General Metals Corporation (the “Company”) (OTCBB: GNMT) (FRANKFURT: GMQ) management is excited about the results reported in the Interim Report prepared by Samuel G. Nunnemaker, Reg. Geo., B.Sc., consulting geologist to the Company. Nunnemaker is a Qualified Person who has supervised the entire development drilling program discussed in the report and continues to do so throughout 2008 thus far. Mr. Nunnemaker has already begun updating the report for the results received since hole GM-59 (Hole GM-60 through GM-74).
“I am most enthused by the report’s description of the Hill Zone,” said Dan Forbush, Company CFO. “The Hill Zone was discovered as a part of the ongoing integration of current drill and analytical data with the historic geologic, geochemical and mining data.”
Historically, mineralization at the Independence mine was believed to be terminated to the north by the Canyon fault. Interpretation of General Metals drilling in the Independence target and historic gold-silver surface sampling data indicated the offset of the Canyon fault Read more
Samuel Gary Jr. & Assoc., No. 1-4 Wondra etal, 100 feet west, c w/2 ne se of 4-17s-12w; oil well from Arbuckle, interval n/a.
Samuel Gary Jr. & Assoc., No. 1-10 Reif-Wondra, 1870 feet from south line and 1270 feet from east line, sec of 10-17s-12w; oil well from Arbuckle, interval n/a.
Ellis County
Tri United, No. 1 Vine, 3500 feet from south line and 1090 feet from east line, sec of 35-11s-19w; 26 bopd and 58 bwpd from Arbuckle at 3661-3666.
T-N-T Engineering, No. 10 L. L. Austin, 2123 feet from north line and 884 feet from east line, sec of 36-12s-16w; oil well from Arbuckle, interval n/a.
Dreiling Oil, No. 3 Werth, 2190 feet from north line and 920 feet from east line, sec of 4-14s-17w; 45 bopd and 20 bwpd from LKC at 3315-3364. Read more
Five companies and a union affiliated with the polygamous Kingston family are fighting back against a Missouri utility that forced the family’s Emery County coal mine into involuntary bankruptcy last fall.
The six entities filed a lawsuit last week in U.S. District Court for Utah against Aquila Inc., a Kansas City-based utility that provides electric and natural gas service to approximately 900,000 customers in Colorado, Iowa, Kansas, Missouri and Nebraska.
They claimed Aquila’s aggressive efforts to collect a $25 million judgment against C.W. Mining Corp., which operates the Bear Canyon mines in Huntington Canyon, prevented the company from paying for mining equipment needed to cut the coal needed to pay its debts.
The six – World Enterprises, ABM Inc., Security Funding Inc., C.O.P. Coal Development Co., Standard Industries Inc. and the International Association of United Workers’ union – are asking for $217 million in compensatory damages plus punitive damages. Read more
Bangalore-based public sector mining equipment giant BEML Ltd has bagged an export order worth Rs 44.50 crore from African countries.
The orders comprise of 35 equipment valued at Rs 21.50 crore from Tunisia and 18 equipment valued at Rs 13 crore from Malawi. The Equipment range from small size Bull Dozers to Back Hoe Loaders, Wheel Loaders, Hydraulic Excavators among others, a company statement said.
AP: Investors on Friday rewarded Joy Global Inc., which makes mining equipment, for a fiscal second-quarter profit that easily topped Wall Street expectations. The stock peaked at a new year high.
Net income for the three months ended May 2 fell to $72.1 million, or 66 cents per share, from $77.6 million, or 70 cents per share, in the year-earlier period.
But excluding one-time charges of 13 cents per share for a contract termination and 7 cents per share related to an acquisition in February, Joy Global had adjusted earnings per share of 86 cents, 14 cents more than analysts polled by Thomson Financial expected, on average.
Shares rose $3.79, or 4.7 percent, to $84.23, after earlier hitting a year high of $85.80. Since the closing price Wednesday, the day before earnings were announced, shares have risen about 7 percent.
Read more
The public sector construction equipment company Bharat Earth Movers Ltd today signed a memorandum of understanding with country’s largest steel producer Steel Authority of India Limited for supply of earth moving equipment and spares.
As per the agreement, SAIL shall purchase a total of 261 mining equipment worth Rs 477 crore over a period of next three years, an official release said.
The equipment envisaged under the agreement are dumpers, dozers, motor graders, high end hydraulic excavators and tyre handlers, it said.
In addition, the agreement also provides for the maintenance contract of the fleet of equipment valuing to approximately Rs 300 crore that are to be supplied.
PERTH, Western Australia, Mar 27, 2008 (Canada NewsWire via COMTEX) — MINING CONTRACT FOR THE MASBATE GOLD PROJECT AWARDED TO LEIGHTON
CONTRACTORS
The Boards of CGA Mining Limited, Filminera Resources Corporation (“FRC”) and Phil. Gold Processing and Refining Corp. are pleased to announce that they have executed a 6 year mining contract with Leighton Contractors (“Leighton”), one of Australia and Asia’s pre-eminent and most highly regarded contractors, for the Masbate Gold Project in the Philippines. Leighton will provide the full mining fleet and associated equipment and will provide mining and technical services for the project.
It is anticipated that Leighton Contractors will commence on site activities in relation to the tailings storage facility this month. The initial work will comprise the construction of Stage 1 of the main embankment to a height of 20m above the natural ground level Read more