FORESTRY BOARD - Alaska Governor Sarah Palin July 11 appointed Jeffrey Y. Foley as the mining representative to Board of Forestry. The nine-member board advises the state on forest practices and issues, and provides a forum for discussion and resolution of forest management issues on state land. It also reviews all proposed changes to the Alaska Forest Resources and Practices Act and state regulations. Foley has been senior exploration geologist for Calista Native Corp, since 1996. He also worked as a physical scientist and geologist for the U.S. Bureau of Mines, including 16 years in Alaska. Foley serves on the board of directors of the Resource Development Council of Alaska Inc., and the Alaska Miners Association.
GOLD - Silverado Gold Mines Ltd. July 16 said that as a result of a review by the British Columbia Securities Commission the company retracted statements made in eight separate press releases since July, 2007. A review by the BSSC discovered that claims made by Silverado in references to projected annual earnings, earnings per share, potential price shares and mineral reserves did not meet NI 43-101 requirements. The most recent noncompliant claim made by Silverado was a May 5 gross in-situ value and inferred resource estimate for mineralization at the Workman’s Bench gold-antimony prospect at the Nolan Creek property.
LEGAL REVIEW - In what miners and forestry groups are calling a landmark ruling, the Ninth Circuit Court of Appeals has acknowledged what industry has argued for years, “Judges aren’t land managers.” The ruling in “Lands Council v. McNair” involving an Idaho project, overturned a 2-1 decision from 2005 in “Ecology Center v. Austin.” McNair and Austin are forest supervisors for the Idaho Panhandle and Lolo national forests, respectively. “We misconstrued what the NFMA (National Forest Management Act) requires of the Forest Service,” a panel of 11 judges admitted in an opinion released July 2. “We made three key errors in [the post-burn case]. Today, we correct those errors.”
GOLD - Kinross Gold Corp., owner of the Fort Knox Gold Mine near Fairbanks, July 9 said it launched a new plant to process gold ore from the Kupol field in the Chukotka autonomous district across the Bering Strait from Alaska. The remote region of the Russian Far East is expected to triple its gold output this year. Kupol, which is owned 75 percent by Kinross and 25 percent by Chukotka, could make Toronto-based Kinross the second-largest gold miner in Russia after Polyus. The plant, a $750 million-plus investment, will produce from 13.8 metric tons to 14.6 metric tons of precious metals, mainly gold and silver, this year.
GOLD – Gold explorer Zoloto Resources Ltd. of Vancouver, B.C. has appointed three new directors to its board - two Canadians and Alaskan Ron Miller. Zoloto aims to become a midtier gold producer by advancing gold exploration properties in the Russian Federation. The junior said Miller is an Alaska-based attorney and businessman with 14 years experience in Russia representing clients in a wide variety of business transactions in addition to managing his own joint ventures. Earlier this year, Miller completed a five-year term as executive director of the Alaska Industrial Development and Export Authority and the Alaska Energy Authority.
MOLYBDENUM - Adanac Molybdenum Corp. July 10 said assay results from 2007 exploration show more mineralization adjacent to the area where it plans to build an open pit mine on the Ruby Creek Property near Atlin, B.C. Ruby Creek contains proven and probable reserves of 157.7 million metric tons grading 0.058 percent molybdenum using a 0.040 percent cutoff grade. Results of eight holes in a 40-hole drill program show moly concentrations ranging from 0.036 percent to 1.036 percent over nearly 1,000 meters. The company is awaiting assay results from another 18 holes.
MOLYBDENUM - Columbia Yukon Explorations Inc. July 14 said it has hired a consultant to begin phase three of ongoing environmental baseline work in pursuit of an environmental assessment of its Storie molybdenum project in northern British Columbia. Last year Columbia Yukon completed 23,000 meters of core drilling in 76 holes and upgraded a NI 43-101 inferred resource of 101.6 million metric tons grading 0.067 percent molybdenum to an indicated and/or measured resource. In 2008, the company intends to complete 30,000 meters of core drilling to test areas north, south and west of the known resource area.
POLYMETALLIC - Sherwood Copper Corp. July 14 said the first batch of assay results from its 2008 exploration program at the Kutcho deposit in Northwest British Columbia showed high grades of near-surface polymetallic volcanic massive sulphide mineralization. Sherwood is advancing the Kutcho project toward a feasibility study. Sherwood President and CEO Stephen Quin said the results further define the resource in the ‘Main’ deposit, which should assist in mine design. “The intersection of such excellent thicknesses with very good copper grades, plus significant zinc, silver and gold by-products is very encouraging,” he added.
COPPER - Imperial Metals Corp. July 9 reported record production of 17.48 million pounds copper for the second quarter at its Mount Polley open pit mine in central British Columbia. The miner also said exploration drilling at Mount Polley's Boundary zone defined and expanded the magnetite breccia, which hosts high-grade copper-gold mineralization. Imperial plans to test drill other areas at Mount Polley this summer. Other Imperial properties include the Huckleberry open-pit copper-molybdenum producing mine and the development stage Red Chris property in northern British Columbia.
GOLD - Agnico-Eagle Mines Ltd. July 13 said it would purchase 7.6 million shares of Comaplex Minerals Corp. common stock from Troy Resources NL for C$6.15 per share, or C$46.9 million, in cash. The deal, expected to close July 16, was to give Agnico-Eagle a 15.6 percent stake in the Toronto junior, which owns a 78 percent share of the Meliadine West gold project and half of the Meliadine East gold project near Rankin Inlet in Nunavut Territory. Comaplex is currently exploring at THE Meliadine West project, while Agnico-Eagle is developing its Meadowbank gold project nearby.
SOCIAL LICENSING - Rio Tinto Alcan July 10 said it has started work on a C$200 million fund to support communities in Canada. Named the Rio Tinto Alcan Canada Fund, it reflects Rio Tinto's promise a year ago when it offered to purchase Alcan to keep the Canadian company’s commitments to support community-building initiatives which integrate environmental, economic and social considerations. The endowment will be built up over a five-year period beginning with the first installment this month.
