PROJECT UPDATE: Lucara Records Revenue of $24.85 Million at First Large-stone Tender
Diamond – Yesterday, Lucara Diamond completed its first large and exceptional diamond tender, selling 15 diamonds for gross revenues of $24.85 million.
Uranium Prices Slip, Market Optimism Holds Steady
Uranium – Uranium prices have fallen slightly, but the outlook remains bright.
DRC’s Confidence in Cobalt Export Ban May be Misplaced
Cobalt – Martin Kabwelulu, the DRC's minister of mines, is confident that the country's ban on the export of cobalt and copper concentrates will go into "full effect" in the summer, but previous attempts at instating similar bans have failed.
Swedish Iron Ore Going Strong
Iron – Swedish state-owned LKAB has enough confidence in the long-term prospects of iron ore to move 18,000 people to make way for a huge underground iron mine expansion.
Company News
Canadian International Minerals Approves Meeting Resolutions and Reprices Stock Options
Gold – Canadian International Minerals Inc. (TSXV:CIN) approved all items tabled at its Annual General and Special Meeting held on May 17, 2013. Michael Schuss, Tor Bruland, Garth Evans, J. Casey Forward, and Christopher Verrico were elected as directors, and Mackay LLP were appointed as auditors. A 2013 stock option plan was approved, and so was a special resolution of disinterested shareholder approving the repricing of stock options held by insiders of the Company. The Company also repriced certain stock options.
Rocmec Mining Inc. Enters Into Memorandum of Understanding with 8431469 Canada Inc.
Gold – Rocmec Mining Inc. (TSXV:RMI) entered into a Memorandum of Understanding with 8431469 Canada Inc. (Nippon Dragon Resources) for financing and a reverse takeover.
Southern Silver Exploration to Reduce Option Payment From $1 Million to $250,000
Silver – Southern Silver Exploration Corp. (TSXV:SSV,FWB:SEG) entered into an amending agreement with the Optionor of the Cerro Las Minitas property in Mexico to reduce the option payment due on May 18, 2013 from $1 million to $250,000. This will also extend the balance of the purchase price of $1.75 million to be paid periodically with the last payment due in March 2015.
Sutter Gold Mining Increases Short Term Debt Facility by US$8 Million
Gold – Sutter Gold Mining Inc. (TSXV:SGM,OTCQX:SGMNF) finalized an agreement with RMB Australia Holdings Ltd. where RMB has agreed to increase the existing secured, short term debt facility of US$12 million by US$8 million.
Company Videos
INN Video: Mines Management CEO Glenn Dobbs on Mining in Montana
Gold – Mines Management (TSX:MGT) Chairman and CEO Glenn Dobbs spoke to Resource Investing News about the Montanore Project near the town of Libby in Montana.
INN Video: James McDonald of Kootenay Silver Provides Updates on Promontorio
Silver – Kootenay Silver (TSXV:KTN) President and CEO, James McDonald spoke with the Investing News Network during PDAC in Toronto on the Company's flagship Promontorio project.
INN Video: Mark Premo of Avanti on the Coming Year at the Kitsault Mine
Moly – Avanti Mining Inc. (TSXV:AVT) COO, Mark Premo spoke with the Investing News Network about the company's flagship Kitsault project in BC. Mr. Premo comments on the recent award of a provincial environmental certificate, which enables the Company to move forward with the permitting process at the project.
INN Video: William Lamb of Lucara Diamond Corp. on Botswana As the Best Jurisdiction for Diamond Production
Diamond – Lucara Diamond Corp. (TSX:LUC) CEO, William Lamb spoke with the Resource Investing News Network about working in diamond production in Botswana. Mr. Lamb comments “In terms of Diamond production, Botswana would be by far, the best jurisdiction to work in.”
Market News
Iran to Impose Iron Ore Export Duty
Iron – Reuters reported that Iran is planning to tax iron ore exports at a rate of 40 percent to take advantage of a jump in sales to China.
Large Tungsten Mine Discovered in East China
Tungsten – There has been a large tungsten mine discovered in East China's Jiangxi province, ChinaDaily reported. The mine, said to hold more than 1 million tonnes of tungsten and associated copper.
Brent Crude Slides to Three-Week Low
Oil – Bloomberg reported that the Brent crude prices have slipped for the third day this week, touching its lowest price in three weeks. WTI for July delivery was down $1.61 to $92.67 a barrel.
2013 a Good Year to Invest in Physical Palladium
Palladium – In a report for Sprott Inc. (TSX:SII), David Franklin noted that 2012 demand statistics for palladium will be bullish for the metal this year and recommended that miners take positions in the metal itself.
