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.
Metallum Resources has declared that the company has begun an exploration campaign worth $CND 2.9 million that covers about 6,300 ha M-18 silver/gold property’s mineral rights at Chubut province in Argentina.
NuLegacy Gold, an exploration company based at Nevada, announced that it has added a soil gas sampling survey to its current drilling program at its Red Hill Prospect in Nevada. The prospect covers an area of 45 sq mi in Nevada’s Cortez gold trend.
Bearing Resources, a Canadian-based company exploring base and precious metals with projects conducted in the Yukon, British Columbia, and Mexico, has declared that the company has signed an option contract with Precipitate Gold, by which Precipitate can gain up to 70% interest in Bearing’s Jay East Property, situated in the Watson Lake mining district at the Yukon Territory.
Argus Metals is continuing the diamond drilling at the Hyland gold project, which is situated in the Selwyn Basin, Yukon. The company is currently drilling three holes on the SE zone for assaying.
Bolero Resources is advancing the work campaign at the White Gold prospect. This prospect is situated in Yukon’s White Gold District or Stewart River region that is nearby to the newly proclaimed discoveries by Kinross Gold and Kaminak Gold.
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