Royal Alliance Capital Mining Report

Anthony Chapman
Mining Analyst
Royal Alliance Capital
April 16, 2012

BHP Billiton-Mitsubishi Alliance (BMA) to stop production at its Norwich Park coking coal mine in Queensland, Australia because the operation has been losing money for several months.

Shares of Randgold Resources Ltd. have risen approximately 7% on the New York Stock Exchange after the company said its gold production had not been hampered by political unrest in Mali, West Africa.

Barrick Gold Corp. said it has priced US$2.0 billion in debt securities that will be used partly to repay existing debt that resulted from its acquisition of Equinox Minerals Ltd.

Russian gold miner Petropavlovsk Plc. posted a jump in net profits for 2011 and said it expects production to rise 8% next year.

Canadian gold producer Kirkland Lake Gold Inc., said it agreed to buy Queenston Mining’s 50% interest in seven joint venture properties the two companies own in Kirkland Lake camp for C$60 million plus a potential production royalty.

Rio Tinto has joined rival BHP Billiton in announcing that it would review its diamond business, saying it was looking at a range of options including a potential divestment.

The Romanian government said Canada’s Roman Copper Corp., successfully bid €200.8 million for SC Cuprumin SA Abrud’s Rosia Poieni porphyry copper-gold mine, winning an open outcry auction.

Iron-ore production has begun from the Forécariah project, a joint venture between Bellzone Mining Plc., and China International Fund Ltd., in Guinea.

Discovery Metals Ltd., has intersected a second zone of mineralisation at the NE Mango prospect of its Boseto copper project in Northwest Botswana.

International Goldfields Ltd., has completed initial drilling at its Latin gold properties in Brazil’s Juruena belt, testing five prospects along 50km of hydrothermal alteration.

Odin Mining and Exploration Ltd’s, initial holes testing the Casique prospect at the Greater Cangrejos gold-copper property in Ecuador have intersected mineralization.

Abacus Mining and Exploration Corp., has begun talks with a financial advisor concerning its business options, which could include a joint venture, sale, merger or other alternatives.

A recently filed feasibility study for development of Yellowhead Mining Inc’s Harper Creek volcanogenic copper-gold-silver project in British Columbia forecast a 28-year open-pit operation capable of recovering 1.65Mt of copper.

Argonaut Resources NL has received combined reverse-circulation and diamond-drilling assays for holes completed at the Nyungu prospect of its Lumwana West copper property in Zambia.

Based on the latest results from its ongoing drilling programme at the Taca Taca copper-gold-molybdenum porphyry property in Argentina’s Salta province, Lumina Copper Corp. has expanded the programme.

Brigus Gold Corp., is continuing its drilling programme at the Black Fox gold property in the Timmins district of Ontario.

Iamgold Corp., has filed the latest resource report for its Westwood gold project in Quebec, supporting the company’s plan to develop an underground operation capable of producing 190,000oz/y.

A drill hole testing an extension of the Annie zone of Tomagold Corp’s Monster Lake gold property in Quebec has intersected a 5.7m interval from 69.0m down-hole with an average grade of 237.6g/t Au.

Belo Sun Mining Corp., has continued drilling at its Volta Grande gold project in Brazil’s Pará state, targeting extensions to the Ouro Verde deposit.

The completion of an initial drilling programme at Gobimin Inc’s 70%-owned Sawayaerdun gold project in Xinjiang, China, has upgraded the resource for the Zone IV deposit.

A preliminary economic assessment of the redevelopment of Rio Novo Gold Inc’s Almas former gold mine in Brazil’s Tocantins state has been designed to recover 60,000-75,000oz/y.

AngloGold Ashanti Ltd., recorded lower than expected production for the first quarter due to safety related stoppages at its deep-level mines in South Africa.

Canada’s First Majestic Silver Corp., said it made a US$177 million friendly offer for Silvermex Resources Inc., with assets in Mexico.

Initial assays from drilling this year at Newstrike Capital Inc’s Ana Paula gold property in Mexico include holes testing the higher grade Breccia Zone as well as holes following up new discoveries.

An independent resource estimate for Arian Silver Corp’s San José silver operation in Zacatecas, Mexico, has raised silver content by 32% to more than 117Moz.



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