Silvercorp Metals (TSE:SVM)(NYSE:SVM) says it has significantly increased the tonnage of its measured and indicated mineral resources at its Ying silver-lead-zinc district in Henan Province, China.

The silver-producing Canadian mining company released an updated NI 43-101 compliant technical report, prepared by AMC Mining Consultants, which covers its SGX, HPG and TLP/LM underground mines on its Ying property. The report includes all data as of June 30 last year, Silvercorp said.

The updated report shows a total of 14.01 million tonnes of resources in the measured and indicated categories, grading 237 grams per tonne (g/t) silver, 0.10 g/t gold, 3.64% lead and 1.22% zinc. This contains 107.3 million ounces of silver, 43,800 ounces of gold, 512,200 tonnes of lead and 172,600 tonnes of zinc, representing a 52 percent increase in tonnage when compared to the 2012 technical report. Silvercorp said that contained silver and lead increased 12 and 8 percent, while silver and lead grades fell by 27 and 29 percent, respectively. 

Meanwhile, contained silver in the proven and probable reserves category were up 5 percent in the latest report, at 82.52 million silver ounces. The company said that based on proven and probable reserves only, the Ying mine complex has a projected mine life through to 2030, assuming annual average production of 6 million ounces of silver between 2014 and 2025....
The Mining Hub
Ying
August 20, 2014 7:15:51 AM
0 comments | 0 | 0
Steel and mining group Arrium expects strong demand for iron ore to drive further earnings growth after lifting its full year profit 83 per cent.

Shares in the company gained 12 per cent on Tuesday after Arrium, formerly known as OneSteel, made an underlying net profit of $296 million for the year to June 30, up from $162 million a year ago. Statutory net profit was $205 million, up from a loss of $701 million, the result of restructuring costs. Arrium said the profit increase was due to growth in its mining business, offsetting weakness in its steel making operations.

The company also achieved an average iron ore price for the year of US$111 per dry metric tonne. Arrium says it is now benefiting from the Whyalla Port expansion in South Australia and expects iron ore prices to improve in 2014/15.

"The demand for seaborne iron ore will remain strong due to continued growth in crude steel production in China and declining production of higher cost Chinese ores," Arrium said in a statement. The company is also targeting higher earnings from its mining consumables business. It expects continued strong demand for grinding media due to high levels of copper and gold production in North and South America.
The Mining Hub
August 20, 2014 7:10:57 AM
0 comments | 0 | 0
Sirius Resources says it has secured a mining lease for its celebrated Nova nickel project near Balladonia.

The explorer said it would now pursue the remaining approvals required for it to begin construction on the project early next year. Sirius managing director Mark Bennett described the mining lease as yet another important milestone on the company's path to creating the "best nickel mine in Australia".

He thanked the WA Department of Mines and Petroleum for making the process efficient. "This shows that despite the various fashionably negative views of ten expressed, WA is a good place to explore, invest and do business," Mr Bennett said.

Sirius estimates Nova will cost $473 million to build, which the company plans to fund via existing cash reserve of $244 million and debt funding. First ore is expected from the project in the second quarter of 2016 and first concentrate by the fourth quarter of the same.

Shares in Sirius fell 10 cents, or 2.47 per cent, to close at $3.95.
The Mining Hub
Nova (Fraser Range)
August 20, 2014 7:07:48 AM
0 comments | 0 | 0
PERTH (miningweekly.com) – Mining giant BHP Billiton on Tuesday announced plans to demerge its aluminium, coal, manganese, nickel and silver assets into an independent metals and mining company.

Chairperson Jac Nasser said the proposed demerger, if implemented, would accelerate the simplification of the group’s portfolio, provide investors with choice and unlock value in both companies.

“Our shareholders will have the opportunity to vote on this proposal once the necessary approvals are in place,” Nasser said.

The assets selected for the new venture would include the Cannington silver mine, in Australia, the manganese division, which includes the Gemco operation in Australia and the Hotazel mine, in South Africa, as well as the Temco and Metalloys assets.

The aluminium division would also be incorporated into the new venture, bringing with it the refineries in Worsley, Australia, Hillside, South Africa and Mozal, in Mozambique, as well as non-operated interest in bauxite, alumina and aluminium assets in Brazil.

The Illawarra coal operations, in Australia, the coal projects in South Africa and the Cerro Matoso ferronickel operations in Colombia would also be spun-out.....
The Mining Hub
Cannington
August 20, 2014 7:05:01 AM
0 comments | 0 | 0
PERTH (miningweekly.com) – Gold miner Norton Gold Fields has launched a review of the namesake asset of takeover target Bullabulling Gold, warning that the decision to proceed with the mine would depend on the gold price and market conditions.

The review seeks to identify the most effective means of exploring and developing the project, but Norton noted that any decision to progress the Western Australian mine would be subject to economic conditions.

Norton has gained a relevant interest of more than 75% in fellow-listed Bullabulling Gold, prompting the miner to seek a delisting of Bullabulling’s shares from the ASX and the Aim.

Norton had also extended the offer period until September 15, urging the remaining Bullabulling shareholders to accept its 8c-a-share offer.

Norton noted that if the ultimate outcome of the review was to defer or delay a decision to proceed with the advancement of the Bullabulling mine for a “material period of time”, Bullabulling shareholders who elected not to accept the offer should be made aware that such a delay could adversely impact their ability to realise value for their shareholding in the company....
The Mining Hub
Bullabulling
August 20, 2014 7:02:22 AM
0 comments | 0 | 0
BRITISH COLUMBIA – Vancouver's Kaizen Discovery has signed a strategic partnership with Itochu Corp. of Japan for the exploration of Kaizen's newly acquired Aspen Grove copper-gold porphyry property. Itochu is providing $4 million in return for a 40% equity interest in the property.

The Aspen Grove property is located halfway between Merritt and Princeton, and between the Highland Valley and Copper Mountain mines. Kaizen took over the property in July 2014 when it acquired West Cirque Resources.

A joint technical committee will be formed to manage the exploration program. Kaizen will be the operator and plans to begin drilling in September 2014. Should the property become a commercial producer, Itochu will be entitled to a percentage of the offtake proportional with its interest in the project.

Itochu invested $5.1 million in Kaizen in February of this year and currently holds a 5.7% interest.
The Mining Hub
Aspen Grove
August 20, 2014 6:45:27 AM
0 comments | 0 | 0
The irascible Clive Palmer has raised eyebrows higher than ever with sensationalist claims that the Chinese government is trying to steal our nation’s natural resources.

The maverick Palmer United Party leader suggested that the communist government was trying to take over Australia’s ports in order to carry out their alleged thievery.

“I’m saying that because they’re communists, because they shoot their own people, they haven’t got a justice system, and they want to take over this country, and we’re not going to let them do it,” he told an astonished live audience on ABC’s Q&A program on Monday night.

Palmer also said Australia has had three judgements made in Federal and Supreme courts, as well as arbitration against “these Chinese mongrels”. When questioned about allegations that he had funnelled more than $12 million dollars from his company Mineralogy for the PUP election campaign, Palmer said that he would like to answer the question but that it would go before the Supreme Court this week.....
The Mining Hub
August 20, 2014 6:41:12 AM
0 comments | 0 | 0
Ark Mines has obtained approval from the Northern Territory government to begin mining activity at its Frances Creek Golden Honcho project.

The miner is now looking to appoint a contractor before the end of the month, and has slated the commencement of drilling for the first half of next month, or soon after.

Ark is also planning to extend and further define Frances Creek Golden Honcho's current strike size and deposit, "with the view of defining a high-grade shallow oxide gold deposit".

Once the drilling program is complete Ark intends to carry out a second phase of drilling in order to define a JORC resource at both the Golden Honcho and Golden Slips deposits.
The Mining Hub
Frances Creek (Golden Honcho)
August 20, 2014 6:26:41 AM
0 comments | 0 | 0
An explosion in a coal mine in eastern China Tuesday left 29 workers trapped underground, but 12 have already been rescued relatively unharmed.

According to state-run news agency Xinhua rescuers were having difficulty reaching the trapped miners Tuesday morning as the blast caused part of a tunnel to collapse.

The cause of the blast, occurred at 3:58 a.m, remains unclear, with several reports claiming the privately-owned Dongfang Coal Mine had not acted on a month-old order from the municipal government that called all mines to suspend production because of the flood season.

China, which is the world’s largest consumer of coal, has seen some of the world's worst mining disasters, although the safety record has been improving in recent years since regulators began enforcing safety rules more strongly.....
The Mining Hub
August 20, 2014 6:21:56 AM
0 comments | 0 | 0

Inaugural Offer:

30% discount on Rewards Card!

Thank you for contacting us!
    We will get in touch with you shortly
Error occured!
    An error occured while trying to contact us. Please try again later.