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Year: 2012

BNN Reporter Andrew Bell Interviews KWG Resources Inc. CEO Frank C. Smeenk – (February 14, 2012)

Toronto-based Business News Network (BNN) is a Canadian cable television specialty channel owned by CTVglobalmedia. BNN airs business and financial programming and analysis. BNN reporter Andrew Bell hosts the Commodities program. From aluminum to zinc and everything in between, every Tuesday through Thursday, BNN highlights the hot world of commodities and the companies that produce …

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Mining companies, First Nations clashing over Ring of Fire, MPs told – by James Munson (iPolitics – February 15, 2012)

http://www.ipolitics.ca/

The conflict between mining companies hungry to exploit the vast riches of northern Ontario and the poverty-stricken First Nations that live there came to Parliament Hill on Tuesday.

The federal regulatory system is failing in the region’s mineral formation known as the Ring of Fire, First Nations representatives and mining executives told MPs at the House of Commons natural resources committee. One aboriginal group has even put one mega-project on hold through court action.

The legal obligations of miners to nearby First Nations are so difficult to discern, it’s denting Canada’s reputation as a politically stable place to do business, said one mining executive.

“The bar has been shifting to a point where I’m wondering what our legal rights are as an exploration company,” said Ronald Coombes, president of White Tiger Mining Corp., a junior exploration firm with assets in the region.

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JOINT NEWS RELEASE: Bold Ventures Inc. Announces Closing of Business Combination with Rencore Resources Ltd.

Toronto, Ontario (February 14, 2012) – Bold Ventures Inc. (TSX.V: BOL) (“Bold”) and Rencore Resources Ltd. (CNSX: RNC) (“Rencore”) are pleased to announce that the business combination of Bold and Rencore (the “Merger”) announced on November 9, 2011 has closed. Pursuant to the Merger, each outstanding common share of Rencore will be exchanged for one common share of Bold and each existing Rencore Convertible Security will be converted to a New Bold Convertible Security. Further details regarding the Merger can be found on Bold’s SEDAR profile at www.sedar.com.

At the shareholders meetings for Bold and Rencore held on February 13, 2012, shareholders of each Company unanimously approved the Merger. Rencore is now a wholly-owned subsidiary of Bold and the common shares of Rencore can trade immediately on the TSX Venture Exchange as Bold shares under the symbol “BOL”.

At the Bold Annual General and Special Meeting held on February 13, 2012, shareholders also approved the appointment of McGovern, Hurley, Cunningham, LLP as auditors of Bold; approved the 2011 Stock Option Plan, a 10% rolling plan; and elected the following directors: Richard Nemis, John Harvey, David Graham, Jim Glover, Gary F. Zak, Jerry Bulman and Ian Brodie-Brown.

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Obama budget again seeks hardrock mining royalty, new abandoned mine fees – by Dorothy Kosich (Mineweb.com – February 14, 2012)

www.mineweb.com

The President’s proposed fiscal 2013 federal budget calls for a 5% gross mining royalty on federal lands, and a hardrock abandoned mined land fee on all private and public lands.

RENO – In his proposed $3.8 trillion budget for fiscal 2013 released Monday, President Barak Obama has once again called for creation of a hard abandoned mined land fund, as well as a hardrock mining royalty of not less than five percent of gross proceeds.

Interior Secretary Ken Salazar, who hails from the mining state of Colorado, estimated creation of the Hardrock Abandoned Mine Reclamation Fund–applicable to private and federal, state, and tribal lands–would generate $500 million in savings over the next 10 years.

The Bureau of Land Management would distribute the funds through a competitive grant program to reclaim the highest priority hardrock abandoned sites on federal, state, tribal and private lands.

Salazar also intends to reform Coal Abandoned Mine Land Reclamation by terminating the unrestricted payments to states and tribes that have been certified for completing their coal reclamation work. Currently the money has been dispersed to states based on how much coal they produce.

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BESTECH among nation’s best – by Carol Mulligan (Sudbury Star – February 14, 2012)

The Sudbury Star is the City of Greater Sudbury’s daily newspaper.

Marc Boudreau’s parents, Roger and Solange Boudreau, were skeptical when he and lifelong friend Denis Pitre left secure jobs at Falconbridge Ltd. about 17 years ago to start their own company.

Monday, the co-owners of BESTECH announced that the company they started in 1995 was named by Queen’s University’s School of Business as one of Canada’s 50 Best Small and Medium Employers.

The company was ranked No. 41 on the list, which appears in the March issue of Profit magazine, now on newsstands.

Boudreau told a small crowd of employees, dignitaries and his proud parents that his company has become a success because it has lived up to its mission statement.

“We’re here, we’re part of the community, the community is important and that is the focus” of BESTECH, Boudreau said after a short ceremony.

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Quebec harvests $6-billion in [mining] investment – by Nicolas Van Praet (National Post – February 14, 2012)

The National Post is Canada’s second largest national paper.

MONTREAL – Quebec Premier Jean Charest says his government’s massive effort to develop the resources of its northern territory has generated $6-billion worth of investment to date as companies accelerate growth plans faster than the province predicted.

Global mining giant Xstrata PLC is spending US$530-million to develop projects at its Raglan nickel mine in Nunavik, one of a number of corporate investments confirmed since Mr. Charest’s Liberal government formally announced its North Plan in May 2011.

China’s Jilin Jien Nickel said it will double investment in its project to extract nickel in Nunavik in northern Quebec to $800-million. And Vancouver-based Goldcorp Inc. is committing some $1.4-billion of capital to develop the Éléonore underground gold mine near Ell Lake, though much of that was announced before the North Plan’s launch. Backed by the Cree nations of Wemindji and Eastmain, whose members will work in the facility, the mine is expected to yield 600,000 ounces of gold annually over its 15-year life.

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Construction company execs jailed 16 years for 2,000 asbestos deaths in Italy – by Frances D’Emilio (Toronto Star – February 14, 2012)

The Toronto Star, has the largest circulation in Canada. The paper has an enormous impact on federal and Ontario politics as well as shaping public opinion.

ROME—An Italian court Monday convicted two men of negligence in some 2,000 asbestos-related deaths blamed on contamination from a construction company, sentencing each of them to 16 years in prison and ordering them to pay millions in what officials called a historic case.

Italian Health Minister Renato Balduzzi hailed the verdict by the three-judge Turin court as “without exaggeration, truly historic,” noting that it came after a long battle for justice.

“It’s a great day, but that doesn’t mean the battle against asbestos is over,” he told Sky TG24 TV, stressing that it is a worldwide problem.

Prosecutors said Jean-Louis de Cartier of Belgium and Stephan Schmidheiny of Switzerland, both key shareholders in the Swiss construction firm Eternit, failed to stop asbestos fibres left over from production of roof coverings and pipes at its northern Italian factories from spreading across the region.

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U.S. loses Canada’s precious oil – by Rick Perry (National Post – February 14, 2012)

The National Post is Canada’s second largest national paper.

Rick Perry is the Governor of Texas.

Prime Minister Stephen Harper was in Beijing recently signing an agreement and touting his country’s growing energy partnership with China. It’s good news for Canada, which is rightfully looking to grow markets for its sizeable oil reserves. And it’s particularly good news for China, which needs to keep tapping into fresh supplies to feed its growing economy and mounting demand for oil.

Unfortunately, it’s bad news for Americans, particularly when you consider that one of the main reasons China has become such an attractive market to Canada was President Barack Obama’s recent rejection of the Keystone XL Pipeline. This crossborder connection would have provided a golden opportunity to partner with our neighbours to the north in producing massive amounts of energy, both for our country and the globe.

It seems unimaginable, yet President Obama refused TransCanada’s request to run its pipeline across the border from Canada to the Texas Gulf Coast. This extensive pipeline holds the potential of moving up to 830,000 barrels of crude oil per day – including oil produced in North Dakota and Montana – to refineries here in Texas.

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Hope lives for Saskatchewan oil sands – by Claudia Cattaneo (National Post – February 14, 2012)

The National Post is Canada’s second largest national paper.

CALGARY — Barely five years ago, Oilsands Quest Inc. proved there are oil sands in Saskatchewan and wanted to build the province’s first major project.

Today, the company is in bankruptcy protection in Canada and the United States and is looking for a buyer, keeping on hold the province’s ambition to be a part of the booming industry.

As established oil sands companies announce big profits and big expansions, Oilsands Quest’s story is a reminder that a lot can go wrong, fast, in the business, including running out of cash, mounting costs, poor geology or simply being ahead of the times.

Still, Garth Wong, president and CEO of the company, is hopeful Saskatchewan’s oil sands will get a second chance as the company waits for the outcome of a sales process now under way, in an improving investment climate and as other companies move close to its edge of the basin.

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NEWS RELEASE: Chamber of Mines Congratulates NWT Government on Renewal of Prospectors Grubstake Program

Yellowknife, NT – February 13, 2012 

The Chamber of Mines congratulates the NWT Government’s Ministry of Industry, Tourism and Investment for the announcement late last week that the Prospectors Grubstake Program would be re-launched after a 5-year absence.

According to Minister Ramsay, the program will provide financial assistance to qualified Northwest Territories prospectors through the Prospectors Grubstake Program, the NWT Government hopes to see additional prospectors search for new mineral occurrences or to reassess previously known occurrences and deposits around the territory.

Healthy and active exploration is the foundation for a sustainable mining industry. It was the persistence and optimism of prospectors Chuck Fipke and Stewart Blusson that resulted in diamonds being discovered in the NWT.

This led to the largest staking rush in Canadian history, and most importantly resulted in 3 diamond mines – Ekati, Diavik, and Snap Lake – that have created some of the largest opportunities the NWT has ever seen, particularly in Aboriginal employment and business.

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Canada mining boom leaves natives in the cold (Attawapiskat international coverage) – by Chris Arsenault (Al Jazeera – February 11, 2012)

 http://www.aljazeera.com/

Indigenous community with “third world conditions” sits 90km from diamond mine, prompting fight for resource royalties.

Despite living just 90km from a massive diamond mine, Jackie Hookimaw Witt has watched poverty tear at the fabric of Attawapiskat, an indigenous community in northern Canada.

The northern Ontario community made international headlines recently, when the chief declared a state of emergency, as many houses lacked heating during frozen winters, and families were left sleeping in storage sheds, shacks or run-down trailers, often with no running water.

“Why are our people living in such extreme poverty when we are so close to this rich mine?” asked Witt, a mining critic born and raised in Attawapiskat. “There is something wrong with this.”

As mining companies around the world reap profits from high commodity prices, people in Attawapiskat are demanding a bigger slice of the pie from the diamonds extracted from their traditional territory.

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NEWS RELEASE: Vale Celebrates Sudbury Saturday Night with a $150,000 Donation to the Human League’s P.L.A.Y. Program

(left to right) Rod LaRoque, President, The Human League; John Pollesel, Chief Operating Officer, Vale Canada and Director of Base Metals for Vale's North Atlantic Region; Kelly Strong, Vale's Vice-President Mining and Miling for the North Atlantic Region and General Manager, Ontario Operations; Dana Marshall, Executive Director, The Human League; and Jerry Beaudry, Fundraising Coordinator, The Human League.

For Immediate Release

SUDBURY, February 13, 2012 – Vale celebrated another Sudbury Saturday Night on February 11th, with a $150,000 donation to the Human League’s Positive Leisure Activities for Youth (P.L.A.Y.) Program over the next three years.

“No child should have to miss out on playing a sport due to financial constraints,” said John Pollesel, Vale’s Chief Operating Officer, Vale Canada and Director of Base Metals for Vale’s North Atlantic Region. “Vale is pleased to support the Human League’s P.L.A.Y. Program and to provide the means for youth in our community to reach their potential through extracurricular activities.”

The Human League’s P.L.A.Y. Program removes financial barriers to extra curricular activities by providing registration and equipment costs for children to participate. The program focuses on a child’s self-image and self-esteem by giving him or her the necessary tools to access recreation in the community. Since its inception in 2003, the P.L.A.Y. program has helped over 4,800 children in the community get involved in hockey, soccer, music, dance and art programs.

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JOINT NEWS RELEASE: Bold Ventures and Rencore Resources Urge Shareholders to Vote in Favour of Merger and Announce Plans for Drill Programs

Toronto, Ontario (February 3, 2012) – Bold Ventures Inc. (TSX.V: BOL) (“Bold”) and Rencore Resources Ltd. (CNSX: RNC) (“Rencore”) wish to advise shareholders that the shareholder meetings called to approve the proposed business combination of Bold and Rencore (the “Merger”) will be held on Monday, February 13, 2012 (collectively, the “Meetings”). Pursuant to the Merger, each outstanding common share of Rencore will be exchanged for one common share of Bold. Completion of the Merger and final acceptance from the TSX Venture Exchange (“TSXV”) is subject to a number of conditions and approvals, including fulfilling all filing requirements pursuant to the policies of the TSXV.

The Merger also requires the approval of a majority of not less than two-thirds of the votes cast in respect of the resolution to approve the Merger by shareholders of Rencore and approval of a majority of disinterested shareholders of Rencore entitled to vote at the Meetings and approval of a majority of disinterested shareholders of Bold entitled to vote at the Meetings.

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Mining can help dig Ontario out of debt

This article was provided by the Ontario Mining Association (OMA), an organization that was established in 1920 to represent the mining industry of the province.

Ontario’s growing mineral industry can offer hope and opportunity to individuals and also assistance to government with its deficit problem.  This was the message in a letter sent from Ontario Mining Association President Chris Hodgson to Ontario Finance Minister Dwight Duncan as part of a pre-budget submission. 

“Mining holds the potential to quite literally help dig Ontario out of debt,” said Mr. Hodgson.  “As the province faces a deficit of $16 billion this year, mining can be a partner in economic growth – growing jobs and growing government revenues.” 

“In the province, today, mining is a $10 billion per year business, which employs about 27,000 people directly,” he added.  “Canada’s mining industry is poised to make up to $140 billion in new investments in the next five years, with much of it in Ontario.  What sectors of the economy are matching this level of activity on the capital spending front?”

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Help wanted:[in Northwestern Ontario mining sector] – Special to The Chronicle-Journal (Thunder Bay Chronicle-Journal – February 13, 2012)

The Thunder Bay Chronicle-Journal is the daily newspaper of Northwestern Ontario.

Job seekers in Northern Ontario might be feeling perpetually discouraged when faced with headlines about high unemployment (nearly 12 per cent according to some reports), and the newest round of layoffs and job losses. Factor in the dismal state of the economy in the past few years and those looking for work or a career change may not be feeling very hopeful these days.

But where other industries may be gearing down, the mining sector, particularly in this region, is gearing up.

Because there are eight major exploration projects in the region that will result in mineral-producing mines between 2013 and 2017, there will be a strong demand for skilled labour and professionals in the next few years. Metals to be mined include gold, copper, nickel, platinum, palladium and chromium, a major component of stainless steel, which would be produced from chromite extracted from the highly prized Ring of Fire.

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