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PERTH, May 21 -- Golden Cross Resources has identified an inferred near surface 280,000oz of gold at its wholly-owned Cargo Gold Project , near Orange in New South Wales, Australia.
The bulk of the 10Mt at 0.84gt lies between the surface and 75m depth over a 400m strike length, but has been estimated to a depth of 180m, with the quartz-sulphide veins open at depth.
Initial metallurgical testing of drill chips has yielded recoveries...
LONDON, May 21 – Namakwa Diamonds expects it will be able to meet budgeted targets at its Kao diamond mine in Lesotho when it completes a water pipeline to supply the mine’s 500tph processing plant.
Lesotho’s Natural Resources (Water Supply) Ministry awarded Storm Mountain Diamonds permits to complete the pipeline and pump water from the confluence of the Kao and Malibamotso rivers.
Once complete, due by July, the pipeline should...
Breaks - UNDERGROUND COAL WORKER KILLED
LONDON, May 21 -- A 26 year-old employee has been killed 870m underground at New World Resources’ ČSM Coal Mine in the Czech Republic.
The mine is owned by subsidiary OKD, the largest hard coal mining company in the republic. An investigative committee is conducting an enquiry into the accident.
The company said the death has had no immediate impact on production.
Breaks - PGM consolidation moves closer
JOHANNESBURG, May 21 – Platmin and Pallinghurst Resources have received Department of Mineral Resources approval for acquisitions that are key to the plan to consolidate three contiguous platinum group metals properties on the Western Limb of the Bushveld Complex in South Africa.
The African Queen strategy is designed to create a low-cost PGM producer of industry significance with a large and shallow resource base....
LONDON, May 21 – Russia’s biggest gold producer, Polyus Gold Intl, has completed a $US25M expansion project at its Titimukhta mine in E Siberia aimed at lifting production 13% to between 120,000oz-125,000oz of refined gold in calendar 2012.
The expansion is targeting at increasing mine throughput from 2.2Mtpa to 2.4Mtpa, with 2012 ore processing expected to be about 2.18Mt, compared to 1.92Mt in 2011.
Titimukhta, which has 2.2Moz...
Breaks - RIO TINTO FINDS CABLE BUSINESS BUYER
LONDON, May 21 – Rio Tinto has made another step in its disposal of non-core aluminium assets with the $US185M sale of Alcan Cable to copper, aluminum and fiber optic wire and cable products manufacturer General Cable Corporation.
Alcan Cable Alcan, which makes aluminum cable for the utility and building industries, has five manufacturing operations, a distribution centre and dedicated technology development centre in North America and an operation in...
BRISBANE, May 21 – Superior Resources aims to focus on its base metals and gold interests in north Queensland, Australia after offloading its Inca phosphate project to specialist explorer PhosphateCorp.
Superior has completed its base metals exploration on the Inca project’s two granted exploration permits in the northwest of the state, but they have historical phosphate grades and are...
Breaks - GLOBE OUTLINES RESTRUCTURE PLANS
PERTH, May 22 – Australia’s African-focused Globe Metals & Mining has outlined plans for a corporate restructure that will see the company focus on its Kanyika niobium project in Malawi and move all other exploration assets into a separate listed company.
Globe says it plans to seek a listing on the Toronto Stock Exchange to coincide with completion of the Kanyika definitive feasibility study.
Implementation of the plan depends...
PERTH, May 22 – An international tenement swap has enabled Australian company Centaurus Metals to strengthen its pipeline of iron ore exploration and development assets in Brazil.
Centaurus has acquired the Curral Velho iron ore project, a parcel of six tenements covering 83sq.km in Paraiba State, NE Brazil.
Consideration for the acquisition is the transfer of Centaurus’s interests in its non-core Caçapava copper/gold project in...
Breaks - URANIUM SEEKER BUYS US PROJECTS
PERTH, May 22 – Australian American Mining Corporation his pressing ahead with its strategy to build a portfolio of high quality uranium assets in the USA, signing heads of agreement to purchase three New Mexico properties from Kaboko Mining.
The Kaboko projects are close to AusAmerican’s Rio Puerco uranium project and will add significant scope for achieving critical mass for uranium resources in the Grants Mineral...