Jinshan Gold Mines changed its name to China International Gold Resources Corp Ltd
gold
As of 17 June 2010, Mr. Xiang Dong Jiang was chosen as a director of the Company. Mr. Jiang is also a management capacity as the vice-president of production. Read more
Close Corex private placement to Gammon Gold
Corex Gold Corp. is pleased to announce a part of the non-brokered private placement closed originally announced on July 8 2010 Gammon Gold Inc. pursuant to which (TSX: GAM) (NYSE: GRS) has acquired 4,706,000 units of the Company at a price of $ 0.68 per unit for proceeds of $ 3,200,080. Corex anticipates the conclusion of the placement of additional 1.694 million units, with other qualified investors next week for total proceeds of $ 4,352,000.
Each unit consists of one common share of the Company (a “common share”) and one half of one transferable common share purchase warrant (each whole warrant, a “Warrant”). Each warrant entitles the holder to exercise this right to purchase additional common shares at a price of $ 0.90 for a period of 24 months after completion of the Offering. All securities issued in connection with the private placement will be subject to a minimum of four months to keep time. After giving effect to the private placement will Gammon Gold owns approximately 12% of the issued and outstanding shares (approximately 14% on a fully diluted basis) of Corex. Under certain conditions, Gammon will be entitled to participate in any future funding from Corex to prevent dilution of its shareholdings. Peter Drobeck, Senior Vice President of Exploration and Business Development for Gammon, was chosen to sit on the Technical Board of Corex. Read more
Explor to Begin New Diamond Drilling Program on Eastford Lake Property
Explored Resources Inc. welcomes the start of a 2700 meters drilling program on the Eastford Lake Gold Property, program that will focus on gold with intersecting shear zones that are intersected by a major fault structure announcing that trend in a northerly and easterly direction through the Lynx Gold Zone.
The main vein of the Lynx Gold Zone contains visible gold and it seems right to strike in a north-north-westerly direction and steeply dipping to the south southwest. The property is located in Kerr, Warden, Milligan Townships and the Rayner Lake area, south-west of Lake Abitibi, Ontario, 90 km east of the Timmins-Porcupine gold mining camp. The Eastford Lake Property consists of 170 contiguous unpatented mining units for a total of 3100 hectares.
A recent study done by Robert Tremblay of Val-d’Or aimed at identifying structural features and their correlation with gold mineralization. As a result of this investigation, the original interpretative geological map of the gold-bearing zone was developed. The drilling program is based on the positive results obtained in this study. The program is designated to the strike of high-grade mineralization that was found in Hole # 7 fixed. Read more
South African Gold Production Declines 12.4 % in First Quarter
Gold production in South Africa decreased from 12.4 percent in the first quarter from a year earlier, the Chamber of Mines of South Africa said. Output is 43927.8 kg (1.4 million troy ounces), down 15 percent from the fourth quarter, an industry group said in an e-mailed statement today.
Gold production in the country dropped 5.8 percent last year, making South Africa one fourth after China, Australia and the U.S., the Chamber said on March 12. South Africa was the largest producer in the world for much of the twentieth century. Read more
Federal Gas Tax Fund Supports Improvements to Otonabee River Trail in Peterborough
Residents of the city of Peterborough have a greater opportunity to be active and enjoy the outdoors thanks to an investment of $ 1,290,000 from the Federal Fund for the tax on gasoline. The funding was used to construct a critical section of the Otonabee River Trail that will connect Millennium Park to Del Crary Park along the waterfront of Peterborough. The waterfront will be accessible and attractive for public use and enjoyment.
“Our government is proud to be part of projects like this, designed to enhance the beauty of this great city and create economic opportunities and recreational activities for residents,” said MP Dean Del Mastro, MP for Peterborough. “Local infrastructure projects are at the heart of the Federal Fund tax on gasoline, which will help stimulate the local economy, create jobs and serve people for years to come.”
“The Otonabee River Trail provide direct access and circulation between the Millennium Park in downtown and Del Crary Park, which hosts various events, including Little Lake Musicfest, said Mayor Paul Ayotte.” The Linking these two parks Premier offers better access to recreational activities, and serve to attract visitors to the city center for economic benefit. ” Read more
Oman Oil buys 30 pct stake in Vale Omani subsidiary
Oman Oil Company signed an agreement to buy out 30 per cent Vale pellet Oman Company LLC (VOPC), the statement said. The plant Vale, based in Sohar, has annual production capacity of 9,000,000 tons of iron ore pellets.
It will be fully commissioned by mid 2011.
Oman bank foreign companies to establish projects in the country to diversify its economy, which depends heavily on oil exports.
On Saturday, Oman said France GDF Suez is building two power projects amounted to 1.82 billion. GDF Suez will own and operate power plants in a 15-year agreement signed with the government. (Reporting by Saleh al-Shaibany; Editing: Michael Perry)
