PMEA Blog

By: Debbie Carlson - kitco.com
Date Posted: 14/Oct/2011
Source:
www.kitco.com

Gold prices could rise next week, supported by ideas of greater stability in Europe and better-than-expected economic data in the U.S.

In the Kitco News Gold Survey, out of 34 participants, 25 responded this week. Of those 25 participants, 21 see prices up, while three see prices down and one sees prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts.

On the week, December gold futures prices on the Comex division of the New York Mercantile Exchange settled at $1,683 an ounce up 2.9% on the week. December silver settled at $32.173 an ounce, up 3.8% on the week.

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By: marketwatch.com
Date Posted: 13/Oct/2011
Source:
www.marketwatch.com

VANCOUVER, BRITISH COLUMBIA, Oct 13, 2011 (MARKETWIRE via COMTEX) — Cadan Resources Corporation CA:CXD +7.32% (frankfurt:A0MZ25) (”Cadan” or the “Company”) is pleased to announce a second ‘payrun’ at its underground T’Boli gold-silver mine located in Mindanao, Philippines (First ‘payrun’ 52m@ 9.2gm/Au over 2.21m) (See News Release April 8th, 2011).

Cadan has been continuing lateral development along a number of vein systems so as to commence mining upon final approvals, which the Company expects shortly. The 418 N vein has now been advanced 109m towards a target area previously defined by intense historical surface workings. Results from the new development face are as follows:

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By: malaya.com.ph
Date Posted: 11/Oct/2011
Source:
malaya.com.ph

Lepanto Consolidated Mining Co. said on Monday the development program that consists of over 16 kilometers of internal ramps, level drives and slope development of its Victoria mine’s upper levels which started in May this year has been successfully completed.

In a disclosure to the Philippine Stock Exchange, Odette Javier, assistant vice president and corporate secretary, said the program is intended to address the previous year’s problem of insufficient development that caused low productivity and consequent losses and also to fully delineate the production panels way ahead of extraction to ensure efficient mining operations for the next two years.

“Production at the Victoria mine resumed today,” Javier said.

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By: mgb.gov.ph
Date Posted: 11/Oct/2011
Source:
www.mgb.gov.ph

MGB Acting Director Leo L. Jasareno approved last October 6 ten renewal applications for the resumption of exploration activities in different parts of the country.

This is in response to the pronouncement made by DENR Secretary Ramon J. P. Paje that the MGB can resume renewing Exploration Permits (EPs) following the upbeat result of the Mining Philippines 2011 Conference held last September 13-15 at the Sofitel Philippine Plaza Hotel in Pasay City.

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By: Dennis Bragg - kpax.com
Date Posted: 10/Oct/2011
Source:
www.kpax.com

VANCOUVER, B.C.- A British Columbia mining company says it has found “high grade” deposits of copper and other minerals at a mine site near White Sulphur Springs.

Tintina Resources Inc. recently filed a pair of technical reports showing the results of recent test drilling through the summer at the Sheep Creek Copper-Cobalt-Silver-Gold property, which is about 17-miles north of White Sulphur Springs.

Unlike some Montana mine sites, which can be in difficult, mountainous terrain, the Sheep Creek site is only two miles off U.S. 89 on gravel roads. It comprises over 12,000 acres of fee simple lands and ordinary mining claims.

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By: JAMES A. LOYOLA - mb.com.ph
Date Posted: 07/Oct/2011
Source:
www.mb.com.ph

MANILA, Philippines — Philex Mining Corporation, the country’s top gold producer, registered a 37 percent growth in the estimated value of production of its Padcal mine to P12.19 billion in the first nine months of 2011 from P8.91 billion in the same period last year due to higher metal prices.

Based on the firm’s monthly production figures disclosed to the Philippine Stock Exchange, tonnage was 2.6 percent higher at 7.04 million dry metric tons from P6.87-million DMT in the first three quarters of 2010.

For September 2011, Philex president Jose Ernesto C. Villaluna Jr. said the Padcal mine delivered 773,490 DMT of ore resulting in 5,510 DMT of concentrates.

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By: malaya.com
Date Posted: 06/Oct/2011
Source:
www.malaya.com

Nickel Asia yesterday said it will meet ore shipping commitments despite the recent rebel attacks on its Taganito mine in Surigao del Norte that caused damage worth P500 million.

The company said it has diverted the delivery of ores from the company’s other mines to address the impact of the attack that also saw three other mines of other companies raided by rebels.

“Taganito Mining Corp. has more than sufficient funds to cover the damage and is embarking on a procurement program to replace the damaged equipment and repair the structures,” the company said.

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By: MELODY M. AGUIBA - mb.com.ph
Date Posted: 05/Oct/2011
Source:
www.mb.com.ph

MANILA, Philippines — Philex Mining Corp. (PMC) will raise some $1 billion by early 2012 for the Silangan copper-gold project’s construction as part of its aim to become a one million ounce-producing firm in five years.

Already approaching pre-feasibility stage with an aim to start construction by the second half of 2012, PMC subsidiary Silangan Mindanao Mining Co. (SMMC) has earlier received interest from international financiers.

“We’re doing Silangan completely on our own. There’s no need to bring in a partner. We’ll finalize costing early next year, but current estimate is it’s a billion dollar. We’ve already received indications of interest from a number of foreign banks – Asian and European,” said Dennis R.G. Lucindo in a press briefing.

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MANILA, Philippines - Aboitiz Power Corp. (APC) is all set for the construction of its 300-megawatt (MW) coal-fired facility in Davao.

The P25-billion project recently received the Environmental Compliance Certificate (ECC) from the Environment Management Bureau (EMB) of the Department of Environment and Natural Resources (DENR).

The ECC would ensure that the project, once constructed and operational, will not cause significant negative impact on the environment.

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MANILA, Philippines — A mining group in Palawan poured in P224 million in 2010 for a Social Development and Management Program (SDMP), exceeding by 100 percent its compliance with the implementing rules and regulations (IRR) of the Philippine Mining Act.

Mining companies may be perceived to be a purely for-profit organization, but Rio Tuba Nickel Mining Corp. (RTNMC) and affiliate firms under Nickel Asia Corp. (NAC) just proved in 2010 that it infused more money for infrastructure and other social projects in its impact communities, primarily in Bataraza, Palawan.

The IRR of the Mining Act in Sec. 134 indicated that mining permit holders should allot annually a minimum of one percent of operating costs (mining and processing costs) for SDMP.

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