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Random News from Mining Top News

Livonia OKs Oil Drilling In City

Workers could start preparing an oil-drilling site in suburban Detroit by early spring.
Traverse City-based West Bay Exploration has tentative state approval to drill diagonally from land it owns near Interstate 275 in Livonia.
The City Council unanimously approved the plan Wednesday night. The company says it expects to reach oil and natural gas trapped for millions [...]

Tag: livonia oil drill, west bay oil in livonia, livonia michigan oil drilling, west bay oil livonia michigan

InterOil Closes U.S.$70.4 Million Registered Direct Common Stock Offering

InterOil Corporation announced it has closed its previously announced 2,013,815 share common stock “registered direct” offering. InterOil has received gross proceeds of U.S.$70,443,249 before deducting offering expenses.
Phil Mulacek, Chief Executive Officer of InterOil, commenting on the transaction said, “The opportunity presented by the Elk/Antelope discovery and surrounding prospects coupled with a lull in industry activity [...]

Bullion Achieves Fiscal 2008 Profitability, Self-Funds EnShale’s R&D

Bullion Monarch Mining, Inc., a natural resource company owning gold, silver and oil shale mining interests in Utah and Nevada, announced the Company has elected to self-fund its 80% owned oil shale technology demonstration project. The decision was made to not dilute the Company’s shares to fund this project while maintaining profitability and remaining debt [...]

Tag: top r d mining companies, bullion international 2008 revenues, enshale

Coal-dependent China taps possible new fuel source

China, keen to ease its dependence of coal and oil to feed its booming economy, has tapped a potential new fuel source — “flammable ice”, state media said on Wednesday.
Stable only at low temperatures or under high pressure, flammable gas, or gas hydrates, are extremely fragile and mainly exist either in the seafloor or below [...]

OPG Ontario Nanticoke coal unit shut

Ontario Power Generation’s 490-megawatt Unit 5 at the Nanticoke coal-fired power station in Ontario shut by early Friday, the Independent Electricity System Operator said in a report.
The 3,920 MW Nanticoke station, which entered service between 1972 and 1978, is located on the north shore of Lake Erie in the town of Nanticoke, about 80 miles [...]

Northern Shield Provides Updates on Exploration at Nickel and PGE Properties in James Bay Lowlands

Northern Shield Resources Inc. announce that an airborne VTEM survey has just been completed by Geotech Ltd over its 100% owned Wabassi property which is being explored for Ni-Cu-PGEs. In addition, Impala is funding an airborne VTEM survey over a portion of the Highbank Lake Property, which is believed by Northern Shield’s management to be [...]

Foundation Coal Holdings SVP James A. Olsen Exercises Options for 2,100 Shares

The senior vice president and chief information officer of coal producer Foundation Coal Holdings Inc. exercised options for 2,100 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.
In a Form 4 filed with the SEC Tuesday, James A. Olsen reported he exercised the options Monday for $4.87 [...]

Nuclear resurgence fires up uranium

The last U.S. uranium mill ever built, in this parched landscape near Lake Powell, shut down almost as quickly as itstarted operating as nuclear power fell into disfavor about two decades ago.
Keith Larsen, chief executive for U.S. Energy Corp., picked up the mill 10 years later for practically nothing, banking it for better days. His [...]

Tag: royalty on mining services

GE Energy Agrees to Sell Hydro Business to Pescarmona Group of Companies

General Electric Co. said Wednesday its GE Energy unit agreed to sell its hydro business to privately held Pescarmona Group of Companies.
Financial terms were not disclosed.
The sale includes GE Energy’s worldwide hydro business, excluding hydro operations in Norway and Sweden. GE said it’s considering an offer from Pescarmona Group for those as well.

Brownstone Comments Will Not Exercise the Elliot Lake Option Agreement

Brownstone Resources Inc. has decided not to continue with plans for the Elliot Lake prospective uranium property. The company will instead focus their efforts on the exploration and development of the LS Grande gold/silver/copper property in Arizona.
Brownstone is a gold exploration company focused on creating value for shareholders by exploring and developing high-grade gold mining [...]

Tag: brownstone resources