World Mining Exploration News

Rajant Corporation, a leading provider of portable mobile wireless networking solutions, announced today that its global partner Mine Site Technologies (MST) has secured two new mining deployments in Australia using the Rajant BreadCrumb(R) wireless mesh solution. Recently announced as Rajant’s global partner for mining, MST is the leading mining solutions provider, specializing in the development and supply of communications technology and services to the global mining industry.
Beaconsfield Gold is an underground gold mine owned by Beaconsfield Gold, N.L., and is Australia’s richest gold vein located in Tasmania. Pooncarie Mineral Sands is located in Pooncarie, New South Wales, Australia, and is a Gingko surface operation mine owned by Bemax Resources Limited.
“We are very pleased with the results of this powerful partnership,” said Peter Lenard, Senior Vice President, Business Development for Rajant. “MST’s strong reputation and mining expertise paired with Rajant’s dependable wireless mesh solutions make a winning combination for the customer.” (more…)

Mexoro Minerals Ltd. Intersects 23 Meters From Surface Of 8.93 g/t Gold and 63.39 g/t Silver And Continues To Extend The Mineralized Body At Its Cieneguita Project Which Remains Open to the West. (OTC Bulletin Board: MXOM.OB) (Frankfurt: OYA1).
Mexoro Minerals is pleased to announce an additional 8 drill holes (CI-40 to CI-47) which are part of the current drilling programs whose objectives are: (1) to extend known mineralized areas by step-out drilling and (2) infill drilling to expand the newly reported inferred mineralized material (see release dated August 29, 2008) for the project. The drilling program is currently drilling hole CI-58 and assay results are still pending for the last 10 completed drill holes. The most significant results for this series of drill holes were encountered in holes CI-44, CI-46 and CI-47:
– CI-46 intersected 23.00 meters averaging 8.93 grams per ton gold and 63.39 grams per ton silver, including 3.75 meters 32.4 g/t gold and 72.0 g/t silver and 1.5 meters of 34.0 g/t gold and 318.0 g/t silver. (more…)

Grandview Gold Inc. is a gold-focused exploration company, with properties in three prominent North American gold camps: (1) the Carlin Trend in Nevada; (2) the Red Lake Gold District in north-western Ontario; and (3) the Rice Lake Gold District in south-eastern Manitoba.

The current adverse market environment has resulted in the share prices of many junior mining companies, including Grandview, falling 70% or more. Excluding the one-day spike last September to $1.40, the stock’s normalized high over the last twelve months was $0.98. Thus, the stock is down 87%, and severely depressed. Despite trading at fire-sale prices, the Company’s fundamentals remain intact.

On the Carlin Trend, the Company’s neighbours include the world’s two largest gold-producing companies: Barrick Gold Corporation and Newmont Mining Company. (more…)

Northern Gold Mining Inc. (CA:NGM: news, chart, profile) is pleased to announce additional high grade gold assays from its ongoing stripping, mapping and sampling program following-up on last month’s high grade gold discovery in the Fidelity area of Northern Gold’s Kirana property. Analytical results from the initial lot of 44 chip and channel samples, collected in the stripping and sampling program after the high grade gold discovery, have been returned confirming the presence of very high grade local gold with assays up to 552.96 g/t (16.13 oz/ton) Au. The Kirana property comprises 86 contiguous claim units, 4 patent blocks and an isolated block of 8 claim units just south of the main group. The claim group extends across 4 townships, 5 kms. To the northeast of the prolific Kirkland Lake gold camp, where to date more than 24 million ounces of gold have been produced.
To date an additional 1350 square metres of bedrock has been exposed in the surface stripping and sampling program including the hillside between the two previous stripped areas. (more…)

Stocks pared early losses and traded narrowly mixed Wednesday as a drop in oil prices helped restrain fresh worries about the financial sector.

Investors began the day fearing more industry-wide writedowns of bad home loans after mortgage financier Freddie Mac reported a larger than expected second-quarter loss.

But a reversal in oil prices, continuing a decline that propelled stocks sharply higher on Tuesday, helped calm investors about the forces tugging at the economy.

Freddie Mac, which substantially increased its reserves for souring loans, lost about three times Wall Street’s expectations on a per-share basis.

The company also announced that it expects to cut its third-quarter dividend as it seeks to preserve capital. (more…)

Richmont Mines Inc. (TSX: RIC)(AMEX: RIC), a gold exploration, development and production company with operations in North America, today announced financial and operational results for its second quarter ended June 30, 2008. Financial results are based on Canadian GAAP and dollars are reported in Canadian currency, unless otherwise noted.

Revenue for the second quarter of 2008 was $16.2 million, a 27.4% increase compared with $12.7 million in the second quarter of 2007. In the 2008 quarter, 17,111 ounces of gold were sold at an average price of US$903 (CAN$909) per ounce, compared with 16,640 ounces of gold sold in the same period last year at an average price of US$680 (CAN$731) per ounce. Total precious metals revenue was up $3.4 million, or 27.8%, to $15.6 million in the second quarter of 2008 compared with $12.2 million in the second quarter of 2007. Sales from the Island Gold Mine, which commenced production during the fourth quarter of 2007, more than offset the loss of gold sales from the East Amphi Mine, which was closed in mid-2007. (more…)

Zijin Mining Group Co will finalize the acquisition of two gold mines, including at least one overseas, in the second half of the year, the mainland firm’s chairman Chen Jinghe said.

Chen told a media briefing here that Zijin has 4 bln yuan available for acquisitions in the period.

He declined to give details of the potential acquisitions.

Chen said Zijin is also planning to build two iron ore processing plants in Xinjiang and Qinghai with total investment of 600 mln to one bln yuan.

The annual handling capacity of the plants will be 400,000 tons each.

Chen said the company completed the acquisition of a gold mine in Tajikistan in the first half and that the project is now in the construction and development stage. (more…)

Bison Gold Exploration Inc. (”Bison Gold” or the “Company”) (CNQ: BGEI) today announced the completion of the final tranche of a non-brokered private placement financing for gross proceeds of $255,000. The proceeds of the financing will be used to fund the Company’s ongoing exploration programs in the province of Manitoba.
The company has issued 700,000 flow-through shares at $0.15 per share for gross proceeds of $105,000. The securities issued are subject to a four month hold period expiring November 7, 2008. The Company has issued 1,000,000 non flow-through units at $0.15 per unit for gross proceeds of $150,000. Each unit consists of one non flow-through common share and one common share purchase warrant. Each share purchase warrant entitles the holder to purchase one common share of the Company at a price of $0.25 until July 17, 2010. (more…)