Freewest Acquires Dalhousie Mountain Nickel-Copper-Vanadium Property in West-Central Quebec

Mackenzie I. Watson, President and CEO of Freewest Resources Canada Inc. (the "Corporation") (CDNX:FWR.V - News), today announces the acquisition of the Dalhousie Mountain nickel-copper-vanadium property (the "Property") located within west-central Quebec. The Property was optioned from well known prospector Edwin Gaucher of EX-IN and consists of 67 mineral claims comprising 3,730 hectares, or 37.3 square kilometres. It is located 50 kilometres southeast of Mattagami,, Quebec and is well accessed by a network of forestry roads branching off of the Val d'Or - Chibougamau Provincial highway.

Recently completed work on the Property by Freewest and EX-IN included the completion of a high resolution airborne time-domain electromagnetic survey (TDEM) and a brief follow-up prospecting program. The TDEM survey delineated 2 broad groups of conductors, known as the eastern group and the western group. Preliminary beep mat surveying and sampling of one of the western conductors yielded assays of 0.87 percent nickel at one locale and 0.44 percent copper, 0.31 percent nickel at a second location within layered gabbroic host rocks. Such mineralization is intimately associated with a strong 200-metre long conductor delineated by the TDEM survey.

Also closely associated with the western group of conductors, is a sizeable area of vanadium mineralization. Concurrent work by EX-IN, also identified a large area of vanadium mineralization with a potential outcrop area of 1.2 kilometres by 0.2 kilometres, yielding assays of up to 1.27% V2O5 from blasted outcrop samples. This mineralization and associated conductor has never been tested by diamond drilling.

Historically, the Bell River Complex in the property locale has seen intermittent exploration for nickel, copper, platinum-group-elements and vanadium since the late 1950's. This work was completed by Prospector Airways, Billiton, Harrison Metals, Firefly Mining Corporation and Inco Exploration and Technical Services Ltd. Among the exploration efforts, were the completion of numerous airborne and ground geophysical surveys that detected the eastern group of conductors but notably, failed to detect the western group. Diamond drilling completed to test the eastern group of conductors, yielded significant intercepts including 0.60 percent copper and 0.40% nickel over 9.0 metres, 0.50 percent copper and 0.50 percent copper over 5.0 metres as well as 1.10 percent copper over 3.0 metres.

Freewest plans a more detailed exploration program to examine the new nickel and vanadium occurrences as well as the other western conductors this field season. Such work will include prospecting, geological mapping, beep mat surveys, ground electromagnetic surveys in addition to diamond drilling. The exploration program is anticipated to begin in June.

The Corporation may earn a 100% interest in the Property from the vendor by issuing 500,000 shares of the Corporation and expending $150,000 on exploration over a 2-year period. Additionally, the vendor has the option to purchase 500,000 shares of the Corporation at a price of $0.20 over the same 2-year period. The agreement is subject to a 2.0% Net Smelter Return Royalty retained by the vendor, of which 1.0% can be purchased from same for the sum of $1,000,000. The agreement is subject to all regulatory approvals.

Source : www.freewest.com

Golden Chalice Resources Increases Land Position at New Nickel Discovery

Golden Chalice Resources Inc. (CDNX:GCR.V - News) (Other OTC:GCRIF.PK - News) is pleased to announce that 391 additional claim units covering 6,256 hectares (15,600 acres) have been staked adjoining the Company's Langmuir Property. The Company's land holdings now cover over 30 kilometres of favourable stratigraphy for hosting nickel, copper, platinum and palladium mineralization. The total land package for the Langmuir Property is now 851 claim units covering 13,616 hectares (34,000 acres).

The Langmuir Property covers a mafic to ultramafic suite of flows and sills with interflow sediments. An airborne VTEM survey has been flown over only 30% of the property. Of the 18 target areas identified by the survey, only 8 have been tested by drilling. As announced last week the 6th target drilled intersected 1.14% Nickel over 72.50 metres, including two separate heavily mineralized intervals of 2.23% Nickel (Ni), 0.22% Copper (Cu), 0.20 g/t Platinum (Pt), and 0.50 g/t Palladium (Pd) over 17.50 metres of drill core, and 1.74% Ni, 0.12% Cu, 0.20 g/t Pt, and 0.47 g/t Pd over 13.10 metres of drill core.

Down hole geophysics has commenced in the new nickel discovery hole in preparation of further drilling scheduled for the last week of May.

The Company is also pleased to announce, subject to regulatory approval, the acquisition of a 100% interest in the South Porcupine Property, located in Whitney Township, Ontario. Consideration for the property consists of $20,000 payable on signing and $175,000 payable in cash or shares payable over two years. The deemed price of any common shares to be issued shall be based on the average trading price over the previous ten business days from the date that payment is due. The number of common shares received multiplied by the deemed price shall be equal to or greater than the cash payment owing. There is a 2% net smelter return payable to the optionor which may be purchased for $500,000.

The South Porcupine Property is within the Timmins mining camp. Goldcorp's haulage road from the Pamour Open Pit gold mine to the Dome gold mine mill cross-cuts the property. This significant land package of 25 patents and 98 staked claim units cover an iron formation occurring within mafic to ultramafic flows and sills with interflow sediments. The patents were last worked in the 1950s. Historical gold and nickel showings occur on the property. Numerous untested airborne electromagnetic anomalies from a government survey occur in the area of a nickel occurrence. The Company plans to prospect the nickel and gold showings followed by ground geophysics, MMI soil sampling and testing by trenching or drilling on the South Porcupine Property.

Peter Caldbick, P.Geo., and Kevin Montgomery, P.Geo. are the qualified people for the purposes of National Instrument 43-101 for the Company's Langmuir Project. Project supervision is by Kevin Montgomery and the contents of the press release have been reviewed and approved by Peter Caldbick.

Source : www.goldenchaliceresources.com

American Bonanza Gold Corp.: Drill Map for Two Nickel Rich Zones-Grades Up to 1.7%

American Bonanza Gold Corp. (Toronto:BZA.TO - News)(Frankfurt:AB2.F - News) ("Bonanza") is pleased to provide a drill results plan map to accompany its May 22, 2007 press release announcing that two nickel rich zones have been drilled at the 100% owned Fenelon nickel target.

The May 22 press release announced drill results that identify two nickel rich zones, with every hole in the zones encountering strong nickel mineralization in massive sulfide horizons. Several horizons contain nickel grades over 1% nickel, and several lower grade (over 0.1% nickel) zones have been drilled with thicknesses between 10 and 28 meters. The southern target is 1.3 kilometers long and the northern target is 800 meters long. All drilling has focused on the strike extent of the nickel mineralization, located between 100 meters and 300 meters from surface. Drilling up dip and down dip is being planned, and the targets remain open everywhere in these directions. The targets remain open along strike in several areas.

The Fenelon nickel occurrence is strikingly similar to the Kambalda nickel mines in Western Australia, where very significant nickel mining has taken place since the 1960's. Published pre-mining reserves at the Kambalda - St. Ives mines were 31 million tonnes of ore containing nearly 2.5 billion pounds of nickel. This is only part of a regional nickel producing province.

The mineralized zones at Fenelon, while they remain open along strike and down dip, are of similar strike length to those at Kambalda. These exciting developments will be followed by drilling along strike and up and down dip to further explore the Fenelon nickel deposits.

As previously announced, drill hole FA06-284 contains 14 meters grading 0.43% nickel, which contains three (3) 0.5 meter zones grading 1.7% nickel, 1.6% nickel and 1.6% nickel, all within 28 meters grading 0.28% nickel. Drill hole FA07-305 is 700 meters southeast of FA06-284 along strike, and contains 14.2 meters grading 0.24% nickel, including a 0.5 meter zone grading 1.4% nickel, and a 20.0 meter zone grading 0.15% nickel. Drill hole FA06-273 was drilled 1.3 kilometers southeast of FA07-305, and contains 15.2 meters grading 0.31% nickel and 2.5 meters grading 0.49% nickel.

Laboratory results for drill hole FA07-306 are still pending, and these new results are expected within two or three weeks. Drill hole FA07-306 was drilled to intercept the nickel rich horizon 60 meters down dip from FA06-284, and is the only hole completed to date that tests the dip extent of the nickel rich horizons.

Source : www.americanbonanza.com

Pro-Or Inc.: Initial Assay Results From the 2007 Spring Drilling Program on Menarik Reveal Large Nickel-Bearing Sections

Pro-Or Inc. (CDNX:POI.V - News) drilled 20 exploration holes from March to May 2007 totalling 4,000 metres on its Menarik property near the LG-2 hydroelectric power station. These holes were drilled to test three surface chromite showings at a fair distance from the previously-identified chromite resource, as well as to explore a nickel-copper showing discovered in 1997 and a second nickel showing identified by drilling in December 2006.

The 1997 nickel showing (Ni97), initially identified on surface (1% Ni), was tested by two drill holes, one at a 90degrees angle from the other. The first hole (MK-97-23) intersected a 49.7 -metre altered ultramafite zone containing 0.38% Ni and 0.28% Cu, including a section of 16.1 metres at 0.65% Ni and 0.41% Cu, followed by 2.64 metres at 0.23% Ni and 0.98% Cu. The second hole (MK-97-24) intersected grades of 0.34% Ni and 0.04%Cu over 35.1 metres, including a section of 7.44 metres grading 0.64% Ni and 0.04% Cu. Five additional holes were drilled in 2007 to explore this nickel-bearing ultramafite. Initial assay results for two of the holes showed 0.31% Ni and 0.15% Cu over 50.5 metres in Hole MK-07-59 and 0.40% Ni and 0.11% Cu over 52.2 metres in Hole MK-07-60, including a section of 15.6 m at 0.74% Ni and 0.13% Cu. The nickel mineralization in the latter hole lies about 100 metres vertically below the mineralization in Hole MK-97-23.

The Company is looking forward to receiving the assay results for the other holes, especially Hole MK-07-73, where geologist Yvan Bussieres noted a well-mineralized zone over a 21.8 -metre length. This hole is less than 200 metres from the new nickel zone discovered in 2006 below a chromite-bearing horizon, in an area about two kilometres southeast of Ni97 and within the primary metaperidotite body.

  Hole        Zone     From       To   Length     Ni     Cu
                        m        m        m      %      %
MK-97-23     Ni97    64.13    113.8    49.67   0.37   0.28
including:          65.40    81.49    16.09   0.65   0.41
and:                81.49    84.13     2.64   0.23   0.98
MK-97-24     Ni97    59.33    94.46    35.13   0.34   0.04
including:          71.27    78.71    7.44    0.64   0.04
MK-07-59    Ni97b    19.00    30.00    11.00   0.28   0.13
MK-07-59     Ni97    97.20   147.70    50.50   0.31   0.15
including:          97.20   129.90    32.70   0.36   0.16
and:               135.70   147.70    12.00   0.30   0.18
MK-07-60    Ni97b    65.00    78.50    13.50   0.40   0.10
MK-07-60     Ni97   209.30   261.50    52.20   0.40   0.11
including:         209.30   224.90    15.60   0.74   0.13
and:               229.20   235.60     6.40   0.31   0.16
and:               241.10   261.50     20.4   0.33   0.13

Assaying was performed by the ALS Chemex laboratory in Val-d'Or. Drilling carried out in March, April and May 2007 was supervised by Yvan Bussieres, a geological engineer and qualified, independent person who participated in the drafting of this communique and approved its release.

Source : www.pro-or.com

PGMs prop up Zimbabwean mineral production 23rd May 2007

New figures have shown that platinum and palladium are underpinning the Zimbabwean mining industry.

Data published by the Zimbabwean Chamber of Mines has shown that mineral production in the country has fallen over the past 15 years, with only platinum and palladium production seeing output increases during that period.

The Herald newspaper reports that the figures show platinum output has risen in Zimbabwe from just seven kilogrammes in 1996 to over 4,700 kilogrammes last year, due in most part to massive investment in the platinum mining sector from South Africa's Impala Platinum.

Palladium production also saw good growth in Zimbabwe between 1996 and 2006, from under ten kilogrammes ten years ago to 4,000 kilogrammes by the end of last year.

While the production of platinum group metals (pgms) has flourished in Zimbabwe, the Chamber of Mines report shows that production of all other minerals has fallen.

Source : www.platinum.matthey.com

Ghana: Gov't On Geo-Physical Survey for Minerals

THE GOVERNMENT has embarked upon air-borne geo- physical surveys of mineral areas in the country to ascertain their viability to be mined.

Currently, areas identified to be with minerals in some parts of the country including Wa in the Northern Region and the Volta basin, are being surveyed for mining purposes.

These were disclosed by the Chief Executive of the Ghana Chamber of Mines, Ms. Joyce Aryee to an answer at the networking lunch with the Greater Region Press Corps at the International Press Centre on Tuesday.

Ms Aryee noted that this is the time for the government to concentrate seriously on finding other minerals that are abound in the country for its prospecting.

Ms Aryee noted that the country should not only concentrate on gold mining but also, explore the other minerals like silicon, marble stones, among others to aid the economic growth of the country.

She strictly condemned the activities of illegal miners known as galamsey averring that galamsey is bad and should be rightly condemned.

"What we are the Chamber is doing sis that we will encourage these galamsayers to organise themselves into an entity for a small scale mining operatives where the appropriate measures would be taken to ensure their operations."

On the relationship between the Chamber and WACAM, the Chamber Guru said " We have no problem with them but sometimes, we agree to disagree".

In her policy statement, Ms. Aryee said only 4,304 km2 or 13% has been granted to large-scale mines for reconnaissance, prospecting and active mining in the country. Even so, only 2% is under actual large-scale mining operations in the country.

She observed that the mining industry continues to be actively pursuing proactive strategic relationships with its stakeholders with the purpose of creating the right basis addressing key issues relating to the role of mining in national development.

She enumerated the various social responsibilities mining companies are providing in the communities they operate, noting that mining companies in 2005, under their voluntary social contributions, supported the communities in education, health, electricity, housing, resettlement action plans, alternative livelihood projects among others to the tune of ¢28,700,948,600.

The Chief Executive said on statutory contributions by mining companies in 2005, a total of ¢1,732,694,076,646 made up of mineral royalty payments, customs duties, export development levy, dividends to the State during the same period also amounted to ¢5,317,637,392 through the provisions of water, health services, roads, education, agriculture among others.

She revealed that two billion. One hundred and ninety nine billion, nine hundred and ninety nine million cedis was contributed by mining companies in 2005 representing about 48% of total mineral revenue in foreign exchange maws returned to Ghana.

Source : allafrica.com

Zimbabwe: Zimbabwe's Mineral Production Falls

ZIMBABWE'S mineral production, except for platinum and palladium, has taken a dip in the last 15 years due to lack of investment in new mines and the expansion of existing ones.

Latest statistics from the Chamber of Mines show that in addition to weak pricing structures and a static foreign exchange rate, the above factors have been the biggest setback for mining activity here.

They reveal further that gold production, which peaked at 29 tonnes in 1916, had fallen to about 16 tonnes in 1990.

By end of 1999 output had recovered somewhat to 27 tonnes before hitting fresh lows at 10,3 tonnes last year.

This year, gold production is expected to shrink by a further 19 percent to 8,3 tonnes, as a result of rampant smuggling within the industry amongst other factors.

In 1975, Zimbabwe produced 2,1 percent of the world's gold but now accounts for less than 0,5 percent of global output.

The country was also the number three gold producer in Africa after South Africa and Ghana but has since dropped out of the top five gold-producing nations in Africa.

Expansion in traditional mining countries, as well as continued growth in other African countries such as Mali, Guinea and Tanzania has also taken the glitter out of Zimbabwe's gold mining sector.

Chamber of Mines president Mr Jack Murehwa ruled out a quick recovery for gold, citing an unfavourable policy and legislative environment.

All other minerals -- nickel, coal, asbestos, iron ore, copper and ferrochrome -- with the exception of platinum and palladium have recorded slower or no growth in the past two decades.

Platinum, whose extraction started at Mimosa in 1951, saw output rising from a mere 7 kilogrammes in 1996 to over 4 700kg last year, thanks largely to massive foreign investments by South Africa's Impala Platinum.

Surprisingly, most SA mining firms have kept faith in the local mining industry despite a concerted onslaught by the Western media against the wisdom of investing in Zimbabwe.

Among the SA mining companies that have poured millions of US dollars into the country's mining sector are Mzi Khumalo's Metallon Gold and Central African Gold.

But platinum production trends show encouraging trends and analysts are very bullish over a continued upward trend in production here.

Major stakeholder Impala says it is targeting most of its future growth in Zimbabwe, despite holding vast platinum exploration rights in South Africa and elsewhere in the world.

Palladium production rose from below 10kg in 1996 to 4 000kg by end of last year. The metal is produced as part of the platinum group of metals that also include rhodium, gold and silver.

The Chamber of Mines says nickel production fell to 8 100 tonnes in 2006 from a period peak 14 000 tonnes in 1994.

There was a constant increase in output between 1990 and 1994 when production ranged between 10 000 tonnes and 12 000 tonnes.

The story is the same for coal, often dubbed Zimbabwe's "black gold". Over 5,5 million tonnes of coal were produced in 1990 before lack of foreign currency and shortage of critical spare parts combined to bring down output to a 15-year low of two million tonnes in 2006.

Asbestos has fared slightly better, notwithstanding the ownership problems at Shabanie Mashava Mines and growing opposition to its use by the anti-asbestos lobby.

In 1990, Zimbabwe produced 160 000 tonnes, peaking at 170 000 tonnes in 1995 before international markets started to shrink on international crusades against the use of harmless chrysotile asbestos, known also as white asbestos. Last year, only 110 000 of asbestos were produced.

At present, Zimbabwe has no copper industry to talk about. The country's biggest copper mine, Mhangura, has been mothballed. Only 2 200 tonnes of copper were produced in 2006 from an all-time high 14 000 tonnes at the start of the '90s era.

Source : allafrica.com

British mineral water firm taps ethical market

A socially conscious entrepreneur is using Britain's thirst for bottled water and growing ethical awareness to help improve access to drinking water around the world.

Belu Natural Mineral Water, based in London, counts supermarkets Waitrose, Tesco Plc and specialist food retailer Fresh & Wild among its customers, and pours most of its profits into clean water projects in developing countries including India and in northern Africa.

Belu bottles water from springs in northwestern England and uses glass and bio-degradable bottles made from corn, helping it turn carbon-neutral last year. It wants to be greener than competitors who export water or use plastic bottles.

"We think consumers, when faced with the choice of an environmentally friendly and a non-environmentally friendly product, will choose the first, and be prepared to pay a slight premium," Belu managing director and co-founder Reed Paget said.

Belu was set up in 2004, and its sales in 2006 grew by 500 percent over the previous year and are expected to rise at the same pace in 2007, Paget said, but declined to disclose figures.

The company may try to raise capital from environment groups and charitable funds for its expansion, but will not opt for an initial public offering or a private placement, as that may "undermine the integrity of the brand", Paget said.

Britain's bottled water market is likely to grow more than 6 percent this year to total 1.85 billion pounds ($3.68 billion) as consumption hits 2.5 billion litres, according to research firm Mintel. Belu is up against global giants such as Danone, Nestle and PepsiCo.

Paget founded Belu on the principles of the United Nations Global Compact of 2000, which encourages companies to work with public and not-for-profit agencies towards social and environmental change.

Paget predicts that climate change will prompt more such partnerships.

"Climate change is as big an opportunity for businesses as it is a liability," he said. "It will force us to innovate and cause a systemic change in the way we do business."

Source : in.news.yahoo.com

Albany Gas Station Begins Selling Ethanol Fuel

Two upstate gas stations are now selling ethanol fuel to the general public and officials say they're the first in the state to do so.

In light of increasing gas prices and environmental concerns, some drivers have started using alternate fuels. Around 200,000 vehicles in the state can accept the blend of 85 percent ethanol, 15 percent gasoline known as E85.

On Monday, the Campus Mobil station near the University at Albany and a co-owned property in Warrensburg became the first gas stations in the state to sell the 100-percent American-made fuel to the public.

For the next four years, New York state isn't collecting any taxes on E85, making the fuel cheaper than regular gasoline.

Source : www.9wsyr.com

Caltex Australia signs ethanol contract

Caltex Australia has signed a new contract for Dalby Bio-Refinery Ltd to supply ethanol to the fuel giant from its ethanol plant to be constructed in Queensland.

The plant would be built at Dalby in the Darling Downs area in Queensland.

Under the contract, Dalby Bio-Refinery would supply Caltex Australia with 30 million litres of ethanol annually for three years.

This would occur from the date of completion of the plant which is expected to be next year.

The new contract incorporates the ethanol supply volume agreed under a much smaller contract with DBRL that was announced in December 2005.

Caltex also has contracts in place with other suppliers for ethanol in existing New South Wales and Queensland plants.

Source : au.news.yahoo.com

Kenya: New Firm to Run Kisumu Ethanol Plant

The Kisumu Ethanol Plant is now to be run by a new subsidiary of its majority owner Canada's Energem Resources Inc. The subsidiary, Energem Biofuels, will be charged with boosting production.

Energem Resources holds a 55 per cent stake in the Kisumu Ethanol Plant.

Previously, the plant fell under Energem's logistics and supply division. Placing of the Kisumu facility under the new subsidiary is part of a reorientation, Energem says, that will see the Canadian firm focus its business on the midstream oil and gas infrastructure and biofuels sectors.

The reorganisation will also optimise the firm's business outlook and help raise its market value. Currently, the company's shares at the Toronto Stock Exchange are undervalued.

"The review examined the options available to the company for a restructuring, repackaging and relaunch of Energem in a form that would be more functionally effective, with respect to unlocking value in the equity markets," Energem said in a statement last week.

"The company believes that its core sectors have enormous potential and scalability across Africa," it added.

Two months ago, Energem announced that the Kisumu plant had resumed full capacity production following a closure in December 2006. Energem had shut down the plant to carry out modifications and maintenance in light of the limited availability of molasses feedstock at the time.

Production was restarted in the third week of January, picking up to the full capacity - 60,000 litres of potable alcohol per day - by February.

The bulk of the alcohol is sold to secondary manufacturers in the Kenyan market, although Kep has started exporting to Uganda and Rwanda.

According to Energem, the prices of potable alcohol recorded this year are better than last year's, while molasses feedstock availability may improve following good rains in western Kenya's sugar growing region.

Last week, Energem said the enhanced performance of its Kisumu facility had confirmed projections that the plant could serve as the linchpin of its bio-products line on the continent.

The imminent positioning of the Kisumu plant as a major biofuels producer in the region comes at a time when interest in clean fuels has risen globally.

Proponents of biofuels say that their increased usage would lead to a lower rate of global warming, as they release lower quantities of greenhouse gases. This argument has seen the European Union set a target of using biofuels in 10 per cent of its cars by 2020, creating a large potential market for the fuels.

However, some experts have cautioned that widespread adoption of biofuels could have far-reaching effects on global food security as agricultural areas are turned into fuel sources. Adoption of biofuels could also speed up global warming as rainforests, especially in regions such as South America and Central Africa, are cleared to make way for fuel crops. Rainforests mop up greenhouse gases such as carbon dioxide.

Apart from its Kenyan interests, Energem has mining and energy interests in at least 10 African countries, including the Democratic Republic of Congo, Zambia, Zimbabwe, and South Africa.

Its ventures include diamond mining and mineral exploration, mid and upstream oil and gas projects, and infrastructure. Energem also owns and manages a bitumen emulsions manufacturing factory in Harare, Zimbabwe.

Recently, the company provided the procurement and logistics infrastructure necessary for the re-establishment of the Koidu diamond mine in Sierra Leone and the construction of oil storage and distribution facilities in Nigeria and Malawi.

Source : allafrica.com

Hinton ethanol plant receives air permit, tax credits

The proposed ethanol plant in Hinton edged closer to construction in the past week with the approval of its air permit and millions of dollars in tax credits.

On Tuesday the plant secured its Iowa Department of Natural Resources air permit. Floyd Valley Ethanol, LLC's John Baardson, Floyd Valley Ethanol's president and CEO, applauded the news and said this is a big step towards construction.

"Our company has been received warmly by the state and local government and the people of northwest Iowa. We look forward to becoming part of the community and making a positive economic impact," Baardson said.

Developers of the $150 million plant were also awarded a nearly $9 million boost last Thursday from the state.

The Iowa Department of Economic Development (IDED) pledged $8.9 million in tax credits to Floyd Valley Ethanol, the developer of the ethanol plant, as part of the High Quality Job Creation Program in Iowa for creating skilled jobs in Plymouth County.

The award was approved by IDED director Mike Tramontina.

Construction on the 115-million gallon-a-year ethanol plant is expected to begin in September with a completion date slated for the third quarter 2008.

Ed Cable, the local project manager, said they are still finalizing equity and debt for the plant.

"As soon as that's completed, we'll begin construction," Cable said.

At capacity, the plant will also yield 360,000 tons of high grade distiller's grain annually for animal feed.

Roger Price, general manager of Farmers Coop Company which is partnering with Floyd Valley ethanol in the development of the project, said demand for ethanol continues to increase.

"Aggregate demand for ethanol, is increasing as called for by President Bush and Congress," Price said. "At the same time, we believe that corn prices relevant to ethanol will continue to exhibit major volatility."

"This is precisely the environment for which Floyd Valley Ethanol developed its business model.

"Corn availability will be a big advantage to Floyd Valley Ethanol with our strategic partnership with Floyd Valley Grain, LLC," Baardson said.

Floyd Valley Grain will deliver 38.6 million bushels of corn to the plant annually through its facilities located immediately adjacent to the ethanol plant.

The plant would sit just east of Highway 75 near its intersection with county road C-60, close to the co-op and rail system.

"Also unique to the 90-acre plant site, is our location directly next to the Burlington Northern, Canadian National, and Union Pacific (via trackage rights) railroads," Price added.

With access to the three railroads, Floyd Valley Ethanol will market ethanol into all major markets throughout the United States. The site currently has 100 car unit train capabilities for corn and a railroad switch with siding dedicated to 110 car unit train outbound ethanol will be installed.

Plant construction will create more than 400 skilled and non-skilled jobs. When completed, Floyd Valley Ethanol will employ 45 full-time people.

Floyd Valley Ethanol is a Baard Energy, LLC company. Baard, based in Vancouver, Wash., and its affiliates have developed over 1,200 MW of electrical generation facilities in the last 20 years and are currently developing Coal to Liquids projects.

Source : www.lemarssentinel.com

Xinfa's Australian investment hunts more bauxite

Cape Alumina Pty Ltd., part owned by Chinese aluminium group Chiping Xinfa Huayu Alumina Co Ltd., has gained approval to look further afield for bauxite in Australia, underscoring China's hunger for the raw aluminium-making material outside its borders.

Cape Alumina is prospecting in Australia's bauxite-rich Cape York region, where world No.2 miner Rio Tinto Ltd./Plc. also has mining operations.

Australia's Queensland state has granted Cape Alumina rights to explore on three more prospects in the region after 18 months of consultations with the Mapoon Aboriginal Council over access to the land, Cape Alumina's 40 percent owner Metallica Minerals Ltd. said.

Xinfa holds 17.5 percent of Cape Alumina.

Paul Messenger, chief executive of Cape Alumina, said the new properties include the Hey Point mining ground, known as tenements, covering an area of known high-grade bauxite seven kilometres (4.3 miles) south of the bauxite-rich Weipa deposits on the eastern seaboard.

"The proximity of the Hey Point tenement to deep water shipping lanes means that little infrastructure would be required to develop any bauxite resources defined on the tenement," Messenger said.

Generally it takes about four tonnes of bauxite to make two tonnes of alumina to make a tonne of aluminium.

Xinfa is not alone in investing in Australia's raw aluminium-making materials sector.

Norsk Hydro 43 percent owned by the Norwegian government and one of the world's biggest aluminium producers, this week signed a memorandum of understanding with United Minerals Corp. to study whether a mine and refinery were feasible by early next decade in the Kimberley region of far western Australia.

Hydro already operates the Kurri Kurri primary aluminium plant in Australia and also has a minority stake in the nearby Tomago primary aluminium plant.

Aluminum Corp. of China Ltd. (Chalco) expects to help develop a $2.3 billion bauxite and alumina project at Aurukun, near Cape Alumina's property.

Chalco, the world's top alumina producer after Alcoa Inc. of the United States, has said the first phase of the mine will have a production capacity of about 2 million tonnes of alumina annually. ($1=A$1.21)

Source : asia.news.yahoo.com

BLM, Devon team up to increase efficiency in drilling operations

Pre-planning prior to drilling an oil or gas well and working closely with the Bureau of Land Management Carlsbad Field Office in the planning efforts is saving one energy company with holdings in Eddy County time and money.

For the past year, Devon Energy Corporation, headquartered in Oklahoma City, Okla., has been working in concert with the Carlsbad BLM office to streamline the permitting process and avoid problems on the ground in the areas the company plans to develop wells.

An important aspect of the pre-planning is the mapping of the areas by the BLM's geographic information system staff and Devon's GIS personnel.

Jerry Mathews, Devon Energy foreman for the company's operations in Eddy County, said the GIS information includes a map of the terrain, sensitive environmental and ecosystem areas and important wildlife habitat, water sources and proposed roads to the proposed drilling sites. He said being able to see all those things on the GIS maps, there are no surprises when it comes time to drill on BLM managed land.

"We (Devon) go out and look at the terrain. What we see may not be what the BLM sees. The BLM also goes out to look," Mathews explained. "Then BLM and our GIS people come together and draw the maps that include everything we need to know. By doing that, we don't have high-priced equipment out there on standby because we have been stopped from drilling because an issue was not addressed beforehand. In our business, a delay in drilling because of permitting delays and environmental issues causes a chain reaction. By working with the BLM on the pre-planning, it makes it so much more efficient for us. There are no surprises when we get ready drill."

Wyatt Abbitt, Devon's Western Division District operations engineering supervisor, said working with the BLM helps both entities meet their goals.

"We have a lease that we want to develop on BLM managed land and the BLM's objective is to manage the lands to the best of its ability," Abbitt said. "Working together on the pre-planning is a very efficient process for Devon and BLM to meet their goals."

While the energy company and the BLM are on good terms with each other, Devon officials said there was a time when Devon and other energy companies in the area dreaded dealing with the BLM.

"I have been with Devon since 1988 and I remember the years when the relationship between the BLM and our industry was very strained — sometimes even hostile," Mathews said. "In the mid 1990s, it often took weeks to get the BLM to approve one well. That's all changed. In one day, we (Devon) recently got nine wells approved because of the pre-planning. Pre-planning is a time-saving tool for us."

Giving an example of how pre-planning recently saved his company time and money, Mathews said Devon was preparing to build a road to a proposed well site. However, during a pre-planning session, Devon learned from the BLM that the area in Eddy County where Devon proposed to build an oilfield road was home to some Great Horn owls.

"We don't know what brought them there, but working with the BLM prior to drilling and permitting, we were able to develop a plan that gave us access to the proposed well site and protected the owls' habitat. It was a win-win situation for the BLM and Devon," Mathews said.

Jim Stovall, Carlsbad BLM Field Office manager, said his agency is working hard in building strong relationships with the oil and gas industry.

"Building relationships with the industry and sharing information is important to us. Devon, in particular, has demonstrated the benefits of working together," Stovall said. "Pre-planning for the development of wells is working well for us, as well as Devon. There are a lot of things that have to be looked at and addressed before a well can be drilled on BLM managed lands. We have an excellent staff that works in developing our GIS maps. The neat thing is that Devon also has a GIS department. Their GIS maps can be overlaid on ours and it gives us, and them, a better picture of what is out there. As a result, there are no surprises or delays when they are ready to drill."

Stovall said that once the areas are mapped out, they are made available on computer disk — minus the company's pertinent information — to others in the industry.

"Some companies may have leases in the same area and it gives them another pre-planning tool. It gives them a clear picture of what is out there and what they need to do in applying for a drilling permit in the area that has been mapped," he said.

The BLM's GIS department is not only serving the oil and gas industry, it is also giving students at New Mexico State University at Carlsbad some hands-on experience in the development of the maps, Stovall said.

He said the BLM has six NMSU-C students working part-time with Marcos Molinar, GIS specialist.

"It's a win-win situation for the students and our GIS guys," Stovall said. "They are earning a little money to help them with school expenses and we are getting the extra help we need in the huge undertaking in developing the maps."

Molinar said he would not be able to accomplish what has been done to date without the student help.

"Most of them came in without any GIS experience. They are working on a variety of degrees not related to what they are doing in this office. Who knows, some may change their direction and go into this field," he said. "But one thing I know for sure. I couldn't get it all done without their help."

Stovall said the partnerships the BLM has fostered with the oil and gas industry has demonstrated that his agency is more than just about protecting lizards and prairie chickens.

"We have come a long way from the days when there was a lot of animosity between the oil and gas industry and the BLM," Stovall said. "We are accomplishing things together today that no one thought would be possible several years ago."

Source : www.currentargus.com

Congressmen seek drilling delay

Congressmen Mark Udall and John Salazar called for a one-year moratorium on oil and gas exploration on top of the Roan Plateau on Tuesday, saying the federal government needs more time to gather public comment and study alternatives.

The two Democrats asked Congress to delay funds for the Bureau of Land Management to oversee Roan Plateau development for a year and to prevent new projects in the meantime.

"We're very concerned about the top of the Roan," Salazar said. "It's species-rich, it's a beautiful area."

Udall said he is not trying to stop development, just delay it long enough to make sure alternatives are reviewed.

"To take a year time-out seems the right way to proceed," he said.

BLM spokeswoman Jaime Gardner said public hearings on the plans have already consumed seven years. She said the BLM will follow its current orders from Congress to proceed with development unless it gets a new directive.

Greg Schnacke, executive vice president of the Colorado Oil and Gas Association, said the proposed moratorium is a delaying tactic that could drive up the cost of oil and gas and deprive the state of badly needed tax revenues.

"There has certainly been a long, public process," he said.

The plateau, about 200 miles west of Denver, is home to some of Colorado's largest elk and deer herds, mountain lions, bears, peregrine falcons and genetically important native cutthroat trout. The area generates an estimated $5 million a year for the local economy from hunting, fishing and wildlife watching, according to state wildlife officials.

It also holds enough natural gas for 4 million homes for the next 20 years, according to the Oil and Gas Association.

The delay in drilling atop the plateau was sought by environmental groups, who said drilling there would cause serious damage to wildlife habitat.

"Local sportsmen have consistently noted the importance of this area for its fish and wildlife habitat and its hunting and angling opportunities," said Brian O'Donnell, director of Trout Unlimited's Public Lands Initiative.

The BLM issued a proposed management plan for the Roan Plateau in November 2004 that calls for drilling on top of the plateau.

O'Donnell said without congressional intervention, the area could be leased for oil and gas in the coming months.

He said the time-out would give local communities more time to come up with a plan to protect the Roan.

O'Donnell said the BLM has acknowledged in the past that much of the natural gas beneath the plateau could be accessed using directional drilling techniques from the base.

O'Donnell said development would bring roads that would interrupt big-game migration routes and disturb habitat that's important to deer and elk. He said it also would cause erosion, which can choke the life out of small trout streams.

Source : casperstartribune.net

Alcan Responds to Alcoa Announcement

Alcan Inc. today announced that it has received from Alcoa notice of intent to file an unsolicited offer to acquire all of the outstanding shares of Alcan for US$58.60 in cash and 0.4108 of a share of Alcoa common stock for each outstanding common share of Alcan.

Consistent with its obligations and focus on delivering value to shareholders, Alcan's Board of Directors will consider the proposal and how it could impact the interests of Alcan's shareholders and other stakeholders. Alcan's Board of Directors and management remain committed to building and delivering value for shareholders and other stakeholders, and believe that Alcan's strategy and recent performance and accomplishments clearly demonstrate this commitment.

Alcan recommends that its shareholders defer making any decision until the Board has had an opportunity to fully review the expected offer and to make a formal recommendation as to its merits. Shareholders will be promptly notified of any recommendation by the Board through a news release and circular in accordance with applicable securities laws.

Source : news.thomasnet.com

Venezuela May Create Private Oil Drilling Company, Envoy Says

Venezuela, which this week announced plans to nationalize 18 oil rigs operated by international companies, wants to establish a Latin American oil and gas drilling corporation.

Such a company would give Petroleos de Venezuela and other Central and South American oil companies an alternative to North American rig operators, seismic providers and service firms, Bernardo Alvarez, Venezuela's ambassador to the U.S., said today in Chicago.

The driller probably would be privately held rather than government owned, Alvarez said. No other details were provided. Venezuela needs 42 rigs during the next several years to proceed with planned exploration work, he said.

``Now there is a lack of engineering and you can't find rigs,'' Alvarez said after delivering a speech to a University of Chicago petroleum conference. ``So we will create a Latin American company of oil services. It should be private. It doesn't have to be public.''

Venezuela, the third-biggest foreign supplier of oil and gasoline to the U.S., has taken bigger stakes in oil fields formerly operated by companies including Chevron Corp. and Exxon Mobil Corp.

The seizures are part of President Hugo Chavez's effort to increase government control of the country's energy assets, said Alvarez, who was Venezuela's vice minister of hydrocarbons from 2000 to 2003.

Source : www.bloomberg.com

Mines Management Announces First Quarter Results

Mines Management, Inc. (AMEX:MGN - News; TSX:MGT - News) is pleased to announce results for the first quarter of 2007. The Company reported a net loss for the quarter ended March 31, 2007 of $1.8 million, or $0.14 per share compared to $1.1 million loss, or $0.08 per share for the quarter ended March 31, 2006. The $0.7 million increase in net loss was attributed to increased expenditures for the first quarter 2007 compared to first quarter 2006 resulting from increased activity for the Montanore Project including permitting, technical studies, and preparation for the Libby adit rehabilitation and delineation drilling program, and corporate legal, accounting, and administrative expenses relating to the public offering completed on April 20, 2007.

Overview

In the first quarter of 2007, the Company:

• Maintained strong cash and investment position with $3.5 million on hand at March 31, 2007.
• Continued adding infrastructure at the Libby adit site.
• Completed a water quality pilot plant test and analysis in the Libby adit.
• Continued work with state and federal agencies to provide technical information in support of the preparation of the Draft Environmental Impact Statement.
• Completed a detailed schedule and budget for the next two years for the Montanore project.

Subsequent to the end of the first quarter, on April 20, 2007, the Company completed a US$30,000,000 public offering at $5.00 per unit in which 6,000,000 units, each comprised of one share of common stock and one half of a warrant to purchase one share of common stock, were sold, resulting in US$28,200,000 net proceeds to the Company after deducting underwriting commissions but before deducting offering expenses. As a result, the Company has sufficient funds on hand for the first three phases of its planned advanced exploration and delineation drilling program that it expects to undertake at the Montanore Project over the next two years. The Montanore Project continues to be the Company's main focus and, in addition to the planned delineation drilling program, the Company is continuing its permitting efforts with federal and state agencies and its optimization review.

The Company has initiated its planned two-year advanced exploration and delineation drilling program at the Montanore Project. We expect to dewater and rehabilitate the Libby adit, and then advance the adit approximately 3,000 feet toward the middle of the deposit. We plan an additional 10,000 feet of development drifting to provide drill access to different portions of the deposit, construction of drill stations, and diamond core drilling of approximately 50 holes totaling approximately 45,000 feet. The objectives of our advanced exploration and delineation program are to:

• Expand the known higher grade intercepts of the Montanore deposit;
• Develop additional information about the deposit;
• Further assess and define the mineralized zone; and
• Provide additional geotechnical, hydrological, and other data.

We expect that results of the drilling program, if successful, would provide data to support the completion of a bankable feasibility study. The net cash expenditures for operating activities for the quarter ending March 31, 2007 was $1.7 million. The Company believes that the recently completed financing, raising $28.2 million, net of commissions but before expenses, provides sufficient working capital for rehabilitation of the Libby adit and commencement of the evaluation drilling program over the next two years. In order to complete the planned program, the Company would need an additional $10 million in external financing.

For detailed news see on biz.yahoo.com

New Guinea Gold Corporation: Imwauna Drilling Intersects Grades to 21.3g/t Gold & 61g/t Silver

New Guinea Gold Corporation (NGG) (TSX VENTURE:NGG - News) reports further drill results from its 100% owned Imwauna Project within the Normanby Property in Papua New Guinea. All results above a cut-off of 0.5g/t gold are shown in the table below.
Assay results have been received from diamond drill holes IMD095 to IMD097 inclusive. Hole IMD104 is now in progress and results are awaited for holes IMD098 to IMD103. Of particular significance are the multiple intersections in hole IMD095 collared in the south of the project including 1.0m at 8.40g/t gold and 27g/t silver between 32.6 and 33.6m; 1.10m at 9.05g/t gold and 20g/t silver between 108.3m and 109.4m and 4.6m at 6.44g/t gold between 111.3m and 115.9m including 1.0m at 21.3g/t gold and 15.5g/t silver.

Generally, narrow, high grade zones were intersected in drill holes IMD096 and IMD097 collared in the centre of the prospect area. Results include 0.20m at 15.65g/t gold and 61g/t silver from 68.70m to 68.90m and 0.20m at 10.95g/t gold and 10g/t silver from 90.60m to 90.80m in IMD096. Drilling has shown that even such narrow intervals of high grade are significant as these zones can rapidly increase in width along strike or to depth.

Diamond drilling with the second core rig has been completed at the adjacent Weioko prospect on the Sehulea Property, Normanby Island, and is being mobilised to the Normanby Property to increase the drilling capability at that project. Drilling with this second rig will focus on exploratory holes to test prospects such as Ebessowa to the north of Imwauna (see map at www.newguineagold.ca), the Imwauna system at depth and further along strike to the south. These exploration holes will allow an Inferred Resource for the system to be estimated in addition to Indicated and Measured Resources based on the detailed drilling completed to date.

Summary assay results and drill collar location data for drill holes IMD095 to IMD097 inclusive is given in the following tables.

                        Drill Hole Location Data
                       -------------------------

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Hole             Co-                                      Final      RL
No         ordinates                Azimuth         Dip   Depth
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           Northing     Easting    Degrees     Degrees      (m)     (m)
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-------------------------------------------------------------------------

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IMD095       8886603      288924        100         -60   151.6      551
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IMD096       8886853      289001        100         -70   201.4      496
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IMD097       8886844      289011        100         -80     130      564
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             Summary of Intersections above 0.5g/t gold
             ------------------------------------------

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Hole               Intersection          Interval   Gold    Silver
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No               From       To (m)          (m)     (g/t)     (g/t)
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IMD095           26.5        27.5         1.00      1.09         -
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                32.6        33.6         1.00      8.40        27
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                59.3        59.9          .60      5.07        14
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               108.3       109.4         1.10      9.05        20
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               111.3       115.9         4.60      6.44         3
including       111.3       112.3         1.00     21.30        15
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IMD096          41.80       42.50         0.70      2.20        10
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                72.4        73.9         1.50     10.43        11
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IMD097           63.2       63.54         0.30      0.66        12
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               68.70       68.90         0.20     15.65        61
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               69.80       70.10         0.30      1.11        35
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               90.60       90.80         0.20     10.95        10
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-------------------------------------------------------------------

True widths of intersections are estimated to be between 70 and 90% of the intervals above.

Samples are generally one metre, or sampled on a geological basis, one half core prepared on site using a diamond saw. Preparation and assaying was completed at accredited laboratory ASL-Chemex in Townsville, Australia.

For further information contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O'Quinn at 604 662 3598, email ngg@telus.net

The technical data in this release was prepared by or under the supervision of Robert D. McNeil, CEO of New Guinea Gold Corporation. Mr McNeil has an MSc in Geology, 44 years mining industry experience, is a Fellow of the Australian Institute of Mining and Metallurgy, and meets the requirements of NI 43-101 for a qualified person.

Source : www.newguineagold.ca

Rising Dollar, Surplus Hammer Metal Prices

The greenback is trading at a three-month high against the yen and rising against the euro.

It may be counter-intuitive. A strengthening dollar has the unintended consequence of hurting the metals market. First, it dulls the luster of buying gold and other precious metals as an investment. Second, it makes them more costly for buyers using other currencies.

Gold in New York dropped to its lowest in two months Thursday. Investment in gold ETFs dropped 68% to 36 tons in the first quarter, according to the World Gold Council. Purchases of gold by investors sank 26% in the first quarter from the year-ago period to 147 tons, the producer-funded group said.

StreetTracks Gold Shares (NYSE:GLD - News), iShares Comex Gold Trust (AMEX:IAU - News) and PowerShares DB Gold Fund (AMEX:DGL - News) all shed 3% this month.

But gold miners are taking it harder than bullion. Market Vectors Gold Miners (AMEX:GDX - News) also lost 3% in May, but it's down 4% year to date. StreetTracks Gold and iShares Comex Gold are still ahead 3% for the year.

Both iShares Silver Trust (AMEX:SLV - News) and PowerShares DB Silver Fund (AMEX:DBS - News) slumped 4% this month.

PowerShares DB Precious Metals Fund (AMEX:DBP - News) reflects the price of both gold and silver. It fell 3.5% in May.

Base Metals

Copper fell the most in three months and settled at a six-week low in New York trade as rising production and worries of softening demand in China had took a toll.

Chinese production jumped 17% in April to a record 274,000 tons, according to the National Bureau of Statistics. Inventories in China, the world's biggest consumer of the red metal, are at a three-year high after record imports in the first quarter. Global stockpiles climbed 56% in the past 12 months, said an industry group.

Copper prices have almost tripled in three years on the expectation of long-term growth in China and India.

But that appears to have been offset by weakness in U.S. housing construction, where it's used for wires and pipes.

PowerShares DB Base Metals (AMEX:DBB - News), which includes aluminum, zinc and copper prices, gapped down 3% Thursday. It has plunged 10% since reaching a five-month high May 4.

Source : news.yahoo.com

Salazar Reports Results From its New Anomaly Cade 1, Ecuador: 7m at 9.8 g/t Gold, 409 g/t Silver and Over 1% Zinc

Salazar Resources Ltd. (TSX VENTURE:SRL - News; FRANKFURT:CCG - News) -Mr. Fredy Salazar, President, is pleased to announce further results from the Company's 2007 exploration program in Ecuador. Ongoing exploration within the Las Naves mining concession of the Curipamba Project has received results from initial work carried out at Cade 1, an anomaly recently identified; Cade 1 is located 850 meters northwest of the El Gallo anomaly (To view Figure 1, please click on:
http://www.ccnmatthews.com/docs/srl517fig1.jpg).

Significant results from a rock chip sampling program at Cade 1 include 7 meters of 9.8 grams per tonne gold, 409 grams per tonne silver and over 1 % zinc. Mineralization at Cade 1 is hosted within in a hydrothermal breccia that hosts argilic clasts within a silica, poly- sulphide matrix (silver mineralization with pyrite, sphalerite and galena) (To view Figure 2, please click on: http://www.ccnmatthews.com/docs/srl517fig2.jpg).

The total channel sampling covered a width of approximately 12 meters and a total 8 samples at 1 meter spacing were collected. Within the mineralized zone, samples ranged from 0.06 g/t to 12.65 g/t gold and 0.5 g/t to 507 g/t silver. The total width of the structure is unknown since the structure is cut by a river. (To view Table 1, a listing of complete assay results, please click on: http://www.ccnmatthews.com/docs/srl517table1.jpg).

Mr. Salazar, President, stated, "We believe we may have sampled only a small portion of the mineralized and brecciated structure at Cade 1 as there is significant surficial cover within the area. To date the defined structure has not been observed but we consider it could be the north extension of El Gallo Anomaly. We will test the extent and depth of this structure with our aggressive diamond drill program planned for August."

Before the drill program commences, further geological, geophysical and geochemical work will focus on determining the continuity of the mineralized structures. Grid lines are currently being set every 50 meters and soils sampled by auger are being collected every 25 meters. Numerous channel samples will be taken from outcrops located within the grid.

Dr. Howard Lahti, P. Geo, the Qualified Person for the company as defined in Canadian National Instrument 43-101, has reviewed this news release for accuracy.

Samples preparation was performed by ALS Chemex Quito, Ecuador using standard industry practices (Sample prep -32). Analytical work was carried out at the ALS Chemex Laboratory in Vancouver, Canada using fire assay methods for gold (Au-25 procedure). A QC program was used whereby of every 10 samples one was sent for reanalysis at BSI Inspectorate Lab; as were several samples with values higher than 5 g/t gold. Standard samples, blanks and duplicate check samples were randomly inserted into the sample lot to ensure quality control. A review of the QA/QC results shows no significant unfairness and the results are considered reliable.

Source : www.salazarresources.com

Goldmarca Intersects 1 g/t Gold Over 240 Metres Including 1.8 g/t Gold Over 70 Metres and 1 g/t Gold Over 262 Metres Including 1.37 g/t Gold Over 194

Goldmarca Limited ("Goldmarca") (TSX VENTURE:GML - News; PINK SHEETS:GMLCF - News; FRANKFURT:GDQ - News; BERLIN:GDQ - News) is pleased to announce that at the Los Cuyes sector Condor Gold Project in Ecuador drill hole DCU-29 intersected 1.0 g/t gold over 240 metres including 1.8 g/t gold and 21.9 g/t silver over 70 metres within the total drill hole intersection of 408 metres grading 0.77 g/t gold. At the Soledad sector hole DSO-14 intersected 262 metes at 1.0 g/t gold including 194 metres at 1.37 g/t gold.

See Table 1 below for Los Cuyes drill results and Figure 1 and for geology map locating the breccia bodies, Figure 2 for the Los Cuyes drill plan and Figure 3 for the Los Cuyes drill cross section.

---------------------------------------------------------------------------
TABLE 1 CONDOR GOLD PROJECT LOS CUYES DRILLING RESULTS APRIL 2007
---------------------------------------------------------------------------
         ELEV DEPTH  AZIMUTH     DIP  FROM    TO INTERCEPT    Au   Ag   Zn
HOLE         M     M  degrees degrees     M     M    METRES   g/t  g/t    %
---------------------------------------------------------------------------
DCU-29    1472   408       53     -80     0   408       408  0.77  8.0 0.21
---------------------------------------------------------------------------
INCLUDING                               138   378       240  1.04  9.5 0.09
---------------------------------------------------------------------------
INCLUDING                               148   216        68  1.84 22.1 0.08
---------------------------------------------------------------------------

The drill intercept of holes DCU 29 continues to confirm the continuity of the depth of mineralization of the Los Cuyes mineralized system. The step out drilling program to drill off the exploration potential in the known Los Cuyes block continues with success. Drilling is planned to a vertical depth of 500 metres over a surface area of 400 metres by 400 metres using a drill grid spacing of 50 metres by 100 metres. This will provide the basis to estimate revised inferred resources.

The results from drill holes DSO-09, 10, DSO-11, DSO-12, DSO-13 and DSO-14, at the Soledad sector are set out in Table 2 and depicted in Figures 4, 5 and 6. The drilling program at Soledad is aimed at providing data as a basis for estimating measured and indicated resources.

---------------------------------------------------------------------------
TABLE 2 CONDOR GOLD PROJECT SOLEDAD DRILLING RESULTS APRIL 2007
---------------------------------------------------------------------------
         ELEV DEPTH  AZIMUTH     DIP  FROM    TO INTERCEPT    Au   Ag   Zn
HOLE         M     M  degrees degrees     M     M    METRES   g/t  g/t    %
---------------------------------------------------------------------------
DSO-09    1621 177.5      308     -60     0 177.5     177.5  0.63  4.4 0.66
---------------------------------------------------------------------------
INCLUDING                                 0    82        82  1.00  6.8 0.99
---------------------------------------------------------------------------
DSO-10    1621 119.5      128     -50     0    96        96  1.13  7.3 0.89
---------------------------------------------------------------------------
INCLUDING                                 0    70        70  1.39  9.5 1.14
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DSO-11    1621  94.5        0   -67.5     0  94.5      94.5  0.81  5.8 0.66
---------------------------------------------------------------------------
INCLUDING                                 0    50        50  1.03  7.9 0.94
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DSO-12    1621   234        0     -72     0   202       202  0.89  4.2 0.64
---------------------------------------------------------------------------
INCLUDING                                 0   182       182  0.98  4.5 0.67
---------------------------------------------------------------------------
DSO-13    1621   118       39     -45     0   102       102  0.92  6.2 0.57
---------------------------------------------------------------------------
INCLUDING                                 0    36        36  1.27 12.9 0.98
---------------------------------------------------------------------------
DSO-14    1621 280.5       39     -75     0   262       262  1.04  4.5 0.79
---------------------------------------------------------------------------
INCLUDING                                 0   194       194  1.37  5.5 0.93
---------------------------------------------------------------------------

The drill results continue demonstrate the potential for disseminated gold mineralization at the Los Cuyes and Soledad and other sectors at the Condor Gold Project. These breccias represent a window of a large breccias system "inside" a camp with surface dimensions of 2.5 kilometres by 2.5 kilometres and 500 metres in depth. The breccia camp includes the following: "San Jose, Bonanza, Soledad, Guayas, Buena Esperanza, Brechas Negras, Gossan Luna, Los Cuyes, Pangui and Reina del Cisne". These breccia zones have been localized by mapping, geophysics and drilling. The breccia mineralization is apparently localized by structural controls. The geophysical programme at Condor has been completed and the anomalies are being interpreted for future drill hole targeting. The plan is to continue to drill the known breccias to define resources and drill exploration targets aided by previous drilling, geological/structural interpretations and geophysics. The Condor geological model (lower zone - breccias) has close similarities in the structural framework and shaping to the Pascua Lama Gold Deposits in Chile with an additional disseminated type in upper zones in volcano-clastic cover.

Drilling is comprised of NQ diamond core with recovery close to 100%. The core samples are sawed in half and half the core was crushed and pulverized and then assayed for gold, silver and zinc at the ACME Laboratory Vancouver, Canada by fire assay with an ICPAES or gravimetric finish. Sample preparation was performed by ACME's sample preparation facility in Cuenca, Ecuador. As part of quality-assurance, quality-control (QA/QC) certified standards of known gold content are inserted every 20 samples, blanks were inserted every 20 samples and field and laboratory blind duplicates taken every 20 samples. The other half of the core is retained on site for verification and reference purposes.

Dr Howard Lahti, Ph.D. Geology is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release. He has reviewed the contents for accuracy.

Source : www.goldmarca.com

Rimfire Minerals Corporation: 2007 Wernecke Mountains Drill Program Underway

David Caulfield, President and CEO of Rimfire Minerals Corporation (TSX VENTURE:RFM - News), is pleased to announce that a C$6 million exploration program has commenced on the Wernecke Mountains Project in north central Yukon. Partner Fronteer Development Group Inc. is building on the success of last year's exploration program, focusing on the discovery of Olympic Dam-style copper-gold-uranium deposits in this exciting mineral district. This 10,000 metre drilling program will be operated by Fronteer, and funded pro-rata by Fronteer (80%) and Rimfire Minerals Corporation (20%).

"We are delighted to have Rimfire as a participating joint venture partner in this year's exploration program," says Dr. Mark O'Dea, President and CEO of Fronteer. "It is a strong endorsement from a well-respected company with a wealth of experience in this mineral district. We are optimistic that collectively we have created a new road map to discovery in this emerging Canadian mineral belt."

A series of high priority drill targets have now been identified on Fronteer/Rimfire's 400 square kilometre land package, all of which are characterized by coincident geophysical, geological and geochemical anomalies. Most of these targets were newly defined in 2006, while Hoover and Auks are historical targets that received limited previous work and have been reinterpreted in light of new data.

Thunder Mountain

Thunder Mountain was discovered in 2006. It is characterized by gold-uranium-copper mineralization over an area measuring at least 550 metres by 400 metres. Surface sampling highlights include 99.2 grams per tonne gold (2.9 oz/ton), 0.57% U3O8 and 5.1 grams per tonne silver taken from locally derived frost-heaved blocks.

Fireweed

Fireweed is a new uranium target that was also discovered in 2006. Eighty-eight locally derived frost-heaved blocks were sampled and returned an average grade of 0.23% U3O8 with anomalous gold and copper. These boulders were collected over an area measuring 400 metres by 200 metres on a gently sloping plateau, and are interpreted to occur immediately above or slightly down slope from the bedrock source.

Hail

Hail is a uranium target where seventeen boulders were sampled in 2006 over an area measuring 160 metres by 60 metres, returning an average grade of 0.15% U3O8. The source of these locally derived boulders is interpreted to be immediately up slope.

Hail West

Hail West is a copper-gold-silver target characterized by impressive zones of intermittently outcropping copper-gold-silver mineralization over a strike length of at least 200 metres. One grab sample, taken from an outcropping massive chalcopyrite-bearing vein 25 centimetres wide, returned 24.5% copper, 2.45 grams per tonne gold and 62.50 grams per tonne silver.

Pagisteel Fault

The Pagisteel Fault is a regional scale structure that follows a broad valley with extensive overburden cover. It has never been drilled before but is characterized by uranium-gold-copper soil geochemical anomalies over a 2.5 kilometre length. Float samples collected within the soil grid area returned maximum values of 5.75% copper, 1.24 grams per tonne gold and 5.75 grams per tonne silver.

Hoover and Auks

The Hoover and Auks are large bulk-tonnage copper-gold targets that have only been tested by 17 holes drilled by the previous operator in the mid 1990s, all of which intersected copper mineralization. These targets have never been assayed for uranium; they remain open in all directions and will be further drill tested this summer. Significant historical intervals include 0.24% copper over 282 metres and 0.41% copper and 0.31 grams per tonne gold over 75 metres.

Exploration of the Wernecke Project is being conducted by Fronteer, as operator of the Wernecke Joint Venture. Mark Baknes, P.Geo., a Qualified Person as defined by National Instrument 43-101, will review Fronteer's data and program on behalf of Rimfire.

Source : biz.yahoo.com

Icon Announces Closing of $3,045,199 Non Brokered Financing

Icon Industries Limited ("Icon" or the "Company") (TSX VENTURE:ICN - News) is pleased to announce that it has completed the $3,045,199 financing (the "Offering") announced by news release dated April 24, 2007 consisting of 3,383,554 units ("Units") at a price of $0.90. Each Unit consists of one common share and one-half transferable share purchase warrant, each whole warrant entitles the holder to acquire one additional common share of the Company at $1.25 per share for a period of 18 months subject to the exercise term being accelerated on notice from the Company if the closing price of the Company's shares is $2.00 or greater for 10 consecutive trading days.

A Finder's fee of 10% in cash will be payable to eligible finders in connection with the financing.

All of the securities issued in connection with the Offering are subject to a four month hold period that will expire on September 19, 2007.

Proceeds from the Offering will be used for general working capital and the advancement of the Company's Otish Basin claims in Quebec. The property comprise of 85 contiguous claims which the Company has the right to purchase 100% of subject to an NSR, along with an additional 7 claims which Icon, under an option agreement, can earn up to 55% subject to an NSR. The claims lie 4 km west of Strateco Resources' Matoush property from which Strateco has recently released significant drilling results of 2.00% U3O8 over 16 meters (including and intersection of 4.05 over 3.55 meters) and 2.10% over 12.4 meters. The combined group of claims were explored for uranium in the 1970's as part of a regional program by Uranerz Exploration which conducted regional mapping, airborne radiometric and geochemical surveys. This work resulted in the discovering of a large uraniferous boulder field. Individual samples from this boulder field returned values of up to 0.91% U3O8.

On Behalf of the Board of Directors of Icon Industries Limited

T. Barry Coughlan, President

Certain matters discussed in this press release may contain forward-looking statements. Investors are cautioned that all statements, other than statement of historical fact, involve risks and uncertainties, including but not limited to: exploration and mining risks and financing risks. There can be no assurance that such statement will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Investors are encouraged to review Icon's filings on SEDAR at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

source : www.sedar.com.

Dragon Capital announces board addition

Dragon Capital Corporation (TSX: AHD - News; the "Company") is pleased to advise that it has appointed Christopher Harrop, CFA, ICD.D, as non-executive Chairman and a director of the Company effective immediately. The appointment is subject to TSX approval.

Mr. Harrop has extensive corporate finance and governance experience and has helped found numerous public and private companies including ClubLink Corporation, Serica Energy PLC, International Uranium Corporation and HarbourEdge MIC.

About Dragon Capital

Through its 100% owned subsidiary Arehada Mining Corporation, Dragon Capital is engaged in the exploration, development, extraction and refining of zinc, lead and silver in Donwuzhumuqinqi, located in Inner Mongolia, China. Arehada produces zinc and lead concentrates, which is sold to smelters in China.

OPEC Head Says No Need for More Crude

OPEC Secretary General Abdulla Salem el-Badri said late Wednesday that there was no need for its members to inject more crude into the market and that critics of the group shouldn't pressure it to do so.

Ahead of a workshop here between the International Energy Agency, representing oil-consuming nations, and the 12-member Organization of Petroleum Exporting Countries, el-Badri told Dow Jones Newswires that "there is no reason, no reason whatsoever," for the group to leak more crude volumes into the market.

"The market is fine" he added and OPEC's current output policy won't be amended ahead of its next meeting Sept. 11.

U.S. oil inventories data that showed builds in crude and products Wednesday contributed to a fall in oil prices, with U.S. light, sweet crude at 1817 GMT down 65 cents at $62.52 a barrel.

Last Friday, the IEA warned of a summer of discontent in global oil and products markets unless OPEC introduces a substantial output hike soon, a need underscored by lower-than-expected non-OPEC flows and low gasoline inventories.

In its widely watched monthly oil market report, IEA, the energy security watchdog for the Organization for Economic Cooperation and Development, raised a red flag over the ability of refiners and the willingness of OPEC to meet a 1.6 million barrels a day jump in oil product demand in June.

The IEA is unsettled by its reconfirmation of the "dramatic" and sharpest draw of first-quarter OECD inventories in 11 years, with almost 1 million barrels sucked down in the period and with stocks at the end of March falling 17 million barrels on the month to 2.6 billion barrels.

Tied with U.S. gasoline inventory cover at a 16-year low, a reversal of this situation "requires an increase in OPEC output before the summer" if a steep decline in crude stocks isn't to take place, the agency said.

Source : biz.yahoo.com

Wall St rallies on billionaires' bets

Wall Street rallied strongly on Wednesday with trading influenced by a number of well-known investors revealing their latest purchases in filings with the Securities and Exchange Commision.
Early on Wednesday, stocks traded in a choppy fashion as a better-than-expected rise for industrial production in April was offset by news that building permits last month fell at their fastest pace since 1990.

The Dow Jones Industrial Average was boosted by the disclosure that its constituents, Citigroup (NYSE:C - news), and Johnson & Johnson were in favour among leading investors.

The Dow closed up 0.8 p+er cent at 13,487.53, and set its 23rd record close for the year. The S&P 500 rose 0.9 per cent to close at 1,514.14 and edged closer to its record level of 1,527.46 set in March 2000.

Georges Yared, chief investment officer at Yared Investment Research said good earnings and guidance for the coming quarter should support stocks and that the S&P was building up to moving higher towards its 2000 record peak.

Within the S&P, telecom, and financial stocks led the major sectors higher, while materials lagged.

Analysts at Bespoke Investment Group said that while all 10 major S&P sectors were still trading near their recent highs, "many seem to be rolling over a bit."

They said: "Financials, consumer discretionary, consumer staples and health care have all had slight declines after hitting overbought levels, and it will be key to see how they react to resistance levels."

The Nasdaq Composite gained 0.9 per cent to 2,547.42, and shrugged off weakness among semiconductors stocks. Earnings and lower guidance from Applied Materials (NASDAQ:AMAT - news) did weigh upon technology for much of on Wednesday and the Philadelphia semiconductor index fell 0.2 per cent, following a slide of 1.1 per cent on Tuesday.

Applied Materials, a chipmaker, reported better-than-expected earnings, but its guidance for sales disappointed investors. Its shares were down 3.1 per cent at $19.17.

Meanwhile the Russell 2000 index of small companies rose 0.7 per cent at 820.29 and rebounded from its lowest closing level in more than a month on Tuesday.

A number of stocks were in the spotlight on Wednesday when Berkshire Hathaway, Warren Buffett investment company, said it had invested in Norfolk Southern (NYSE:NSC - news) and Union Pacific (NYSE:UNP - news), two railroads, and also bought stock in Wellpoint and raised its holding in Johnson & Johnson, two healthcare companies.

Norfolk Southern rose 1.65 per cent to $56.79, Union Pacific gained 0.9 per cent to $119.39 and the S&P railroad index rallied 1.3 per cent, taking its gain for the year to 25.1 per cent.

Wellpoint gained 1.6 per cent at $84.86, while Johnson & Johnson rallied 2 per cent to $63.05.

Edward Lampert, the hedge fund manager, said late on Tuesday that he had purchased 15m shares of Citigroup. This prompted the shares to jump 4 per cent to $54.91. Analysts believe that the banking conglomerate could now become the next high-profile target for activist investors, given its underperforming share price in recent years. Such a move would show that even the biggest companies were not immune to activist pressure.

Meanwhile, George Soros, another of the most famous hedge fund managers, said his stake in Microsoft had doubled, and the stock rose 0.55 per cent to $31.07. Mr Soros had lowered his holdings in Oracle (NASDAQ:ORCL - news), and shares were up 0.8 per cent at $18.99, while he had sold shares in Ebay, down 0.75 per cent at $33.25, and Take-Two Interactive (NASDAQ:TTWO - news), and shares in the video game maker slid 0.2 per cent at $19.08.

Another big investor, Carl Icahn, a well-known activist, said he had purchased a large slice of Anadarko Petroleum (NYSE:APC - news), boosting its shares by 1.6 per cent to $47.20, and also bought shares in CSX (NYSE:CSX - news), the railroad finished up 1.4 per cent at $46.40. Mr Icahn also disclosed that his stake in Time Warner (NYSE:TWX - news), had been cut by nearly half. Its shares in the media group rallied 1.55 per cent to $21.60.

In takeover news, Bausch & Lomb agreed to be acquired by private equity firm Warburg Pincus for about $3.7bn in cash. Shares in the the maker of eye-care products jumped 9.8 per cent to $67.50.

"We believe pressure on operating cash flow, as the company struggles to recapture lost market share, creates significant risks in terms of return on capital for an acquiring firm and we do not expect any higher offers," said Robert Gold, medical devices analyst at Standard & Poor's Equity Research.

After the closing bell, Hewlett-Packard (NYSE:HPQ - news) said second-quarter profit fell 6.5 per cent after a tax gain in the year- earlier period. In after-hours trade, shares in the computer maker were 0.7 per cent lower at $44.86, after a rise of 1 per cent in regular trade.

Shares in Amazon closed 4.4 per cent higher at $63.22, after the online retailer said it plans to launch a digital music store later this year and sell songs without copy protection restrictions.

In earnings news, Compuware reported a 20 per cent rise in fourth-quarter earnings and its shares rose 7.3 per cent to $10.67.

Shares in Federated Department (NYSE:FD - news) stores rose 1.2 per cent to $62.69 after its first-quarter profit rose more than 5 per cent, but missed analysts' estimates.

Source : ft.com

Global Overview: US stocks rally on rate outlook

Wall Street rallied on Wednesday as a steady US interest rate outlook contrasted with harder expectations of further monetary policy tightening in Europe.

Meanwhile, Brazil's sovereign foreign debt rating moved one step closer towards investment grade status, sparking a rally in its stock and currency markets.

By contrast, European shares were weighed down by inflation news that firmed up expectations of rate increases from the Bank of England and the European Central Bank.

On Wall Street, the S&P 500 index closed up 0.9 per cent, while the Dow Jones Industrial Average gained 0.8 per cent. In the face of further mixed news on the US housing market, Wall Street seemed to draw some confidence from a series of stake-building moves by prominent investors such as Warren Buffett Carl Icahn and Edward Lampert, the hedge fund manager.

In the key data release on Wednesday, US housing starts unexpectedly rose 2.5 per cent last month, above expectations, but permits for future building sank 8.9 per cent to the lowest level since June 1997.

However, Tony Crescenzi, chief bond market strategist at Miller Tabak, said housing starts began the second-quarter above their average for the first-quarter, clearly suggesting that housing would be a much smaller drag on GDP growth during the current quarter.

"Building permits were low in April, but the April figure is best viewed in the context of the first-quarter average, which was unusually high relative to starts," he said.

US Treasuries were largely flat with the yield on the benchmark 10-year note trading unchanged at 4.71 per cent.

In Brazil, the Bovespa stock index rose 2.3 per cent and set a new record close, after Standard & Poors raised its long-term foreign sovereign credit rating one notch, to 'BB+' from 'BB', one step below investment grade status.

The Brazilian real surged 1.5 per cent against the dollar and closed at its strongest level since 2001. S&P also Brazil's long-term local currency rating two notches to BBB from BB+, which is the lowest investment grade rating.

In Europe, investors had to contend with some higher-than-expected inflation numbers for the eurozone which cemented expectations that the European Central Bank would raise its benchmark interest rate from 3.75 per cent by at least 25 basis points. Consumer prices rose 0.6 per cent month-on-month for a 1.9 per cent year-on-year gain, the same annual rate of growth as in March.

"Despite the annual inflation rate remaining below target, a rate rise to 4.0 per cent in June seems almost certain, and is increasingly unlikely to be the last this year," said Simon Wallace, economist at the Centre for Economics and Business Research.

The gilts market was also on the defensive after Mervyn King, Bank of England governor, indicated that another rate increase would probably be needed to help return UK inflation to its 2 per cent target.

On European government bond markets, yields on the 10-year bund fell 1.3 basis points to 4.29 per cent while yields on 10-year gilts were 2 basis points lower at 5.11 percent. On European equity markets, the FTSE Eurofirst 300 index fell 0.16 per cent to 1,581.45.

On commodity markets, US oil prices eased below the $63 a barrel mark on news of a larger-than-expected rise in crude oil and petrol stocks last week.

However, the influential Merrill Lynch oil analyst Francisco Blanch warned the "stars are aligned for another leg up in oil prices".

Mr Blanch raised his forecast for the average WTI crude oil price forecast to $66 a barrel for the third-quarter from $60.50 a barrel. For the fourth-quarter, the firm raised its forecast from $61.50 to $67.50 a barrel.

The analyst added that if the 10 leading members of the Organisation of the Petroleum Exporting Countries failed to ramp up production and global oil demand continued to expand, any minor unexpected disruption in the second half of 2007 could push WTI and/or Brent oil prices temporarily above $80 a barrel.

"Similarly, any unexpected demand event like a weather shock or a major Chinese power shortage could put significant short-term upward pressure on oil prices."

Source : ft.com