DIOS EXPLORATION INC. (TSX VENTURE: DOS) reports the discovery a new gold showing during its 2010 reconnaissance program on its wholly owned U33 diamond-gold exploration project, James Bay, Quebec. The discovery is located 52 kilometers SE of the multi-million ounces of gold Eleonore deposit and 12 kilometers NE of the million ounces of gold Clearwater deposit.
Acrex Ventures Ltd. ("Acrex") is pleased to announce that diamond drilling will commence this week on its Grizzly-Kellar Lake gold property (the "Property"). Acrex has an option to acquire a 100% interest on the Property (see news release dated May 18, 2010). Acrex has contracted Forages M. Rouillier Drilling Inc. of Amos, Quebec for the completion of up to 500 metres of drilling.
Petra Diamonds Ltd, the second largest producer of diamonds in Africa, has posted a record post tax profit of U.S.$70 million for the year ending June 30, 2010.
The Argyle diamond mine in Western Australia is going to receive an injection of cash to the tune of $803 million from Rio Tinto for major upgrades.
Alrosa, Russia's largest diamond company, has posted a profit of $70 million for its Catoca diamond mine located in Angola. The mine situated near the town of Saurimo in north east Angola sold about 7 million carats of gems earning a gross production value of $122.6 million.
Harry Winston Diamond Corporation is studying a different underground mining method which has the potential to reduce the costs of operations at the Diavik diamond mine. This new technique may allow them to explore recently discovered regions where mineralised kimberlite reserves have been identified.
Vaaldiam Mining Inc (TSX: VAA), the Canadian based diamond mining and exploration company, has reported a net loss of $1,682,000 in the second quarter ending on June 30, 2010. It is a sign of improvement as for the same period in 2009 the company had reported a net loss of $2,231,000.
In a bid to provide better mining regulation and transparent functioning of government the Minerals Resources Minister of South Africa Susan Shabangu announced a new mining moratorium in Pretoria yesterday.
Four executives allegedly accused of misappropriation of funds were suspended by the Zimbabwe Mining Development Corporation. These include the Chief Executive and General Manager Dominic Mubayiwa, the Finance Director Robert Karemba, Group Technical Manager Albert Chitambo and Corporate Secretary Tichaona Muhonde.
The ruling political party in South Africa, the African National Congress (ANC) is seeking more state control of mining.
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