All Required Regulatory Approvals Obtained for Norilsk Nickel Offer for LionOre

OJSC MMC Norilsk Nickel ("Norilsk Nickel" or the "Company") today announced that with the receipt of Investment Canada approval yesterday in respect of its all-cash offer for all of the issued and outstanding shares of LionOre Mining International Ltd ("LionOre") (Toronto Stock Exchange symbol: "LIM"; London Stock Exchange symbol: "LOR"; Botswana Stock Exchange symbol: "LIONORE") all regulatory approvals required in connection with Norilsk Nickel's offer have now been obtained.

Denis Morozov, the Company's General Director, stated today that "Norilsk Nickel is pleased to have completed successfully the process of receiving all required regulatory approvals within such a short timeframe. We look forward to LionOre shareholders tendering their shares before the expiration of our offer on June 28, after which Norilsk Nickel intends to complete the acquisition of all outstanding shares of LionOre".

On May 23, 2007, Norilsk Nickel announced its increased all-cash offer to acquire all of the issued and outstanding common shares of LionOre for aggregate cash consideration of approximately Cdn$6.8 billion. The offer is open for acceptances until 8:00 p.m. (Toronto time) on Thursday, June 28, 2007. All acceptances must be received prior to this time.

Full particulars of the offer are set out in the offer and offering circular as amended by the notice of variation and notice of extension, each as filed by Norilsk Nickel. These documents are available on the Canadian Securities Administrator's website at www.sedar.com under LionOre's company profile, and on the Company's website at www.nornik.ru/en.

Sterling Finalizes Preparations for Upper Mine Exploration Cross-Cut

Sterling Mining Company (OTCBB: SRLM - News) today reported that Sterling crews are preparing for continued development of an exploration cross-cut, at an elevation of 2,672 feet, east of the historic Polaris Mine workings in the upper mine area of the Sunshine Mine.

The cross-cut's advance was interrupted briefly upon the completion of the Sterling Tunnel Project to allow geologists to map and evaluate newly exposed structures and make a smooth transition from contractor to in-house mining. The cross-cut is designed to probe unexplored projections of the Sunshine vein system east of the known production areas and, at the same time, provide a platform for diamond drilling into the Yankee Girl vein some 1,200 feet south of the Sunshine system. Zones of alteration and mineralization have been identified and are being studied to guide exploration efforts.

"We are working to open up a stretch of ground that had multiple siderite-quartz veins on the Polaris Mine 900 level, some 100 feet above us," stated Jeff Moe, Sunshine Chief Geologist. "This work also puts us within striking distance of the Yankee Girl vein which our drilling probed from the Silver Summit side in 2006 and which is unexplored out in front of us for a strike length of over 3,000 feet."

Advancing the cross-cut is expected to resume in early July and is only one of the several major projects that are unfolding simultaneously at the mine.

Sterling Mining Company's workforce at the Sunshine Mine has grown to 66 full-time employees, and is projected to reach over 100 by the end of this year as production resumes, currently forecasted for no later than December 2007.

Source : biz.yahoo.com/bw

Wega Mining ASA to make investment of up to C$10 million in Tagish Lake Gold Corp

Wega Mining ASA and Tagish Lake Gold Corp. (TSX-V: TLG - News) announced today that they have entered into a subscription agreement pursuant to which Wega Mining has agreed to make an equity investment of up to C$10 million in Tagish Lake Gold Corp.

Under the terms of the subscription agreement, Wega Mining's investment will be structured as follows:

- Wega Mining will make an initial investment (subject to, among other
things, receipt of any required regulatory approvals and customary
closing conditions) of approximately C$2,000,000 consisting of Units at
a price of C$0.20 per Unit; and

- Wega will make a second investment of approximately C$8,000,000
consisting of Units at a price of C$0.20 per Unit.


Each Unit will consist of one Common Share and one Warrant. Each Warrant will entitle the holder to acquire one Common Share on or before the 2nd anniversary of the date of issue at an exercise price of C$0.30 per share subject adjustment in accordance with its terms. The Units will separate into Common Shares and Warrants immediately upon issuance. All securities to be issued will be subject to a hold period of four months from the respective closing date in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws.

The closing of the initial investment is expected to occur upon receipt of the requisite approval of the TSX Venture Exchange. The closing of the second investment is expected to occur on or about August 9th , 2007 subject to, among other things, completion of a due diligence review by Wega Mining, receipt of all required regulatory, stock exchange and shareholder approvals and other customary closing conditions.

The proceeds of the equity investment will be used by Tagish Lake Gold Corp. to complete the "Skukum Creek Deposit Exploration & Feasibility Program" during the balance of 2007. Exercise of the warrants will be instrumental in providing the financing to bringithe deposit to production by 2009.

Following the closing of the two transactions, Wega will own 50 000 000 common shares of Tagish Lake Gold Corp. representing approximately 35 % of the issued and outstanding shares or 45 % fully diluted when the warrants are exercised. Effective as of the closing date of the second investment, the board of directors of Tagish Lake Gold Corp. will be comprised of six directors, two of whom will be nominees of Wega Mining. Thereafter, as long as Wega Mining owns at least 17.5% of the outstanding common shares, it will be entitled to nominate a number of directors for election that is proportionate to the percentage of common shares held by Wega Mining.

Robert Rodger, President of Tagish Lake Gold Corp states: "We are pleased that Wega Mining ASA has joined with Tagish to move the Skukum Creek project to production. With financing available, the Company can focus its efforts on the work on the high grade Skukum Creek gold-silver deposit as well as advancing the other gold deposits on the Skukum property."

"Adding Tagish Lake to its Western Canada project portfolio, Wega Mining will leverage its development and project organisation, to bring all three deposits (two deposits held by Merit Mining Corp) to commercial production over the next two years. In total, Merit Mining and Tagish Lake are set to produce at least 200,000 oz per year of gold and gold equivalents from the end of 2009 and 300,000 oz per year from 2011" said Lars Marius Furu, CEO of Wega Mining ASA.

Tagish Lake Gold Corp. is a TSXV listed company (TLG) which explores for and develops high grade gold-silver mineral deposits in the Yukon Territory of Canada. The Company is currently focused on its wholly owned, 178 km2 Skukum Mineral District located 80 km by road south of Whitehorse. The Skukum Mineral District hosts the Skukum Creek gold-silver deposit and the Goddell Gully gold deposit, and the Mt. Skukum gold deposit.

Wega Mining ASA is an Oslo-based international mining company focused on exploring, developing and operating gold, copper and zinc deposits. The company currently holds exploration licenses in Guinea, Canada, Portugal, Ecuador, Romania and Norway, and a gold-copper development project in Canada. It trades on Oslo Axess, an exchange regulated by the Oslo Stock Exchange, under the ticker WEMI. Further information can be accessed at www.wegamining.com.

Bear Creek drilling and new sampling expands silver mineralization on its 100% owned Santa Ana project, Peru

Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce results from thirteen additional diamond drill holes (Phase 3 drilling) and results from soil/rock chip grid sampling on the extreme north and south ends of the area drilled to date at its 100% owned Santa Ana silver project. Santa Ana is located 200 kilometers south of the Company's Corani silver-base metal deposit in southeastern Peru. Drilling at Santa Ana now totals 7,501 meters in fifty-five drill holes. Highlights of this press release include:

- Drill hole SA-26A intersected mineralized volcanics with 128
meters @ 48 g/t Ag, including 14 meters @ 84 g/t Ag and 30
meters @ 91 g/t Ag.

- Higher grade intervals intersected in SA-25 and SA-26; 4 meters
@ 119 g/t Ag and 10 meters @ 95 g/t Ag, respectively.

- Mineralization extended 350 m to the north and 400 m to the south
through soil and rock-chip grid sampling, increasing the target
size by 50%.

- Mineralization remains open with strong vectors for extension in
three directions plus at depth.

Andrew Swarthout, President and CEO of Bear Creek, states "The continuing positive results from Phase III underscore the potential for intersecting blind, higher-grade silver mineralization within the extensive volumes of lower grade silver halo at Santa Ana. The latest drilling and grid sampling significantly expands the footprint of mineralization and defines additional untested high grade zones that will likely contribute significant value to the discovery. Importantly, oxide mineralization continues to dominate; a factor that bodes well for the excellent leaching characteristics indicated by early metallurgical testing. We are expanding the Phase III drill program, as well as continuing our aggressive metallurgical test program. Mineralization remains open in all directions. A second drill has been requested in order to advance drilling towards the project's first resource estimation by year-end."

Mr. Swarthout continues "The drill is currently working to the north within the newly discovered soil/rock-chip grid anomaly approximately 150 meters north of the farthest north hole (SA-22) and a second platform an additional 150 meters north is next in line. Assay results from these holes will be reported as they become available in the coming weeks. Additional soils and rock geochemical sampling within the district is expected to further extend the target areas."

For detailed news : biz.yahoo.com/prnews

Explorator Resources Receives Exchange Approval on Venus-Marcelo Claim Block Acquisition, Files NI43-101 Report

Explorator Resources Inc. (CDNX:EXO.V - News) is pleased to announce that it has received TSX Venture Exchange approval for the recently announced acquisition of the Venus-Marcelo mineral claim block (see Press Release dated May 15, 2007). The company has also received the NI43-101 Report on the property, which has been filed on SEDAR (www.sedar.com).

With the acquisition of the Venus-Marcelo concessions, Explorator now controls a single, contiguous block covering an area totaling over 1100 hectares, or 11 square kilometers, when combined with El Espino. (see Figure 1) The concessions are located near Illapel, Chile, a mining area with excellent infrastructure and extensive existing and historical small-scale gold and copper production. Venus-Marcelo hosts six small operating copper-gold mines. High grade ore mined from Venus-Marcelo is currently direct-shipped to the nearby Ventanas Smelter for processing.

"We are very pleased to complete the acquisition of the Venus-Marcelo block" noted David O'Connor, President and CEO of Explorator Resources. "Combining Venus-Marcelo with our El Espino concession creates a much larger and more exciting opportunity to explore and develop a project of scale that has extensive historical exploration data and a long history of copper and gold production."

O'Connor added that "the NI43-101 technical report is very encouraging as the sampling shows that the mineralized structures on which the small operating mines are developed contain higher grade copper and gold mineralization than we anticipated and are over substantial thicknesses, confirming our opinion of the excellent potential to outline a significant gold, copper or copper-gold deposit on the Venus-Marcelo Project. Additionally, these steeply dipping structures are interpreted as being mineralized feeders, which expand the potential of the El Espino zone controlled by Explorator for a distance of two kilometers further north on this undrilled area, adding considerably to the overall potential tonnage of copper-gold mineralization and expanding the project considerably in excess of the estimates based on drilling made for the El Espino block."

The style of mineralization at Venus-Marcelo and El Espino is characteristic of deposits found elsewhere within the Coastal Cordillera of Chile, such as Phelps Dodge's Candelaria and Anglo American's Mantos Blancos. The Venus-Marcelo block is a direct northward continuation of the El Espino mineralized system. Explorator acquired the El Espino project on January 29, 2007. Following the recent completion of a successful 10-hole, 2000m diamond drill Phase One program (see Press Releases April 30 and May 23, 2007) the company has commenced a 25,000 m Phase Two drilling program at El Espino (see Press Release June 6, 2007). The company intends to move quickly to carry out a Phase One exploration program on the Venus-Marcelo block.

The NI43-101 report on Venus-Marcelo was prepared by Mr. Douglas Currie, MAusIMM, of Gwynva Resource Management, a Qualified Person, (as defined under NI43-101). Mr. Currie has reviewed the contents of this press release and has given his consent for inclusion of extracts from his report herein.

Copper and gold mineralization in the Venus-Marcelo / El Espino district extends for almost 5 km long N/S by 1 to 2 km wide E/W in a NNW trending zone that extends across the two property boundaries. Within the Venus-Marcelo Project area, mineralization is primarily associated with narrow, high grade, quartz veins and silicified fractures related to NE trending faults and shear systems. The steeply dipping mineralized veins, locally stockworked, are interpreted to be the feeders to the stratabound mineralization. The style of mineralization is characteristic of Iron Oxide Copper Gold (IOCG) deposits found elsewhere within the Coastal Cordillera of Chile.

Although there are no production records available, the numerous small and several extensive underground workings are indicative of substantial historical copper and gold production generally from oxidized, near-surface mineralization. Production grades are estimated at 2-6% Cu and 3-6 g/t Au. Production samples taken by Mr. Currie in April 2007 from the six active tribute mines on the Venus-Marcelo concessi centsns ranged from 1.24% Cu to 3.82% Cu and are considered representative of the potential copper oxide grades which have historically prevailed on the property.

Samples collected by Mr. Currie of historical dumps and current mine stockpiles and across the visually mineralized structures returned assay results as were expected with a good correlation between visual copper estimates and actual assay grades. The copper grade of the mine dumps sampled ranges from 1.63% to 29.1% Cu; this reflects the relative grade of the veins and possibly also the degree of high-grading being practiced by the local cooperativista miners. Gold grades received ranged from background levels to 41.3g/t Au, with 25% of the samples having gold values greater than 1.0g/t Au.

Only minimal modern exploration has been performed on the Venus-Marcelo Project area and there has been no drilling. ENAMI (La Empresa Nacional de Mineria), the Chilean National Mining Company, in 1994 estimated "reserves" of 1,032,500 tonnes at an estimated grade of 2.0% Cu and 3.5 g/t Au. ENAMI also reported an additional "resource estimate" of 1.5 million tonnes at an estimated grade of 0.6% Cu at the Milagros SW zone, at the southern end of the property, with the potential for rich lenses ( greater than 2% Cu) within the zone. The calculations are based on underground mapping and channel sampling and past production data available to them at the time. ENAMI only included potential mineralized zones which were accessible from existing development and did not project mineralized zones to depth. Explorator has not done sufficient work to classify these historical estimates as current mineral resources and as such, Explorator is not treating the historical estimates as current mineral resources and cautions investors not to rely upon these historical estimates.

Source : http://www.ccnmatthews.com/docs/exploratormap.pdf

Sandvine's PTS 14000 80-Gigabit Cluster Achieves 4 Diamond Ranking From Broadband Gear Report's 2007 Diamond Technology Reviews

Cable-Tec Expo - Sandvine, (Toronto:SVC.TO - News)(AIM: SAND) a leading provider of intelligent broadband network solutions for DSL, FTTH, cable, and wireless carriers, today announced that Sandvine's PTS 14000 80-Gigabit virtual switch cluster has received a 4- Diamond rating from the Broadband Gear Report review panel for this year's 2007 Diamond Technology Reviews.

Sandvine's PTS 14000 platform is a hardware and software solution that gives broadband service providers broad visibility into network traffic along with a rich portfolio of DPI-based policy solutions to ensure a quality online experience for all subscribers. The PTS 14000 has achieved an unprecedented performance benchmark of 80 Gbps of traffic. With over 80 customers, Sandvine's DPI-based policy solutions are widely deployed in broadband networks around the world.

"Our panel of judges was impressed by Sandvine's PTS 14000 scaling to 80 Gbps and by its ability to support redundancy and bypass capabilities to ease the operation of the device in the network," said Laura Hamilton, editor-in-chief at BGR. "They also gave the PTS 14000 high marks for its support of PacketCable Multimedia and the ability to characterize and control VPN tunneling."

The panel of judges included:

- Wayne Hall, VP of Engineering, Comcast

- Vicki Marts, Director of Video Engineering, Cox

- Dermot O'Carroll, Senior VP, Network Engineering and Operations, Rogers

- Gene White, VP of Engineering, Bright House

"Sandvine is honoured to have our PTS 14000 ranked by this distinctive panel of leaders in the cable industry," said Tom Donnelly, executive vice president, marketing and sales, Sandvine. "We strive to set the benchmark by building innovative and robust products, rich in features and functionality that help broadband service providers achieve their business and operational goals."

Come see how Sandvine's DPI-based policy solutions are helping broadband providers improve the Internet experience for millions of broadband users around the world. And join Sandvine for a celebratory reception in booth 2150 at Cable-Tec Expo on Thursday, June 21st at 4:00pm.

Source : www.sandvine.com

Add Some Shine to Your Portfolio With Gold Stocks

Gold bullion is like children – unpredictable. You never know with what inconsistent action the yellow metal is going to catch you next, making it notoriously difficult to predict the short-term price movements. Many traders have, to their detriment, seen their pockets being emptied as a result of unwelcome margin calls over the years.

In my experience the best that most of us can hope to do is to attempt to assess the primary direction of the gold price, and ride the big waves. It was precisely this “big picture” framework that I tried to get a grip on in last week’s article on bullion.

My conclusion was that “bullion was experiencing a normal bull market reprise, and was set to resume its upward path in due course albeit in fits and starts. The exact tailwind pushing gold northwards would probably only become apparent after the fact.”

One such tailwind could be the oil price, which I believe is experiencing a multi-year bull market. I base this outlook on the simple premise of rising demand meeting inelastic supply. In other words, it could become increasingly difficult for the continuously growing demand from the new economic power houses to be met by the rather problematic supply situation, characterized by geopolitical risks in unison with reduced reserves.

It is particularly interesting to see how the oil price typically behaves from July to October – traditionally a period characterized by rising prices as more cars hit the road for the summer months.

Source : biz.yahoo.com

Gold reclaims $660, highest level in more than a week

Gold futures rose Monday morning, building off last week's more than $8 gain as the U.S. dollar weakened and as traders continued to gauge inflation concerns and the likelihood of an interest rate hike by the Federal Reserve.

Gold for August delivery climbed as high as $662.50 an ounce on the New York Mercantile Exchange, its strongest intraday level since June 7. It's eased back a bit since then, but was still up 60 cents at $659.30 an ounce.

The benchmark contract rose $2.80 an ounce on Friday to score a total gain of $8.40 for last week.

"The precious complex staged a modest rebound Friday as tame CPI data curbed expectation for the Fed to hike interest rates, leading the dollar to give back some of its recent gains," James Moore, an analyst at TheBullionDesk.com, said in a note to clients. See Economic Report.

And "gold's current fortunes improved overnight as buying precipitated by a declining dollar ... against the euro and especially the yen gave short-term oriented traders another opportunity to attempt resistance tests near $660 per ounce," said Jon Nadler, analyst at Kitco Bullion Dealers, in a morning note.

The yen fell to a new all-time low against the euro and traded near a four-and-a-half year low against the dollar Monday, after a strong rally in Asian equity markets prompted investors to build the so-called carry trades.

Source : www.marketwatch.com

Canada Energy Stocks May Fall; Metals Shares May Gain With Gold

Canadian energy stocks including EnCana Corp. may decline along with crude oil prices, which retreated today from a nine-month high.

Declines in the broader market may be limited as raw-materials producers including Goldcorp Inc. advance on higher bullion and copper prices.

The Standard & Poor's/TSX Composite Index added 135.42, or 1 percent, to 14,137.41 on June 15 in Toronto. The benchmark had a weekly gain of 2.5 percent, the best since a 3.2 percent rise in the week ended March 23. It's less than 0.1 percent below its record close of 14,146.74 reached June 4.

Crude oil fell from a nine-month high in New York on expectations that violence in Nigeria will subside, allowing the country to restore some lost production. Oil for July delivery dropped 40 cents, or 0.6 percent, to $67.60 a barrel in 8:39 a.m. electronic trading on the New York Mercantile Exchange.

EnCana may drop 91 cents to C$69.30, based on bids already submitted on the Toronto Stock Exchange. EnCana, Canada's biggest natural-gas producer and the country's biggest energy company by market value, climbed to a record on June 15.

Petro-Canada, the nation's third-biggest oil and gas producer, may decline 12 cents to C$56.04, bids indicated

Gold rose for a fourth day in London on speculation declines in the dollar will spur demand for the metal as a hedge against inflation.

Copper advanced for a fourth consecutive session in London as stockpiles fell and the prospect of strikes at Latin American mines led to speculation that supplies will be disrupted. Lead rose to a record.

Bullion Miner

Goldcorp, Canada's second-largest bullion miner, may gain 24 cents to C$26.70, bids incicated.

Agrium Inc. may climb 25 cents to C$45.45. North America's largest producer of nitrogen fertilizer said second-quarter profit may exceed $1.55 a share. The profit projection had been $1.45 to $1.55 a share, Calgary-based Agrium said in a statement distributed by CCNMatthews. Earnings are expected to be ``at or slightly above'' the upper end of the range, the company said.

Takeover speculation may also support some stocks. ACE Aviation Holdings Inc. may rise 18 cents to C$26.25, bids indicated. Kohlberg Kravis Roberts & Co. may be the leading bidder for a majority stake in Air Canada's aircraft maintenance unit, which is being sold by ACE Aviation Holdings, the airline's holding company, the Globe and Mail reported. KKR would top a bid by a unit of Germany's Deutsche Lufthansa AG, the newspaper said. A buyer may be named as soon as today, the Globe and Mail said. The operations may be worth as much as C$1 billion ($940 million), the newspaper said.

Other bidders included Toronto-based Onex Corp. (OCX CN), the Globe and Mail said. Unidentified representatives of KKR and ACE declined to comment, the newspaper said.

U.S. Stock-Index Futures

U.S. stock-index futures rose on takeover speculation. Low borrowing costs helped fuel more than $1.2 trillion in acquisitions involving U.S. companies this year.

S&P 500 futures expiring in September added 4.20 to 1551.90 at 8:52 a.m. in New York. Dow Jones Industrial Average futures increased 40 to 13,792. Nasdaq-100 Index futures advanced 3 to 1972.75.

The following shares may have unusual price changes. Prices are from the close on June 15.

Alcan Inc. (AL CN): Shares of Alcoa Inc. (AA US), which has made a $27.7 billion hostile takeover offer for Alcan, rose in Frankfurt after the London-based Times said BHP Billiton Ltd. may consider a $40 billion takeover of the U.S. aluminum maker.

BHP is in the early stages of considering an offer and hasn't made an approach to Alcoa, the newspaper reported without saying where it got the information. BHP doesn't comment on rumor or speculation, Melbourne-based company spokeswoman Samantha Evans said. Alcan shares added 53 cents, or 0.6 percent, to C$88.69.

Legacy Hotels REIT (LGY-U CN): The owner of 25 hotels in the U.S. and Canada may have received final bids from two bidders, Gazit-Globe Ltd., an Israeli property fund, and the Canadian pension fund Westmont Hospitality Group, the Financial Times reported June 15, citing two persons claiming knowledge of the situation. The Israeli fund may be Gazit-Globe, according to an industry banker not involved in the transaction, the FT said.

Separately, Legacy Hotels was cut to ``hold'' from ``buy'' by Sam Damiani at TD Newcrest. The analyst expects the shares to fall to C$14 within 12 months. The shares gained 53 cents, or 3.8 percent, to C$14.58.

Source : www.bloomberg.com

Corn prices climb as traders worry about dry Corn Belt

Corn prices climbed Thursday as traders fretted over dry weather in the eastern Corn Belt.

In other commodities, crude oil and agriculture prices rallied, while the gold market suffered at the hands of a rising U.S. dollar.

Corn fields in southern Indiana and southwestern Ohio have hungered for rain for weeks, and the lack of moisture remains a focal point in the corn market, said DTN analyst Gary Wilhelmi. National Weather Service data indicated scattered thunderstorms could sate parts of the region in the coming days, and traders will be watching for reports of rain.

July corn jumped 10 cents to settle at $3.846 a bushel on the Chicago Board of Trade. Wheat for July delivery rose 4.6 cents to end at $5.244 a bushel, while soybean futures added 9.6 cents to settle at $8.32 a bushel.

Meanwhile in New York, energy prices climbed as traders took recent refinery data and economic projections as bullish signs, according to Wachovia Corp. energy economist Jason Schenker.

The Energy Information Administration on Wednesday reported a surprise drop in refinery usage for the week ended June 1. Although gasoline stockpiles increased at the same time — boosted partly by imports and partly by weaker demand — traders viewed the refining rollback as a worrisome element heading into the peak driving months of July and August.

Federal Reserve Chairman Ben Bernanke’s projections Wednesday that economic growth would pick up pace later this year also continued to ripple through the market. Oil demand tends to rise with economic expansion.

Light, sweet crude for July delivery gained 97 cents to settle at $66.93 a barrel on the New York Mercantile Exchange, after earlier trading as high as $67.42 a barrel. Crude last closed above $67 a barrel on Sept. 7, 2006, according to data from the Oil Price Information Service.

Gasoline futures rose 0.23 cent to end at $2.1927 a gallon.

Source : www.agweekly.com

Canadian Stocks Rise With Gold, Copper Prices; Agrium Climbs

Canadian stocks rose, pushing the main equity index to a record, as such raw-materials producers as Goldcorp Inc. gained on higher metals prices. Agrium Inc. led agricultural companies higher after it raised its profit forecast.

The Standard & Poor's/TSX Composite Index added 46.03, or 0.3 percent, to 14,183.44 as of 9:40 a.m. in Toronto. The benchmark built on last week's gain of 2.5 percent, the best since March. A close at this level would exceed its record close of 14,146.74 reached June 4.

Gold rose for a fourth day in London on speculation declines in the dollar will spur demand for the metal as a hedge against inflation.

Copper advanced for a fourth consecutive session in London as stockpiles fell and the prospect of strikes at Latin American mines led to speculation that supply will be disrupted. Lead rose to a record.

Goldcorp, Canada's second-largest bullion miner, gained 21 cents to C$26.67. Larger rival Barrick Gold Corp. rose 16 cents to C$31.29.

Agrium climbed C$1.24 to C$46.40. North America's largest producer of nitrogen fertilizer said second-quarter profit may exceed $1.55 a share. The profit projection had been $1.45 to $1.55 a share, Calgary-based Agrium said in a statement distributed by CCNMatthews. Earnings are expected to be ``at or slightly above'' the upper end of the range, the company said.

Potash Corp. of Saskatchewan Inc., the biggest fertilizer company, rose C$1.96 to C$84.93.

Source : www.bloomberg.com

Rising oil, gas futures may lift pump prices

Crude oil futures settled at $68 a barrel Friday, their highest close since September, while gasoline futures extended their rally, raising the prospect that prices at the pump may rise after falling for several weeks. Analysts say oil prices were boosted by unrest in the Middle East and a lower-than-expected core inflation figure, which encouraged investors to move money to commodities.

Crude oil prices hold steady

In energy trading on the Nymex, crude oil futures finished little changed near $63 a barrel as a government report showing U.S. oil refineries are accelerating gasoline production before the summer driving season offset a bigger-than-expected fall in gasoline inventories.

The front-month May light, sweet crude contract settled 3 cents higher at $63.13 a barrel.

Front-month May gasoline rose 2.75 cents, or 1.3 percent, to finish at $2.0833 a gallon, while May heating oil rose 0.88 cents, or 0.5 percent, to finish at $1.8066 a gallon.

Natural gas for May delivery settled 7.9 cents higher at $7.497 a million British thermal units.

On the Chicago Board of Trade, soybean futures sagged amid heavy fund selling, technical pressure and the unwinding of inter-commodity spreads, traders and analysts said.

May soybeans closed 8.5 cents lower at $7.1550 per bushel, July soybeans finished 9 cents lower at $7.3225 a bushel, and November soybeans closed 11 cents weaker at $7.5950 a bushel. May soy meal ended 90 cents weaker at $196.90 per short ton, and May soy oil closed 0.80 cents lower at 31.07 cents per pound.

Wheat futures settled mixed as late profit-taking dragged prices down from earlier gains, traders said.

CBOT May wheat closed 3 cents lower at $4.7450 per bushel, Kansas City Board of Trade May wheat ended a half-cent higher at $4.9250 a bushel, and Minneapolis Grain Exchange May wheat slipped 2.75 cents to $5.1150 a bushel.

Corn futures settled higher at the CBOT in most months, with the nearby contracts stronger as participants bought the nearby months and sold the deferred contracts, trimming their bear market spread positions, analysts said.

May corn gained 10.25 cents to close at $3.6350 per bushel, July corn rose 10 cents to $3.7525 a bushel, and December corn settled 2 cents higher to $3.8150 a bushel.

Source : www.agweekly.com

NHRA Lucas Oil Drag Racing Series Friday from Atco Raceway

Racing kicked off today at the Franklin
Trailers, Inc. NHRA Lucas Oil Drag Racing Series Event at Atco Raceway.
Top Alcohol Funny Car driver Frank Manzo and Top Alcohol Dragster pilot
Aaron Olivarez got out to a quick start both qualifying in the No. 1
position.

           Morganville, New Jersey resident and 10-time Lucas Oil
National Champion Frank Manzo showed his experience clinching the top
qualifying position over Mickey Ferro of Stamford, Conn.  Manzo finished
the day running a pass of 5.660 seconds at 257.87 mph, while Ferro ran a
time of 5.666 seconds at 250.13 mph.

Olivarez of Sandy, Utah, was able to edge out local racer Karen Stalba
of Hammonton, N.J. with a time of 5.432 seconds at 267.64 mph clinching
the top qualifying spot.  Stalba will start Saturday's eliminations in
the No. 2 position after her run of 5.518 seconds at 247.66 mph.

           Comp Eliminator racer Allyn Armstrong of Kingston, N.S.,
qualified first over Vinny Barone of Dix Hills, N.Y.  Armstrong driving
a '72 Opel outran Barone with a pass of 8.891 seconds.

           Williamstown, N.J. resident Brian Oakes qualified in the top
position in Super Stock with a pass of 8.994 seconds.  Oakes edged out
John Armstrong of Kingston, N.S., who drove a '69 Corvette and could not
keep up with Oakes.  Also at the top of the field was another New Jersey
driver Richard Adkins of Willingboro in Stock Eliminator.  Adkins
piloting a '67 Mustang held on to the top spot with a pass of 10.207
seconds and qualified just ahead of Tex Miller of Fayetteville, Pa.

           Gates open on Saturday at 7 a.m.  Top Alcohol Dragster and
Funny Car Eliminations begin at 2 p.m., while qualifying in all other
categories continues throughout the day. Tickets are $20 for adults and
children age 5 and under are Free.  For more information please call the
track at 856-768-2167 or visit www.atcorace.com

Oil Jobs Boost

Tyneside has received a major jobs boost with the news that more than 1,300 oil and gas industry roles are up for grabs.

A massive recruitment fair is being held at St James' Park in Newcastle on Wednesday to fill huge numbers of vacancies in the oil and gas industry.

Seventeen major companies have identified the North East as the place to fill their recruitment needs, highlighting our industrial heritage and massive skills base. Jobs on offer range from business development specialists to human resources people, from chemical, electrical and civil engineers to piping designers.

There are also vacancies for people with trades including fitters, welders, machinists and platers.

Qatar Plans to Invest $20 Billion in Foreign Oil, LNG Projects

Qatar Petroleum Corp. will invest or is negotiating investments abroad worth $20 billion, including a $7 billion oil refinery in Panama with Occidental Petroleum Corp., Qatar's energy minister said.

Qatar Petroleum International, the state-owned company's foreign investment arm, has ``teamed up'' with Occidental to build a 350,000 barrel-a-day oil refinery in the Central American country, Abdullah Bin Hamad al-Attiyah said in comments published today by state-run Qatar News Agency.

Qatar Petroleum International also owns a 70 percent stake in a project that is building a liquefied natural gas terminal in Texas at a cost of $2.2 billion, Nasser al-Jaidah, Qatar Petroleum International's chief executive officer said in the same statement. Exxon Mobil Corp., the world's biggest publicly traded oil company, owns a 20 percent stake in the project and ConocoPhillips, the second-largest U.S. refiner, 10 percent, the report said.

Qatar Petroleum International also owns 45 percent stake in an Italian LNG receiving terminal that will be completed in 2008. Exxon Mobil owns another 45 percent stake in the project while an Italian company owns the rest, the news service said.

Source : quote.bloomberg.com

Unicorp: Clemens Dome Drilling to Begin by Late July

Unicorp, Inc. said that drilling is expected to begin during the next four to six weeks on its Clemens Dome prospect located in Brazoria County, Texas. The initial well will be drilled to a depth of approximately 11,500 feet to test the Frio formation. The Company has increased its after casing point working interest to 25% from 15%. The company's before casing point interest has increased to 29.412%.

If the shallow zones are productive then the deeper objective will be drilled at a later date to test the Lower Nod, Tex Miss and Vicksburg formations at an approximate total depth of 14,500 feet. Total gross reserve potential for the prospect is up to 30 to 40 Bcf based upon which zones may be productive.

Unicorp, Inc is primarily engaged in the acquisition, development, exploration and production of crude oil and natural gas. Its focus is on aggressively acquiring working interests in crude oil and natural gas properties with the intent of exploration and development or by enhancing production through the use of modern development techniques such as horizontal drilling, satellite technology and 3-D seismic. The company's goal is to achieve a high return on its investment by limiting its up-front acquisition costs, by quickly developing its acquisitions and by practicing a sound and smart approach to oil and gas exploration and development.

Source : www.rigzone.com

Rocksource: Texas Drilling on Schedule

As a continuation of its Drews Landing drilling campaign, Rocksource ASA Group announced the completion of the State of Texas #3 well.

The well was drilled as a production well on the east side of the Drews Landing south fault block. The well reached total depth/TD (11,777 ft) on the 24th of May 2007 without HSE incidents. Subsequent wireline logging indicated the presence of hydrocarbons. The well is now being prepared for completion. Following further testing it will be producing gas to sales as soon as possible after Rocksource has received formal approval from the Railroad Commission of Texas (RRC).

After the completion of State #3 the rig was moved to the north where the Morian #6 well was spudded on the 8th of June. This well will be deviated and is designed to optimize production from multiple zones following the successful application for a co-mingling permit from RRC.

Source : www.rigzone.com

Bid to relax offshore drilling ban defeated

A bid to relax the long-standing moratorium on new offshore oil drilling died Thursday in the Senate as an energy bill became bogged down by fights that underscored the regional nature of energy politics.

Sen. John W. Warner (R-Va.) failed in his attempt to open the door to natural gas exploration off the Virginia coast.

Five of Warner's fellow Republicans, all from coastal states, joined 37 Democrats and two independents in opposing the effort.

Opponents warned that the move could have a "domino effect" that could unravel the drilling ban inspired by a devastating 1969 oil spill off Santa Barbara.

The drilling fight came as Southern senators held up a vote on a proposal to require utilities to generate 15% of their electricity from cleaner energy sources, such as the sun and wind, by 2020.

The Southern senators said the requirement could increase utility bills in states that are not blessed with bright sunshine or strong wind.

A bipartisan group of lawmakers from vehicle-producing states objected to another provision that would boost mileage standards.

There also were the usual scrapes along party lines.

Republicans stepped up their attacks on the first major energy bill to come before Congress since the Democratic takeover in January, saying that it failed to include any measures to promote domestic production of oil and natural gas.

Saying that the bill's provisions — such as tougher miles-per-gallon rules — would provide no immediate relief from high gasoline prices, Sen. Larry E. Craig (R-Idaho) said, "I can't go home and say to a fellow I met at the gas pump the other day, that filled up his truck and paid 130 bucks, 'Oh, don't worry about today. In the next 10 or 15 years we'll get to your need.' "

Senate Majority Leader Harry Reid (D-Nev.) said that the Republican response was "drill, drill, drill — more of the same."

Warner, in seeking to relax the drilling moratorium, noted that officials in his state have expressed interest in natural gas exploration at least 50 miles offshore.

"Our citizens are laboring under higher prices," he said, "and we must look at the full potential of America to help resolve this situation."

Sen. Jim Webb, a Democrat, supported his fellow Virginian's effort, saying it was a preliminary step.

"It's no longer responsible to talk about energy independence while saying no to even the most preliminary steps toward exploration and development of our domestic energy sources," he said.

But Sen. Robert Menendez (D-N.J.) called drilling off the Virginia coast a threat to the shores of New Jersey and other states.

"This is not about Virginia alone," he said. "This is about the entire federal Outer Continental Shelf."

Source : richard.simon@latimes.com

Supreme Court asked to block consideration of coal-fired plant

Chesapeake Energy Corp. and a coalition of consumer groups want the Oklahoma Supreme Court to stop the Corporation Commission from considering pre-approval of a 950-megawatt coal-fired electrical generating unit proposed by Oklahoma power producers.

The effort is the latest involving Oklahoma City-based Chesapeake, the third largest independent producer of natural gas in the U.S., to question plans for coal-fired generating plants in Oklahoma and Texas. Natural gas competes with coal as a fuel for power plants.

Chesapeake was part a coalition of business and energy interests that bought more than $1 million in newspaper advertising earlier this year critical of the Texas proposals. Energy giant TXU Corp. has proposed 11 coal-fired plants and as many as 18 plants could ultimately be built.

Opponents say natural gas burns much cleaner than coal and causes fewer environmental problems.

Tom Price, a senior vice president at Chesapeake, said Wednesday it would not be right for Chesapeake to criticize the Texas proposals and do nothing as plans go forward for the largest coal-fired generating plant in Oklahoma history.

"We think it would be the height of hypocrisy," Price said.

In Oklahoma, Public Service Company of Oklahoma, Oklahoma Gas & Electric Co. and the Oklahoma Municipal Power Authority are partners in the 950-megawatt coal-fired Red Rock generating unit.

PSO will own 50 percent, OG&E will operate the facility and own 42 percent and the Oklahoma Municipal Power Authority, which provides electric power to about 20 communities in the state, will own 8 percent.

Red Rock, which officials plan to locate in an area adjacent to OG&E's Sooner Power Plant facilities in northern Oklahoma, will cost about $1.8 billion. PSO is also seeking pre-approval of gas-fired peaking power plants near Jenks and Anadarko.

Chesapeake and the Quality of Service Coalition, a group of utility customers and cities that purchase power from PSO, allege that a state statute authorizing the Corporation Commission to pre-approve projects so utilities can recover construction-work-in-progress expenses is unconstitutional.

The pre-approval process was approved in legislation passed by the Legislature in 2005. But Chesapeake said the Oklahoma Constitution was not amended as required to grant the commission that new power, Chesapeake said in a statement.

"An unconstitutional attempt to give the commission the powers to approve contracts seems to be under way," Chesapeake said.

Chesapeake and the coalition asked the Supreme Court to block pre-approval hearings on Friday. Oral arguments are set July 10 before Supreme Court referee Daniel Karim, said Lee Paden, attorney for the coalition.

They have also asked the commission to postpone pre-approval hearings on the project, set to start on July 2, Paden said.

Paden said the coalition questions whether a massive coal-fired power plant is needed when 10 new gas-fired facilities generating up to 7,000 megawatts of power have been built in the state since 1999.

"Does this really make sense?" Paden said.

Many of the new generating units are privately owned and operate below their capacities, he said. The 1,150 megawatt Calpine-Oneta gas-fired plant in northeastern Oklahoma went on line about four years ago but generates only about 10 percent of its peak capacity, Paden said.

"The more we analyzed what was being presented, the more concerns we had," he said.

Source : www.cushingdaily.com

Mine Ponds Ruled Illegal: Judge Deals Second Blow to Coal Industry

oal operators cannot evade the Clean Water Act by building sediment-treatment ponds just downstream from strip mine valley fills, a federal judge ruled Wednesday.

U.S. District Judge Robert C. Chambers essentially outlawed the common coal industry practice of turning small stream segments downstream from fills into waste treatment systems.

In a 26-page decision, Chambers concluded that the Clean Water Act protects parts of streams where mine operators traditionally build sediment-control ponds. The judge also said the law protects small segments of streams between those ponds and the bottom of valley fills.

The U.S. Army Corps of Engineers, Chambers declared, "has no authority under the Clean Water Act to permit the discharge of pollutants into these stream segments."

Wednesday's ruling is the second time in three months that Chambers has dealt a major blow to the coal industry with a ruling to more strictly regulate mountaintop removal mining.

In March, Chambers blocked four corps permits for Massey Energy operations, ruling that agency officials had not fully evaluated the potential environmental damage before approving the operations. That ruling is being appealed.

The new ruling is part of the same case, a lawsuit brought against the corps by the Ohio Valley Environmental Coalition, Coal River Mountain Watch and the West Virginia Highlands Conservancy.

In mountaintop removal, coal operators blast off entire hilltops to uncover valuable, low-sulfur coal reserves. Leftover rock and dirt is dumped into nearby valleys, burying streams.

Generally, coal operators allow the water that discharges from the toe of a valley fill to flow through a stream segment to a sediment pond that is built inside a streambed farther downstream. In the sediment pond, solids settle to the bottom and, theoretically, clear water flows out into the stream.

State and federal regulators judge whether the mining operation complies with its water pollution limits by testing the water that flows out of the sediment ponds.

Environmental groups alleged that the stream segments between the fills and the ponds - know by some regulators as "silt snakes" - are "waters of the United States" subject to federal pollution limits.

"Compliance with water quality standards is therefore required not only at the outlet of the sediment pond, but also upstream starting at the toe of the valley fills," the environmental group lawsuit argued.

In his ruling, Chambers agreed.

Bill Raney, president of the West Virginia Coal Association, said that the industry would appeal to the 4th U.S. Circuit Court of Appeals in Richmond, Va.

"It's absolutely astounding to me," Raney said of Chambers' ruling. "Here's a judge outlawing a practice that has been in place for almost four decades."

Chambers noted that in-stream sediment ponds are a long-standing industry practice. But, he found there was little legal basis for the practice. The corps' defense, Chambers said, "appears to be ... a post hoc rationalization for the purposes of this litigation."

Joe Lovett, a lawyer for the environmental groups, praised the judge's decision.

"The Clean Water Act has prohibited this kind of activity since it was passed," Lovett said. "The agency simply never enforced it.

"The mining industry has to change its practices to comply with the Clean Water Act," he said. "It's an ingenious industry, and it can find a way to do that."

Source : www.redorbit.com

Global coal rush raises clean energy stakes

A global scramble for coal has made deployment of clean energy more urgent, says Robert Socolow, a Princeton University professor known for his blueprint for a more climate-friendly energy supply.

Socolow and Stephen Pacala coined the notion that the world's challenge to contain greenhouse gas emissions can be split into seven manageable “wedges” of low-carbon energy, like biofuels, nuclear and wind.

The concept got mass exposure through former U.S. Vice President Al Gore's film, “An Inconvenient Truth.”

Socolow is sticking to his theory three years on, despite a surge in consumption of coal, the highest carbon fuel, and the emergence of serious tradeoffs from burning biofuels, which is derived from plants as an alternative to oil.

“We really don't have to wring our hands about the growth of coal,” the professor of mechanical and aerospace engineering told Reuters in an interview this week. “But it means we have to move as quickly as possible.”

Especially important is unproven “clean coal” technology, he said. This involves trapping the carbon dioxide produced by coal-fired power plants and piping it underground, a process called carbon capture and storage (CCS).

Following the unexpected leap in coal demand CCS may have to be deployed at more than 1,600 coal plants by 2050 – a third more than the world's total coal power capacity now, he said.

Europe wants up to a dozen CCS demonstration plants in place by 2015 and the United States is also investing.

PUBLIC OPPOSITION

Worries about CCS include the possible costs of a delay in the phase-out of coal, in miners' lives, atmospheric pollution and the landscape.

Other low-carbon technologies including nuclear, wind and biofuels all face some public opposition given the possible scale of deployment needed.

A wind power “wedge” would require two million large windmills in place of coal plants by 2050, producing 25 times more wind power than available now, while a nuclear wedge would need a tripling of present capacity, Socolow estimated.

“We can do any of the wedges badly or well... It's about public acceptance. We've seen that with wind and nuclear in various parts of the world.”

“What's impressive is that the public have said they don't want the risk of unpredictable climate change. If we lose that momentum it could take decades to get it back.”

Together the seven wedges would cap carbon dioxide emissions at today's levels by mid-century.

Biofuels may be in trouble already. Soaring demand, built on subsidies, has raised food prices worldwide and led to the clearing of rainforests, analysts say.

But that may emerge as a temporary “aberration,” Socolow said, referring to the chance of making biofuels in future without involving food crops.

Princeton University's “Carbon Mitigation Initiative” is part-sponsored by oil major BP, which recently announced a joint venture with coal producer Rio Tinto to develop potentially lucrative CCS technologies.

Source : www.signonsandiego.com

Sulliden responds to Century Mining press release

Sulliden Exploration Inc. ("Sulliden" or the "Company") (TSX:SUE - News) issues this statement in response to and to clarify the inaccurate and incomplete information in the press release issued by Century Mining Corporation ("Century") dated June 13, 2007.

Sulliden confirms that criminal complaints were filed in Peru in March 2007 against Orlando Sanchez Paredes, Orlando Sanchez Miranda, Jose Abanto Verastegui, Walter Valdez, Victor Raul Eyzaguirre and others, being all members of the so-called "Sanchez Paredes Group", for the commission of the crimes of aggravated dispossession, procedural fraud, ideological fraud and fraud in an administrative procedure, against Minera Sulliden Shahuindo and its estate, all in contravention of Articles: 197, 202, 204, 411, 416,and 428 of the Criminal Code of Peru and of illicit association to commit a crime in contravention of Article 317 of the Criminal Code of Peru.

The complaints, which are currently being investigated by the Fraud Division of the Special Police Operations of Criminal Investigations and Protection of Justice of Peru, and which have not yet been proven, were filed in March 2007 some weeks prior to Century's announcement of its agreement to purchase from the Sanchez Paredes Group certain companies involved in litigation with Sulliden, and relate to transactions involving the transfer of properties, the granting and foreclosure of mortgages, the payments and movement of money and an alleged conspiracy to commit a crime in relation to Sulliden's Shahuindo Property in Peru.

By buying these companies in Panama and paying $1,000,000 to the Sanchez Paredes Group, and agreeing to make further payments, Century has become involved in these transactions and in the Shahuindo litigation and the criminal complaints have therefore been extended to Century and certain of its executives.

Sulliden will make no further comment on these ongoing criminal complaints and proceedings.

Source : biz.yahoo.com

Nevada Exploration Inc. ("NGE") announces significant additions to its Advisory Committee and Granting of Stock Options

NGE is pleased to announce the addition of two independent senior geologists to its Advisory Committee, namely Mr. Kendall W. Sageser and Mr. Garry K. Smith.

Mr. Sageser is an Exploration Geologist with more than 40 years of experience around the world. He is the holder of a BS Geological Engineering and of a BS Mining Engineering degrees obtained from the South Dakota School of Mines and Technology and of a MS Geology degree obtained from Stanford University. Mr. Sageser started his career at Shell Oil Company as an Exploration Petroleum Geologist. He then worked as a geologist for numerous corporations including the United States Steel Corporation, the U.S. Steel International / Essex Mineral Company and also acted as Senior Vice-President and served on the Board of Directors of Santa Fe Pacific Gold Corporation (now Newmont Mining Corporation - NYSE: NEM). He managed Santa Fe Pacific Gold Corporation's mineral exploration program, resulting in the discovery of approximately 19 million ounces of gold. Daniel Pharand, Chairman of NGE, stated: "We are delighted to add Mr. Sageser's significant geological expertise to a company that already has a first class exploration team. His input and advice will be extremely valuable to us going forward as we accelerate and expand our exploration program."

Mr. Smith is an Exploration Geologist with over thirty years experience in Canada and the United States who has been involved in the formation, financing and management of a number of junior resource companies. Importantly, he is well regarded and highly-skilled in geochemical analysis, a qualification that will greatly assist NGE as its water chemistry program continues to move forward. Wade Hodges, the President of NGE stated "Garry brings to NGE a wealth of exploration experience, and specifically geochemical and computer data presentation and computer resource modelling software expertise, that will significantly assist us in detailed target delineation and the evaluation of our exploration results." Mr. Smith said, "that he has been following the progress made by NGE since it first started compiling water data and developing proprietary exploration technology, and that he is excited about the use of the water chemistry program as a primary tool to accelerate gold exploration in the State of Nevada".

NGE also announced that it has granted on June 8, 2007 200,000 options to its newly appointed director, John (Jack) L. Tindale, 150,000 options to its Chief Financial Officer Randy Koroll and 350,000 options to other advisors and employees of NGE (including Mr. Smith). Each stock option entitles the holder to purchase one common share of NGE at a price of $0.95 per share until June 8, 2012. Such options shall vest as to one-third of the options, on June 8, 2008, as to the second one-third of the options, on June 8, 2009; and as to the final one-third of the options, on June 8, 2010. NGE also granted 150,000 additional options to its new advisor Mr. Sageser on June 11, 2007 under similar conditions but for the exercise price being set at $1.00 per NGE share. The options and any securities issued upon the exercise of the options are subject to a four-month hold period. The options were granted pursuant to stock option plan of NGE which reserves an aggregate total of stock options equivalent to 10% of the issued and outstanding shares of NGE at any given time. Including the these grants, NGE has issued 3,725,000 stock options out of an authorized maximum of 4,991,666 stock options. The options grants are subject to regulatory approval.

Source : www.NevadaExploration.com

Hot Stock List for Thursday! June 14, 2007

Stock Market Alerts' performance stock list includes: Sovereign Exploration Associates International Inc. (OTC BB:SVXA.OB - News), Sun Microsystems (NasdaqGS:SUNW - News), Applied Materials, Inc. (NasdaqGS:AMAT - News), Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX - News).

Sovereign Exploration Associates International Inc. (OTC BB:SVXA.OB - News) is a great stock to put on your radar and watch as Stock Market Alerts initiates coverage of the company. The company, a maritime exploration company, issued a press release Tuesday announcing the completion of its acquisition of Lavelle Holdings, Inc., a privately held offshore project management company providing sub-sea marine services. The completion of this acquisition includes Lavelle's thirty percent (30%) minority ownership of REDS Caribbean LTD.

Great news for SVXA investors! Lavelle specializes in international offshore oil and gas and marine sub-sea projects, is a supplier of primary drilling instrumentation for offshore drilling rigs and an international provider of services linking seabed to surface for the offshore energy sector.

REDS Caribbean, LTD, based in Trinidad, operates in the Gulf of Mexico, the Caribbean and South America. REDS Caribbean LTD recently completed a series of inland diving projects and has just finalized a contract to provide diving support services to a major terminal operator.

This is certainly another company for investors to watch closely! "The acquisition of Lavelle, which will broaden Sovereign's services and support our growth, is an important step in building a synergy company that delivers high-value industry solutions. Lavelle and REDS Caribbean, LTD offers our company an opportunity to expand our reach and range of services in this growing market," commented Robert Baca, President & CEO of Sovereign.

"With the support of Sovereign's capital, contacts and management, we believe we are better positioned as a major player in the region," commented Robert Holloway, Senior V.P. of Business Development of Sub-Sea Operations for Sovereign, and Board member of Reds Caribbean, LTD.

SVXA stock closed Wednesday at Eighty-Five cents a share.

For Stock Market Alert's in-depth profile of Sovereign Exploration Associates International, visit: http://www.wallstreetenews.com/HotStocks/SVXA061307/default.aspx

Xstrata Completes Exercise of Seabridge Gold Warrants

Seabridge Gold (TSX VENTURE:SEA - News; AMEX:SA - News) announced today that Xstrata plc has completed the exercise of all two million Seabridge share purchase warrants it held at C$13.50 per share. Xstrata has also advised Seabridge that it has sold all of the Seabridge shares obtained by way of the warrant exercise.

Seabridge President and CEO Rudi Fronk noted that the C$27 million received is more than sufficient to meet the Company's foreseeable needs. "We are now exploring how these funds could best be invested to improve our gold ownership per common share which is our main objective on behalf of our shareholders. We are considering expansion of this year's drill programs at Noche Buena and Kerr-Sulphurets where there is considerable opportunity to expand resources. We are also considering initiating a buy-back program in our own shares."

The two million warrants were issued to Xstrata as part of the consideration by which Seabridge repurchased a 100% interest in its Kerr-Sulphurets project. (See news release of September 5, 2006).

Seabridge has acquired a 100% interest in nine North American gold resource projects. For a breakdown of the Company's mineral resources by project and resource category please visit the Company's website at http://www.seabridgegold.net/Resource.htm.

Dhanoa Minerals Workforce Grows to 180 Miners to Increase Production of Gold and Silver

Dhanoa Minerals Ltd (OTCBB:DHNA - News; FWB:D7Z) announced that it has increased the size of its labor force to 180 miners to increase gold and silver production at its mines in southern Ecuador. The increase in labor is part of an overall expansion and modernization project, which will increase the company's gold and silver production in all of the Dhanoa mining properties.

In a further effort to modernize operations and increase production, Dhanoa Minerals is planning for underground expansion and open pit mining. Dhanoa will utilize its recently acquired "Spanish Plant", a centralized modern processing and refinery plant, to increase the processing of ore into refined gold and silver.

At the company's Bonanza property, vertical extent is a little more than 1000 feet. The continuity of gold vein systems runs horizontal as well as vertical. This indicates that underground expansion and development is feasible and profitable.

"We believe that more miners are an integral part of our modernization and expansion plans, and will significantly increase production at our mines," said Mr. Lee Andrew Balak, President of Dhanoa Minerals. "We increased our labor force, and expanded our infrastructure to accelerate our growth. We also purchased new equipment as part of the modernization program. We will soon be able to announce an increased security system, including the installation of video security cameras throughout the refining areas as an added precaution."

Source : biz.yahoo.com

Gold Market Report

SPOT GOLD PRICES slipped to a fresh 3-month low early in London on Weds, with the AM Fix coming in at $644.10 per ounce – the lowest price since 6 March.

"A close below $635 would be the first close below a significant low in six months," says Christopher B. Langguth in the latest technical note from Mitsui.

"Right now there is no reason to be long – but selling gold at support levels or valid up-trend lines is more often than not a bad idea."

Global stock markets also continued to sell off alongside the spot gold market, driven lower by rising US bond yields.

Faced with the prospect of higher borrowing costs, the FTSE in London and Dax in Frankfurt both had a weak start to the day after the Dow Jones in New York had closed Tuesday nearly 130 points lower, almost 1% lower.

The Nikkei in Tokyo then matched that loss by lunchtime on Wednesday, but recovered to end the session only 0.2% lower as 10-year US Treasury prices rose, pulling back yields from a new half-decade high of 5.30%.

At the Tocom, gold contracts for delivery in April '08 ended the day 0.7% lower at the equivalent of $652.45 per ounce. The drop came even as the Japanese Yen slid to a new four-and-a-half-year low against the US Dollar.

"Gold buying interest is very low key in Tokyo," said one analyst to Reuters. The Economic Times of India also reports a lack of demand from physical gold buyers and jewelry fabricators overnight.

"Conditions look set to remain choppy ahead of a key directional economic data on Thursday and Friday," says today's note from Standard Bank.

"Downside support is set still at $645 with the 200-day moving average the next level below, around $638.

"The upside in gold still looks capped in current conditions around $655 area."

This week's key data reports for interest-rate forecasts include US business inventories for April, due today at 14:00 New York time. Tomorrow brings the Producer Price Index, currently forecast by Wall Street to slow from 0.7% in April to 0.5% in May.

That's followed the next morning by a vote on Yen interest rates at the Bank of Japan, with US Consumer Price inflation data due on Friday at 12:30 New York time.

Already on Wednesday, weaker than expected wage data from the United Kingdom sent forecasts lower for Pound Sterling inflation, knocking the UK currency more than half-a-cent down against the Dollar to $1.9680.

That capped gold bullion's losses vs. the Pound. But the Sterling price of gold still opened London at a fresh 5-month low at £327.41 per ounce.

For European investors wanting to buy gold today, the Euro price of gold slipped to a 3-month low at €486.10.

Even with the sell-off in bonds raising the yield on 10-year US Treasuries by 0.5% in the last week alone, however, "too many people [still] think risk is dead, that they can't lose money anymore."

So said Tom Metzold, manager of the Eaton Vance Municipals Fund, at the Reuters Investment Outlook Summit in New York earlier this week.

Metzold has been raising the credit quality of bonds in his portfolio, underperforming competitors as a result but reducing the risk to his investors.

"We're selling stuff that others continue to buy," he told the conference, "but the spread [of junk bonds above US Treasuries] can't go to zero. There has to be some spread between a triple-A and single-B security."

Also speaking at the Reuters Investment Outlook Summit in New York, Dennis Gartman – editor and analyst of the eponymous and widely respected advisory letter – said that gold's bull market remains fully intact.

"The highs are higher and the lows are higher," said Gartman. "In that instance, one should tend to be a buyer of weakness [in gold] and not a seller of strength...You should probably buy it."

Source : www.BullionVault.com

Gold tumbles to 8-month low of Rs 8,600

Gold prices tumbled to an eight-month low at Rs 8,600 on the bullion market today on lack of buying enquiries coupled with persistent stockists offerings, triggered by fall in precious metals in global markets.

Off-marriage and festival seasons coupled with lack of industrial demand also pulled down the precious metal.

In the London market, gold was fixed lower in the morning at $644.10 per ounce as against yesterday afternoon's fixing of $647.25 an ounce.

In New York, gold and silver prices declined following higher treasury yields and more strength in the US dollar, traders said. August gold fell $5.90 to $653.10 an ounce on the Comex division.

In the local market, standard gold (99.5 purity) dropped further by Rs 40 per ten grams to Rs 8,600, a level not seen since October 13, 2006. Pure gold (99.9 purity) also fell to Rs 8,650 from Rs 8,690 yesterday.

Source : www.business-standard.com

Gold tumbles to 8-month low

Gold prices tumbled to an eight-month low at Rs 8,600 on the bullion market on lack of buying enquiries coupled with persistent stockists offerings, triggered by fall in precious metals in global markets.

Off-marriage and festival season coupled with lack of industrial demand also pulled down the precious metals. In the London market, gold was fixed lower in the morning at $644.10 per.

In New York, gold and silver prices declined following higher treasury yields and more strength in the US dollar, traders said. August gold fell $5.90 to $653.10 an ounce on the Comex division. Comex July silver also lost 18.5 cents to $13.09.

In the local market, standard gold (99.5 purity) dropped further by Rs 40 per ten grams to Rs 8,600, a level not seen since October 13, 2006, from Rs 8,640 previously.

Pure gold (99.9 purity) also fell to Rs 8,650 from Rs 8,690 on Tuesday. Silver ready (.999 fineness) moved down by Rs 160 per kilo to Rs 18,150 from Rs 8,310 previously.

Source : www.ndtvprofit.com

Metal Prices Decline In Morning Trading

Metal prices declined on Wednesday morning in U.S. trading. Gold touched a two-month low on demand concerns in China. Silver, palladium, platinum and copper also fell.

Gold prices were down slightly. Gold for June delivery was at $647.80, down 70 cents. It touched as low as $644.30, its lowest level in more than two months.

Silver slipped to a four-week low on Wednesday. July-dated silver was at $13.025, down 6.5 cents. It has been trending down for a week.

Copper also dropped in U.S. trading. June-dated copper was at $3.256, down 3.15 cents on the session. It is trading near a two-week low.

Palladium was down on Wednesday morning. September-dated palladium was at $366.80, down $4.35 on the session. It has been level for about two weeks.

Platinum declined on Wednesday morning and reached a two-week low. July-dated platinum was at $1,282.00, down $14.40.

Source : www.nasdaq.com

Gold bonanza: Prices falling, set to dip further

There is good news and even better news for gold consumers - prices of the precious metal have fallen to a nine-month low of Rs 8,725 per ten grams right ahead of the marriage season and are set to dip further in the coming weeks.

Mirroring weak trend in the global markets, the gold price here dropped by Rs 75 per gram on Wednesday, hitting its lowest level since October 2006. This represents a sharp plunge of over 13 per cent since July last year, when the prices had soared past the Rs 10,000-level to Rs 10,050 per ten grams.

"Overall, the trend is bearish in the market," commodity brokerage firm SMC Comtrade Vice-President Rajesh Jain said, adding that global production of gold has increased in recent times. He said even if the demand for gold increases due to marriage season, it may not impact the domestic prices much as these are linked to the global market.

Gold dropped 1.70 dollar, or 0.3 per cent, to 645.55 dollar an ounce in London today, after it fell 6.40 dollar last evening in the US markets. However, some jewellers in the national capital expect the prices to move up from the current level as low rates are likely to induce people for more buying.

"Gold prices are likely to take a U-turn from the current level as demand will be more," said a leading bullion merchant Rakesh Anand. Gold buying activities are likely to increase in the coming weeks with marriage season beginning on June 20. However, this is a relatively light wedding season, as against the major one toward the end of the year.

Source : www.rediff.com

Voracious Demand Fuels Rise in S&P Metals and Mining ETF

Kevin Kennedy submits: The SPDR S&P Metals & Mining ETF (AMEX: XME - News) has benefited from the voracious global demand for raw materials, rising for five straight months and in seven of the past eight heading into June. It's up 31.5% year-to-date.
We recently added XME to our Coolcat ETF Portfolio. XME started trading in June 2006 and has jumped 45.2% since its inception. It first made my ETF rankings in March, debuting in sixth place of 54 ETFs rated that month. It rose to second in April, was third in May and ranked seventh in my latest listings published Sunday. Its 30-day average volume has doubled since March to 238,000 shares per day.

Distributed by State Street Global Markets, XME aims to match the performance, before fees and expenses, of the S&P Metals & Mining Select Industry Index. At first blush you might think this is a gold mining fund similar to the Market Vector Gold Miners ETF (AMEX: GDX - News). Actually, it shares only three components with GDX. It's more of a steel, iron, coal and raw materials fund, containing holdings that also produce titanium, uranium, nickel, copper, platinum, aluminum and other industrial metals and minerals. It's a very unique fund that doesn't mirror any other, which is quite a welcome development in the "me-too," copycat world of ETFs.

The fund is well diversified, with none of the 26 components representing more than 5% and only one having less than 3%. Alcoa (NYSE: AA - News), with a market cap of $34.5 billion, is the largest company, but comprises just 3.81% of the fund's total assets. The smallest company, Hecla Mining (NYSE: HL - News), has a $936-million market cap and makes up 3.17% of the fund.AK Steel (NYSE: AKS - News), a company with a $3.9-billion market cap, has the largest weighting at 4.94%. The average market capitalization of the 26 holdings is $7.8 billion.

All but three of its components are also in the iShares Dow Jones U.S. Basic Materials Sector Index Fund (AMEX: IYM - News), but they make up only about 37% of IYM, which has 75 holdings and also contains significant representation in the chemicals and paper sectors as well as other mining and industrial metal plays. XME shares only six components with the Materials Select Sector SPDR Fund (AMEX: XLB - News), although they make up almost 31% of the 28 holdings in that fund. It has 12 constituents in common with the Market Vector Steel ETF (AMEX: SLX - News) that make up about 27% of the 36-member fund that tracks the AMEX Steel Index. It's also a rare bird in that it's a sector fund shining brightly in an ETF field dominated by international funds. In fact, it's the only one among my top 10 ranked ETFs that does not have an international connection.

XME's dividend currently yields 0.55%. Like most of the top performing ETFs, XME cooled off a bit this week. It lost ground in four straight sessions and slightly undercut its 50-day moving average before rallying 2.7% Friday. It's 4.5% off its 52-week high of 67.50 established last Friday. XME looks like a good buy at 66 or less with a sell stop at 61.99.

Source : biz.yahoo.com

Gemcom Helps to Improve Operational Performance of Mining Companies With Release of Gemcom Minex 5.2

Gemcom Software International Inc. (TSX:GCM - News), the largest global supplier of specialised mining productivity solutions, today announced the release of Gemcom Minex 5.2, its industry leading software that supports the geology and mine planning needs of mining companies with stratified deposits. Developed in partnership with the mining industry, the software is employed by the world's largest mining companies at their operations.
Underground and open-pit mining operations use Minex to support surveying, mine planning and scheduling. The system integrates key functions like borehole data management, geological modelling, mine planning and design, allowing its users to make fast, effective decisions by easily sharing data.

"Gemcom Minex 5.2 is the most powerful and technologically up-to-date solution of its kind," stated Jon Barber, Gemcom's vice president of Minex. "We are seeing a great deal of momentum in the marketplace toward Minex, as mining companies and system users are seeking to replace older and less sophisticated competitor products that have not kept pace with advancements in technology. Minex is being employed by these clients to improve mining operational performance, user productivity and profits."

One of many companies that have adopted Gemcom Minex is The Griffin Coal Mining Company Pty Ltd., a leading Australian coal producer who recently sought to replace another product. "The change was driven by a need for an integrated system that was effective, quick and user friendly," said Richard Campbell, operations and planning manager at Griffin Coal. "We wanted a best practice mine planning and geological modelling system that allowed Griffin Coal's technical services department to function in a coordinated way."

"As with all Australian mines, getting and keeping good skilled staff is difficult, so Gemcom's consulting arm has helped us get work done and assisted in the development of industry best practice. Certainly Minex's ease of use has been instrumental in allowing us to bring new staff up to speed quickly and achieve more in less time," continued Campbell. "Having strong face to face relationships with those you partner with is vital. Every mine has different requirements and Gemcom's services staff has an excellent understanding of the problems facing coalmine operations."

"Going beyond the ordinary is a guiding principle at Gemcom. We're constantly challenging ourselves to find new ways of delivering more value to our clients," said Rick Moignard, president and CEO of Gemcom. "Stratified deposits like coal are unique, requiring specialised software to quantify and plan their extraction. Minex is one of only a handful of systems that can do this. With our extensive global reach, more mining operations are benefiting from the system. Minex clients have access to the complete range of Gemcom's software and professional services solutions, which can be tailored to their individual needs."

New and updated capabilities added to Gemcom Minex 5.2 include:

- A full open-pit mine design suite which generates bench, strip and block designs.

- A coal washability module that stores and manipulates coal wash data based on size fractions, density fractions and yield.

- An open-pit reserves module that enables engineers to generate volumes, tonnes and quality of the coal and waste layers in their designed mining blocks.

- Minex borehole database supports connections to ODBC databases such as Access or SQL Server or Oracle.

- Extensive enhancements to texture surface draping on triangle surfaces.

About Gemcom

When mining companies seek to increase mine productivity, they turn to Gemcom for technology and services. The Company is home to world-renowned mining solutions like GEMS, Surpac, Minex, Whittle, and InSite and to industry thought-leaders who are pushing the boundaries of what's possible in mining. Established in 1985, Gemcom has a global reach delivering comprehensive solutions in all major mining centres in more than 90 countries. Every major mining company, including BHP Billiton, Codelco, CVRD, De Beers and Newmont, is a Gemcom client. Through a combination of organic growth and strategic acquisitions, the Company has become the largest global supplier of specialised mining productivity solutions. For more information, please visit www.gemcomsoftware.com.

Gemcom, the Gemcom logo and combinations thereof, are trademarks of Gemcom Software International Inc. GEMS, Surpac, Minex, Whittle and Gemcom InSite are either registered trademarks or trademarks of Gemcom Software International Inc.

Source : biz.yahoo.com

Washington Group International to Provide Design, Engineering Services for First Near-Zero Emissions, Coal-Fueled Power Plant

Washington Group International (NYSE: WNG - News) announced today that it has been selected by the FutureGen Industrial Alliance to provide architectural, design, and engineering support services for the FutureGen initiative, a public-private partnership to develop and build a first-of-its-kind, coal-fueled, near-zero emissions electric power plant.
The prototype project, estimated in excess of $1 billion, will also be the world's first integrated carbon sequestration and hydrogen gas production research power plant. The approximate 275-megawatt Integrated (coal) Gasification Combined Cycle (IGCC) power plant will use cutting-edge technologies to generate electricity while capturing and permanently storing carbon dioxide, a greenhouse gas, deep underground. The project will convert a variety of coal types to hydrogen gas for power generation and other potential industrial uses.

The project includes development of a large-scale engineering laboratory and research platform for evaluating and testing new technologies for the conversion of coal to fuel gases, for the capture of carbon dioxide, and for the clean production of power.

As the engineering and construction management provider, Washington Group International will assist the Alliance in the evaluation and selection of technologies for coal gasification and for gas and power generation, as well as integrate the selected technologies and packages for the processes across the facility.

"The FutureGen initiative tackles some of the most pressing issues in the energy industry today -- the use of our abundant coal resources, the control of greenhouse gases, and the development of new, clean, and reliable energy sources," said Stephen M. Johnson, Washington Group International's senior executive vice president and executive sponsor for this project. "Washington Group International's expertise in energy and industrial processes spans the needs of this showcase program, and we have committed some of our best talent to help develop a project that is extremely important to the United States and to the industrialized world."

"The FutureGen project is complex, incorporates a significant amount of first-of-a-kind technology, and is both cost- and schedule-sensitive," said Jerry J. Oliver, the FutureGen Industrial Alliance's senior vice president for project development. "To be successful, we needed a strong team with a broad level of capability. I am very pleased with both the outstanding team provided and with the willingness of Washington Group International to work closely with the Alliance as we move quickly forward."

The initial technology selection, design, and engineering work is scheduled for completion in March 2008.

The FutureGen Industrial Alliance is a non-profit industrial consortium representing the coal and power industries that is partnering with the U.S. Department of Energy to design and build the prototype facility.

Washington Group International (NYSE: WNG - News) provides the talent, innovation, and proven performance to deliver integrated engineering, construction, and management solutions for businesses and governments worldwide. Headquartered in Boise, Idaho, with more than $3 billion in annual revenue, the company has approximately 25,000 people at work around the world providing solutions in power, environmental management, defense, oil and gas processing, mining, industrial facilities, transportation, and water resources. For more information, visit http://www.wgint.com.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are identified by the use of forward-looking terminology such as may, will, could, should, expect, anticipate, intend, plan, estimate, or continue or the negative thereof or other variations thereof. Each forward-looking statement, including, without limitation, any financial guidance, speaks only as of the date on which it is made, and Washington Group undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. The forward-looking statements are necessarily based on assumptions and estimates of management and are inherently subject to various risks and uncertainties. Actual results may vary materially as a result of changes or developments in social, economic, business, market, legal, and regulatory circumstances or conditions, both domestically and globally, as well as due to actions by customers, clients, suppliers, business partners, or government bodies. Performance is subject to numerous factors, including demand for new power generation and for modification of existing power facilities, public sector funding, demand for extractive resources, capital spending plans of customers, and spending levels and priorities of the U.S., state and other governments. Results may also vary as a result of difficulties or delays experienced in the execution of contracts or implementation of strategic initiatives. For additional risks and uncertainties impacting the forward-looking statements contained in this news release, please see "Note Regarding Forward-Looking Information" and "Item 1A. Risk Factors" in Washington Group's annual report on Form 10-K for fiscal year 2006.

Source : biz.yahoo.com

Red Hill Energy Confirms Large Coal Resource at Chandgana Tal Coal Project, Mongolia

Red Hill Energy Inc. (TSX VENTURE:RH - News) announced today that it has increased the extent of its second substantial Mongolian coal deposit located in eastern Mongolia. Red Hill Energy has two advanced coal projects inside Mongolia, Ulaan Ovoo (208.8 million tonnes) located in north Central Mongolia and Chandgana Tal, located in mid-eastern Mongolia. Results from a recent drilling program at Chandgana Tal confirm the existence of a 30-50 m coal seam over nearly the entire deposit. Two additional coal seams 0.5-1.5 m thick are locally present and are close enough to the thick seam to be of economic interest. The new drilling significantly expands the resource in the western half of the property, where no holes had previously been drilled. Except at the outcrop, the seam is nearly flat and remains shallow over the entire license area, making it ideal for open pit production. The average stripping ratio is less than 1:1.
Eight core holes were completed for total of 730 total meters. Drilling was spaced closely enough to completely categorize the resource as Measured, following NI 43-101 and JORC reporting standards. Two holes were drilled as twins to historical drill holes and confirm the seam thicknesses reported previously. One twinned hole more than doubled the reported coal thickness because the historical drill hole was terminated before the full interval was penetrated. Historical drilling used the Russian resource reporting system to define a total reportable coal resource of 90 million tonnes. The resource will likely increase because the recent drilling demonstrated that very thick coal continues outside the boundaries defined by the historical drill holes and across the entire license area. A NI 43-101 compliant resource report is being prepared now and will be finished later this summer.

Over 200 core samples were taken from all drill holes, and these will be subjected to a full suite of assays over the next few weeks, with final results expected in about a month. Assays will be analyzed at SGS's internationally certified laboratory in Tianjin, China. Samples were sealed immediately upon retrieval and packed in wooden boxes to prevent damage during transport. Reserves from each sample will be kept at the laboratory. Historical assays indicate that the Chandgana coal is a low-ash, low-sulfur subbituminous coal with potential for power generation and coal-to-liquids generation. The new assays are designed to test all of the parameters necessary to determine the markets for this coal.

Chandgana Tal is located approximately 300 km east of Mongolia's capital Ulaanbaatar and 145 km east of the Mongolian Railroad. The Chinese/Mongolian border is 300 kilometers to the south.

Mr. Ranjeet Sundher, president of Red Hill Energy, stated today that:

"These results verify that Red Hill Energy now potentially has a second world class coal discovery inside Mongolia."

He added:

"We will continue to advance the Ulaan Ovoo coal project towards production while simultaneously building on recent successes at Chandgana Tal."

The independent Qualified Person responsible for summarizing the technical material presented in this news release is Gardar G. Dahl, Jr., CPG, a Senior Associate of Behre Dolbear. Mr. Dahl is an established coal consultant with more than 35 years experience in coal exploration, mining and sales, both in surface and underground operations. Behre Dolbear is one of the oldest, continually operating minerals industry consulting firms in the world, offering fully integrated management consulting and technical advisory services specializing exclusively in the minerals industries from offices around the world. Behre Dolbear has performed numerous coal assignments globally for major and junior mining companies alike.

ABOUT RED HILL ENERGY INC.

Red Hill Energy Inc. is a junior resource company trading on the TSX-Venture Exchange under the trading symbol "RH". In addition to developing the 208.8 million tonne Ulaan Ovoo Coal Project in northern Mongolia Red Hill is also developing the Chandgana Tal Coal Project in Eastern Mongolia and has 11 uranium properties and several gold and copper exploration projects located throughout Mongolia. Red Hill has a strategic alliance with Mega Uranium Ltd. to jointly develop its uranium assets and has a full time office in Mongolia's capital, Ulaanbaatar.

RED HILL ENERGY INC.

G. Arnold Armstrong - Chairman and CEO

Ranjeet Sundher - President

Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Corporation's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The companies do not assume the obligation to update any forward-looking statement.

Source : biz.yahoo.com