The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Sorted by date Results 126 - 150 of 163
Last month we talked about economic impacts of the Alaska mining industry. This month, the world mineral exploration industry is in our crosshairs. Halifax-based Metals Economics Group reported that 2008 worldwide nonferrous mineral exploration reached $13.2 billion, more than 2.5 times the previous peak exploration spending level reached in 1997. Add uranium exploration expenditures, and the total expands to $14.4 billion. Exploration spending would have been even higher...
International Tower Hill Mines Ltd. wrapped up a winter drill program at the Livengood gold project about 70 miles north of Fairbanks April 20. The 10,000-meter program that began in February encountered an unexpected area of higher-grade mineralization to the southwest of the 6.7 million-ounce gold resource outlined by previous drilling. "We are having some good luck in the southwest extension of the deposit. We have run into another higher-grade portion of the deposit," Inte...
There are some new stats out from the State of Alaska that I thought you might like to see. For 2008, the Alaska mining industry accounted for 3,500 direct jobs and 5,500 indirect jobs. The industry doled out US$350 million in payroll with the average salary totaling US$82,600 per year, which is 90 percent higher than the statewide average for all sectors. Mining salaries were higher than all other sectors, except for the oil and gas sector. The industry paid US$105 million in...
The gold resource at International Tower Hill's Livengood project has grown by more than 350 percent over the past year. A Jan. 28 resource estimate of 6.8 million ounces of gold makes the project one of the largest new gold discoveries made anywhere in the world in the last decade. International Tower Hill Mines Ltd. President and CEO Jeff Pontius told Mining News the original target of a 7 million-ounce gold resource by mid-year 2009 has been bumped to 8 million ounces...
The Alaska mining industry was relatively quiet over the last month with most of the news coming from programs completed in 2008. In addition, some programs have already started in 2009 but details are not ready for prime time gossip. A couple items that did catch my eye from the bigger world markets underscore the fact that opportunities still exist in this depressed economic climate and serve to magnify the pitfalls of government intervention in the private sector. The...
Despite the strong price and increasing investment surge for gold, Gold Fields Mineral Services reported in it's Gold Survey 2008 summary that global gold mine production dropped 4 percent in 2008 to reach its lowest level since 1995. Australia, Indonesia and South Africa experienced the most significant declines in production with Mexico and Russia seeing increases in production. South African production plummeted by an estimated 14 percent, the sharpest percentage fall...
As 2008 winds inexorably to a close, I found myself looking for words adequate to describe what will go down in history as one of the most memorable years in many a moon. Words like tumultuous, unpredictable, singular, turbulent, chaotic, confusing, and unsettling hardly do justice to the past year's events. As usual, the mining industry played its small but vital role in the scheme of world events. The first half of the year brought stratospheric commodity prices, while the...
Let me start this month's mining update by saying I am not a chartist nor do I believe economic cycles are controlled by cosmic forces known only to the mystics. That said, I do believe in cycles because I have lived and worked through more cycles in the mining industry than I care to remember. So a couple of observations seem in order as we plummet down the slope off another peak into what looks to be a pretty deep, chilly valley. First off, what goes up, must come down with...
In an economic climate that is causing most juniors to scale back exploration projects, International Tower Hill has expanded its exploration program at the Livengood gold property north of Fairbanks. The addition of a winter exploration program, scheduled to begin in February 2009, is the result of the success of the junior's 2008 summer program. Vancouver, B.C.-based International Tower Hill updated its resource estimate for Livengood by including about half of the assay...
The national sucking sound of venture capital exiting the mining industry has now expanded to a worldwide sucking sound as virtually all of the world's economies fight the massive, unprecedented credit crunch which started in the U.S. The mining industry is certainly not alone in feeling the down turn but its effects in Alaska began to be felt last month and continued this month as projects were shortened, plans down-sized or programs cancelled, all in an effort to preserve...
With termination dust settling ever lower throughout Alaska, the bulk of the 2008 exploration season has been completed, but lots of results are still pending from projects around the state. As the exploration industry winds down, the Rock Creek gold mine started production bringing owner and operator NovaGold Resources Inc. its first operating mine and bringing Nome its first modern lode gold mine. While this was going on in our backyard, the financial markets were starting...
Several drilling programs started in the last month and several others began reporting initial results from programs commenced earlier in the summer. Two of Alaska's operating mines reported strong operating results and two new mineral resource estimates have been released. Alaska's seasonal exploration efforts are entering the second half of the season, while commodities prices continue to slide, inflation rates increase and operating costs increase. While nobody likes to admit it, there is mounting evidence that the mining...
Assays are beginning to roll in from projects around Alaska with some particularly impressive results from gold exploration in the Livengood District and equally impressive polymetallic results from the Fortymile and Haines Districts. Additional results from gold, copper, base metal and uranium projects are due to come out in the near future as the bulk of Alaska's seasonal exploration programs begin to churn out their results. Although gold, silver and copper prices remain high, lead and zinc prices are down 20 percent in...
International Tower Hill Mines Ltd. June 10 said it has entered into an agreement to acquire all of the interest of AngloGold Ashanti (U.S.A.) Exploration Inc. in the Terra and LMS projects in Alaska, plus certain other AngloGold rights, in exchange for 450,000 shares of the Vancouver, B.C.-based junior's stock. Based on current share prices, the deal was valued at about $6 per ounce of International Tower Hill's inferred gold resource and valued at about C$751,500, or C$1.67 a share. The purchase agreement covers all...
The game is afoot all across Alaska with the drills turning to the right on projects all across the state. The operating mines turned in strong first-quarter results and several new acquisitions, joint ventures and new players were announced in the last month. Western Alaska Teck Cominco American announced first quarter results from its Red Dog Mine. In the first quarter, the mine produced 138,500 metric tons of zinc in concentrate. Zinc ore grade increased to 21.3 percent while mill recoveries remained steady at 83.8...
International Tower Hill Mines Ltd. May 13 said the results from a recent high resolution airborne magnetic and EM survey completed over 30 square kilometers of mineralized areas of the company's BMP project in central Alaska show huge anomalies that warrant aggressive follow-up exploration. A day earlier the Vancouver, B.C.-based junior announced the start of resource expansion drilling at the Livengood Gold Project 100 kilometers, or 60 miles, north of Fairbanks. The company plans to drill about 42,000 meters, 136,500...
Last month's perfect storm of news from around the state has blown itself out so that this month we are getting only a drizzle or two. Why? Seems straightforward to me. If you have a budget, you already have started working on it, and you are too busy working to have anything much to report. If you don't have a budget yet, it is unlikely that you will be getting one at this late date so you have even less to say. Time to put boots on the outcrops! Western Alaska NovaGold...
Millrock Resources Inc. has added four significant Alaska gold properties to its portfolio in preparation for substantial exploration in 2008. Millrock is currently working on its 2008 exploration budget, but early estimates are that the company will spend between $3 million and $4 million on its Alaska properties this year. The bulk of the budget will be applied to exploration at the Ketchem, Estelle and Divide properties, Millrock President Greg Beischer told Mining News...
Let me extend my apologies to all those looking for a quick summary of the Alaska mining industry this month. There is nothing "quick" about the tome you are about to read, but don't blame the messenger. I just report what I read, and this month it's a sack full! No need for more words, just read on! Western Alaska NovaGold Resources announced results of a newly released report on the Rock Creek project, nearing commercial production outside of Nome. The revised feasibility...
As is commonly the case in late January, an over abundance of news has come out in the last month, in part to coincide with year-end financial releases and in part to coincide with the annual Cordilleran Roundup mining convention in Vancouver. The news itself included an $819 million year-end 2007 profit at one Alaska mine, new gold resources of 32.8 million ounces for the state's largest gold deposit and the sale of 70 percent of another mine for a whopping $750 million. That doesn't count new resource estimates on two other...
For any of you who have experienced that odd quiet before a big storm hits, I'd suggest you grab Toto and head for the root cellar because the "quiet" is about to end and the perfect storm is about to begin! I say this because the mining industry took its collective breath during the last month and recharged its batteries in preparation for what looks to be a wild and woolly 2008. Commodities prices remain high; worldwide demand for metals and energy minerals remains strong, and investment capital is there for quality mining...
In days gone by the Alaska mining industry thought of December as a time of decreased activity and a chance to catch your breath before the New Year started. Well, in case you have not noticed, those days are long gone! This month's activities stretch from one side of Alaska to the other with metals of interest spanning the periodic table of elements. Results from a number of programs are still outstanding and likely will not be seen until the New Year, blurring transitions...
For those of you who could not attend the Alaska Miners Association convention in Anchorage in early November, you missed what I understand was a record attendance and presentations on some of the most exciting mining developments in the last decade. In addition, I noticed a lot more business being conducted around the conference hotel than is normally the case. Geologists and engineers from companies large and small could be seen hunkered down over reports and maps with...
Since agreeing to acquire the Alaska portfolio of South Africa major AngloGold Ashanti in August 2006, International Tower Hill Mines of Vancouver, B.C., has been exploring the state and expanding its claims as it goes. A total of nine properties were involved in the junior exploration company's agreement with AngloGold. In the 15 months since, International Tower Hill has purchased 100 percent interest in seven of the properties and entered into joint ventures with AngloGold...
The results from Alaska's summer field campaigns continue to pour in from all over the state, while field crews wind down their summer work and kick off their winter programs. If the results released this month are any indication of what is yet to come, 2008 is fixing to be one heck of a year! Western Alaska NovaGold Resources announced that initial testing of their crushing circuit had commenced at their commissioning Rock Creek gold mine near Nome. The operation is...
