World Mining Exploration News

Companies Kinetex Resources announced that a branch in South America have been completed to the agreement with the company MPX Energia SA, a subsidiary of the EBX Group of Companies, to provide satellite images of seismic exploration. MPX has headquarters in Rio de Janeiro, Brazil, and has offices in Colombia and Chile.

With a contract value of USD $ 6 million, will conduct exploration MPX from La guajira and mining permits in Colombia, South America, which will be done in the near future. This contract will continue some stage during the three years with a minimum exploration commitment of $ 2 million in the first year, and be able to expand the scope and size. Services will initially consist of program management, collection, processing and interpretation of a series of high-resolution image 2D seismic profiles. (more…)

Gryphon Gold Corporation announced that the Company has taken steps to significantly reduce costs and future commitments. The reductions were made to ensure business presence is maintained while planning continues to put the Borealis property in Nevada’s Walker Lane gold belt into production. The Company plans to wait for capital market conditions to improve before making a business decision to raise equity necessary for the construction phase of the operation.

Steps taken to reduce costs include:

- Major reduction in office facility expense

– Gryphon Gold has moved its Vancouver office location for a 90% savings, reduced Reno office space by 50% and closed the Hawthorne, Nevada office. (more…)

THE Chinese slowdown has forced Rio Tinto to slash this year’s iron ore production by 20 million tonnes in a move that could wipe billions from its revenues.

The decision leaves BHP Billiton as the world’s only major iron ore producer yet to cut output, following last month’s decision by Brazil-based Vale to scale back shipments by 30 million tonnes.

It adds to a stream of negative news from the resources sector, with Fortescue Metals Group bringing forward a shutdown of its port and processing plant because of the global iron ore oversupply and copper, gold, zinc and lead group Oz Minerals flagging a review of its expenses.

Rio announced yesterday that it would reduce iron ore shipments from Western Australia’s Pilbara region to between 170 million and 175 million tonnes this year. (more…)

GARSON GOLD CORP. is pleased to announce diamond drill results from hole BDY08-77 drilled at the Boundary Zone on its 100% owned New Britannia Mine property, located at Snow Lake Manitoba. Highlights of BDY08-77 include the intersection of multiple mineralized lenses including a 48.77 metres (m) intersection with an average grade of 2.43 grams per tonne (g/t) gold.

Garson recently completed a series of short diamond drill holes designed to test the near-surface open-pit potential of the Boundary Zone. The drill program objective was to establish continuity and orientation of multiple, near-surface mineralized lenses and associated structures. “The results of this hole and previously announced drill results, continue to build confidence in the near-surface open-pit potential at Boundary Zone,” stated David Tafel, President of Garson Gold.
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Yankee Hat Minerals Ltd. is pleased to announce that as a result of the regional joint venture grassroots exploration program with the Japan Oil, Gas and Metals National Corporation (”JOGMEC”) a new property, Kidlark, has been explored. Surface sampling has returned high grade tungsten assay results from this scheelite skarn occurrence.
The Kidlark Property was explored in late July, and company geologists immediately staked 32 claims covering several visually impressive scheelite-bearing garnet skarn tungsten showings. The property, located within the Pelly Mountains, is approximately 90 kilometers northeast of Whitehorse, and 45 km west-northwest of Quiet Lake along the South Canol Highway. It lies less than 20 km northeast of Livingstone, an active placer gold operational area serviced by an active airstrip and winter road access.
Eighteen grab samples were taken from the Kidlark Property and submitted to EcoTech Laboratories in Whitehorse for testing. (more…)

Animas Resources is pleased to provide an exploration update on activities in the Santa Teresa mining district, Sonora, Mexico relevant to our past producing Santa Gertrudis and Amelia gold projects.

Animas Resources has completed 22 diamond core drill holes and 3 reverse circulation drill holes (to view Figure 1 please click on the following link: http://media3.marketwire.com/docs/ani1029a.pdf). After results from this round of drilling are complete and integrated into our program, additional drilling is planned to focus on the discovery of larger gold deposits. Our geophysical team has also completed at total of 135.2 line kilometers of ground electrical surveys (IP / Resistivity). Additionally, two and three dimensional remolding of these surveys, combined with existing magnetic surveys, is being plotted along geologic cross sections.
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“Drill, baby, drill,” is the mantra of those who think America must free up its domestic oil supplies, but drilling offshore is not the only option.

The United States is the third largest oil producer in the world (about 8 million barrels per day), but it is also the number one consumer of oil (20 million barrels per day).

Polls have shown that a majority of Americans want an increase in offshore drilling. In response, Congress let a 27-year-old moratorium on offshore oil drilling expire at the end of last month. This put into play about 16 billion barrels of oil (or about 21 percent of U.S. offshore resources), according to the Department of Energy (DOE).
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Caterpillar Inc., the world’s largest maker of bulldozers and excavators, said third-quarter profit fell 6.4 percent, missing analysts’ estimates as costs rose for materials including steel and fuel.

Net income declined to $868 million, or $1.39 a share, from $927 million, or $1.40, a year earlier. Sales rose 13 percent to $13 billion, the Peoria, Illinois-based company said today in a statement.

Chief Executive Officer Jim Owens reaffirmed the company’s 2008 forecast and put off issuing its 2009 outlook because of “substantial turmoil in financial markets.” Higher costs for fuel, steel and other materials pushed up manufacturing expenses by $442 million from a year earlier, overshadowing price increases of about $385 million. The company plans to lift prices another 5 percent to 7 percent in January. (more…)