EIN Presswire: Gold Live Feed Press Releases

Vista Gold Corp. Announces Transaction with Invecture Group to Advance the Concordia Gold Project in Mexico

Wed, 08 Feb 2012 03:17:47 +0000

Vista Gold Corp. Announces Transaction with Invecture Group to Advance the Concordia Gold Project in Mexico

PR Newswire

DENVER, Feb. 7, 2012 /PRNewswire/ -- Vista Gold Corp. (TSX & NYSE Amex Equities: VGZ) ("Vista" or the "Corporation") is pleased to announce that it has entered into an Earn-in Right Agreement (the "Agreement") with Mexico-based Invecture Group, S.A. de C.V. ("Invecture") with respect to Vista's Concordia gold project in Baja California Sur, Mexico. Invecture is the owner of Frontera Copper Corporation, which owns and operates the Piedras Verdes Copper Mine in the Mexican State of Sonora. A conference call with management to discuss this transaction is scheduled for Monday, February 13, 2012 at 11:00 a.m. MST.

Vista holds the Concordia gold project through its wholly-owned, Mexican subsidiary, Desarrollos Zapal, S.A. de C.V. ("DZ Mexico"). Under the terms of the Agreement, Invecture has agreed to make a non-refundable payment of US$2.0 million in exchange for the right to earn a 60% interest (subject to adjustment) in DZ Mexico (the "Earn-in Right"). The Earn-in Right will expire if not exercised by February 7, 2014, subject to extension in certain circumstances (the "Earn-in Period"). The Agreement provides that during the Earn-in Period, Invecture will, at its sole expense, manage and operate the Concordia gold project and will undertake all commercially reasonable efforts to obtain the Change of Forest Land Use Permit ("CUSF") and the Authorization of Environmental Impact which are required to develop the project. Invecture has advised that it will secure US$70.0 million in project debt finance to construct the Concordia gold project after it has exercised the Earn-in Right and after a project development decision has been made. Once Invecture has earned its interest in the Concordia gold project, the parties have agreed to evaluate market conditions with regard to the future organization and ownership structure of DZ Mexico.

Commenting on this transaction with Invecture, Fred Earnest, President and CEO of Vista, said, "Our team in Mexico has worked hard to advance the Concordia gold project. This investment by Invecture represents a vote of confidence that the Concordia gold project represents an excellent opportunity to develop a new mine that we expect will make an important contribution to employment and to the economy in Baja California. We and Invecture believe that the environmental impacts of the development of a mine can be limited and that the benefits to the state and local communities will far outweigh these concerns. We believe Invecture's in-country experience, financial strength, and committed management team make Invecture an excellent strategic partner to take the lead in securing the authorizations and financing required to bring Concordia into production."

The Agreement provides that the exercise of the Earn-in Right by Invecture is conditional upon, among other things: (i) receipt of the CUSF and the Authorization of Environmental Impact; (ii) the completion of a feasibility report on the Concordia gold project which updates the existing feasibility report with respect to costs; (iii) Invecture funding the Concordia gold project during the Earn-in Period; and (iv) Invecture making an additional payment of US$20.0 million to DZ Mexico, which amount will be used to repay intercompany loans owed by DZ Mexico to Vista.

During the Earn-in Period and subject to the terms of the Agreement, Vista will hold 40% of the DZ Mexico shareholder voting rights. The remaining 60% of the DZ Mexico shareholder voting rights will be held in a trust that will be instructed by representatives from Vista and Invecture. Upon Invecture's exercise of the Earn-in Right, Vista will continue to hold a 40% interest (subject to adjustment) in DZ Mexico and the Concordia gold project.

As part of the Agreement, DZ Mexico has transferred all of its other material assets, including the mill equipment acquired by Vista for the Concordia gold project in 2008 and the Guadalupe de los Reyes gold/silver project, to other entities in the Vista group of companies. Vista has granted Invecture the option to cause DZ Mexico to acquire the mill equipment for US$16.0 million plus storage, insurance and transportation costs and any applicable taxes. This option is exercisable by Invecture during the first 12 months after the date of the Agreement.

Mr. Earnest went on to conclude, "With Concordia being funded and managed by a very capable Mexican partner, we are able to fully focus our energy and resources on the development of the Mt. Todd gold project in Northern Territory, Australia, and on the exploration and evaluation of the Guadalupe de los Reyes gold/silver project in Sinaloa, Mexico. We have drilling programs underway at both of these projects, and in the coming weeks, we expect to announce the results of a definitive feasibility study for the Mt. Todd gold project, which will be a significant milestone in our development of that world class project."

About Vista Gold Corp.

Vista is focused on the development of its Mt. Todd gold project in Northern Territory, Australia, and its Concordia gold project in Baja California Sur, Mexico, to achieve its goal of becoming a gold producer. After the initial public offering of the common shares of Midas Gold Corp. ("Midas"), Vista held approximately 30% of Midas' common shares. Midas has a large exploration property in Idaho, including the Yellow Pine property previously held by Vista. Vista's other holdings include the Guadalupe de los Reyes gold-silver project in Mexico, the Awak Mas gold project in Indonesia and the Long Valley gold project in California. For more information about our projects, including technical studies and resource estimates, please visit Vista's website at www.vistagold.com.

About Invecture Group, S.A de C.V.

Invecture Group holds approximately $500 million in assets, is owned by Mexican investors and owns Frontera Copper Corporation whose principal asset is the Piedras Verdes copper mine in the State of Sonora, Mexico. It acquired Frontera in 2009 and has executed a significant turnaround in operational, financial and community relationship terms. This included restarting the Piedras Verdes mine, raising US$140 million to acquire mining equipment, build a crushing, screening and stacking circuit and a major upgrade to the management team.

Management Conference Call

A conference call with management to discuss this transaction is scheduled for Monday, February 13, 2012 at 11:00 a.m. MST.

Toll-free in North America: 1-866-443-4188
International: 1-416-849-6196

This call will also be web-cast and can be accessed at the following web location:
http://www.snwebcastcenter.com/event/?event_id=2580

This call will be archived and available at www.vistagold.com after February 13, 2012. Audio replay will be available for three weeks by calling in North America: 1-866-245-6755, passcode 827120.

If you are unable to access the audio or phone-in on the day of the conference call, please feel free to email questions to Connie Martinez, Manager - Investor Relations, (email: connie@vistagold.com), and we will try to address these questions prior to or during the conference call.

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Vista expects or anticipates will or may occur in the future, including such things as, the timing of the expiry of the Earn-in Period, the exercise of the Earn-in Right by Invecture, Vista's continued interest in DZA Mexico after the exercise of the Earn-in Right, the receipt of the required mining authorizations in respect of the Concordia gold project, the completion of an updated feasibility report on the Concordia gold project, the payment by Invecture of costs associated with the Concordia gold project, the payment by Invecture of US$20 million to DZA Mexico to exercise the Earn-in Right and the subsequent repayment of intercompany loans, the anticipated benefits of the Earn-in Right Agreement, the ability of Invecture to assist with the advancement of the Concordia gold project, including acceleration of efforts and receipt of authorizations required for the Concordia gold project, the evaluation of strategic alternatives for the Concordia gold project, development of a mine at the Concordia gold project and the resulting contribution to employment and the economy in Baja California, environmental impact of development on the mine, benefit to local and state communities as a result of development of a mine at the Concordia gold project, timing for and announcement of the definitive feasibility study for the Mt. Todd gold project and other such matters are forward-looking statements and forward-looking information. When used in this press release, the words "optimistic," "potential," "indicate," "expect," "intend," "hopes," "believe," "may," "will," "could," "if," "anticipate," and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Vista to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, risks associated with reliance on Invecture, risks related to timing, completion and results of feasibility studies, uncertainty of resource estimates, estimates of results based on such resource estimates; risks relating to cost increases for capital and operating costs; risks related to the ability to obtain the necessary permits, risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on Vista's operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; as well as those factors discussed under the headings "Note Regarding Forward-Looking Statements" and "Risk Factors" in Vista's latest Annual Report on Form 10-K as filed on March 14, 2011, and Quarterly Report on Form 10-Q, as filed November 9, 2011, and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although Vista has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

For further information, please contact Connie Martinez at (720) 981-1185.

SOURCE Vista Gold Corp.

Gulfside Secures Port Snettisham Magnetite Iron Ore Property

Wed, 08 Feb 2012 02:16:00 +0000

Gulfside Secures Port Snettisham Magnetite Iron Ore Property

PR Newswire

TSX.V - GMG

Highlights:

Gulfside and Pacific Rim agreement for option to acquire 100% interest in Port Snettisham Magnetite Iron Ore Deposit, Alaska
Aggregate consideration for 100% interest is $3,770,000 plus 2.5% NSR royalty
Significant exploration including geophysics and 11 hole drill program, metallurgy and benefication work completed by previous explorers
64.5% Fe pellet feed fines produced with 0.01% S and 0.04% P
Deposit appears suitable for fines, pellet feed or iron ore pellet production

VANCOUVER, Feb. 7, 2012 /PRNewswire/ - Robert L. Card, President of Gulfside Minerals Ltd. ("Gulfside" or the "Company"), is pleased to report that on October 19, 2011, the TSX Venture Exchange accepted for filing an option agreement (the "Port Snettisham Agreement") between Gulfside and Pacific Rim Mineral, LLC (the "Vendor") pursuant to which the Company has the option to acquire up to a 100% interest in 49 contiguous claims covering 1,012 acres that comprise the Port Snettisham property, located about 30 miles (50 km) southeast of Juneau, Alaska.

The aggregate consideration payable by the Company over a seven year period ending October 31, 2018 is $3,770,000 cash ($120,000 cash payable in the first year). In addition, the Company must incur aggregate exploration expenditures on the property of $3,300,000 by October 31, 2018 ($150,000 to be incurred in the first year). The Vendor is entitled to a 2.5% NSR on the property with the Company having the right to reduce the NSR to 1.5% by paying $1,500,000 cash. A finder's fee of $22,000 cash was paid.

This project is a titaniferous (Ilmenite) magnetite deposit on the Snettisham Peninsula, however, there has been no Fe₂TiO₄ discovered so far,¹ which is less commercially viable than Ilmenite occurring with Magnetite. Ilmenite is the predominate TiO₂ oxide present as needles in the Hornblendite. Ore has been subjected to several programs of beneficiation test work and reports indicate that the ore is amenable to magnetic separation. It is possible to produce iron ore fines or pellet feed containing in excess of 64% Fe (Magnetic).² The concentrate can then be smelted using an oxygenated furnace (KOBM process)³ to produce pig iron and a slag containing high TiO₂ values.

The first major effort to explore the iron potential of the deposit was conducted in the 1950's by the US Department of the Interior, Bureau of Mines,⁴ who drilled 11 holes, conducted a geophysical survey over the body, and had beneficiation tests done on the ore samples. A section of 1900 feet of the deposit was explored to a depth of 1000 feet, totaling 6,546 linear feet of drill holes. This program reported good results with assays of 11%-48% Fe total, with a composite from one of the cores showing 18.9 Fe%, 2.6% TiO₂, 0.29% S, 0.32%P, and 0.05%V. Benefication of the iron ore samples involved crushing to 150 mesh and with dry magnetic separation. The analysis reported 61-64% Fe total, 3.5% TiO₂, 0.4% S, and 0.01% P.

Tenements Under Option

The magnetite-bearing diorite-hornblendite-pyroxenite intrusive occupies a land area of approximately 390 acres along the northeast shore of the Snettisham Peninsula. It appears the magnetite formed during a pegmatite alteration phase.

Isomagnetic lines at 2,000 Gamma intervals depicting areas of high magnetism and diamond drill holes from the work done by Thorne and Wells.

A high magnetic anomaly occurs near Sentinel Point and the intensity reduces to the east. Further work is planned to determine the extent of the magnetite mineralization and whether the magnetite mineralization is evenly distributed through the hornblendite-diorite and the large magnetite intrusions up to 1.5 metres wide identified by the USGS in the early 1920's.

Tailings from the Friday Gold Mine located nearby also showed significant magnetite mineralization implying that the intrusion maybe be part of an IOCG (Iron Ore Copper Gold) system well known for massive magnetite mineralization. A high magnetic anomaly extends for over a four square mile area (1036.4 hectares).(Thorne and Wells, 1956)

Tests on eight samples conducted by the University of California⁵ using a Davis Tube Test to determine the extent of recovery of magnetic iron yielded between 85% and 95% recovery indicated a high degree of magnetic recovery ideal for dry separation processing. Some of the titanium oxide Ilmenite crystals were liberated during the crushing process, which was crushed to a size of 5-100 mesh. Mineralogical work also identified the Ilmenite crystals forming discretely in the diorite containing the magnetite.

In 1953, the USGS Mines Department Territory Office in Juneau, conducted a drilling program planned around a magnetic survey that had been conducted previously which showed the typical lensoidal occurrence of magnetite intrusions in diorite. The drill hole put down at 30% inclination intercepted 350 feet (106 metres) of magnetic magnetite mineralization. A grab sample program of glacial detritus, rock chip outcrop samples showed soluble Fe from 19% to 48% Fe (the magnetic content was not determined and insoluble Fe was 3.5%).

The Alaska Juneau Gold Mining Company, in 1950, analysed 5 samples from the area and determined Fe total to be between 38.5% and 54.2% Fe. Significantly the phosphorous was 0.07%. The Alaskan Department of Mines Assay Office did a similar analysis and the average of the samples was 46.30% Fe, 0.69% P₂O₅ and S 0.69%. The titanium values ranged from 5.04% to 8.06%. Silica and alkali values were also considered acceptable for commercial iron ore concentrate. The analysis was obtained from a finely crushed concentrate of the samples. The Office concluded the ore was suited to magnetic concentration.

The US Bureau of Mines in 1964 (Holmes and Banning) took 3.5 tonnes of magnetite concentrate from Snettisam and successfully produced concentrates using wet and dry magnetic separation techniques. The maximum iron liberation occurred at a crush size of 100 mesh (a range from 20 to 325 mesh was tested). An electric furnace was used to produce pig iron from the ores and good quality pig iron was produced with 95.6% Fe from the sample.

In 1969, Marcona Corporation optioned the iron ore deposit and carried out extensive exploration including diamond drilling and metallurgical tests. It was reported in the Toyko Press (Nihon Keizai April 14, 1969) that Marcona Corporation and the Marubeni Company of Japan, had developed plans to pellitize two to four million tons of iron ore annually. In 1970, Marcona completed a feasibility study on the deposit and announced plans to put the deposit into production at a rate of 5 million tons of concentrate per year over a 50 year mine life. (State of Alaska, Mines Bulletin, February 1970.) The plan failed when iron ore prices declined.

Gulfside is currently preparing an exploration plan which will include:

Reconnaissance of the historical data and grid soil and rock chip sampling with an XRF gun and magnetic susceptibility meter.
An outcrop and trenching sampling study using a magnometer to correlate Fe with magnetic susceptibility. Mineralogy and petrology studies will also be conducted to analyse the presence of the titanium and vanadium mineralization in the magnetite and the extent of silica, sulphur, phosphorous and alkalis.
A ground based IP magnetic and gravity study to identify key changes in mineralogy and the extent of mineralization. No gravity surveys have been completed to date and this will be completed prior to a drilling phase.
A diamond drilling program directed by the results of the above two studies that will allow suitable targets to be identified so that a Resource Estimate can be produced followed by a Feasibility Study.
A benefication study using samples to ensure the results are statistically significant and the proposed benefication process design is proven at pilot plant size. Given the high cost of crushing to 100 mesh this stage is particularly important to the success of the project.
The tenement is conveniently located on the Pacific Coast, close to the capital of Alaska, Juneau and a major bulk commodity port Skagway. There is a major shipping route to Japan, Korea and China and the distance is 7,870 km compared to Brazil to China being 11,000 km.

As at February 2, 2012, the Metal Bulletin CFR Price Index for 62% Fe iron ore is $143.06 per tonne.

The information contained in this release has been obtained from previous exploration reports and government records and have not been verified.

Phillip Thomas, BSc., MBM, MAIG, Vice President and a consultant to the Company, the qualified person as defined by National Instrument 43-101, has reviewed and approved the technical content of this news release.

On Behalf of the Board of Directors,

Gulfside Minerals Ltd.

"Robert L. Card"

Robert L. Card
President

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning GMG's planned exploration programs and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although GMG believes that its expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed under the heading "Risk Factors" and elsewhere in the corporation's periodic filings with Canadian securities regulators.

¹ Dahlin, D.C. 1951- Benefication of potential platinum resources from south eastern Alaska. (report of investigations/United States Department of Interior, Bureau of Mines;8553, electron microprobe analysis

² Holmes, Wesley T, Electric smelting of titaniferous iron ores from Alaska, Montana, and Wyoming, by Wesley T Holmes II and Llyod H Banning (Washington) US Department of Interior Bureau of Mines 1964

³ Freislich, Michiel, Sunil, Kumar Dr, Towards energy efficient iron and steel making - the greenhouse carbon abatement process (G-Cap) July 2009

⁴ Thorne R L, Wells R. R. Studies of the Snettisham Magnetite Deposit, South Eastern Alaska United States Department of Interior February 1956

⁵ Mitchell D. W. University of California, Berkeley 4, California USA Letter to Guy F Atkinson Company setting out assay results of samples submitted

SOURCE Gulfside Minerals Ltd.

PDF with caption: "Gulfside Secures Port Snettisham Magnetite Iron Ore Property ". PDF available at: http://stream1.newswire.ca/media/2012/02/07/20120207_C2301_DOC_EN_9800.pdf

Eurasian Minerals and Bullion Monarch Mining Enter into Merger Agreement

Wed, 08 Feb 2012 01:44:12 +0000

Eurasian Minerals and Bullion Monarch Mining Enter into Merger Agreement

PR Newswire

VANCOUVER, British Columbia, Feb. 7, 2012 /PRNewswire/ -- Eurasian Minerals Inc. (TSX-V: EMX; NYSE Amex: EMXX) ("EMX") and Bullion Monarch Mining, Inc. (OTCQB: BULM; FRA: BMJ) ("BULM") are pleased to announce that they have entered into a definitive agreement (the "Agreement") with respect to a proposed merger of BULM with a wholly-owned subsidiary of EMX (the "Transaction"). EMX has agreed to acquire all of the outstanding common shares of BULM for which BULM shareholders will receive 0.45 of an EMX common share and US$0.11 in cash for each BULM share held. The Transaction is expected to close in the second quarter of 2012 and the BULM shares will cease trading thereafter.

The combined company will hold more than 145 properties on five continents, as well as a currently paying 1% gross smelter return (GSR) royalty on several of Newmont Mining Corporation's operations and projects on the Carlin Trend in Nevada, including the Leeville mine and the Four Corners project. This royalty paid BULM more than US$20 million in the last six years and more than US$6 million in fiscal 2011 alone.

Following the closing of the Transaction, it is expected that BULM President James (Andy) Morris will join the EMX board of directors and BULM chairman and chief executive officer R. Don Morris will be appointed to the EMX advisory board.

Based on the consideration offered in the Agreement and current outstanding shares, the value of the total Transaction consideration approximates US$45.8 million and represents a 64% acquisition premium, based on 30-day volume-weighted average prices and average exchange rates through February 7, 2012. Although not free from uncertainty, the anticipated structure of the Transaction is expected to allow BULM shareholders to defer the majority of the United States tax effects of the Transaction until they ultimately decide to sell the EMX shares received as consideration.

The Transaction is subject to, among other things approval of the BULM common shareholders at a special meeting to be held to approve the Transaction. The Transaction is also subject to receipt of all necessary regulatory and stock exchange approvals and other customary closing conditions.

Officers, directors and certain significant shareholders of BULM have entered into voting agreements with EMX pursuant to which they agreed to vote the BULM shares beneficially owned by them (collectively representing approximately 44% of BULM's outstanding common shares) in favor of the Transaction, subject to the terms and conditions set forth in the voting agreements.

Pursuant to the Agreement, BULM is subject to customary non-solicitation covenants. In the event a superior proposal is made, EMX has the right to match such proposal, and in the event BULM's board of directors changes its recommendation or terminates the Transaction under certain circumstances, BULM has agreed to pay EMX a termination fee of US$4 million. In certain other circumstances where the Transaction is not completed, EMX could be obligated to pay BULM a reverse termination fee of US$1 million.

Important Information for Investors and Stockholders

This announcement is for informational purposes only and does not constitute an offer to purchase, a solicitation of an offer to sell the shares of EMX or a solicitation of any proxy, vote or approval. EMX will file with the United States Securities and Exchange Commission ("SEC") a registration statement on Form F-4 that will include a proxy statement of BULM that also constitutes a prospectus of EMX. EMX and BULM also plan to file with or furnish other documents to securities regulatory authorities in Canada and the United States regarding the proposed Transaction.

INVESTORS AND STOCKHOLDERS OF BULM ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Anyone may obtain free copies of these documents when available free of charge under EMX's profile on SEDAR at www.sedar.com and from the SEC at its website at www.sec.gov, or by accessing EMX's website at www.eurasianminerals.com under the heading "Investors" and from EMX directly by contacting Scott Close, Director of Investor Relations: (303) 973-8585. Documents will also be available at BULM's website at www.bullionmm.com under the heading "investors" and from BULM directly by contacting Joseph Morris, Director of Investor Relations: (801) 426-8111. EMX, BULM, their respective directors and certain of their executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of BULM in connection with the proposed Transaction. Information about the directors and executive officers of BULM is set forth in its proxy statement for its 2011 annual meeting of shareholders, which was filed with the SEC on August 29, 2011. Information about the directors and executive officers of EMX can be found in its 2011 management information circular dated July 19, 2011, which is available at www.sedar.com. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

About Eurasian Minerals Inc. EMX is a global gold and copper exploration company utilizing a partnership business model to explore the world's most promising and underexplored mineral belts. EMX currently has projects in ten countries on four continents, and generates wealth via grassroots prospect generation, strategic acquisition, royalty growth and merchant banking. Visit EMX's website at www.eurasianminerals.com for more information.

About Bullion Monarch Mining BULM is a publicly traded gold-focused exploration royalty company with additional interests in oil-shale technology. The majority of BULM's current royalty revenues are derived from a high-quality claim block located in Northeastern Nevada's Carlin Trend. BULM's portfolio provides for direct leverage to commodity prices as well as the exploration potential of world-class ore deposits. Visit BULM's website at www.bullionmm.com for more information.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release include "forward-looking statements" that involve a number of risks and uncertainties, and actual results or events may differ materially from those projected or implied in those statements. Examples include the parties' ability to consummate the proposed Transaction and timing thereof, the benefits and impact of the proposed Transaction, including tax effects to shareholders, the combined company's ability to achieve synergies and value creation that are contemplated by the parties, EMX's ability to promptly and effectively integrate BULM's business and the diversion of management time on Transaction-related issues.

These forward-looking statements often include words such as "believe," "expect," "project," "anticipate," "intend," "plan," "seek," "will," "may," "would," "should," "could," "forecast" or similar expressions. EMX and BULM believe these judgments are reasonable, but you should understand that no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial conditions of EMX, BULM or the combined company, due to a variety of important factors.

EMX and BULM caution you that you should not rely unduly on these forward-looking statements, which reflect their current beliefs and are based on information currently available. Neither EMX nor BULM undertakes any obligation to update or revise any forward-looking statements as of any future date. Additional information concerning these statements and other factors can be found in EMX's and BULM's filings with securities regulatory authorities in Canada or the SEC, as applicable.

The NYSE Amex, TSX Venture Exchange and the Investment Industry Regulatory Organization of Canada do not accept responsibility for the adequacy or accuracy of this release.

SOURCE Bullion Monarch Mining, Inc.

Timken and United Steelworkers of America Local 1123 Reach New Tentative Agreement

Tue, 07 Feb 2012 23:14:09 +0000

Timken and United Steelworkers of America Local 1123 Reach New Tentative Agreement

PR Newswire

CANTON, Ohio, Feb. 7, 2012 /PRNewswire/ -- The Timken Company and the United Steelworkers (USW) Local 1123 today announced they have reached a new tentative agreement on a five-year contract to replace the existing labor agreement, which expires Sep. 2013. Members will vote on the new agreement, which is unanimously supported by local USW negotiators, within the next two weeks.

The parties reached a preliminary agreement in December, but union membership failed to ratify the proposal in a January vote, putting at risk a multi-million dollar investment in Stark County (Ohio). Timken is prepared to invest $225 million in its Faircrest Steel Plant if a new labor agreement is ratified.

"We have outlined a very attractive investment for our steel operations," said Salvatore J. Miraglia, Jr., president of Timken's Steel Group. "But it clearly will not move forward without a new agreement that ensures workforce stability throughout construction and startup. The vote will be our final opportunity to put the pieces in place to make this investment happen."

The project has received state and local assistance, in return for Timken's commitment to job security at the plant during the term of that support.

The tentative agreement continues to provide:

Increases to permanent base wages every year, in addition to cost-of-living adjustments;
Increases in both variable pay opportunities and incentive pay;
Improvements in health and wellness plans;
Increases in pension benefits;
And, includes changes to the wage escalation rate for new employees.

Background information is available on www.timken.com/agreement.

About The Timken Company

The Timken Company (NYSE: TKR; www.timken.com) keeps the world turning with innovative friction management and power transmission products and services that help machinery perform more efficiently and reliably. With sales of $5.2 billion in 2011 and approximately 21,000 people operating from locations in 30 countries, Timken is Where You Turn® for better performance.

Media Contact: Lorrie Paul Crum
Manager – Global Media and Strategic Communications
Mail Code: GNW-37
1835 Dueber Avenue, S.W.
Canton, OH 44706 U.S.A.
Telephone: (330) 471-3514
Mobile: (330) 224-5021
lorrie.crum@timken.com

Investor Contact: Steve Tschiegg
Director – Capital Markets and Investor Relations
Mail Code: GNE-26
1835 Dueber Avenue, S.W.
Canton, OH 44706 U.S.A.
Telephone: (330) 471-7446
steve.tschiegg@timken.com

For Additional Information:
www.timken.com/media
www.timken.com/investors

SOURCE The Timken Company

SBA-funded State Trade Export Program Helps Penn. Manufacturing Firm UMF Retain Jobs, Increase Sales

Tue, 07 Feb 2012 21:40:05 +0000

SBA-funded State Trade Export Program Helps Penn. Manufacturing Firm UMF Retain Jobs, Increase Sales

PR Newswire

JOHNSTOWN, Pa., Feb. 7, 2012 /PRNewswire-USNewswire/ -- Exporting has allowed United Medical Fabricators to retain its staff of 60 employees and increase sales while its supply partners have begun to grow, thanks to the Small Business Administration-funded State Trade Export Program in Pennsylvania. With STEP, a three-year pilot trade and export initiative authorized by the Small Business Jobs Act of 2010, UMF president and CEO Eileen Melvin embarked on Middle Eastern trade missions to export medical examination tables made by her company in Johnstown to hospitals in Saudi Arabia.

(Logo: http://photos.prnewswire.com/prnh/20110909/DC65875LOGO)

U.S. Small Business Administration officials, along with federal, state and local government officials toured UMF on Monday to mark the company's exporting success. "I have to commend the Pennsylvania state government in what they do," said U.S. Rep. Mark Critz.

"We have a very robust program here to help entrepreneurs in the state identify and then go after opportunities outside this country. What we do at the federal level is put funding in to help these organizations that do this international trade and international travel because without it, they could never do it on their own," Critz said.

Melvin used help from Pennsylvania's STEP program, to determine countries that would be likely to purchase UMF's medical equipment. State agencies were able to assist her in developing necessary overseas business relationships.

STEP grants are being awarded to state international trade agencies to support increased exporting by small businesses, which enables businesses like UMF to hire more workers, and make infrastructure investments that create more demand for small manufacturers, said acting SBA Regional Administrator Bridget Bean.

Bean is pleased with the trade expansion UMF medical has been experiencing. "Small businesses employ about half of the nation's work force and small businesses like UMF who export are helping propel our economy forward," Bean said. "STEP grants are a great example of how SBA is working with state and local governments to support regional economic development."

"The Southern Alleghenies Planning and Development Commission employs staff dedicated to international trade," Melvin said. "With their assistance our export sales increased more than 60% over last year. Now, across our country and the world, newborn babies are examined on UMF Medical pediatric tables. As they grow up, they are treated on our exam tables."

Contact: Janet Heyl (412) 395-6560, ext. 103 | Janet.Heyl@sba.gov

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SOURCE U.S. Small Business Administration

Thompson Creek Announces Commercial Production at the New Endako Mill and Reaffirms 2012 Production and Cash Cost Guidance for the Endako Mine

Tue, 07 Feb 2012 21:23:00 +0000

Thompson Creek Announces Commercial Production at the New Endako Mill and Reaffirms 2012 Production and Cash Cost Guidance for the Endako Mine

PR Newswire

NYSE: TC
TSX: TCM
TSX-V:TRX.WT

DENVER, CO, Feb. 7, 2012 /PRNewswire/ - Thompson Creek Metals Company Inc. ("Company" or "Thompson Creek"), a growing, diversified, North American mining company, today announced that the commissioning of the Company's new Endako mill is complete and that commercial production was achieved on February 1, 2012. For the first five days of February, the new mill was running at or above its design capacity of 55,000 tons per day, a 77% increase over the old mill's capacity of 31,000 tons per day. The construction of the regrind circuit for the new mill is still in process and is expected to be completed by the end of the first quarter of 2012. In the interim, the Company is utilizing the cleaner and regrind circuit in the old mill. The Company also reaffirmed 2012 production guidance for its 75% share of the Endako mine of approximately 10 - 11 million pounds of molybdenum and cash cost guidance of approximately $8.25 - $9.25 per pound.

"We are extremely pleased to have achieved the full design tonnage for the new mill just 20 days into the commissioning and start-up process," said Kevin Loughrey, Chairman and Chief Executive Officer of Thompson Creek. "Our employees, contractors, and suppliers have performed an outstanding job meeting the many challenges necessary to reach operational and commercial production so quickly. We continue to make significant progress and ramp up production, and we anticipate full production will be achieved in the second quarter of 2012. Once at full production, the Endako mine is expected to increase molybdenum production from approximately 10 million pounds per year to approximately 16 million pounds per year (100% basis)," added Mr. Loughrey.

About Thompson Creek Metals Company Inc.

Thompson Creek Metals Company Inc. is a growing, diversified North American mining company. The Company produces molybdenum at its 100%-owned Thompson Creek Mine in Idaho and Langeloth Metallurgical Facility in Pennsylvania and its 75%-owned Endako Mine in northern British Columbia. The Company is also in the process of constructing the Mt. Milligan copper-gold mine in central British Columbia, which is expected to commence production in 2013. The Company's development projects include the Berg copper-molybdenum-silver property and the Davidson molybdenum property, both located in central British Columbia. Thompson Creek has approximately 970 employees. Its principal executive office is in Denver, Colorado and its Canadian administrative office is in Vancouver, British Columbia. More information is available at www.thompsoncreekmetals.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release (including information incorporated by reference) are ''forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and applicable Canadian securities legislation. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Our forward looking statements include, without limitation: estimates of future capital expenditures and other cash needs for operations, including with respect to the Endako mill expansion and the development of Mt. Milligan, and expectations as to the funding thereof; statements as to the projected development of the Endako mill expansion, Mt. Milligan and other projects, including expected production commencement dates; statements regarding future earnings, and the sensitivity of earnings to molybdenum prices; estimates of future production costs and other expenses for specific operations and on a consolidated basis; estimates of future mineral production and sales for specific operations and on a consolidated basis; estimates of mineral reserves and resources, including estimated mine life and annual production; estimates as to commodity prices; and statements with respect to the future financial or operating performance of Thompson Creek or its subsidiaries and its projects.

Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the section entitled ''Risk Factors'' in Thompson Creek's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed on EDGAR at www.sec.gov and on SEDAR at w ww.sedar.com. Although we have attempted to identify those factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that cause results or events to differ from those anticipated, estimated or intended. Many of these factors are beyond TCM's ability to control or predict. Given these uncertainties, the reader is cautioned not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Pamela Solly
Director, Investor Relations
Thompson Creek Metals Company Inc.
Tel: (303) 762-3526
psolly@tcrk.com

Christine Stewart
Renmark Financial Communications Inc.
Tel: (416) 644-2020
cstewart@renmarkfinancial.com

SOURCE Thompson Creek Metals Company Inc.

Cliffs Natural Resources Inc. to Dissolve Michigan Iron Nuggets Joint Venture with Kobe Steel

Tue, 07 Feb 2012 21:15:00 +0000

Cliffs Natural Resources Inc. to Dissolve Michigan Iron Nuggets Joint Venture with Kobe Steel

PR Newswire

CLEVELAND, Feb. 7, 2012 /PRNewswire/ -- Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) announced today that it plans to dissolve its Michigan Iron Nuggets Joint Venture with Kobe Steel. The joint venture was originally formed in 2007 to explore the viability of constructing a commercial operation to produce a pig iron substitute using Kobe's ITmk3 technology and Cliffs' iron ore assets. This product was anticipated to be marketed as a feedstock to the electric arc furnace and foundry markets. The plant was designed and permitted for construction adjacent to Cliffs' operations in the Upper Peninsula of Michigan.

(Logo: http://photos.prnewswire.com/prnh/20101104/CLIFFSLOGO )

Cliffs indicated that throughout the life of the venture it had conducted a number of feasibility studies on the possibility of pursuing a commercially viable process, but ultimately concluded that given its strategic priorities to focus on its core business, continued work on the project should be ended.

Joseph Carrabba, chairman, president and chief executive officer of Cliffs, said, "We are disappointed that we are not able to move forward with the iron nugget facility, but remain very appreciative of the efforts made by federal, state, county and township officials who worked with Cliffs over several years on this project. We are grateful for their support in the exploration of this potential industrial operation in Michigan."

Cliffs said it had less than 10 employees exclusively working on the joint venture and plans to reassign nearly all to other positions within the Company. In addition, there are no anticipated material financial impacts as a result of the decision.

About Cliffs Natural Resources Inc.

Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, the Company is a major global iron ore producer and a significant producer of high- and low-volatile metallurgical coal. Cliffs' strategy is to continually achieve greater scale and diversification in the mining industry through a focus on serving the world's largest and fastest growing steel markets. Driven by the core values of social, environmental and capital stewardship, Cliffs associates across the globe endeavor to provide all stakeholders operating and financial transparency.

The Company is organized through a global commercial group responsible for sales and delivery of Cliffs products and a global operations group responsible for the production of the minerals the Company markets. Cliffs operates iron ore and coal mines in North America and two iron ore mining complexes in Western Australia. The Company also has a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. In addition, Cliffs has a major chromite project, in the pre-feasibility stage of development, located in Ontario, Canada.

News releases and other information on the Company are available on the Internet at: http://www.cliffsnaturalresources.com

Forward-Looking Statements

This release contains "forward-looking" statements within the safe harbor protections of the federal securities laws. Although the Company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risk and uncertainties relating to Cliffs' operations and business environment that are difficult to predict and may be beyond Cliffs' control. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by forward-looking statements for a variety of reasons, including: the uncertainty or weakness in global economic and/or market conditions; trends affecting our financial condition, results of operations or future prospects, particularly any slowing of the economic growth rate in China for an extended period; Cliffs' ability to achieve the synergies and the strategic and other objectives related to the acquisition of Consolidated Thompson; the outcome of any contractual disputes with our customers or significant suppliers of energy, materials or services; our ability to successfully complete the repair and refurbishment work at the Oak Grove Mine in the expected time frame; the amount and timing of any insurance recovery proceeds with respect to Oak Grove Mine; the impact of price-adjustment factors on our sales contracts; availability of capital equipment and component parts; the failure of plant, equipment or processes to operate as anticipated; unanticipated downturns in business relationships with customers or their purchases from us; customers' ability to meet their obligations to us on a timely basis or at all; events or circumstances that could impair or adversely impact the viability of a mine and the carrying value of associated assets; unexpected claims, charges, litigation or dispute resolutions; the impact of acquisitions and divestitures; unanticipated difficulties integrating acquisitions; our ability to obtain any permits, approvals, modifications or other authorization of, or from, any governmental or regulatory entity; new laws and governmental regulations; the ability to achieve planned production rates or levels; our actual economic ore reserves; reductions in current resource estimates; the ability to maintain adequate liquidity and successfully implement our financing plans; other problems or uncertainties with productivity, third-party contractors, labor disputes, weather conditions, natural disasters, tons mined, changes in cost factors, the supply or price of energy, transportation, mine-closure obligations and employee benefit costs and other risks of the mining industry; and other factors and risks that are set forth in the Company's most recently filed reports with the Securities and Exchange Commission. The information contained herein speaks as of the date of this release and may be superseded by subsequent events. Except as may be required by applicable securities laws, we do not undertake any obligation to revise or update any forward-looking statements contained in this release.

SOURCE Cliffs Natural Resources Inc.

Lantis Laser's Operating Affiliate TAG Minerals Zimbabwe (Private) Limited Diversifies into Barite, Limestone, Talc and Other Soon to Be Announced Mineral/Metals Acquiring 100% of World Class Dodge Mine Blocks 1-6

Tue, 07 Feb 2012 18:00:00 +0000

Lantis Laser's Operating Affiliate TAG Minerals Zimbabwe (Private) Limited Diversifies into Barite, Limestone, Talc and Other Soon to Be Announced Mineral/Metals Acquiring 100% of World Class Dodge Mine Blocks 1-6

PR Newswire

FREEHOLD, N.J., Feb. 7, 2012 /PRNewswire/ -- Lantis Laser Inc. (OTCQB symbol: LLSR), is pleased to announce today that its operating affiliate TAG Minerals Zimbabwe (Private) Limited (TAG-Z) has acquired 100% of World Class Dodge Mine Blocks 1-6 in exchange for $433,000 cash. The property consists of three hydrothermal mountains representing 123 hectares containing multiple deposits of superior grade barite, limestone and talc. The smallest mountain was partially drilled in 1966, consisting of only 5 drilling holes with related ADIT portals. The results of the drilling program indicated that there were proven reserves of 359,000 tons of barite, 1,000,000 tons of limestone and 150,000 tons of talc and inferred reserves of 600,000 tons of barite and 5,000,000 tons of limestone.

With a world-wide shortage of high grade barite, the timing of acquiring Dodge Mine could not be more beneficial to the oil & gas drilling sector with the recent massive discovery of oil off the coast of neighboring Mozambique and new drilling contracts expected in the Middle East, Central/South Africa and Western Australia. Barite is used as a weighting agent for drilling fluids in oil & gas drilling applications. Due to its unusually high specific gravity, milled barite is pumped into drill holes to offset high formation pressures and prevents explosive blowouts of oil and gas. In the Gulf of Mexico, home to the largest concentration of active rigs world-wide, up to 5M tons of bulk barite was shipped in 2010 primarily from China/India to tier-1 barite milling facilities owned/operated by companies like Halliburton, M-I Swaco and Excaliber Minerals. The barite deposits throughout Dodge Mine are hydrothermal veined structures of very high grade crystalline with up to 40% free of trace mineralization meaning that a large portion is 100% Barium Sulfate (BaSO4).

Hydrothermal barite deposits throughout Dodge Mine represent the highest grade of new barite sources to be announced in recent years. Extraction of these minerals is through standard open-pit operations further reducing the mining costs. White barite, the highest grade of the barite deposits on Dodge Mine, expands the business opportunities for the company to include paint and automotive applications that pay a premium for bright white barite. A third party oil & gas drilling sector geologist recently confirmed that the multiple barite deposits are considered 100% recoverable. Management of TAG-Z is encouraged by this rate of recovery compared to certain lower grade sedimentary barite mines in Nevada with which it is familiar classified as only 45% recoverable. Recent testing within the oil & gas drilling sector confirmed the barite quality exceeds the specifications for API grade applications. The company is currently pursuing partnership opportunities within the USA.

Other high quality minerals on the property associated with this hydrothermal mountain range include limestone and talc. Applications for these minerals include cement, cement derivatives/aggregates, paint, automotive and refractories. The company is currently discussing mineral business opportunities with an established Internationally known cement manufacturer that has a cement facility within close proximity of Dodge Mine as well as targeting companies in South Africa that have no in-country access to barite for non API-applications that also utilize limestone and talc to support various industry applications.

Included in the 1966 drilling report were comments documenting the widespread occurrences of gossan deposits. As noted in the Dodge Mine Prospectus provided by the previous mine owner in 2011 during the company's due diligence period, these massive sulphide deposits most likely point to gold, nickel, copper and lead. The presence of these metabasalts typically indicate gold in the host rock. With the largest gold producer in Zimbabwe nearby, the company intends to initiate a drilling program this year to develop a bedrock gold mining plan, develop a mining plan focused on the gossan mineral/metal deposits as well as document the proven reserves of barite, limestone and talc. We anticipate the proven mineral reserves alone to be in excess of $600 million based on undocumented outcroppings, information provided by the prior mine owner, the 1966 drilling report and visual recommendations by third party geologist but further core drilling is required to establish these proven reserves. The company will initiate a gravity based mapping program this quarter leading to select core drilling to establish the reserves. In addition, expansion plans are on-going by TAG-Z to secure contiguous and adjacent properties as strongly suggested industry experts.

Al Pietrangelo, President & CEO of Lantis stated, "USA bulk barite production in 2010 accounted for only 13% of U.S. demand in the oil & gas drilling sector with bulk barite prices rising dramatically the last 12 months along with indications from the primary providers from China/India of continued price increases related to the world-wide shortage of high grade barite." Mr. Pietrangelo further commented, "The entrepreneurial opportunities throughout Zimbabwe are tremendous in our opinion with the U.S. Embassy in Zimbabwe recently promoting Zimbabwe's economic recovery and growth in their recent press releases citing Zimbabwe is open to U.S. business along with the lifting of the international diamond ban last quarter." He continued, "We believe that we are at the right place at the right time with the right team to expand into other mineral and mining opportunities."

About Lantis Laser Inc. (parent/holding Company)

Lantis Laser Inc. is the parent/holding Company with three independently operating subsidiaries: TAG Minerals Inc., Raptor Networks Technology, Inc., and Lantis Laser, Inc., (NJ).

About TAG Minerals Inc.

TAG Minerals is a U.S. based (incorporated in Wyoming) mineral resource acquisition, exploration and development company, with operations conducted through its operating affiliate, TAG Minerals Zimbabwe (Private) Limited. The company's business is managed by its directors and officers who have mineral extraction and commercial experience. TAG's strategy is to identify, acquire and exploit gold and other mineral/metal properties that have potential. TAG Minerals is augmented by independent financial, geological, and mining professionals who advise the company on its mining and exploration projects throughout Zimbabwe, Africa.

To find out more about the mining equipment utilized by TAG; visit www.extrac-tec.com

About Raptor Networks Technology, Inc.

Raptor Networks is undergoing a corporate re-structuring that will allow it to emerge as a bankable natural resources OTCQB publicly traded company, 80% held by Lantis, engaged in the mining and commercial sales of industrial minerals and metals.

About Lantis Laser, Inc. (New Jersey)

Lantis Laser, Inc. is developing under license, synergistic, high resolution, light-based imaging modalities which can detect decay and microstructural defects at an early stage, and unlike x-ray, do not emit potentially harmful ionizing radiation. Its products are in development and cannot be sold until FDA clearance for marketing is obtained.

For more news on OCT in Dentistry; visit: www.octnews.org

Safe Harbor

Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.

SOURCE Lantis Laser Inc.

3rd Annual Iron & Steel Preservation Conference to Draw Experts from U.S. and Canada

Tue, 07 Feb 2012 17:48:36 +0000

3rd Annual Iron & Steel Preservation Conference to Draw Experts from U.S. and Canada

PR Newswire

LANSING, Mich., Feb. 7, 2012 /PRNewswire-USNewswire/ -- Several dozen prominent engineers, construction contractors, historians, preservationists and government officials will take part in a unique, two-day conference (March 5-6) at Lansing Community College (LCC) in Lansing, Michigan, to discuss what can be done to escalate efforts to preserve and restore historic metals like those used in the nation's iron and steel truss bridges – some more than 160 years old – that link us to our past and the westward migration that helped shape the nation.

The experts from Ohio, New Jersey, Massachusetts, Georgia, Kentucky, and Canada have chosen to attend because of LCC's long-recognized leadership in industrial arts training and its more recent emergence as a national leader in historic preservation with a focus on metal structures.

One session, led by historian Patrick Harshbarger from Hunter Research, Inc. in New Jersey, will focus on the Phoenix Column, a transformational design that ushered in the golden age of American truss bridges and made possible the construction of skyscrapers. Demonstrations of metal restoration processes will take place on the second day of the conference, including a replication of a Phoenix Column by an Ohio blacksmith.

Of particular concern to conference attendees is the alarming trend of wrought iron and steel truss bridges – those fabricated between 1850 and 1950 –being needlessly replaced with new concrete and steel bridges. That's primarily due to a lack of knowledge about the restoration of historic metals.

Some people look at an aging bridge and immediately want to tear it down and build anew. But Vern Mesler, the conference host and LCC adjunct professor of welding technology, sees only possibilities to embrace and celebrate our past.

"Every part of these historic bridges are a craftsman's record and they tell you things about history, steel manufacturing and bridge building technologies," said Mesler, who at age 73 has lost none of his passion for the topic. "We have to teach young engineers and preservationists that they don't have to be part of the community that destroys these historic metal bridges and buildings but can instead exercise the option of preserving them for future generations to enjoy."

Those interested in attending can register by calling 517-483-9853. The cost of the conference is $300. To learn more about the conference, go to http://www.youtube.com/watch?feature=player_embedded&v=WBPWGCz91Vc#!.

The Annual Iron & Steel Preservation Conference is funded through a generous $10,000 donation from Nucor, the nation's largest steel manufacturing company, and support from the Historic Bridge Foundation.

About Lansing Community College
Lansing Community College is Michigan's third largest community college with more than 20,000 students attending each year. For more information, visit lcc.edu.

SOURCE Lansing Community College

Colt Resources intersects 11.96g/t Au over 10.83m, including 31.07g/t Au over 3.40m at its Boa Fé Gold Project, Southern Portugal

Tue, 07 Feb 2012 17:29:00 +0000

Colt Resources intersects 11.96g/t Au over 10.83m, including 31.07g/t Au over 3.40m at its Boa Fé Gold Project, Southern Portugal

PR Newswire

Trading Symbols:

GTP - (TSX-V)
P01 - (FRANKFURT)
COLTF - (OTCQX)

MONTRÉAL, Feb. 7, 2012 /PRNewswire/ - Colt Resources Inc. ("Colt" or the "Company") (TSXV: GTP) (FRA: P01) (OTCQX: COLTF) is pleased to announce that it has received final analytical results for four holes from the ongoing drilling campaign on its Boa Fé gold project, located within the Company's 100% owned 47Km² Boa Fé Experimental Mining License (EML) in southern Portugal. The Boa Fé EML is completely surrounded by the Company's 100% owned (732Km²) Montemor exploration concession.

The results are highlighted as follows:

Drill hole BFCH-11-005 (Inclined -45^oto 085) - 175.70m deep
	From (m)	To (m)	Grade g/t Au	Interval (m)*
	45.90	75.30	2.60	29.40
(Including)	56.00	66.40	3.86	10.40
Drill hole BFCH-11-006 (Vertical) - 51.89m deep
	From (m)	To (m)	Grade g/t Au	Interval (m)*
	44.70	48.40	1.10	3.70
Drill hole BFCH-11-007 (Vertical) - 87.00m deep
	From (m)	To (m)	Grade g/t Au	Interval (m)*
	9.65	20.50	11.96	10.85
(Including)	10.60	14.00	31.07	3.40
Drill hole BFCH-12-001 (Vertical) - 55.24m deep
	From (m)	To (m)	Grade g/t Au	Interval (m)*
	40.15	45.20	3.30	5.05

* True Width has not been determined at this time.

Nikolas Perrault, President and CEO of Colt, stated, "We are very pleased with these results which add further confidence to our understanding of the geology and mineralization when combined with results from the very extensive database that we acquired as part of the property acquisition."

Program Strategy

Gold mineralization has been identified in several shallow deposits along a shear zone that extends over some 30 Kilometers. Previous drilling was focussed on the highest grading portions of gold anomalies that closely follow the regional shear. Minimal drilling has been performed to test depth extensions below an average of 100 metres or along strike between known mineralized deposits. Given the shear zone style of mineralization and extensive gold anomalies in soils, there is good potential to build upon previous work that supported several non NI 43-101 compliant resource estimates that range from 150koz to 550koz of gold as defined over the period 1991-2008 (see press release March 7, 2011).

Colt's initial work program during the first half of 2012 is designed to confirm and expand upon extensive historical drilling and trenching performed by previous operators. The company has commenced the implementation of an aggressive advanced stage exploration campaign consisting of a combination of vertical and inclined drill holes positioned to confirm previous drilling results at the Chaminé, Casas Novas and Ligeiro deposits. Geophysical exploration including resistivity and seismic methods are also being employed. This work will greatly expand the geological, geotechnical and metallurgical knowledge base. Our geological team is testing the geological models proposed by previous operators so as to move forward with increased confidence towards resource delineation and mine development. High priority regional targets identified through field prospecting will also be tested. The results of this phase of work will form the basis for an initial NI 43-101 resource estimate to be prepared later in 2012 covering several previously drilled gold bearing deposits within the Boa Fé EML.

Quality Assurance / Quality Control (QA/QC)

Sample intervals are reported as metres (m) down hole and as such do not represent true widths of mineralized intersections. The morphology of the gold mineralization is yet to be determined.

All drill core is transported by Company personnel from drill site to a nearby secure storage facility for logging and sampling. Sampling intervals are defined after core logging and determination of probable high grade zones based on visible mineralisation and favourable structure. One half of the core is sent for analysis, while the other half is retained in the core boxes for future reference.

All samples are sent by courier to ALS Chemex's facility in Seville, Spain, where they undergo sample preparation. The resulting pulps are shipped by ALS to their laboratory in Romania for gold assay and routine ICP multi-element analysis. Gold analysis for all samples is done via method "Au - AA23" (Au by fire assay and AAS, 30g nominal sample weight). The detection limit for this method is 5 ppb. For every sample with Au values over 3 ppm, the pulp is re-analyzed by method "Au - GRA21" (Au by fire assay and gravimetric finish, 30g nominal sample weight). The detection range for this method is 0.05-1000 ppm.

A set of standards and blanks has been inserted by Colt into the sample stream on a regular basis in addition to the laboratory's own internal QA/QC standards and duplicates. QA/QC results to date are well within the accepted norm.

About Colt Resources Inc.

Colt Resources Inc. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on gold and tungsten. It is currently focused on advanced stage exploration projects in Portugal, where it is the largest lease holder of mineral concessions.

SRK ES Director - Gareth O'Donovan CEng MSc BA (Hons) FIMMM FGS, is the independent qualified person, as defined in NI 43‐101, for Colt's projects in Portugal. Mr. O'Donovan has reviewed the content of this press release, and consents to the information provided in the form and context in which it appears.

The Company's shares trade on the TSX‐V, symbol: GTP; the Frankfurt Stock Exchange, symbol: P01; and, the OTCQX, symbol: COLTF.

FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Colt Resources Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's revised annual information form dated April 20, 2011 available on SEDAR at www.sedar.com and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the maps, click on the link below:
http://files.newswire.ca/357/GTP-02072012-EN.pdf

SOURCE COLT RESOURCES INC.

Ritchie Bros. to conduct first Tipton auction of 2012 the day after World Ag Expo

Tue, 07 Feb 2012 17:00:00 +0000

Ritchie Bros. to conduct first Tipton auction of 2012 the day after World Ag Expo

PR Newswire

More than 245 agricultural tractors to be sold at Ritchie Bros. Tipton auction site on Friday, February 17

TIPTON, CA, Feb. 7, 2012 /PRNewswire/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest auctioneer of farm, construction and other equipment, will conduct an unreserved public auction at its Tipton, CA auction site on February 17, 2012. The auction will take place the day after World Ag Expo, the world's largest annual agricultural exposition, which is being held five-miles north of the Tipton site in Tulare County from February 14 - 16. More than 1,200 items from more than 250 consignors are already featured in the Tipton auction, including more than 245 agricultural tractors. Bidders can participate in the Tipton auction in-person, online in real time at www.rbauction.com or by proxy.

"We always try to arrange our first Tipton auction of the year around World Ag Expo because it provides convenience for our customers—they can participate and network at the convention and then purchase the equipment they need for the coming season all in one trip," said Jeremy Martella, Regional Sales Manager, Ritchie Bros. Auctioneers. "The auction already features a great selection of equipment, including more than 245 agricultural tractors from Case, John Deere and a variety of other manufacturers. We'll continue to have new equipment items added daily right up to auction day. So we encourage people to come for the show and stay for the auction."

Specific equipment highlights of Tipton, CA:

27 McCormick F Series T3 MFWD agricultural tractors (many unused)
two 2009 John Deere 8430 MFWD agricultural tractors
two 2008 John Deere 9430T belted tractors
a 2008 & a 2007 Challenger MT865B belted tractor
a 2008 & a 2007 John Deere 9530T belted tractor
a 2009 Challenger MT855C agricultural tractor
a 2011 John Deere 524K high lift wheel loader

Every item in the auction will be sold to the highest bidder on auction day—regardless of price—with no minimum bids or reserve prices. Other agricultural equipment highlights include swathers, seeders, spreaders, row crop equipment and more. The auction will also feature construction and transportation equipment, including wheel loaders, loader backhoes, motor graders, motor scrapers, crawler tractors, truck tractors and water, van, utility, dump, flatbed and mechanics trucks.

Consignments are still being accepted for the February 17^th Tipton auction—interested sellers can contact the auction site at +1.559.752.3343.

Ritchie Bros. at 2012 World Ag Expo in Tulare, CA - booth located on O Street, spaces 33 - 35
Ritchie Bros. will be participating at the 45^th annual World Ag Expo from Tuesday, February 14 to Thursday, February 16—the Company's booth is located on O Street, spaces 33 - 35. On Thursday, February 16 at 11 a.m. Ritchie Bros. will conduct a mock auction at its booth, designed to showcase how easy it is to use its auctions—prizes will be awarded (including an iPad2).

Ritchie Bros.' World Ag Expo tradeshow booth will also feature a few equipment items from the February 17^th auction on display. Attendees will also be able to watch live streaming video from Ritchie Bros.' six-day auction in Orlando, FL (the Orlando auction already features more than 10,150 equipment items—the most sold by Ritchie Bros. in a single auction).

Auction details:

Ritchie Bros.' Tipton auction site: 16140 Hwy 99, PO Box 1027, Tipton, CA 93272
Tipton auction site tel: +1.559.752.3343
Time and date: Friday, February 17, 2012. Auction start time: 8:00 a.m.
The auction is open to the public; registration to bid is free; a refundable bid deposit may be required
How to register and bid:

In person at the auction site
Online at rbauction.com - register in advance and bid online in real time on auction day; a refundable bid deposit may be required; first-time bidders should register several days in advance of the auction
By proxy - phone the auction site to place a proxy bid

Interested buyers can come to the auction site to inspect, test and compare items

About Ritchie Bros.
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world's largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. Ritchie Bros. offers services that enable the world's builders to easily and confidently exchange equipment. The Company conducts hundreds of unreserved public auctions each year, selling a broad range of used and unused equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. Ritchie Bros. has over 110 locations in more than 25 countries, including 43 auction sites worldwide. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com

ATTENTION MEDIA: Photos and other media resources are available for use at http://www.rbauction.com/media. A video showcasing Ritchie Bros.' Grand Opening auction in Tipton, California (February 2010) can be downloaded from YouTube and embedded on media websites: http://youtu.be/7x-Tf54HDIo. Members of the public and the media can follow Ritchie Bros. on Twitter @RitchieBros.

SOURCE Ritchie Bros. Auctioneers

USW Values USTR Settlement of 'Zeroing' in Trade Disputes

Tue, 07 Feb 2012 15:50:16 +0000

USW Values USTR Settlement of 'Zeroing' in Trade Disputes

PR Newswire

Obama Administration Needs to Clarify U.S. Rights within WTO

WASHINGTON, Feb. 7, 2012 /PRNewswire-USNewswire/ -- Leo W. Gerard, International President of the United Steelworkers (USW), today issued a positive but cautious reaction to the signing of understandings reached by the U.S. with the European Union, and separately with Japan, in long running trade disputes over antidumping methodology called 'zeroing.'

(Logo: http://photos.prnewswire.com/prnh/20080131/DC12982LOGO)

"USW members have been a petitioner or supporter of more than a third of the antidumping cases brought against imports during the last twenty years," Gerard said. "Strong trade remedy laws are important for stopping the destructive practices of many of our trading partners who dump products in our market that harm our union members and domestic producers."

Historically, U.S. law has captured 100 percent of dumping found with no reduction based on non-dumped sales. The World Trade Organization (WTO) Appellate Body, in a series of decisions in the last decade, viewed the WTO Antidumping Agreement as requiring WTO members to give 'credit' for non-dumped sales. The U.S. under two Administrations has viewed the WTO Appellate Body decisions as overreaching and contrary to what the U.S. had negotiated.

The agreements made by the USTR with the European Union and Japan were the result of U.S. efforts to settle long standing disputes with two major trading partners.

The USW has long urged a clarification of U.S. rights within the WTO in the ongoing Doha negotiations to specifically permit capture of 100 percent of dumping found, while also seeking to clarify the intended limits on the power of the WTO Appellate Body. The announcement from U.S. Ambassador Ron Kirk is a positive development on two counts – and raises cautions on a third.

"One count of our core objectives has been met with these announced agreements – a prospective application of any change – meaning no retroactivity – while avoiding retaliation is certainly a very positive outcome," Gerard said.

"Also positive is Ambassador Kirk's confirmation that the U.S. will continue to pursue clarification of our rights within the WTO to apply zeroing, which is important to all companies and their workers who rely on conditions of fair trade in the U.S. We will be working with the Administration to see that the clarification happens as quickly as possible," he added.

The USW President acknowledged there was no question that the modification will significantly undermine the historic ability of our antidumping duty law to address all injurious dumping.

"U.S. manufacturers and their workers will be disadvantaged, which now makes clarification of such rights extremely important."

Gerard said the USW will be monitoring how the changes are implemented and trusts that the Administration will rebalance the operation of U.S. law so jobs are not needlessly lost to international price discrimination. "This is a highly technical area of the law but, it has a huge impact on the jobs of our members," he explained.

"The Administration has the opportunity to review and alter existing U.S. practices by reviewing our rights under international law and determining how we can alter our approach to address the predatory pricing of our competitors to implement our rights and fight for our producers and workers."

Gerard emphasized: "Rebalancing must be a priority of the Obama Administration and of the Congress. No group has a greater interest in the vigorous enforcement of our antidumping law than the men and women who are employed in American manufacturing facilities."

The USTR Ron Kirk's announcement on the zeroing disputes can be viewed HERE.

Contact: Gary Hubbard, 202-256-8125, ghubbard@usw.org;
Wayne Ranick, 412-562-2444; wranick@usw.org

SOURCE United Steelworkers (USW)

El Condor Appoints Quebec Project Development Manager

Tue, 07 Feb 2012 15:47:00 +0000

El Condor Appoints Quebec Project Development Manager

PR Newswire

TSXV: LCO
US Symbol: ECNRF

VANCOUVER, Feb. 7, 2012 /PRNewswire/ - El Condor Minerals Inc. ("El Condor" or the "Company") in pleased to announce the appointment of Donald Baker, PhD, PGeo, as its Project Development Manager for the Horden Lake Copper Project, Quebec.

Dr. Baker has 34 years of experience in the exploration, management and evaluation of mining and exploration projects. He has held senior management and executive positions with a number of major companies including Royal Gold, one of the premier royalty companies, Homestake Mining, now a part of Barrick Gold, and Climax Molybdenum Company (AMAX, Inc), now part of Freeport McMoran.

Dr. Baker is a specialist on mining due diligence/opportunity analysis, finance and economics, and senior project management. He has worked extensively on exploration and development projects, including financing, in the US, Canada and Mexico as well as numerous European and African countries. He earned a PhD in Geology from the University of Georgia and holds an MBA from the University of Colorado-Denver. Dr. Baker is a Qualified Professional (Geology and Ore Reserves), certified by the Mining and Metallurgical Society of America.

Leigh Freeman, El Condor CEO commented: "We are extremely pleased with the appointment of Dr. Baker as Project Development Manager for Horden Lake. Don is an internationally-recognized geologist and resource analyst who has been involved in the development of important mineral properties globally and who has relationships with institutional-grade investors in North America, Europe and Asia. His diverse experience in project evaluations, acquisitions, and corporate development will have particular value to El Condor, and we expect his experience, judgment and leadership at Horden Lake will be most valuable in achieving our goals."

The Company is also pleased to report the release from escrow of all consideration pursuant to the Horden Lake transaction with Quetzal Energy Ltd. All rights and title to the purchased Horden Lake mineral claims have now been transferred to El Condor Minerals and registered with the Ministère des Ressources naturelles et de la Faune du Quebec (Quebec Ministry of Resources).

About El Condor Minerals Inc.

El Condor Minerals Inc. is a minerals exploration company focused on the discovery and development of large precious- and base-metal mineral systems in stable political jurisdictions. Currently the Company is developing the Horden Lake Copper Project, an advanced exploration stage copper-nickel deposit in Quebec. Additional information on El Condor, its properties and exploration and development activities is available at the Company's website: www.elcondorminerals.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Leigh W. Freeman"

President & CEO

SOURCE El Condor Minerals Inc.

New scientific report concludes Anglo American's Pebble Mine is too risky for Bristol Bay, Alaska

Tue, 07 Feb 2012 15:15:00 +0000

New scientific report concludes Anglo American's Pebble Mine is too risky for Bristol Bay, Alaska

PR Newswire

PORTLAND, Ore., Feb. 7, 2012 /PRNewswire/ -- The proposed Pebble Mine would siphon as much as 35 billion gallons of fresh water out of the headwaters of Bristol Bay, Alaska every year, eliminating critical salmon habitat. A new report, "Bristol Bay's Wild Salmon Ecosystems and the Pebble Mine: Key Considerations for a Large-Scale Mine Proposal," concludes the mine is too risky to be developed.

The report examines potential impacts of the proposed Pebble Mine on Bristol Bay's wild salmon fishery – the world's largest wild sockeye salmon run, with up to 40 million fish annually. Produced by the Wild Salmon Center and Trout Unlimited, the report details multiple concerns with excavating Pebble's massive deposit of copper, gold, and molybdenum.

Examining a wide body of scientific information, the report says too much is at stake ecologically, economically, and culturally to risk development.

"In addition to risks posed by the chronic leaching of contaminants or a catastrophic failure, the proposed mine would substantially alter the region's hydrology and salmon habitat," said Guido Rahr, President of the Wild Salmon Center.

Approval of the mine and its infrastructure will likely spur a much larger mining district, substantially increasing odds that mining will harm Bristol Bay's wild salmon, the report found. Pebble's infrastructure would enable mining claims covering 793 square miles, an area 10 times larger than Washington D.C. The report also presents case studies of mining companies polluting surrounding waters and leaving expensive cleanup costs to American taxpayers.

Preliminary information presented by developers indicates that Pebble Mine:

Contains ore with a high likelihood of generating acid mine drainage, which is severely harmful to salmon and other aquatic species;
Will produce up to 10.8 billion tons of waste rock, requiring miles of tailings dams which could reach 740 feet high; and
Will construct multiple sources of contamination, including an open pit and underground mine, an 86-mile road and pipeline route, and a deep-water port.

"The Pebble Mine proposal dwarfs all of the existing mines put together in Alaska and would have devastating consequences for salmon, and the wildlife and humans who depend on them," said Lance Trasky, retired Alaska Department of Fish and Game Regional Supervisor.

Full report at http://www.wildsalmoncenter.org/programs/north_america/pebblemine.php

Contact: David Finkel, Wild Salmon Center, 971-255-5568; dfinkel@wildsalmoncenter.org

SOURCE Wild Salmon Center

"Corporate Citizenship for a New World", Speech Delivered by Godfrey Gomwe, Executive Director, Anglo American South Africa at Mining Indaba, Cape Town, February 2012

Tue, 07 Feb 2012 15:02:00 +0000

"Corporate Citizenship for a New World", Speech Delivered by Godfrey Gomwe, Executive Director, Anglo American South Africa at Mining Indaba, Cape Town, February 2012

PR Newswire

CAPE TOWN, South Africa, February 7, 2012 /PRNewswire/ --

In the keynote address at Indaba, the world's leading global mining conference, Godfrey Gomwe, Executive Director, Anglo American South Africa, addressed the audience about Corporate Citizenship for a New World. Mr Gomwe's speech is as below:

When we met 12 months ago at last year's Mining Indaba, none of us could have predicted just how eventful 2011 would turn out to be. It was a year of major change and turbulence, both economically and politically. The first half of the year brought a continuation of the recovery we had seen in world economies since the global financial crisis, and the year as a whole was positive for our industry. But in the second half of 2011, the recovery ran into stronger headwinds of anxiety and the drumbeat of doubt became louder. The questioning focused on three topics in particular: Would the United States continue on the path to recovery, or would a combination of weak demand and political stalemate blow it off course? Would political leaders in Europe resolve their sovereign debt challenges or would the Eurozone instead descend into crisis?

And would growth in China and the developing world continue at a strong pace or instead weaken or stall? As the year progressed, the weight of these worries dented the confidence of financial markets and led to a period of significant volatility. Aversion to risk led to significant falls in equity markets and also to a weakening of commodity prices. And turbulence in 2011 wasn't just confined to world economies and the financial markets. From Tahrir Square to Times Square and from Damascus to St. Paul's Cathedral, the voice of protest was loud, if not always clear, in many parts of the world. The causes of discontent and the outcome of protest differed greatly from country to country. The Arab Spring had different roots from the wave of protests in western capitals later in the year. But, around the world, a consistent theme was the desire of people to have their say and the perception that they were not being heard. As we enter 2012, what will the year ahead hold for the world economy, for nations and for their people? And how should companies, particularly in the mining sector, respond to the challenges of the new world taking shape around us? In our own sector, we should not allow the short-term economic uncertainties to distract us from the fact that the long-term economic fundamentals for our industry are exceptionally strong.

Cynthia recently returned from an extensive visit to China and India. Her conversations there with customers, suppliers, business leaders and economists yet again confirmed our view that the potential for further economic growth remains massive. Over the next 20 years, we will see continued economic transformation, not just in China and India, but also in many other countries in Asia, Latin America and here on the African continent. The dramatic growth we have seen over the past ten years is only the beginning of the story. Even now, GDP per capita in China is just a fifth of that in the United States. On this measure, China is now where Japan was in 1950, just before its living standards really began to catch up with those in the US. And, on the same measure, India has even further to grow. The scope for further urbanisation and industrial development and for continued improvement in living standards is huge. For example, the proportion of the Chinese population living in cities has only just reached the level attained by the United Kingdom in 1850 and the United States in the 1920s. And this is despite the fact that 21 million people - a number equivalent to the population of Australia - moved to China's cities last year alone. There is a very long road still to travel. And the opportunities are not confined to the developing world. We should not overlook the prospects for further economic growth in the United States, where there is already clear evidence that recovery is taking hold, or in Europe, which will continue to be a major component of the world economy no matter what the shortterm challenges.

A strongly positive long-term outlook for global economies will inevitably support strong demand for commodities, translating directly into an enormously exciting future for our industry. Modern human life is impossible without mining. For thousands of years, mining has been one of the key engines propelling the development of civilization. Today, it is more important to the global community than ever. We have said it before and I will say it again - mining is the lifeblood of the twentyfirst century economy. We are hugely optimistic about the future opportunities for the mining sector. But what will it take for us, as an industry, to make that exciting future a reality? The answer lies in a new model of corporate citizenship for the new world in which we now live. Mining is a long-term business. In this room we are all accustomed to thinking not just of today but also of the years, decades and even centuries ahead. Integral to that way of thinking is a recognition that mining companies are totally interdependent with the countries and communities they serve. That is why partnership is so important to us as an industry - partnership with governments, partnership with local communities and partnership with employees and trade unions. For Anglo American, people and partnerships are at the heart of our business. And the importance of partnership extends to the relationship between mining companies themselves. Notwithstanding the fierce competition between us, we frequently work together to develop major projects and we should always work together to ensure that the case for responsible mining is heard. In pursuing partnership, mining companies have some very important responsibilities, as Anglo American demonstrates in every country in which we operate.

The starting point is the contribution we make to economic development, in terms of revenue and employment. But that direct contribution is just the beginning. Our contribution is broad-based and inclusive and it benefits all our stakeholders. Building on our previous empowerment transactions, we were very proud to announce at the end of last year our ground-breaking R3.5 billion community trust scheme in Anglo American Platinum. The scheme will benefit both the communities around four of our operations and communities in key labour-sending areas, in an enduring 30 year partnership. We also celebrated at the same time the outstanding success of the Envision employee share ownership scheme in Kumba Iron Ore, which, together with our Sishen Iron Ore Community Trust, is ensuring that both employees and communities benefit from Kumba's success. And our revised partnership with Anooraq, announced last week, demonstrates our commitment to the long-term sustainability of BEE relationships. The contribution mining makes is not just to today's economy. Mining is also vital to the development of a sustainable economy for tomorrow. In December, we participated in the successful United Nations COP 17 conference on climate change, hosted by the South African Government in Durban.

The conference demonstrated that the debate about climate change is as much about development as it is about sustainability and that the mining industry has a critical role to play. Governments around the world are seeking to improve the living standards and life chances of their people. They need to create jobs, drive social and economic development and eradicate poverty. And access to energy is essential to development. In countries with widespread access to electricity, people lead healthier lives, are better educated and live longer. It is a development imperative to address the needs of the 3.5 billion people who still have inadequate access to electricity or no access at all. Coal has a critical role to play in solving that problem. Affordable, abundant and widely available, it is used to meet more than 40 per cent of the world's electricity needs and it will be the cornerstone of the global energy mix for decades to come. Clean coal technology is at the heart of our coal investment strategy. The ideas and innovation of the mining industry can help to ensure that future energy and development needs are met both effectively and sustainably. The role of mining innovation in enabling the green economy of tomorrow is very broad. Metals are essential to creating the low carbon economy. To take just three examples: The cars we drive today contain between 20 and 45 kilograms of copper, but the hybrid and electric cars of the future will contain up to three times this amount. A one megawatt wind turbine contains almost four tonnes of copper. And 95 per cent of the world's new cars will have a platinum-based auto catalyst to capture noxious gases.

A further opportunity about which we are particularly excited is the prospect of creating a vibrant fuel cell industry right here in South Africa. Hydrogen fuel cells using platinum catalysts are efficient, versatile and scalable. They represent a proven technology that can provide clean, reliable and costeffective power, as we will demonstrate at the Indaba gala dinner tonight, which will be partly powered by a 50 kilowatt platinum-based fuel cell. We believe that, with platinum at its heart, a fuel cell industry in South Africa could both create jobs and help to meet this country's energy security needs, while at the same time creating clear potential to export knowledge and products to a global market. In addition to the role that mining plays in supporting today's economy and helping to build the green economy of tomorrow, the industry has a vital role to play in the broader development of sustainable communities. At Anglo American, we fully recognise that responsibility. Alongside our steadfast commitment to safety and to the environment, we also believe that companies have an important responsibility to promote health, education and decent housing. These commitments run alongside our investment in the creation of jobs and business opportunities in local economies. Anglo American Zimele funds have now invested over R500 million in South African small and medium sized businesses, creating over 18,000 jobs. We are very confident that we will achieve our goal of creating 25,000 sustainable jobs by 2015. Our drive on local procurement complements Zimele's work. Over the last 10 years, BEE procurement here in South Africa has grown from less than $150 million a year to more than $3 billion.

And, building on our South African experience we have used the Zimele model to create very successful enterprise development programmes in Brazil, Chile and Peru. For example, in Chile over 2000 small businesses have been supported by the Emerge project. And this commitment sits alongside an extensive community investment programme, including an investment of $3.5 million in housing development projects. We also contributed $10 million to the vital clear-up and reconstruction work following the Chilean earthquake in 2010. Wherever we operate, we are committed to making a positive difference and to working in partnership. But, as the word "partnership" implies, this isn't just about what we or other mining companies do. It's also about the role that other stakeholders play in partnership with us. I'd like to touch briefly on the critical role played by one of those stakeholders, namely government. The first and most fundamental role of government is to ensure the rule of law. A clear and fair regulatory framework, upheld by a strong, independent judiciary is vital. Mining companies need to know that their property rights will be respected and protected. We make major investments and we need to be able to plan with confidence for the long term future. Wherever we operate, we look to the courts to be independent and impartial in upholding the rights of citizens and companies. As we have seen again recently, the courts in South Africa demonstrate those qualities.

We expect the same fair treatment elsewhere in the world and we are confident that we will receive it. If the fundamentals of the rule of law are in place, the other key building block is for Government to create a sound economic policy. It is critical that taxation and royalty regimes enable mining companies to earn a fair return on their investment and are not subject to arbitrary and unpredictable change. It's also vital for governments to ensure that their nations have what it takes to grow. Societies cannot flourish without effective health and educational systems and sound governmental administration. Crucially for the mining sector, they also need adequate physical infrastructure of energy, water supply, railroads and ports, to enable efficient production and distribution. At Anglo American, we were enormously encouraged that the South African Government's National Development Plan has recognised both the vital role that the mining industry plays in the economy and the constraints that must be removed to maximise mining's contribution to industrial development. The Plan rightly highlights that uncertainties in the regulatory framework and property rights, electricity shortages, infrastructure weaknesses and skills gaps must be addressed to create the right investment climate. In this context, it is clearly important this year to resolve once and for all, in the right way, the lingering uncertainty created by the nationalisation debate. In common with the rest of the mining sector and the business community as a whole, we have made clear many times our strong view that nationalisation does not work and that the continuation of debate on the topic has been damaging to South Africa's reputation as an investment destination. We welcomed the opportunity, as part of the Chamber of Mines, to provide our views, and the clear evidence to support them, to the ANC Committee on State Intervention in the Mineral Sector.

We look forward to the policy debate reaching a clear conclusion that nationalisation would be the wrong path for South Africa to follow. As well as removing the doubt hanging over the mining industry, that conclusion will enable us all to concentrate on the real priority of working in partnership to tackle unemployment, poverty and inequality. We are committed to working positively with government in all the countries in which we operate. In today's world, with the technology of instant communication and social media, both governments and companies are under scrutiny as never before. Transparency is essential. Citizens and communities are questioning in their approach and they expect a conversation and not a lecture. Around the world, whether here in South Africa, or in Australia, Brazil or Chile, we seek to be a constructive and engaged partner in building lasting prosperity. True partnership involves humility and an open mind. We are always ready to listen and to talk. But partnership also involves honesty and at times it requires bravery too. Anglo American has shown many times that it will not hesitate to stand up for its rights and for its beliefs. That remains as true today as it has been in the past. We will never allow ourselves to be intimidated or bullied into departing from the path we know to be right. We have the courage of our convictions.

For further information, please contact:

Media
UK
James Wyatt-Tilby - Anglo American
Tel: +44(0)20-7968-8759

Emily Blyth - Anglo American
Tel: +44(0)20-7968-8481