The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Sorted by date Results 501 - 525 of 615
Teck Resources Ltd. has purchased two new M3000 IsaMills equipped with 1.5 megawatt motors for its Red Dog zinc mine in Northwest Alaska. The new equipment will be used to grind harder ore from the Aqqaluk deposit adjacent to the mine's main deposit. The regrind circuit at Red Dog currently uses 10 vertical tower mills. The IsaMills will replace seven of them. One mill will regrind materials to 13 microns, and the other to 25 microns after the first phase of flotation. The...
Canada Zinc Metals Corp. Oct. 8 said the first assay results of its 2008 drill program has significantly expanded the zinc-lead-silver bearing Cardiac Creek deposit on the Akie property in northeastern British Columbia. The news came less than two weeks after the feisty junior changed its name from Mantle Resources Inc. "to better reflect its major focus, being zinc-lead projects in northeastern British Columbia." A total of 5,161 meters, or 16,773 feet, in 12 drill holes had been completed as of Oct. 8 on the Cardiac Creek p...
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...
NovaGold Resources Inc. experienced more than a 30 percent drop in stock value when the Vancouver B.C.-based junior reported it is selling more than 485,000 acres of its non-core mining assets in Alaska, and that sale of the entire company is one of the options managers are considering as a "strategic alternative to maximize shareholder value." "We just wanted to signal to the market that we think we are really undervalued here. These assets are high-quality assets in a low...
DAWSON CITY, Yukon - Atop a wooded peak in this land of mountains and deep valleys near the confluence of the White and Yukon rivers, a New Zealand-based miner is hard at work exploring for gold. Underworld Resources Inc., a junior organized in 2007, has come to the Far North in hopes of making a commercial discovery at the White Gold and Black Fox Gold properties in west central Yukon Territory, about 95-123 kilometers, or 59-76 miles, by air south of Dawson City. Organized with an initial public offering in March 2007, Unde...
DAWSON CITY, Yukon Territory - Underworld Resources Inc., like a growing number of juniors, owes its chance to make a huge mineral discovery in Yukon to a couple of modern-day prospectors, Shawn Ryan and Cathy Wood. But Ryan and his wife and partner, Wood, are a far cry from stereotypical prospectors. No grizzled, elderly loners, these two are quiet parents in their 30s. Ryan is an energetic entrepreneur with a boyish grin and a rapid-fire style of conversing. He began tramping up and down the steep hills of western Yukon 11...
CARMACKS - Western Copper Corporation said its Casino copper-gold-molybdenum deposit in central Yukon Territory has the potential to be developed economically as a sizable open-pit mine. The porphyry deposit at Casino is the latest in a long line of precious- and base-metal zones of mineralization in the area to be considered for extraction. It is considered unique among Canadian porphyry deposits, with a substantially preserved oxide gold leach cap, a well-developed supergene or near-surface, copper-enriched zone, and a...
NovaGold Resources Inc. July 11 posted its second-quarter financial results and admitted that the company has encountered significant problems getting Rock Creek, its most advanced gold mining project, up and running. NovaGold also outlined plans to sell some of its noncore assets, including its Ambler lead-zinc property near the Red Dog Mine in Northwest Alaska. NovaGold said it initially budgeted about $42 million in fiscal 2008 to complete construction at the Rock Creek mine near Nome. However, significant adverse weather...
After six years of hard work, NovaGold Resources Inc. is moving closer to its goal of developing a world-class gold mine in the hills above the Yukon-Kuskokwim River Basin of southwestern Alaska. The Vancouver, B.C.-based junior is set to produce its first gold at the Rock Creek project near Nome this year, but its ongoing development of the Donlin Creek deposit hundreds of miles southeast of Nome is more likely to propel the company onto the world stage as a mega-producer of the yellow precious metal. NovaGold and its 50...
Canada's Federal Court of Appeal has set aside a lower court ruling and confirmed a federal environmental assessment of the Red Chris copper-gold project 18 kilometers, or about 11 miles, southeast of the village of Iskut, east of the Alaska Panhandle in Northwest British Columbia, according to project owner Imperial Metals Corp. In September 2007, the Federal Court Trial Division of Canada ruled in favor of an application by MiningWatch Canada for judicial review of a federal environmental assessment of the Red Chris...
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...
Rosie Barr, spokeswoman for NANA's "Voices of Reason Campaign," told Mining News that anti-mining initiatives expected to come before Alaska voters on this fall's ballot would shut down existing mines like the huge Red Dog zinc-lead mine in Northwest Alaska and prevent the permitting of future mines, many of which would be developed on Alaska Native corporation lands. In undertaking this campaign, NANA is fighting to retain the land ownership and mineral rights granted to all Alaska Natives under the Alaska Native Claims...
During John Shively's 17 years working for the NANA Regional Corp., he was involved with the acquisition of land selection rights for the zinc property where the Red Dog Mine is currently located. He and other NANA leaders went on to permit and develop - in partnership with Teck Cominco - the world's largest zinc mine. Drawing on Shively's experience, the Alaska Miners Association invited him to speak to attendees at the 2007 Alaska Miners Association annual mining conference...
Teck Cominco Ltd. reported a 4.3 percent dip in profits in the first quarter of 2008 due mainly to a higher Canadian dollar and lower coal and zinc prices. Earnings fell to C$345 million, or C78 cents a share, compared with C$360 million, or C83 cents per share, in the first quarter of 2007. Teck Cominco President and CEO Don Lindsay said significant income from three copper mines that the Vancouver, B.C.-based major acquired from Aur Resources in 2007 along with a 32 percent increase in the copper price helped the outcome....
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...
After decades of doggedly chasing the legendary allure of the gold-rich Chandalar District northern Alaska, Little Squaw Gold Mining Co. is showing signs of closing in on its recent goals. The Spokane, Wash.-based junior changed its name in May to Goldrich Mining Co. It also released findings April 30 from an independent, conceptual economic scoping study of its alluvial gold deposit discovery in the Little Squaw Creek drainage on the property. Goldrich controls key acreage in the Chandalar district, which is about 190 air...
Building a power line into northern British Columbia could attract C$3.5 billion in mining investment to the area, according to preliminary findings of an independent study. The Northwest Power Line Coalition, an industry group that took up the idea when B.C. government officials dropped plans for the power line last fall, released the findings in April. They showed that not only would an electricity conduit along Highway 37 in northwest British Columbia help bring at least eight new mining projects to the region, it also...
The Pebble Limited Partnership- an Alaska-based 50-50 partnership formed between a wholly owned subsidiary of Northern Dynasty Minerals Ltd. and a wholly owned U.S. subsidiary of Anglo American plc to engineer, permit, construct and operate a modern, long-life mine at the Pebble Project-has set a 2008 budget of $140.1 million to advance the Pebble copper-gold-molybdenum project in southwest Alaska. In early April the partners appointed John Shively as the partnership's first...
After purchasing a 50 percent interest in the Lik in Northwest Alaska last year, Zazu Metals Corp. has begun to explore the zinc-lead-silver-rich property. In 2007, the Vancouver, B.C.-based junior drilled 1,400 meters in 11 holes with the intention of confirming 26,200 meters of historic drilling completed on the property. Lik is located about 22 kilometers, or 14 miles, northeast of the Red Dog Mine, the world's largest zinc mine. Teck Cominco Ltd., operator of the Red Dog...
Vancouver-based NovaGold Resources Inc. April 14 assured investors that it has a "clearly defined strategy" to rebuild shareholder value from the setbacks suffered in the market last fall when the company and partner Teck Cominco Ltd. elected to delay development of the Galore Creek Project in northern British Columbia. NovaGold's new strategy is a focus on Rock Creek and Donlin Creek, the junior's gold projects in Alaska. NovaGold also reported earnings of $28 million, or 27...
NovaGold Resources Inc. March 20 said it has priced a public offering of $95 million in convertible bonds due May 1, 2015 and net proceeds before deducting estimated offering expenses are expected to total $92.15 million. NovaGold said a day earlier that cash raised in the offering will be used to repay short-term debt, fund exploration and development projects and pay bills. J.P. Morgan Securities Inc., the underwriter, also received the option to issue another $14 million in notes to cover over-allotments, if any. If the...
Taking into consideration that the planet's second largest porphyry copper-gold-molybdenum resource is located on a plot of land equal to 0.00076 percent of Alaska's total land mass, is being developed under one of the world's most stringent permitting systems, and could help meet the growing demand for copper worldwide; is it irresponsible and unfair to Alaska and its citizens not to develop the Pebble Project? The real question begging for an answer is, "Why not Pebble?"...
Hammered by several significant reverses in the fourth quarter of 2007, Teck Cominco Ltd. managed to still turn a substantial profit and deliver $1.6 billion in full-year earnings. Earnings plummeted to C$280 million, or 64 cents (Canadian) per share, in the fourth quarter, down nearly four-fold from C$866 million, or C$2.01 per share, during the final quarter of 2006.Year-over-year earnings also fell, dipping about one-third to C$1.62 billion from C$2.43 billion a year earlier. Fourth-quarter revenues fell 26 percent to...
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...
