow in relation to the offer of US$2.040bn in Senior Unsecured Notes and will provide further information once all details and documents are finalised.

The media commentary makes reference to a capital cost of US$5.40bn, which is consistent with media and analyst commentary of circa US$80per tonne capital cost guidance to fund expansion from 55mtpa to 155mtpa.

As previously advised, the board will consider the Feasibility Study for Solomon Stage One in November 2010. Fortescue will provide further information when the Feasibility Study has been approved and accepted by the Board.

Rio Tinto approves millions for next stage of Simandou iron ore mining project

Rio Tinto is accelerating the development of the Simandou iron ore project in Guinea with the approval of a further US$211 million for continued studies and US$1.117 billion of fundincorus ore preparation plant 8211 sinter processg for commitments for early works and procurement of long-lead items. This funding will allow the project to move forward towards first shipment of ore by mid-2015.

Work is progressing on obtaining the required regulatory approvals with project partner Chalco, which, once granted, will trigger formation of the Joint Venture and the earn-in payment of US$1.35 billion. Finalisation of the infrastructure investment framework, expected in early 2012, will also trigger the Government of Guinea’s requirement to contribute its share of infrastructure project expenditure incurred to that time.

Rio Tinto chief executive Iron Ore and Australia Sam Walsh said “This funding highlights Rio Tinto’s commitment to honouring the Settlement Agreement reached with the Government of Guinea in April this year, and maintains the rapid build-up of in-country infrastructure in order to deliver first shipments of ore by mid-2015.

“Simandou is the best known undeveloped iron ore resource and one of the great greenfield mining projects worldwide. Development of this outstanding resource will create a major new iron ore producing province, on a par with the historic development of the Pilbara iron ore region in Australia.”

The project is now gaining significant momentum, with construction works well underway. Work has already begun on the marine off-load facility near the preferred port site of Ile Kabak, 50 kilometres south east of Conakry, enabling the introduction of heavy equipment for construction. In-country support services such as air-charter, extensive camp works and associated infrastructure are also in progress, as is the commencement of earthworks for the extensive 650 kilometre rail corridor.

New Hope signs up potential suitors

Up to 15 different parties have signed couranium ore separation machinery and equipmentnfidentiality agreements with Australian coal miner New Hope Corp in considering an offer potentially worth more than $5 billion for the miner, a person familiar with the process said today.

However, any takeover would be unlikely to be resolved until well into the new year, the person said: "We're certainly expecting the process will extend into 2012."

Chinese to acquire Kalahari Minerals

A Chinese state-owned companygold mining scope in africa has made a bid for Kalahari Minerals’ stake in the Husab uranium project

China Guangdong Nuclear Power Group-Uranium Resources Company (CGNPC-URC) and Kalahari Minerals, a company based in London with uranium interests in Namibia, are currently in talks to come up with an acquisition agreement. A subsidiary of Kalahari Minerals, Kalahari Uranium Limited, a trading shell with no actual mining activity in the country, owns a 40% stake in Extract Resources’ Husab. Under the agreement, CGNPC-URC would pay 290 pence in cash for each of Kalahari Minerals shares, valuing Kalahari Minerals’ fully diluted share capital, including shares attributable to the options and convertible loan notes at about £756 million. “We are delighted to have secured the support of the Kalahari board, as we believe this...

Copper Boss says mining tax not helpful

Diego Hernatrator esteira d4 valor do salariondez, president of Chile's state-owned Codelco, said a unique global mining and commodity price boom meant miners were doing well, but politicians did not help the situation by creating extra taxes.

He made the comments at a Melbourne Mining Club luncheon when asked for views on Australia's carbon tax, and Mineral Resource Rent Tax. "I think they should look at how to really take advantage of this as an industry ... not look after the short term and how we can increase taxes," Mr Hernandez said. "Of course I think taxes are important, but I hate when in Chile many of the decision-makers look at mining as a taxpayer and that's it." He said that led to a loss of opportunities such as taking advantage of production capacity, developing service companies and bringing in new technology. Chile produces 34 per cent of the world's copper. Codelco produces all of its copper...

Indonesian minister quizzed on Newmont mine deal

Indonesia's finance minister clashed with the country's parliament on Thursday over the government's deal to buy a stake in a local Newmont Mining Corp copper andsand making machine zang hau city gold mine but said the sale would go ahead. The parliament summoned Finance Minister Agus Martowardojo to formally propose and explain the deal to purchase Newmont's 7 percent stake, which would pave the way for the local unit to list on Jakarta's stock exchange in a $500 million IPO planned for the second half of this year.

"The government's stance is we have authority to get in as an investor," Martowardojo told parliament's financial commission in a late night hearing. "We believe the opportunity to grab the Newmont divestment comes just this one time." The central government has already signed the agreement, part of a required divestment by Newmont under Indonesian law, but members of the commission from the Golkar Party have demanded a review. Golkar, part of the ruling coalition, is headed by Aburizal Bakrie, whose family indirectly controls miner Bumi Resources Minerals, which already owns a 24 percent stake in the mine through a consortium with local governments...

Southern Hemisphere Mining MD leads the way with an on market increase in shareholding

Southern Hemisphere Mininhow can i start stone crusher business with very small investmentg managing director Trevor Tennant has invested a further A$30,000 to increase his shareholding in the company.

Tennant acquired an additional 200,000 shares on-market for an average entry price of around $0.15 per share.

Southern Hemisphere Mining is continuing to strike high grade copper at its Llahuin Copper Project in Chile with drilling returning 440 metres at 0.75% copper equivalent.

An infill and extensional drilling program is underway at Llahuin to follow up on the recently announced maiden JORC Resource of 106 million tonnes at 0.4% copper equivalent.

The peak intercept of 440 metres includes a high grade interval of 208 metres at 1.2% copper equivalent, highlighting potential for a high grade zone within the Central Porphyry.

Southern Hemisphere’s Llahuin project covers an area of 7.72 square kilometres in Chile, and features similar geological characteristics to Teck Resources’ nearby 400 million tonne Carmen de Andacollo copper mine.

The current resource is based on the Llahuin Porphyry Zone, where the majority of drilling has been focused, and the Cerro Zone. Further drilling in both zones is planned to enhance the resource.

Leighton, Ngarda win $104m Rio contract

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Leighton says its joint venture with indigenous contractor Ngarda Civil & Mining has won a $104 million earthworks contract with Rio Tinto in the Pilbara.

Under the contract, the joint venture will undertake mine pre-strip, bulk earthworks, road-works, drainage works and common services trenching and installation works for Rio's new Hope Downs 4 mine. The 12-month contract will begin immediately. The Hope Downs 4 mine site is about 200km east of Tom Price and is a joint venture between Rio Tinto and Gina Rinehart's Hope Downs Iron Ore.

Flood in China coal mine traps 28 workers

Rescuers were racing Monday to reach 28 people trapped while doing safety work in coal mine in southern China, the latsetting up calcium carbonate manufacturing plantest accident in the world's deadliest mines. Forty-one workers were underground at the small, privately owned Batian mine in the southwestern province of Sichuan when it flooded early Sunday, said an official surnamed Xie with the provincial work safety bureau.

He said 13 workers escaped and rescue work was under way to locate the 28 missing. It was not clear what caused the flooding. A county-level work safety official said Monday that no rescues had been made overnight, and the 28 were still believed trapped. He refused to answer additional question and hung up before giving his name. Xie said pumps to remove the water were on the way to the mine in Neijiang city. An estimated 141,000 cubic feet (4,000 cubic meters) of water was in the mining pit, he said. "We still have hope of finding them alive," Xie said late Sunday.

Gold One heads to High Court this time to halt violent protests

Gold One has announced that it has approached the South Gauteng High Court to obtain an interdict to avoid further protest action at the company's Modder East operation.

The Court Order has been granted against the Professional Transport Allied Workers Union, the National Union of Mineworkers and 1035 former employees who were dismissed for participating in an illegal strike.

The respondents are forbidden from entering Modder East, illegally gathering inside or outside of the premises, and from directly or indirectly threatening, intimidating or harming any person who is associated with the mining operations.

They are also interdicted from preventing any person who is involved with the mining operation from entering Modder East, and from damaging or threatening to damage any property belonging to Modder East.

The interdict has requested the South African Police Service to assist in ensuring that the respondents do not contravene any of the provisions of the interdict.

The respondents are to appear in court on 26 June.

Lake Shore Gold Declares Commercial Production at Timmins Mine

Lake Shore Gold Corp. today announced that the Company has declared commercial production at Timmins Mine effective January 1, 2011.

The mining rate at Timmins Mine averaged 1iron ore ballmill in china,700 tonnes per day ("tpd") during December 2010 and approximately 1,600 tpd for the fourth quarter, exceeding the target rate for the Mine of 1,500 tpd and supporting production levels above 10,000 ounces per month.

Mill production in December 2010 totaled 12,300 ounces of gold, which brought total recovered gold over the final two months of the year to 24,500 ounces. For the fourth quarter, mill production totaled 29,900 ounces, which included only two weeks of mill operation in October due to the timing of the Company's mill expansion to a capacity of 2,000 tonnes per day. For the full year 2010, the Company produced 43,500 ounces of gold from the Mill.

In addition, at the end of December approximately 103,500 tonnes of ore from the Company's Timmins Mine, Thunder Creek and Bell Creek properties was in broken inventory yet to be processed.

Mill throughput during the fourth quarter, from the start of commissioning of the expansion in mid-October, averaged 1,650 tpd. A total of 127,000 tonnes were milled during the fourth quarter at an average grade of 7.5 gpt. Recoveries during the quarter averaged 97%. In December, 50,000 tonnes were processed at an average grade of 7.9 gpt with recoveries exceeding the 97% level.

Average throughput levels at the Mill are expected to increase to the nominal rate of 2,000 tonnes per day, with the potential existing to increase throughput above this level.

Tony Makuch, President and CEO of Lake Shore Gold, commented: "Today represents a major achievement for Lake Shore Gold with the declaration of commercial production at Timmins Mine effective January 1, 2011. Reaching commercial production is an important milestone for driving value creation and results from our exploration, development and operating success. We have made rapid progress at Timmins Mine, going from commencing advanced exploration to commercial production in roughly three years. At our mill, head grades continue to be strong and recoveries are consistently better than we expect, averaging around the 97% level. Over the last two months of the year we exceeded our target to exit 2010 producing at an average rate of 10,000 ounces per month at the Mill."

Candente Gold Acquires Silver Prospect in Southern Peru

Candente Gold Corp. announces today the acquisition of the Casustone dust crushing machinea claim from Minera Silex Peru S.R.L. Casua is a 100 hectare concession which covers part of a high grade silver vein system surrounded by Candente Gold's Tres Marias prospect in the Puno District of Southern Peru. Tres Marias hosts known high grade vein hosted silver mineralization and also shows potential for bulk tonnage high sulphidation style gold mineralization.

Tres Marias is located within an emerging epithermal gold and silver belt of southern Peru near the recent Canahuire gold deposit discovery (5.6 million ounces of gold equivalent contained in 83.7 million tonnes grading 2.1 g/t gold equivalent recently announced by the Compania de Minas Buenaventura-Gold Fields Joint Venture. Several other recent discoveries and operating mines are also known in this belt, which is one of the fastest growing precious metal mining districts in Peru. "Recent important gold-silver discoveries in this emerging area of southern Peru significantly amplify the potential of the Tres Marias property," commented Joanne C. Freeze, P.Geo., President & CEO of Candente Gold.

FLSmidth to supply US$40mn mining package to Mauritania

FLSmidth has sand production ball mill mada usawon a US$40 million contract from Mauritanian La Société Nationale Industrielle et Minière for a wet concentrator package and a train load out package for the Guelb el Aouj iron ore plant in Mauritania.

The FLSmidth wet concentrator package includes a ball mill, slurry pumps, thickeners for tailings and dust, horizontal belt filters for concentrate and tailings as well as conveyors and wet magnetic separators. The work also covers basic and detailed engineering and procurement of all equipment. The FLSmifth load out package includes a train load out system and conveyors along with detailed engineering and procurement of all the equipment.

Mandela grandson faces fraud charges

Charges of fraud will be latrommel gold mining ghanaid against former president Nelson Mandela's grandson Zondwa Mandela and Aurora Empowerment Systems' lawyer Ahmed Amod, Pamodzi Gold lead liquidator Johan Engelbrecht said on Monday.

“The fraud charges result from evidence obtained by the inquiry in terms of section 417 and 418 of the Companies Act into the trade, dealings and affairs of Pamodzi,” Engelbrecht said in a statement. Documents showed misrepresentations had been made to the securities regulation panel of the Johannesburg Stock Exchange when Aurora intended purchasing Labat shares. Engelbrecht said the misrepresentations contributed to the delay in allowing the Pamodzi liquidators to...

Carbon sector to take $8bn off value of Australian coal mining industry

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Australia's planned carbon tax will reduce the value of its coal industry by about $8 billion through increased fuel costs and the pricing of mine emissions, energy consultant Wood Mackenzie said today. In a report on the carbon tax plan announced earlier this month, the group said the impact of the tax on industry costs would be "quite small", but added that companies are still likely to rethink investments as a result of the changes.

The decrease in companies' net present value - the current value of all their future earnings - would range from 2 per cent to 15 per cent, Wood Mackenzie analyst Ben Willacy said, with an average of 4 per cent across the industry equivalent to $8bn of overall net present value. Australia is the world's biggest coal exporter by volume, and the worldwide carbon output of its coal exports is on par with Germany's domestic greenhouse emissions. However, the carbon plan announced earlier this month will only affect domestic industry, meaning that coal mines will mostly be hit by a decrease in rebates they receive for their diesel fuel, and pricing of the methane gas that escapes from their coal workings...

Fortescue says MRRT will fail Australia

Fortescue Metals Group has slated the passing of the Mineralmobile small stone crushers for sales Resource Rent Tax Bill as being the worst possible decision by any Australian Government against the national mining sector. Fortescue Chief Financial Officer Stephen Pearce said history will prove that the MRRT has reduced international investment in Australian mining projects and pushed those investors to look elsewhere.

“The whole mining tax process has been shambolic and destructive,” Mr Pearce said.

“From the moment the Rudd Government proposed the initial version of the tax in May last year, Australia’s high sovereign reputation for international mining investors has been compromised.

“The carnage of this tax is already clear to see. It has forced the resignation of a Prime Minister, it has eventuated in policy that can’t be revealed because it was formulated in secret, it has pitted big miners against small, it is discriminatory towards junior producers, and it only impacts on iron ore and coal.

"There is also little doubt that this tax will not generate $11.1 billion over three years as forecast by the Government. The very nature of the design of the MRRT prevents that happening. The complexity of the tax's design and the secrecy of the numbers used by Treasury has denied any substantive technical measurement of its revenue deliverables but it is certain it will not generate anywhere near what the Government has promised.

"The great misfortune is when the Government is proven wrong, it will be too late for the raft of start-up projects now on drawing boards right across the junior mining sector that are now threatened by the tax.

“Fortescue believes the MRRT has also fudamentally sought to erode State’s rights under the Constitution, the very core and foundation of the Commonwealth. "It is now the responsibility of Senators to see the errors in this tax and throw it out."

Equinox urges Lundin shareholders to reject tie-up with Inmet

Equinox Minerasurfac grinder price listls urged on Tuesday shareholders in its takeover target Lundin Mining to reject a rival merger plan with Inmet Mining as its C$4.7 billion ($4.8 billion) offer is superior.

Lundin rejected the offer on Monday as inadequate and too risky, but did not mention nor say the deal was inferior to its planned tie-up with Inmet Mining , which shareholders are due to vote on on April 4. Equinox played down the risk in the debt package it has lined up, saying no short-term payments of the bridge loan are required. Equinox offered a mix of C$8.10 in cash and 1.29 Equinox shares plus C$0.01.

Lake Shore Gold Extends High-Grade Core to Depth at Bell Creek

Lake Shore Gold Corp. today announced results from seven new holes and two new wedge holes (5,916 metres) of diamond drilling from ongoing drill programs at the Bell Creek and Wetmore properties in Ontario, Canada. Two of the new holes and two wedge holes (3,881 metres) are from Bell Creek, where the Company is working to towards announcing its first National Instrument ("NI") 43-101 compliant resource before the end of the year.

The five remaining holes (2,035 metres) were drilled over an 800 metre strike length at the Wetmore property to test a series of gold showings which appear to follow a mineralized trend that is separate and parallel to the Bell Creek-Vogel Trend.

New results reported from Bell Creek are from infill and expansion drilling below the Bell Creek Mine. Signsmall crusher rental canadaificant results include 106.46 gpt over 7.05m (including 2,870.00 gpt over 0.25m), 9.39 gpt over 5.70m and 7.83 gpt over 1.20m from BC-10-69C, from within a previously untested area near the 700 metre level and 50 metres above previously reported BC-08-09C (see press release dated November 5, 2009).

Additional significant results included those from BC-10-92B (assays pending) which intersected three thick zones of hydrothermal alteration containing multiple intervals with increased sulphides and quartz veining 200 metres below previously reported BC-10-94C, close to 1,400 metres from surface.

Tony Makuch, President and CEO of Lake Shore Gold, commented: "The results announced today are very positive as they provide solid evidence of local extreme high-grade gold mineralization and a substantial extension of the thick high-grade core zone recently identified at depth. From all indications, the mineralization occurs in a series of at least four stacked alteration zones on the north side of a mafic-ultramafic contact with one being directly on the contact and at least three additional zones being situated to the north. Some of the thickest and highest grade intersections of gold mineralization to date are from holes drilled to extend these zones to depth. The strength, width and increased complexity of alteration in the lower-most holes suggest the potential for a major deposit at Bell Creek"

"In addition, the new results at Wetmore suggest the presence of significant gold in a new and parallel trend in close proximity and to the south of Bell Creek and Vogel which could contribute to an expanded mining and mill scenario."

The highest grade values in Hole BC-10-69C at Bell Creek appear to lie in the upper portion of an east-west trending steeply south dipping envelope of mineralization located immediately south of the mafic-ultramafic volcanic contact which extends downwards into the recently announced thick high grade core zone which is emerging at depth. The highest grade interval reported is closely associated with coarse visible gold ("VG") with minor quartz and sulphide minerals.

Of the two thick zones of hydrothermal alteration intersected by BC-10-92B, the upper alteration zone correlates well with other thick high grade intervals reported previously in holes BC-10-94C (5.85 gpt over 42.20m), BC-09-53B (6.67 gpt over 31.75m) and BC-09-53A (5.13 gpt over 26.40m). The next underlying alteration zone from BC-10-92B appears to correlate with a newly emerging zone below the 1,100 metre elevation as indicated by intercepts in BC-09-53B (8.99 gpt over 7.00m) and BC-10-94C (6.64 gpt over 9.80m) and the next underlying zone appears to be new.

BC-10-92B is still in progress at a downhole depth of 2,017 metres and all assays are pending.

Newly received assays for BC-10-94C expand the width of the previously reported results for the upper alteration zone to 5.20 gpt over 50.60m from the current grade and width of 5.85 gpt over 42.20m Based on information collected the reported intersections from the new zones in BC-10-94C and BC-10-92B are approaching a true width.

Additional results from Bell Creek include those from BC-10-71C, BC-10-96 and S-10-13. BC-10-96 and BC-10-71C were drilled near the west limit of the Bell Creek Mine near the 500 metre and 850 metre levels, respectively, and continue to suggest that the system is open in this direction. S-10-13 was drilled approximately 150 metres east of previously reported BC-10-92 and 350 metres east of the newly emerging thick high-grade core zone and intersected 13.81 gpt over 1.30m, including 52.01 gpt over 0.50m, in a new zone in the hangingwall to other mineralized zones.

Results from the Wetmore property are from holes spaced over an 800 metre strike length between the Wetmore East and Wetmore West showings and designed to follow up on results from past drilling in the 1990's which intercepted values such as 3.83 gpt over 33.40m in PW-24 and 7.79 gpt over 13.90m in PW-26 from the Wetmore East Zone and 7.93 gpt over 5.80m from PW-1 and 2.68 gpt over 38.20m from PW-4 at the West Zone.

Significant results from the five new holes include intercepts of 6.62 gpt over 7.50m in WM-10-05, which was located near Wetmore East and 6.77 gpt over 2.50m in WM-10-03 at Wetmore West. Additional significant results were obtained in the upper portion of BC-10-92, which was targeting the deep Bell Creek zone but passed through the mid-point between Wetmore East and Wetmore West. The intercepts from BC-10-92 included 123.00 gpt over 0.50m, 31.00 gpt over 0.40m and 9.38 gpt over 0.50m.

Considering the good correlation of the new intercepts at Wetmore East and West with previous drill results obtained in the 1990's and the additional potential indicated by BC-10-92, the Wetmore property is considered to have excellent potential and the Company is considering options for an expanded exploration program.

Current drilling at the Bell Creek Complex includes eight drills (six surface and two underground), five of the surface drills are involved in ongoing infill and expansion drilling at Bell Creek with one surface drill continuing with exploration at the Wetmore property.