News

Independent metallurgical studies have confirmed positive results for the treatment of copper ore from the Mirador deposit in Ecuador.

Vancouver — Infill drilling by Uruguay Mineral Exploration (UME-V) at the Arenal deposit in Uruguay is demonstrating sufficient grade consistency to warrant construction of the initial pit. Startup is planned for late 2004.

The report period Aug. 12-24, saw the price of gold rise US$12.35 per oz. to finish at US$406.20 in the afternoon in London on Aug. 24. Gold fell more than US$4 on the final day of trading. The gold index was up 12 points to close at 193.61, and t…

Pittsburgh-based Alcoa (AA-N) will shed 140 jobs by year-end by closing an automotive parts plant in Northwood, Ohio. The aluminum giant cited “excess capacity” at the facility as the reason for the closure.

Vancouver — An unnamed major international bank has offered $1 billion in the form of a loan toward financing development of the Cerro Casale porphyry gold-copper project in northern Chile.

Virginia Gold Mines (VIA-T) reports impressive gold assays over minable widths from channel samples at the Eleanore project, 320 km north of Matagami, Que.

Golden Star Resources (GSC-T) will not extend its bid for Iamgold (img-t), in the face of a competing, US$2.1-billion deal to merge with South Africa’s Gold Fields (GFI-N).

Toronto Venture Exchange-listed companies showed little enthusiasm over the trading period, as gold moved higher, ranging from US$395 to US$412 per oz. and then dropping to around US$403 in New York. The S&P-TSX Venture Exchange index closed up 26…

Two majors, Alcoa (AA-N) and Newmont Mining (NEM-N), are engaged in grassroots exploration for gold in Suriname.