Creso Exploration has proclaimed the results of eight drill holes, 1393 m in total, from the Matona, Tyrrell, Porphyry Lake and Hare Lake options at the Shining Tree district.
Teslin River Resources has completed a reverse circulation (RC) drilling program at the Mustang property, which is situated 20 mi southeast of Gabbs in Nevada.
Aben Resources has begun a Phase I diamond drilling program, totaling 2,000 m, at its 4,114 acre Justin gold project, located in western Yukon.
The government of Namibia has withdrawn its proposed mining tax hike. Earlier in the year the Namibian government had announced a proposal to raise the mining tax rate to 44% from its current rate of 37.5 %. The Deputy Finance Minister of Namibia, Calle Schlettwein, said that the proposal had been withdrawn to increase the corporate tax on mining companies.
Compass Gold Corp is planning to buying out the 49% of a gold mining operation called Africa Mining SARL from Transocean Finance Pty Ltd. and Madani Diallo. Compass Gold will swap 30 million units of common shares and purchase warrants for the 49% stake in Africa Mining.
The president of Venezuela Hugo Chavez has told his government to repatriate $11 billion in gold bullion to safeguard the nation from global economic crisis. The gold is currently held in banks in the U.S and Europe. The president also said that he would nationalize the local gold industry to help the economic situation.
Lake Shore Gold has received promising results from the drilling exploration program at its Bell Creek property near Timmins, Ontario. The Canadian mineral exploration company is registered on the Toronto Stock Exchange and owns 100% of the property
Zijin Mining Group wants to buy a 60% stake in Altynken LLC, a Kyrgyzstan based gold mining company. The proposed $66 million bid is subject to approvals from both the Chinese and Kyrgyzstan governments. It filed its intentions to the Hong Kong bourse on Tuesday.
Empire Resources has announced high grade copper intersections from its drilling exploration at the A Zone in the Yuinmery copper gold project. The Yuinmery project, located 80 km south west of Sandstone, is one of two projects located in Western Australia that belong to the company. The other is the Wynne project.
The profits of Australian mining company OZ Minerals (ASX: OZL) have taken a hit this financial year dropping a drastic 72% at the half year point. Net profits at the copper mining company fell to $113.9 million from $405.7 million in the same period last year. The net profit for the calendar year 2010 had been recorded at $586.9 million.
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