Cardero Resource Corp. (”Cardero” or the “Company”) - is pleased to announce that it has entered into a letter of intent with Hochschild Mining Holdings Limited (”HMHL”), a subsidiary of Hochschild Mining plc , pursuant to which it has granted HMHL the option to earn up to a 70% interest in the Los Manantiales Gold property, located in Chubut Province, Argentina.
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Analyst R Profiti of Credit Suisse maintains his “neutral” rating on LionOre Mining International Ltd (ticker: LM2A). The 12-month target price has been raised from C$16 to C$18.50.
In a research note published this morning, the analyst mentions that the company has entered into a C$18.50 per share takeover agreement with Xstrata Plc. Read more » »
Domestic growth is turning Peru’s mining-dominated stock market into the Americas’ best performer this year even as the prices of zinc, gold and copper remain below last year’s peaks.
The Lima General index has surged 181 percent in the past 12 months, driven by companies such as Grana y Montero SA, Peru’s biggest builder, and industrial equipment distributor Ferreyros SA. Prices of four of the five metals Peru produces — copper, zinc, gold and silver — are lower than their 2006 records even after recovering some of those losses in 2007.
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U.K. mining stocks climbed as nickel rose for a second day. BHP Billiton Ltd. and Rio Tinto Group paced the advance.
Wolseley Plc limited gains on the FTSE 100 Index as Lennar Corp., the largest U.S. homebuilder, reported a drop in earnings. Barclays Plc shares retreated. Next Plc advanced amid speculation the retailer may receive a takeover approach. Diageo Plc gained after Dresdner Kleinwort recommended investors increase their holdings in the liquor maker.
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A federal agency is objecting to the drilling of five new oil and gas wells in the Allegheny National Forest because the drilling would “jeopardize” the scenic and recreational quality in a section of the national park.
Last month, the U.S. Department of Agriculture’s Forest Service filed an objection with the Pennsylvania Department of Environmental Protection to well permit applications submitted by U.S. Energy Development Corp. on Jan. 26.
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Ressources Minieres Pro-Or Inc. (”Pro-Or”) is pleased to announce the resumption of drilling on its Menarik property in James Bay, which hosts substantial platiniferous chromite mineralization. The work will be supervised by Yvan Bussieres, a geological engineer.
The current program represents Phase 1 of drilling to be done in 2007, and consists of a total of 4,000 metres to be drilled in 28 holes. The last drilling program, carried out in December 2006, revealed two new zones strongly mineralized in nickel and cobalt and enriched with a few grams of platinum and palladium (see press release dated 19-02-07). Very good chromite-bearing zones were also intercepted during the program. Read more » »
Norman S. Pitcher, Chief Operating Officer of Eldorado Gold Corporation (”Eldorado” the “Company” or “we”), is pleased to announce that this year’s drilling at the Efemcukuru Project in Western Turkey continues to return excellent results. The initially planned infill and exploration drill program has now been expanded to 21,000 meters (of which over 14,000 meters have been drilled).
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David Caulfield, President and CEO of Rimfire Minerals Corporation reports that drilling has resumed at the Poncho Property, located in the Walker Lane Mineral Belt 56 kilometres (35 miles) northwest of Tonopah, Nevada. Eklund Drilling has been contracted to finish the program announced on January 18, 2007 and subsequently suspended by management on February 28, 2007. Exploration at Poncho is targeting high grade gold-silver epithermal mineralization.
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UTS Energy Corp. [TSX:UTS], a Calgary company developing the Fort Hills oil sands project with partners Petro-Canada [TSX:PCA; NYSE:PCZ] and Teck-Cominco [TSX:TCK; NYSE:TCK-B], says recent drilling results back the company’s plans for a separate stand-alone oil sands mining project in the Athabasca area of northern Alberta.
”Early analysis of our 2007 drilling program, derived from well log interpretation, is extremely encouraging,” William Roach, president and chief executive, said after stock markets closed Monday. Read more » »
Cygam Energy Inc. has signed a contract with Hydro Drilling International S.p.A. on March 23, 2007, to drill a 1000-meter well in the Posta Nuova permit in southern Italy.
Regulatory approval for all drilling operations has been received and construction of the surface lease has commenced. Cygam has already acquired long delivery items such as wellhead, casing and related equipment. Drilling is expected to start towards the end of April, after Hydro Drilling completes its contract obligations with another operator and mobilizes the drilling rig from a nearby location. Read more » »