Uranium Energy Corp Announces 2008 Uravan Mineral Belt Exploration and Development Program
Marketwire: Uranium Energy Corp (AMEX: UEC)(FRANKFURT: U6Z), a US-based resource company with the objective of near-term ISR uranium production, is pleased to announce progress with exploration and development of the Company’s Colorado and Utah properties in the Uravan Mineral Belt of the Colorado Plateau. In this historic uranium mining area, the Company controls approximately 12,000 acres of mining claims covering the sites of 15 past-producing uranium/vanadium mines. The aggregate production from these mines was approximately 5 million pounds of uranium, and 16 million pounds of vanadium. Grades of production in all cases were similar to the averages of 0.25% uranium and 1.7% vanadium that were observed for the rest of the mineral belt.
Following extensive geologic evaluations and corporate prioritization of these properties, Uranium Energy Corp has selected two properties which offer favorable production factors, and is proceeding with exploration permitting.
The Company has received authorization on two Notices of Intent to Conduct Prospecting Operations Read more
Macmahon bid $446M to contract mining services for Ausdrill
Macmahon mining and construction contractor has responded to consolidation among its resource sector clients by proposing consolidation in its own patch with a hostile $446 million scrip takeover bid for drilling and contract mining services group Ausdrill.
The Macmahon offer of 1.45 of its shares for every Ausdrill share follows a failed attempt to cut a deal with the independent-minded Ausdrill last year. Ausdrill also talked to other groups last year without securing a deal, raising the possibility of Macmahon facing competition with its bid.
Based on share prices before the bid was announced, the offer values Ausdrill shares at $2.59 each or an implied 32.7% premium on its May 20 closing price.
Ausdrill shares closed 14¢ higher at $2.09 in the initial reaction to the bid while Macmahon was 4¢ weaker at $1.745 (valuing the bid at $2.53 a share).
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Tombstone Exploration Corporation Engages Westland Resources Engineering Consultants
Market Wire :Tombstone Exploration Corporation (OTCBB: TMBXF) announced today that Westland Resources, Inc. and Tombstone’s V.P. of Exploration and Chief Geologist are currently assessing drill targets in preparation for the start of the 2008 drill program.
The drill program will consist of twenty-three core holes drilled from fifteen distinct drill sites that are designed to intercept extensions of the State of Maine mine, Merrimac zone, Bonanza-Solstice mines and the Ace-in-the-Hole-Black Horse mine sub-parallel trends. These zones are north-easterly trending. Core holes will be HQ size and will be drilled using triple tube core technology to assure that the most complete core recovery is achieved. Drill hole spacing will be approximately 100 meters between drill hole sites. The four mineralized zones will be tested over strike lengths ranging from 200 meters to 500 meters.
Eight drill hole sites are planned to have two holes drilled at different angles along the same directions to intercept their targets at different depths. Seven sites will have one hole each. The length Read more
Nova Scotia considering mining exploration and investment royalties
Nova Scotia is considering whether it will lift its decades-old ban on uranium exploration and mining as the province looks to attract investment and royalties.
Public opposition to uranium exploration in this province is mounting, with fresh concerns emerging from a recently released report that identifies uranium contamination of water wells in the village of Harvey in 1981.
New Brunswick groups expressing opposition of uranium exploration have often pointed to the ban in Nova Scotia, implemented in 1981. In fact, Conservative MLAs called on the government Wednesday to adopt the Nova Scotia approach to uranium mining activities.
Nova Scotia Natural Resources Minister David Morse, however, said his government is looking to scrap its ban, pending public approval during consultations scheduled over the next three months. Read more
Oil flows from natural springs
Oil has been known and used since the most ancient times and has been mentioned by most ancient historians since the time of Herodotus. It was used chiefly as a liniment or medicine, not as a fuel. The Bible refers to pitch being used for building purposes — cementing walls — in Babylon.
Oil flows from natural springs in many localities. It was obtained from such springs in what is now Western Pennsylvania by the Seneca Indians, who used it for medicinal purposes. The first oil well was drilled in that region by Edwin Drake in 1859. the well was 69 feet deep and produced 15 barrels a day. The area quickly boomed and the modern oil industry was born. Later Texas and Oklahoma became the centers of US production. Following World War II the Middle East became a major supplier for US use as well.
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Oil Rises on Speculation Saudi Supply Increase Won’t Reduce Prices
Oil rose as OPEC’s president said increased crude production by Saudi Arabia next month won’t reduce prices, which are being driven by the weak U.S. dollar.
Saudi Arabia, the world’s largest oil exporter, will increase production 300,000 barrels a day next month after customers requested more oil. That won’t subdue prices, driven higher by a weaker U.S. dollar, the Organization of Petroleum Exporting Countries’s president, Chakib Khelil, said today.
“The market is looking for any excuse to go higher,” said Eugen Weinberg, an analyst at Commerzbank AG in Frankfurt. “The 300,000 barrels a day hike in June didn’t help at all. The market is still very robust.”
Crude oil for June delivery rose as much as $1.48 a barrel, or 1.2 percent, to $127.77 a barrel on the New York Mercantile Exchange. It traded at $126.89 at 1:51 p.m. in London. The contract gained $2.17, or 1.7 percent, to $126.29 on May 16, the highest close since futures trading began in 1983.
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Coal Mining Exploration After Earthquake In China
Mining prices for coal of the power generation have remained stable in the week following the devastating earthquake that hit southwestern China’s Sichuan Province, an analyst told Interfax today.
Ex-factory prices for raw coal in Sichuan have stayed around RMB 400 ($52.14) per ton, the same level as that recorded on May 5, according to information released by domestic coal pricing portal meitanwang.com. “The earthquake will have a very limited impact on the country’s coal
market, as Sichuan is a relatively small coal exporter,” said Li Chaolin, a coal analyst with the China Coal Trade and Development Association.
Sichuan accounts for only 3.8 percent of national coal output. The province produced 95.58 million tons of raw coal last year, which is mainly sourced from small-scale coalmines, according to Li. Some 199 coalmines with a combined annual capacity of 14.5 million tons
were affected by the earthquake. The production capacity immediately shut down by the quake accounted for only 0.2 percent of the country’s total, the National Development and Reform Commission said. Read more