mineral exploration project – commodity prices – mining stock- trade and market

The company IMX Resources is officially opening its Cairn Hill mine in South Australia’s outback today.

The iron ore and copper mine is south of Coober Pedy and will directly employ 150 people and have a life of up to 20 years.

Premier Mike Rann will be at the opening – an event the company’s managing director, Duncan McBain, says proves that South Australia has a strong future in the resource sector.

“We’ll mine down to about 120 metres below ground level in two small pits,” Mr McBain said.

“Potentially it could go underground...

Horizonte, the AIM quoted exploration and development company focused on Brazil, is pleased to announce that it has signed a US$4.5 million earn in agreement on its 100% owned Falcao gold project, located in the Carajas Mineral Province of northern Brazil, with major gold producer and exploration partner, AngloGold Ashanti Limited.

Highlights

- AngloGold can earn into 51% of the Falcao project by spending US$4.5 million on exploration and development over three years

- First year cash commitment of US$900,000 on exploration funding

- Fast track drill programme to...

East Asia Minerals Corporation announces that an independent third party verification has been completed for diamond drill core collected at the Company’s Miwah Gold Project in Aceh Province, Northern Sumatra, Indonesia. The results from this most recent study, completed by an independent consulting firm, have validated the veracity of gold assays reported by East Asia Minerals for drill core sampled throughout the course of exploration at its flagship Miwah Gold Project.

This independent third party validation was conducted for drill holes EMD001 to EMD030 and complies with East...

Cliffs Natural Resources Exploration recently purchased more than 2.4 million common shares of Riverside Resources Inc. — a Vancouver-based mineral exploration company — for $1.45 million.

Cliffs Natural Resources Exploration recently purchased more than 2.4 million common shares of Riverside Resources Inc. — a Vancouver-based mineral exploration company — for $1.45 million.

In June Cliffs and Riverside signed an agreement to explore and acquire iron oxide-copper-gold projects in Mexico.

“This investment by Cliffs into Riverside solidifies the partnership between...

A six-month halt in U.S. deep-water drilling would cost 23,247 jobs, according to an estimate by Michael Bromwich, head of the agency that regulates offshore oil exploration.

Bromwich’s July 10 memo to Interior Secretary Kenneth Salazar shows regulators weighed the economic affect of suspending drilling in waters deeper than 500 feet before Salazar issued a second moratorium on July 12. The memo was submitted to U.S. District Judge Martin Feldman in New Orleans as part of a voluminous administrative record supporting the agency’s actions.

“There is no question that the imposition...

Brazilian mining giant Vale is not preparing a bid for Canada’s Potash Corp, two sources close to Vale told Reuters on Monday.

Potash, the world’s largest fertilizer supplier, is fighting off a $39 billion takeover offer from Australian mining company BHP Billiton and is seeking a white knight.

One source with direct knowledge of the situation, asked about a possible Vale bid, said, “I’m not seeing any movement in that direction. It’s a very big operation. If there were an offer, there would have to be some kind of movement.”

A second...

Lihir Gold shareholders have voted almost unanimously to accept Newcrest Mining’s $10.6 billion scrip-and-cash takeover offer.

The deal will create the world’s fourth-biggest mining company.

With no sign of a white knight emerging, the vote, in Port Moresby yesterday, makes the acquisition almost a formality, with Papua New Guinea National Court approval of the deal scheme of arrangement the only hurdle.

At the meeting, 99.86 per cent of all votes cast were in favour of the deal, which will see Lihir shareholders receive 0.12 Newcrest shares and 22.5c for every...

First Nickel Inc. is pleased to announce that it has entered into an engagement letter to appoint Societe Generale and Commonwealth Bank of Australia to act as exclusive lead arrangers for a senior secured project loan facility up to CAD$30 million. Any commitment by either Lead Arranger will be subject to, among other things, internal credit approval, due diligence, receipt of any government and regulatory approvals and definitive legal documentation, including the provision of a separate commitment letter.

An initial cash arrangement fee was paid to the Lead Arrangers upon signing of...