Belvedere Resources Ltd. (the "Company") is pleased to announce that it has now signed the Final Agreement to acquire the Hitura Nickel Mine from Outokumpu Mining Oy and the remaining 55% of Finn Nickel (Suomen Nikkeli Oy).

Hitura is an operating mine and concentrate facility which currently produces 2,200 tonnes per annum of nickel. As of December 2006 Hitura had remaining reserves of 919,000 t (at) 0.61% nickel, and remaining resources (Measured + Indicated) of 1.7 Mt (at) 0.71% nickel. The Hitura mine business will be acquired from Outokumpu Mining Oy as a going concern with all personnel and equipment including a 650,000 tonnes per annum capacity mill. In exchange Outokumpu receives 7,482,843 Belvedere shares with half warrants attached. Of those shares, 35% will have a 4 month hold with the remainder subject to an eight month hold. Each whole warrant is exercisable at $1.33. The warrants are non-transferable and valid for two years from the date of issue. In addition Belvedere will issue 4,809,972 shares equivalent to the cash on balance at time of signing ((euro)3.214 million). Those shares will be subject to a four month hold and have no warrants attached.

Finn Nickel is an unlisted Finnish company with a number of advanced nickel, copper and cobalt projects in southern Finland. Finn Nickel's current resources are 21,000t nickel, 14,000t copper (Indicated); 15,000t nickel, 5,000t copper (Inferred) and 13,000t nickel, 30,000 t copper (Historical). Belvedere acquired its initial 45% holding in Finn Nickel in 2006 for (euro)1 million cash. The remaining 55% of Finn Nickel will be purchased from the private shareholders in proportion to their holdings in Finn Nickel for 8,231,127 Belvedere shares. A further 1,496,569 Belvedere shares will be issued to the private shareholders of Finn Nickel conditional on their securing the necessary agreements for the rapid start-up of their nickel operations prior to final closing of this transaction. Of the Finn Nickel shares 35% will be subject to a 4 month hold, with the remainder subject to an 8 month hold period.

Final closing of the deal will occur in two parts, with the Finn Nickel deal expected to be closed by the end of April 2007 and the Hitura deal expected to be closed in late June 2007. The TSX Venture Exchange has given conditional approval for the transaction.

Belvedere is undertaking a private placement to raise between C$ 10-12 million at C$ 1.25 per common share with no warrants attached. The Private Placement will be a non-brokered Private Placement handled by London stockbrokers Ocean Equities Ltd. A finders fee will be payable to Ocean Equities in accordance with the policies of the TSX Venture Exchange. The net proceeds will be applied to the general working capital of the Company, and to fast track the development of a number of the Finn Nickel projects.

Forward-Looking Statement:

Some of the statements contained herein may be forward-looking statements, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. Forward-looking statements in this release include statements regarding the Company's expected future production of nickel, as well as any references to the closing of the final transaction which is dependent on certain closure procedures being successfully carried out. It is important to note that the Company's actual results could differ materially from those in such forward-looking statements. Factors that may affect expected future production include typical problems or delays with mining and processing, failure to convert resources into mineable reserves, and environmental permitting problems. Factors that may lead to non-closure of the deal include closing conditions not being fulfilled. This statement is prepared by Dr. Toby Strauss, who is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release.

BELVEDERE RESOURCES LTD. David Pym, CEO


The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this news
release.


For further information

David Pym: +44-7931-371869
Toby Strauss: +353-87-9870344
Steve Cuthill: (604) 513-0007


Source: Belvedere Resources Ltd.

The platinum price will remain at current high levels for longer and not fall to a level of $1 000 per ounce as generally forecast by producers and analysts.

This is the personal view of Jonathan Garner, Morgan Stanley's head of global emerging-market strategy. At a brief meeting in Johannesburg he said that the platinum price should remain robust on the back of autocatalyst demand and environmental concerns becoming more paramount in developing markets.

Garner is optimistic about South African platinum stocks for the same reasons and the fact that local companies held almost exclusive control of trade in this commodity.

He preferred resources to financial stocks in the South African market as they are less exposed to cyclical risk.

South African banks trade at a price:earnings (PE) of between ten and 13 compared to banks in a country such as Turkey that trade at PEs of seven and nine while offering similar returns on equity (ROE).

In contrast, the earnings outlook for resources companies were "good", with Morgan Stanley rating mining companies Aquarius, BHP Billiton, Evraz, Grupo Mexico, Lonmin, Norilsk Nickel, POSCO and Rio Tinto as "overweight" and Impala and Antofagasta as equal-weight.

This is against the background of this year's expectations for global earnings growth rising, with higher increases of 15,6% expected in emerging markets compared to 8,3% in the developed world.

Stocks in emerging markets were still cheap and expected to show growth in earnings, while stocks in developed markets were more stagnant.

"Emerging stocks come at a 20% PE discount but carry double the growth expectations. They have a higher dividend yield and higher ROE.

Garner expects the economies of the United States and China to "re-accelerate" in the second quarter of 2007, boosting global growth and commodity prices.

He said that he had initiated coverage of platinum stock Impala as the company had a large market capital although most analysts favoured Aquarius.
"Portfolio managers seeking exposure to the sector want to put a meaningful amount of money in a large stock."

source news : moneyweb.co.za

Oriel Resources plc ("Oriel", or the "Company")(TSX: ORL)(AIM: ORI), the London-based chrome and nickel mining and processing company has been awarded the 2006 European Mining Deal of the Year by Project Finance Magazine for the funding of it's 100% owned Voskhod Chrome Project ("Voskhod"), north west Kazakhstan.

Completed in December 2006 and advised by Endeavour Financial Limited, the US$120 million Voskhod financing deal was not only one of the fastest mining deals closed to date, but it was the first mine to be project financed by the recently formed Russia/Kazakhstan joint venture, the Eurasian Development Bank ("EDB").

The US$120 million financing comprises a:

- US$40 million seven-year loan and a US$20 million cost overrun facility provided by WestLB and HVB/Unicredit and a;

- US$60 million loan provided by EDB.

The deal also comes with no political risk insurance showing the banks strong support for Oriel and the Republic of Kazakhstan.

Voskhod is located within the Khromtau District of the Aktobe Region of north western Kazakhstan. A newly completed tarmac road links the town of Khromtau with Aktobe, the regional administration centre, 110km to the west. The Voskhod deposit is itself 7km NNE of Khromtau and is surrounded by a group of existing and exploited mines.

The annual production will place Voskhod in the top three global suppliers of high-grade chrome ore, a critical ingredient in the growing stainless steel market. Market expert, Heinz Pariser of Alloy Metals and Steel and Market Research has set a price forecast for 48% Cr2O3 Kazakhstan chrome ore from 2006 to 2015 as between US$154 and US$224 per tonne in Kazakhstan, free on board at railhead at Russian border.

Approximately one-third of Voskhod's beneficiated chrome ore production is destined for Oriel's own Tikhvin ferrochrome smelter in Russia, leaving the other two thirds of Voskhod's production for sale to other producers. Oriel is confident that off-take agreements for 70% of production will be finalised before the end of 2007.

Dr Sergey V Kurzin, Executive Chairman of Oriel commented:

"Our congratulations and thanks go to Endeavour Financial for their hard work in arranging the funding facility and for contributing to the winning of this award. The Oriel Board is extremely pleased to have closed Voskhod's debt financing in such a short time frame and would like to thank the Eurasian Development Bank, Bayerische Hypo- und Vereinsbank AG and WestLB AG for their support."

"In particular, we welcome EDB's involvement as a joint venture between the Russian and Kazakh Governments and are delighted to be involved as one of its first major mining financings. We look forward to long-term co-operation with EDB on other projects within the region."

Notes to Editors:

Oriel Resources was formed in July 2003 with Dr Sergey V. Kurzin as Executive Chairman and CEO and is a London-based chrome and nickel mining and processing company with its Ordinary Shares and Warrants admitted to trading on the Alternative Investment Market (AIM) and its Ordinary Shares listed on the TSX Stock Exchange.

Its primary focus is on the identification, acquisition, exploration and development of advanced chrome, nickel, and other alloying opportunities in the countries of the FSU, including The Republic of Kazakhstan and The Russian Federation. The Oriel group currently has three projects, namely the Tikhvin smelter project, Russia, the Voskhod chrome project and the Shevchenko nickel project, both situated in north-western Kazakhstan. Following the results of recent feasibility studies for the Russia and Kazakh-based projects and given the current high demand for chrome and nickel products, the directors are fast-tracking the Voskhod chrome and Tikhvin smelter projects into production while further developing the Shevchenko nickel project.

Contacts:
Oriel Resources plc
Dr Sergey V Kurzin
Executive Chairman
+44 (0) 20 7514 0590

Oriel Resources plc
Nick Clarke
Managing Director
+44 (0) 20 7514 0590

Oriel Resources plc
Gavin Dallas
Marketing and PR
+44 (0) 20 7514 0590
+44 (0)20 7514 0591 (FAX)
Email: info@orielresources.com
Website: www.orielresources.com

Bankside Consultants
Michael Padley / Michael Spriggs
+44 (0) 20 7367 8888

Vanguard Shareholder Solutions
Keith Schaefer
(604) 608-0824

Copyright © 2007 SYS-CON Media

Brazil's agriculture minister Luis Carlos Guedes Pinto will arrive in Jakarta on Thursday on a two-day visit to explore cooperation in the ethanol field AND opportunities in agribusiness, the Brazilian Embassy said. Like Indonesia, Brazil is rich in natural resources. Brazil currently produces the most ethanol in the world, a flammable, colorless and slightly toxic chemical compound which can be used as a fuel in cars.

During his two-day stay, Pinto will meet his Indonesian counterpart Anton Apriyantono and sign a Memorandum of Understanding (MoU) on the establishment of a Consultative Committee on Agriculture," the embassy said in a press release sent to The Jakarta Post.

Guedes Pinto will address a seminar on Friday on agribusiness in Brazil, the release said.

Indonesia, a major oil and gas producer, has been facing problems in the energy sector due to a decline in production and a growing demand. The country is currently seeking alternative sources of energy.

"I have received so many requests, including from ministers and businesses, for information on the ethanol industry in Brazil. We are ready to cooperate with Indonesia in this field," Brazilian Ambassador to Indonesia Edmundo Sussumo Fujita told the Jakarta Post recently.

The visit of Guedes Pinto will enable local companies to learn more about how to produce ethanol in Indonesia.

In recent years, relations between Indonesia and Brazil have strengthened, especially in the economic field.

Their total bilateral trade surged to 1.02 billion dollars in the first eleven months of 2006, a 31.73 percent increase from 777.26 million dollars during the same period in 2005.

Brazilian mining giant CVRD, through its subsidiary PT International Nickel Indonesia (PT Inco), said it is planning to build a 500 million nickel processing plant in Central Sulawesi.

CVRD bought Inco, the parent company of PT Inco, for a record 17 billion dollars from Canadian owners.

source news : adnki.com

Lara Exploration Ltd. reports that Xstrata Brasil Exploracao Mineral Ltda. ("Xstrata") has relinquished its earn-in rights to Lara's Par Nickel properties in northern Brasil. The 43,000 hectare property covers the Vila Oito discovery, where Falconbridge Brasil Ltda. ("Falconbridge") drilling in early 2006 intercepted near-surface nickel lateritic and silicate mineralization. The relinquished property also includes the Conceicao de Araguaia nickel sulphide target where surface sampling and airborne geophysics has outlined a 10 kilometer-long nickel-copper sulphide anomaly.

Vila Oito

Falconbridge completed 19 diamond drill holes for a total of 661 meters into the Vila Oito target in early 2006, resulting in the discovery of a 1.0 kilometer by 1.4 kilometer near-surface nickel silicate-laterite body (Lara press release May 15, 2006). The best drill result was received from hole FPB-06-09 which intersected 21.95 meters at 1.36% nickel from a depth of 2 meters including 8.9 meters at 1.78% nickel. The Vila Oito mineralization extends off Lara's property to the south, but is open to the north within the property.

Conceicao de Araguaia

Reconnaissance work in 2005 encountered outcropping ultramafic rocks with sulphide minerals and subsequent soil sampling by Falconbridge has outlined a 10 kilometer discontinuous nickel and copper anomaly. In mid-2006 an airborne VTEM (electro-magnetic) survey was flown that outlined a series of geophysical targets coincident with the surface geochemical anomalies.

Regional Exploration

Given Falconbridge's success at Serra da do Tapa and Vale dos Sonhos deposits as well as the success at Vila Oito and Conceicao de Araguaia, Lara initiated a regional exploration program and registered additional claims within the Araguaia district. Including the properties returned by Xstrata, Lara now holds approximately 300,000 hectares of mineral rights within the district. Through 2006 a reconnaissance program was completed over these areas and in late 2006 airborne geophysical and photo-geological datasets were acquired from Falconbridge. The Company is currently processing this data to produce an integrated study of geophysics, satellite imagery and field data to define targets within this extensive land package.

Quality Control

Michael Bennell, Lara's Vice President Exploration and a member of the Australasian Institute of Mining and Metallurgy (AusIMM), is a Qualified Person as defined by National Instrument 43-101, and is responsible for the preparation and verification of the technical information in this release.

Forward-Looking Statement

Some statements in this report contain forward-looking information. These statements address future events and conditions and, as such, involve inherent risks and uncertainties. Actual results could be significantly different from those projected.

About Lara

Lara is a well-funded junior exploration company with fourteen (copper-gold-nickel-tin) projects in Brazil and the Lara oxide copper deposit in Peru. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA".

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

source news : ccnmatthews.com

Norilsk Nickel has appointed Denis Morozov, a deputy to the current chief executive Mikhail Prokhorov, to succeed him in the command spot at Noriilsk Nickel.

The selection of a new chief executive at Russia's leading mining company was released to the Moscow market this afternoon, following by 48 hours a published announcement from the company denying that a significant change was imminent! On March 13, according to the company website, "in response to numerous mass media inquiries, MMC Norilsk Nickel (the Company) informs that in late April - early May General Director of the Company Mikhail Prokhorov will work in Russia as previously scheduled. Any media reports stating otherwise (including those on his alleged marriage) are not true."

The promotion of Morozov, a 33-year old lawyer, and the continuation of Prokhorov, 41, are not contradictory, because Morozov has been the safe pair of hands on which Prokhorov, and co-owner Vladimir Potanin, have relied for several years. His time in the senior management started in 1999, when he was 26; from 2001 to 2003, he headed the company's legal department.

In 2003-2004, when Prokhorov was under the influence of financial strategist and freelance opportunist, Leonid Rozhetskin, Morozov may have been warning Prokhorov and Potanin to move more prudently. But if, after Kremlin objections materialized to the $1.16 billion Gold Fields purchase, Morozov told the two shareholders "I told you so", the warning sound wasn't audible.

The upshot, however, was that Rozhetskin was fired in January 2005, along with Dmitri Razumov, and Morozov replaced the two of them as a deputy CEO on the board with his responsibilities enlarged from legal counsel to corporate strategy and investor relations.

Three months later, in April 2005, Morozov took the unusual step of publicly announcing that a statement by Prokhorov the day before -- that the parent company intended to spin off its gold assets into a separate gold unit, and then take it public -- wasn't quite accurate, at least not at the time. Morozov's statement was the first ever by a non-shareholding executive of Norilsk Nickel to cross, or correct, a shareholder in public. In retrospect, Prokhorov did exactly what he said he was going to do; at the time, Morozov was covering his boss for the inadvisability of his timing.

As Morozov knew, on Kremlin orders the Central Bank was investigating the legality of the Gold Fields acquisition; the unwinding of the deal, to which Potanin had agreed with the Kremlin, had yet to happen. Morozov (whose name in Russian means "Mr Frost") had been chief of legal compliance for the transaction the year before. He had also assured the transaction banker, Citibank, that his management had secured all the required governmental and regulatory approvals for the deal. To put the position politely, that was an exaggeration.

Like Prokhorov, Morozov is allergic to answering unrehearsed questions. He has favoured the occasional sponsored leak to wire services willing to oblige him. He was one of the few senior executives in the company to admit in 2005, albeit by a telephone leak to a wire service, that Norilsk Nickel had joined Harmony Gold in its move to take over Gold Fields entirely.

Last month, in his most recent public presentation, Morozov claimed that his company's annual report had been a big winner in a Russian contest for corporate reports issued by companies listed on the domestic RTS exchange. Among other things, according to Morozov, his 2005 report was "the best in the category [for] Information Disclosure and Transparency".

For Morozov to replace Prokhorov at this stage is interpreted by Alfa Bank metals analyst, Vladimir Zhukov, as "a sign of the company's intention to maintain its present course and implement its previously approved development strategy...We currently view this news as POSITIVE and reiterate our BUY recommendation on Norilsk Nickel with a 12-month target price of $223 (30% upside)."

Since neither management nor shareholders of the company know whether the Kremlin has decided to acquire shareholding control of Norilsk Nickel, buying out Potanin and Prokhorov, Morozov's appointment can also be interpreted as a conservative move to mitigate whatever friction currently exists between Prokhorov and the authorities. He can be counted also to preserve maximum bargaining power over stake valuation and pricing for the two shareholders in the months ahead.

A board of directors decision confirming Morozov is expected before the end of the week.

source news : mineweb.net

Russian billionaire Mikhail Prokhorov has resigned as general director and president of OAO Norilsk Nickel, the company said Thursday, in an earlier-than-expected move that could foreshadow quickening efforts by the Kremlin to take over the mining giant.

Prokhorov's resignation comes amid the reorganization of the holdings and structure of Norilsk Nickel - the world's largest nickel miner - and its parent company, ZAO Interros Holdings.

Interros announced in January that its chief, Vladimir Potanin, would buy out Prokhorov's stake in Norilsk Nickel and that the two billionaires would remain joint owners of Interros' other assets, which includes OAO Polyus Gold - one of the world's largest gold producers.

Interros said Prokhorov would manage his stakes in those companies through a separate investment company, step aside as an Interros shareholder and resign as Norilsk's chief executive by year's end.

In a statement Thursday, however, Prokhorov said he was resigning earlier than expected because "it became clear that to hold the executive responsibilities in Norilsk Nickel and simultaneously form the new business' planned configuration ... was impossible."

Denis Morozov, head of Norilsk's corporate and legal affairs department, was nominated to take over as general director.

Some analysts have speculated that the shuffle at Interros and Norilsk Nickel could pave the way for a Kremlin takeover of its mineral assets - part of the government efforts to assert authority over Russia's vast and lucrative mineral and hydrocarbon resources. Norilsk also mines copper, zinc, paladium and platinum.

In comments to reporters, meanwhile, Prokhorov warned against any efforts by the state to take over the company.

"I think it wouldn't be right for the state to take Norilsk Nickel," Prokhorov was quoted by the Interfax news agency as saying. "The state is not an effective manager."

Prokhorov's comments on a possible state takeover of Norilsk appear to contradict the view of Potanin, who said in a February interview with the Russian edition of Newsweek magazine: "If that happens, I won't take it as a personal tragedy, but as a change in the (business) climate."

Prokhorov gained notoriety earlier this year when French prosecutors detained him briefly on suspicion of being involved in a prostitution ring working out of a luxury Alps ski resort. He was released without charge.

Prokhorov and Potanin are among Russia's wealthiest men, appearing on Forbes' listing of billionaires this year in an estimated net worth of US$13.5 billion (euro10.2 billion) - nearly double what they were estimated to be worth last year.

Copyright 2006 Associated Press. All rights reserved.

Kazakhmys PLC full year profits more than doubled on high copper prices but still came in below analysts expectations, keeping the shares volatile for most of the day, with the share price swings compounded by a lack of acquisition news.

At 1.08 pm shares had recovered from an earlier 25 pence slump to add 5 at 1094, but continued to underperform the mining sector, with BHP Billiton (nyse: BBL - news - people ) gaining 4.2 pct, or 42-1/2 to 1032, Antofagasta lifting 18.50 pence to 466-1/2 and Anglo American (nasdaq: AAUK - news - people ) adding 85 to 2439.

The Kazakh copper producer said pretax profit for the year-ended Dec 31 rose to 2.17 bln usd from 0.85 bln, on the back of revenues up 94 pct to 5.05 bln usd.

Earnings before interest, tax, depreciation and amortisation excluding special items rose to 2.3 bln usd from 1.07 bln, slightly below consensus forecasts of 2.4 bln usd.

Earnings per share also came in below expectations at 3.00 usd -- consensus forecasts had been for 3.07 usd, compared with last year's 1.31 usd.

Kazakhmys lifted its total dividend by 7 pct to 38.5 cents on a comparable post-Listing basis.

In reaction to the data, Credit Suisse said that one disappointing feature of the results was the lack of new deals.

It thought that last week's acquisition of acreage in the Caspian Sea -- through its buy of exploration company Dostan-Temir -- was a stepping stone in petroleum, but the broker was hoping to hear more on other potential deals in nickel, zinc, iron ore and copper.

The analyst added that this is in line with the company's mantra of becoming 'The BHP of Kazakhstan' - which so far is taking longer than it had anticipated, partly due to the rising costs of buying assets.

Chief executive Oleg Novachuk echoed this view, saying the company had almost bought a project 'in the oil sector' last year 'but we thought the price they were asking was too high.' He could not reveal the company or the price.

More than a year after its London listing, and with no major acquisitions under its belt, Novachuk said the company is still looking for a deal that would deliver good shareholder value, 'therefore we are trying to select and deliver one good deal rather than a few questionable ones.'

Without a substantial return to shareholders, which has been favoured by major mining companies like BHP Billliton and Rio Tinto benefiting from the commodity price boom, Kazakhmys accumulated free cash flow in 2006 of 1.3 bln usd with which to make acquisitions.

The company also has the option, exercisable this year, to buy Chairman Vladimir Kim's stake in fellow resources group Eurasian Natural Resources Corporation PLC.

The chairman owns a 25 pct stake in the holding company of ENRC, which translates to an 18.8 pct indirect stake in the integrated mining company, which is headquartered in London.

ENRC, which is currently mulling a London listing, today announced the appointment of a new finance director Miguel Perry.

Kazakhmys' Novachuk said it would be happy either way if the company listed or remained private, because 'we will have ways to co-operate.'

He explained that if they do list, 'our stake will be liquid, but we are very comfortable either way private or listed.'

Kazakhmys said its independent directors were in the advanced stages of performing a valuation of ENRC, and would make a recommendation to exercise the option 'when appropriate and in the best interest of the shareholders.'

An announcement on the conclusions will be made in due course, Kazakhmys said.

Looking ahead the company said it expects rising labour costs in Kazakhstan to continue to impact on costs but added it was confident of a successful 2007.

kathy.sandler@thomson.com

Copyright AFX News Limited 2007. All rights reserved.

European stocks rallied for the first time this week after takeovers accelerated and U.S. financial companies offered reassurance a subprime loan crisis won't spread to the rest of the economy.

"This will be a great buying opportunity,'' said Thomas Steinemann, who oversees the equivalent of $24 billion as chief investment officer at Zurich-based Vontobel Asset Management. ``Some investors think the problems with mortgages could spill over into the credit market as a whole. This is unlikely.''

Altadis SA surged after Imperial Tobacco Group Plc offered 11.5 billion euros ($15 billion) for the company. Cadbury Schweppes Plc rose to the highest in a decade on plans to sell or spin off its North American beverage unit. Bayer AG, Germany's biggest drugmaker, advanced as earnings rose.

The Dow Jones Stoxx 600 Index climbed 1.7 percent to 357.74 at 4:04 p.m. in London, with all 18 industry groups rising. The Stoxx 50 gained 1.5 percent as did the Euro Stoxx 50, a measure for the 13 nations sharing the euro.

Concern that a surge in U.S. loan defaults will hurt growth sent the Stoxx 600 Index down 2.7 percent yesterday, the biggest loss since a sell-off that wiped about $3.3 trillion from the value of global stocks ended on March 5.

Bear Stearns Cos. today joined Lehman Brothers Holdings Inc. in assuaging concern that defaults among the riskiest borrowers will drag down profits at banks and other lenders. The companies are the largest U.S. underwriters of mortgage bonds. Bear Stearns said first-quarter profit rose helped by higher revenue from trading derivatives.

Stocks worldwide will weather a surge in U.S. subprime debt defaults because job creation and earnings growth are strong enough, according to Credit Suisse Group strategists in a report to investors dated yesterday.

`Attractive Asset'

``Stocks are the most attractive asset class worldwide,'' said Richard Zellmann, director of sales and research at First Private Investment in Frankfurt. ``There are a lot of pearls to be found. Private equity is awash with cash and looking for takeover targets.''

So far this year, mergers and acquisitions in Europe have totaled $290 billion, according to data compiled by Bloomberg. Deals reached a record $1.4 trillion in 2006, as companies used cash and relatively low interest rates to take over rivals.

National benchmarks gained in 17 of the 18 western European markets. Iceland stocks fell after Fitch Ratings downgraded the country's debt ratings. The U.K.'s FTSE 100 rose 1.7 percent while Germany's DAX advanced 1.6 percent. France's CAC climbed 1.2 percent.

Cadbury Schweppes

Altadis soared 17 percent to 45.39 euros, leading makers of personal and household goods higher. The Madrid-based maker of Cohiba cigars and Gauloises cigarettes said it received a takeover approach from Imperial worth 45 euros a share.

The Spanish company said its board will meet to consider the offer. Imperial shares jumped 8.4 percent to 2,219 pence.

``This is the starting gun'' for more bids, said Alberto Espelosin, strategist at Zaragoza, Spain-based Ibercaja Gestion, which oversees about $7 billion, including Altadis shares. ``The amount of hidden value in a company like this is big.''

Cadbury Schweppes, the U.K. maker of Dairy Milk chocolate and Dr Pepper soda, added 3.5 percent to 623 pence after rising as much as 7.1 percent.

Chief Executive Officer Todd Stitzer said ``many candidates'' may bid for the beverage unit and ``now is the moment to separate'' the division.

The business may be worth as much as 8.2 billion pounds ($15.9 billion), according to Jon Cox, an analyst at Kepler Equities in Zurich with a ``buy'' recommendation on the stock.

`Bull Market Correction'

Bayer added 2.9 percent to 43.97 euros. Net income in the fourth quarter increased to 311 million euros from 46 million euros a year earlier. That beat the median estimate of 11 analysts Bloomberg News surveyed.

Prudential Plc, Britain's No. 2 insurer, rose 4.1 percent to 669.5 pence after saying it is considering as many as 3,000 job cuts, extending cost reductions that have started to lift profit in its home market.

``The sell-off was a bull market correction,'' said Gerhard Schwarz, an equity strategist at UniCredit Markets & Investment Banking (HVB) in Munich. ``We are getting close to extremely attractive buy-in levels.''

Atos Origin SA, France's second-largest supplier of computer services, soared 23 percent to 48.72 euros after the supplier of computer services for the Beijing Olympics said it was approached about a potential takeover.

`Expressions of Interest'

``Despite expressions of interest made to it that did not constitute offers, the company is not engaged in any financial operation with respect to its share capital,'' Atos Origin said in an e-mailed statement.

Shares of Boehler-Uddeholm AG gained 4.4 percent to 60.90 euros, on speculation Salzgitter AG, Germany's No. 2 steelmaker, might bid for the Austrian steelmaker after the end of takeover talks with Canada's Algoma Steel Inc.

``The shares are boosted by rumors Salzgitter might bid for the company after talks with Algoma failed,'' said Christof Ruemmelein, a trader at Merck Finck & Co. in Munich.

Salzgitter spokesman Bernd Gersdorff said the companies aren't in talks. Randolf Fochler, a spokesman for Boehler in Vienna said there are ``definitely no talks'' between the two companies. Salzgitter shares added 2.3 percent to 100.98 euros.

Higher metal prices boosted commodity shares, which were the region's leading gainers. Nickel rose to a record for a fourth consecutive day in London as stockpiles of the metal used in stainless steel plunged. Copper advanced to the highest in more than two months.

`Economic Uncertainty'

BHP Billiton, the world's biggest mining company, gained 5.3 percent to 1,042 pence. Xstrata Plc, the world's fourth-largest copper and nickel producer, advanced 4.7 percent to 2,409 pence. Antofagasta Plc, the owner of three copper mines in Chile, added 5.4 percent to 472 pence.

BAE Systems Plc advanced 4 percent to 447 pence after Citigroup Inc. raised its recommendation for shares of Europe's largest weapons maker to ``buy'' from ``hold.''

``Amid economic uncertainty defence stocks look more attractive and we like the defence industry fundamentals right now,'' David Perry, an analyst at Citigroup in London, wrote in a report published today.

Charter Plc advanced 6.7 percent to 860.5 pence after the world's biggest maker of welding gear said full-year profit advanced 65 percent on demand in emerging markets and spending by utilities customers in North America.

Natixis slipped 5 percent to 18.01 euros. France's fourth- largest bank by market value said it has about $1.4 billion of exposure to the U.S. subprime mortgage lending market.

Geberit International AG lost 5.5 percent to 1,839 Swiss francs. Europe's biggest maker of plumbing systems said fourth- quarter profit rose 41 percent to 61.5 million francs ($50.6 million), less than some analysts predicted.

To contact the reporter on this story: Andreas Hippin in Frankfurt at ahippin@bloomberg.net

North American stock markets moved higher Thursday morning as investors looked past economic data that showed a big jump in U.S. inflation at the wholesale level in February.

They also hoped the damage in the U.S. subprime mortgage market will be contained to that sector. Wholesale prices rose by 1.3 per cent last month, the biggest increase since last November, and much higher than the 0.4 per cent rise economists were expecting. Prices were pushed higher by a big jump in energy costs and the largest increase in food costs in more than three years.

And even more worrisome, prices outside of the volatile food and energy sectors also showed a bigger-than-expected increase of 0.4 per cent last month. A flat reading had been expected.

Toronto's S&P/TSX composite index gained 66.25 points to 12,874.98, with leadership coming from energy and mining stocks.

The Canadian dollar rose 0.14 of a cent to 85.11 cents US.

In the major domestic economic report of the day, Statistics Canada reported that factory shipments fell for the first time in three months in January, down 2.1 per cent.

The TSX Venture Exchange was up 43.95 points to 3,053.42.

Wall Street's Dow Jones industrials was up 36.29 points to 12,169.69. The Nasdaq composite index gained 6.59 points to 2,378.33 and the S&P 500 index edged up 6.13 points to 1,393.36.

The high inflation reading comes a day before the February consumer price index is released.

The figures come at a time when markets have been under selling pressure because investors worry that a rapid slowing of the U.S. housing sector could result in a serious slowdown for the overall economy.

Specifically, investors have looked to serious cracks appearing in the U.S. subprime mortgage market, which lends to people with poor credit, and wonder if the contagion could spread to the more conventional financial sector.

They hope that the U.S. Federal Reserve will respond to these concerns with interest rate cuts to boost the economy. But the Fed would find it difficult to change its stance with inflation running higher than the central bank is comfortable with.

"The bigger-than-expected jump in core prices could raise some eyebrows at the Fed. Despite recent housing sector worries, the Fed remains ever watchful of inflation pressures," said BMO Nesbitt Burns economist Benjamin Reitzes.

"But, while the core monthly increase was unexpectedly high, the year over year rate was steady, which should temper these concerns."

The mining sector, much buffeted this week over concerns on how a U.S. economic slowdown could slow demand for commodities, was up 2.6 per cent.

"We're seeing a bit more recovery and you have metal prices that continue to climb - nickel at another all-time high," said Fred Ketchen, manager of equity trading at Scotia Capital.

click here for more news

Kazakhmys Plc, Kazakhstan\'s biggest copper producer, said H2 profit more than doubled after a surge in prices for the metal used in wires and plumbing.

Net income rose to $767 million from $312.7 million a year earlier. Profit was calculated by subtracting H1 earnings from full-year figures reported today by London-based Kazakhmys Plc. It will pay a final dividend of 25.7 cents a share. Copper\'s rally has helped shares of Kazakhmys double since the initial public offering in 2005. Vladimir Kim, the company\'s chairman and largest shareholder, said demand will stay at „historically high” levels.

Kazakhmys plans to diversify its operations, reducing the company\'s reliance on one commodity. Kazakhmys\'s outlook for copper „points to continued price strength,” said Jeremy Gray, an analyst in London at Credit Suisse Group, in a note. „We were hoping to hear more on other potential deals in nickel, zinc, iron ore and copper.” Shares of Kazakhmys rose 26 pence, or 2.4%, to 1,115 pence as of 12:01 a.m. in London. They have gained 13% in the past 12 months, valuing the company at 5.21 billion pounds ($10.1 billion). That matches the gain of the 10-member Bloomberg Europe Metals & Mining Index. The company is „actively looking” for acquisitions in Kazakhstan and possibly in neighboring countries, CEO Oleg Novachuk said today in a conference call with reporters.

The company also said in its earnings statement that advisers are in „the advanced stages” of valuing London-based Eurasian Natural Resources Corp., a Kazakh producer of chrome, aluminum and iron ore. ENRC is considering options including an initial public offering, Kazakhmys said. Kim bought last year a 25% stake in ENRC Kazakhstan Holding BV, the biggest shareholder in ENRC, with an option to sell it to Kazakhmys in 2007. Kim has a 19% „indirect economic interest” in ENRC, according to a statement from ENRC e-mailed today. Last week, Kazakhmys agreed to buy Dostan-Temir LLP, a company with the rights to explore for oil and gas in the west of Kazakhstan. Kazakhmys didn\'t say how much it will pay.

Labor costs jumped 49% to $195 million last year and transportation costs rose 39%, the company said. „Operating-cost elements are higher than expected,” Charles Cooper, an analyst at NBC Group in London, said today by telephone. „Higher labor costs reflect increased competition” in mining in Kazakhstan, he added. Production of copper cathode, a finished form of the metal, increased 4.7% to 405,000 metric tons last year. Zinc metal production gained 17% to 59,500 tons and silver rose 5% to 21.6 million ounces. The company said full-year net income more than doubled to $1.4 billion, or $2.99 a share. That missed the $1.54 billion mean of four analyst forecasts compiled by Bloomberg yesterday and March 13. Sales jumped 94% to $5.05 billion last year.

source news : Bloomberg

Copper jumped to a three-month high on Thursday on rising demand and supply shortages, while nickel hit a new record peak and zinc surged nearly 5 percent.

Generally higher base metals prices helped boost shares of London-listed miners such as BHP Billiton, Anglo American, Xstrata and copper miner Kazakhmys, which all rose between two and five percent.

Copper for three-months delivery traded up to $6,540.75 a tonne by 1553 GMT compared with $6,220 at Wednesday's close and up around 7 percent since the start of March.

"Metals held their ground over the past days, but the funds coming in has driven the prices up aggressively today," a trader on the LME floor said."

Base metals prices have held firm despite recent sharp declines in major equity markets. Analysts say the market is watching low physical metal stocks and tight supplies.

"LME prices have broken their correlation with equity market movements," Numis Securities analyst John Meyer said.

"Demand for metals appears to remain remarkably strong given the potential for slower growth in the U.S."

Stocks in LME warehouses fell 1,625 tonnes to 196,125.

Backwardation --the premium for cash metal over the three-month future -- in copper rose to around $60, its highest since last July.

SUPPLY TENSION

Nickel futures for three months delivery hit a new record high at $47,890 compared with $44,800/44,900 on Wednesday.

"Nickel made a new high on each day of this week ... and new supply, which could ease the tensions, is not on the horizon," Dresdner Kleinwort said in a research note.

Nickel stocks in LME registered warehouses fell 222 tonnes to 3,594, of which only 2,466, or less than one day of global consumption, are on warrant and available to the market.

Zinc was quoted at $3,341/3,351 at 1557 GMT from Wednesday's close of $3,220, slightly below a session high of $3,380.25.

"Copper, aluminium and zinc have rallied... as sentiment has been bolstered by gains in equities, stabilising/falling LME stocks and production cuts (aluminium)," UBS said in a research note.

Aluminium was quoted at $2,788/2,793 from $2,715. Traders said loss of output from Ghana would help buoy aluminium prices.

Ghana's Valco aluminium smelter said on Thursday it will shut down indefinitely from Friday due to chronic power shortages in the West African country.

The 200,000-tonne-a-year smelter is jointly owned by Ghana's government and U.S.-based aluminium giant Alcoa Inc.. It is currently operating at 30 percent of its capacity.

Lead was up at $1,910/1,920 from $1,870, while tin firmed to $13,700/13,800 against Wednesday's close of $13,500. Earlier tin hit a session peak of $13,925, a whisker away from its record high of $13,950 set on February 22.

Traders said problems in Indonesia and tight market conditions continued to support tin.

Dozens of small-scale smelters ceased operations on Indonesia's tin-producing Bangka island last October after a crackdown on illegal smelting and mining that has damaged the environment, raising fears of supply disruption.


© Reuters 2007. All Rights Reserved.

Mustang Minerals Corp. (TSX VENTURE: MUM) today announced that it has engaged Wardrop Engineering Inc. (Wardrop) to complete work involved in completion of a prefeasibility study for the Maskwa Nickel Project located approximately 140 km northeast of Winnipeg Manitoba. Key components of the engagement are an updated resource estimation incorporating the results of the current drill program, a geotechnical program and an updated open pit mine design.

The NI 43-101 compliant Preliminary Economic Assessment ("Scoping Study") for Maskwa announced January 23, 2007 and completed by Micon International outlined average annual nickel production of 10.4 million pounds of nickel and 2.4 million pounds of copper from an open pit mining operation over a nine year mine life. The initial capital cost of the project was estimated at C$64.5 million. The project generated a projected NPV of C$90 million using a 10% discount rate and US $7 pound nickel. Payback of capital was estimated at 2 years. The Scoping Study for the Maskwa Property is now posted online at www.sedar.com under the company filings (Technical Report) for Mustang Minerals Corp. A complete summary of the contents of the report is contained in the Mustang Minerals Corp. news release dated January 23, 2007.

Wardrop Engineering has extensive experience with Manitoba mining projects and is well suited to assist with the Maskwa Project. The prefeasibility study will involve determination of the ore mining and treatment methods, refinement of the open pit plan, geotechnical data collection, review of the infrastructure requirements, and development of operating plans. Permitting for the project is already underway.

A project team comprised of Mustang personnel with input from technical staff of Western Areas NL will continue to work on the project. Ernie Marcotte P.Eng. VP Operations for Mustang Minerals is the Qualified Person for Mustang for purposes of NI 43-101.

To find out more about Mustang Minerals Corp. (TSX-V: MUM) visit our website at www.mustangminerals.com

We seek safe harbour.

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include the Company's plans for its mineral projects in Manitoba, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of nickel and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Management Discussion and Analysis for the nine month period ended September 30, 2006 and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Shares Outstanding: 62,628,845



The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this press release.

Contacts:
Mustang Minerals Corp.
David Black
Investor Relations
(416) 955-4773
Email: info@mustangminerals.com
Website: www.mustangminerals.com


Copyright © 2007 SYS-CON Media.

Charles Supapodok, who has traded silver for six years, is seeking to raise a $300 million hedge fund to invest mainly in the precious metal after its spot price tripled since 2003.

Artemis Silver Fund, advised by Artemis Capital Management, will put 80 percent of the fund's holdings in silver, Supapodok said in a phone interview from New York. The rest will be in metals such as gold, nickel and uranium.

"I don't think we're anywhere near the top at all for silver or gold,'' said Supapodok, who will manage the fund. ``You look at the amount of metals coming out of the mines every year and the projected demand, there's a gap there for many of these commodities that's not going to be filled for several years.''

Demand for silver has outstripped supply every year since 1996, according to the Silver Institute, an industry group. Mine production grew 3 percent to 641.6 million ounces in 2005, less than the 864.4 million ounces used, with the gap filled mostly by silver scrap.

The spot price for silver has tripled from the beginning of 2003 to $14.20 an ounce, exceeding the 92 percent gain of gold and the 62 percent increase of the Dow Jones Industrial Average over the same period.

Supapodok, 38, started managing private accounts to invest in silver in 2001. The funds had an average annual return of more than 50 percent, he said. Supapodok set up Artemis Capital this year.

Silver Demand

``There is a certain element of hedge fund speculation that's brought the base metals and precious metals up to a certain height,'' said Supapodok. Still, ``phenomenal'' growth in emerging countries such as China and India is a more important trend, he said.

The world's two most populous nations are snapping up natural resources to fuel their growth. In China, the world's biggest user of copper, the economy expanded 10.7 percent last year. Silver's industrial uses include battery cathodes, switches in microwave ovens and televisions, and photovoltaic cells for generating solar energy.

Of the 80 percent of funds earmarked for silver, Artemis will invest 10 percent in an exchange-traded fund by Barclays Plc and the rest in mining stocks, Supapodok said. An exchange- traded fund tracks a particular index or security. Barclays' iShares Silver Trust has gained 9.8 percent this year.

The strategy of investing most of the funds in equities rather than the metal itself, will add uncertainty to returns, said Jonathan Barratt, managing director of Sydney-based Commodity Broking Services.

Going Long

``It puts a little bit of clouds on it mainly because you don't know which equities he's going to invest in,'' said Barratt. ``You don't know whether it's going to be exploration, or blue chips, or whether the stock tracks the silver price well.''

Hedge-fund managers and other large speculators increased their net-long position in New York silver futures in the week ended Feb. 20, according to U.S. Commodity Futures Trading Commission data.

Speculative long positions, or bets that prices will rise, outnumbered short positions by 46,428 contracts on the Comex division of the New York Mercantile Exchange. Net-long positions rose by 2,866 contracts, or 7 percent, from a week earlier.

Artemis will charge investors a management fee of 3 percent of assets and 25 percent of any profits. Hedge funds are loosely regulated private pools of capital that allow managers to partake in gains.

Supapodok used to cover property and hotel stocks as an analyst at Deutsche Bank AG in Bangkok and formerly worked in the merger and acquisition department of Credit Suisse Group in New York.

To contact the reporter on this story: Patricia Cheng in Hong Kong at pcheng9@bloomberg.net

Medium-sized West Australian miner Jubilee Mines NL, is maintaining the good news factor that has made it one of the world’s most profitable, if not the most profitable, nickel producer.

The company today detailed new drilling results that are likely to be a key to add to the company’s resource inventory through the just-entered AM2 zone development, which is linked to the Alex Mairs Complex south of Jubilee’s Cosmos Deeps Mine. The latest drill hits were a mix of wide intersections of medium grade, with some of those high grade hits that has made the company an Australian sharemarket darling since early this decade.

Analysts believe Jubilee will be able to add to the inventory on AM2, which has a current resource of 60,779 tonnes grading 12.91% nickel for a contained 7,844t of nickel metal.
The latest hits on AM2 included hole BJD271 that hit 34.5 metres grading 1.71% Ni, including 9.2m @ 4.1% and 0.7m @ 8.74% Ni, and AMD240 with 77.7m @ 0.82% Ni, including 18.7m @ 1.85% and 1m @ 8.92%. AM2 is 500m south along strike of the Cosmos Deeps, about 650m below surface.

“The intersection in BJD271 includes both narrow high grade massive and broad disseminated mineralisation within a substantially thicker ultramafic host rock that has been previously encountered,” the company said.

“This association is indicative of a strengthening style of deposit, and these results continue to confirm the company’s view that the Alex Mairs Complex (within which AM2 is linked) is part of an emerging, much broader mineralised system in the area, located adjacent to the Cosmos Deeps mine infrastructure.

“The AM2 deposit and its associated additional mineralised surfaces, remains open and drilling is continuing.”

The results come days after Jubilee made one of the most impressive presentations at the big RIU Explorers Conference in the Perth seaside city of Fremantle, that showed the company now has a market capitalisation of $A2.1 billion ($US1.65B), cash and receivables of $A296.8M ($US233.44M), net profit in 2006 of $A369M ($US290.8M) and discovery costs of $A0.15/lb nickel ($US0.117/lb).

Earnings per share were $A2.95 ($US2.32) for the 129.7 M fully paid shares, dividends paid or declared were $A1.73/share ($US1.36), and the annual payout ration (annualised) was 59%.

The company began operation initially on the Cosmos open cut in Western Australia’s north eastern goldfields, but found more at depth and along strike, and from April 2000 has milled 1.079 Mt grading 7.2% Ni for 77,759t of contained nickel.

The company is driven by lawyer turned mining entrepreneur Kerry Harmanis who has proven to be one of the most entertaining presenters on the Australian mining conference circuit. He has regularly said he is a strong believer in paying dividends because he is the company’s major shareholder. While he sold some shares recently, Harmanis’ family still has at least a 15% stake. Also listed as a key shareholder with 4.9% is Inco Ltd (now controlled by Brazil’s CVRD), which has a concentrates offtake agreement with Jubilee.

Jubilee is one of the big spenders on exploration, not only within its mine confines but elsewhere along a prospective belt north of Leonora towards Agnew and Wiluna. The company has also made strategic corporate investments, and holds 16.2% of Falcon Minerals which is a partner exploring the Collurabbie belt north of Cosmos, a 17.4% stake in Pioneer Nickel and 25.6% of North Star Resources Ltd, whose hunting ground is the remote East Kimberleys of northern Western Australia for both base metals and uranium.

source news : miniweb.net

- Acquiring major Chinese cobalt plant and trading operation for US$ 42.5 million

- Galico is one of the largest chemical salt producers in China

- Enables CAMEC to be a vertically integrated player in the cobalt market - from mined ore to metal to industrial product

- Establishes strong presence in the world's fastest growing economy and provides direct access to the end users of cobalt and copper produced at the Company's 50,000 sq m Luita plant in the D.R.C.

Central African Mining and Exploration Company Plc, the AIM quoted fully integrated exploration, mining, trading and investment company, has signed Heads of Agreement to acquire Zhejiang Galico Cobalt & Nickel Material Co Ltd (China) ('Galico') and Alliance Minerals and Resources Trading Pty ('Alliance') for US$ 42.5 million in a cash and shares deal. The acquisition will provide CAMEC with a foothold in China, and also enable the Company to leverage the financial benefits of becoming a fully integrated cobalt processor. CAMEC currently mines and processes copper and cobalt ore in the Democratic Republic of the Congo ('D.R.C').

Galico is one of the largest chemical salt producers in China specialising in the production of cobalt, nickel and copper inorganic salts and powders. Its primary asset is the Zhejiang chemical plant, situated in the Hangzhou Bay Fine Chemical Zone. Located close to the international airports of Shanghai, Ningbo and Hangzhou and the corresponding major seaports, Galico is ideally placed to expand its current markets both within China and internationally.

The 120,000 square metre property and plant has a production capacity of 2,000 metric tonnes per year of metallic cobalt in salts and 1,500 metric tonnes per year of metallic copper in salts. Galico aims to increase its production capacity to 3,000-3,500 metric tonnes per year of metallic cobalt in salts by year end 2007, which the directors believe will make it the largest specialised producer of cobalt salts in China. Its extensive range of inorganic salts are used in widely varying industrial applications including cathodic material for rechargeable batteries (used in items such as mobile phones and laptops), hard facing alloys, through to ceramic pigments and de-sulphurisation catalysts. Galico has an effective sales network across the world and established customer bases in Japan, Korea, South East Asia, Europe, Brazil, Australia, Canada and the United States.

Galico is located in the Yangtze River Delta (inc. Shanghai, Northern Zhejiang province and southern Jiangsu Province), China's industrial heartland. China is the world's largest consumer of copper, in 2006 consuming in the region of 22% of the world's production while this area alone consumes circa 45% of the country's copper metal per year. China is also the world's largest importer and processor of cobalt. Demand for cobalt has been growing at a rate of 15-20% for the past two years, a trend that in the opinion of the Board is likely to remain strong. In 2006 the China processed in the region of 25% of the world's cobalt production. With Galico's ready sales network in the area, the acquisition will provide a new market for CAMEC's cobalt and copper metal products.

In the year ended December 2006, Galico reported a turnover of USD$65 million and profits of USD$5.5 million. The existing management will continue to run the operation and with the guaranteed supply of a dedicated cobalt feed, will look to extend Galico's influence in the world's fastest growing economy, expand its market share and increase the profitability of the operation.

Alliance is an international trading company based in Johannesburg, traditionally focused on the supply of copper and cobalt feed material to Galico and other major processors within China.

CAMEC Chief Executive Andrew Groves said, "This is a key transaction for CAMEC giving us a strong foothold in the burgeoning Chinese market and direct access to the end users of the cobalt produced at our 50,000 sq m Luita plant in the D.R.C. As the fastest growing economy, we believe that it is imperative for our growth strategy to have a presence in China for the long term benefit of shareholders. CAMEC is also keen to add value at source by transferring the knowledge and expertise of cobalt processing at Galico and utilising it in the production of semi-finished products in the D.R.C. Our aim is to become one of the largest and most influential cobalt producers in the world.

"Essentially, we now have producing mines in the D.R.C, primarily on the C19 concession area in the Katanga Province, feeding our Luita facility. We have a 450 truck logistics operation to ensure product delivery and will have an industrial material plant in China with worldwide sales. This will stand us apart from other copper and cobalt miners and underlines the true ambition of the Company."

Under the terms of the agreement, subject to due diligence, CAMEC has agreed to pay the vendors a total of US$8 million in cash. Additionally, as part of the consideration, CAMEC will issue 35,384,616 new ordinary shares of 0.1p each to the vendor. These shares will be locked in for a period of three years.

Application will be made in due course for the admission of 35,384,616 New Ordinary Shares to trading on the AIM market. The New Ordinary Shares will rank pari passu with the existing ordinary shares of 0.1p each in the Company.

Central African Mining and Exploration Company Plc CFM/ Index: AIM/ Sector: Mining & Exploration

Perth-based Minara Resources Ltd, the second-largest nickel producer in Australia, has announced its profits for 2006 were boosted more than seven-fold owing to higher nickel and cobalt prices.

In a statement to the Australian Stock Exchange, the company said its net profit in the 12 months ended December 31 surged to A$339 million (US$267 million) or A$0.725/share, from A$43 million or A$0.93/share a year earlier.

The profit was also underpinned by improved plant performance, particularly in the second half of the year. Minara`s principal activities during the period were the operation of its Murrin Murrin nickel/cobalt mine, exploration for nickel directly and through joint ventures with third parties, and research & development of nickel/cobalt heap-leaching and other hydrometallurgical methods of nickel extraction.

It added that sales more than doubled to A$752 million.

source news : mining-journal.com

eResearch analysts, Adrian Manlagnit, B.Sc. (Mining Engineering), and Bob Weir, B.Sc., B.Comm., CFA, have written an Initiating Report on Richview Resources Inc. (TSX-V:RVR). Richview Resources is a mineral exploration and development company focused largely on developing to production the past-producing Thierry copper-nickel mine in the Patricia Mining District in northwestern Ontario. It also holds, through joint ventures or earn-ins, interests in other properties in Ontario's prolific gold mining districts.

In the Report, the Analysts state: "Commencing in 2007, Richview has an ambitious $95 million development plan to bring the Thierry mine to production by 2009. From 1976 until operations ceased in 1982 due to low commodity prices, the Thierry mine produced, from open pit and underground mining, approximately 144.5 million pounds (Mlbs) of copper and 15.1 Mlbs of nickel, as well as lesser amounts of platinum, palladium, and precious metals."

The Analysts go on to say, "The Company is now undertaking its initial development program at Thierry. Since it is going to require a total of about $30 million of equity over the next 2-3 years to bring Thierry back into production, the Company may be challenged to raise these funds without causing undue share dilution or partial sale of the property's ownership."

eResearch is Canada's primary source for independent, quality, investment
research, focused primarily on small- and mid-cap companies. Our research and
analysis is of institutional quality, and has the potential of reaching
millions of global investors through our extensive Internet distribution
network. eResearch does not trade in the securities of the companies it
covers, nor does it accept any stock related compensation for research
services. eResearch does not engage in retail or institutional sales, trading,
or corporate finance activities, nor does it conduct investment banking or
investor relations services for the companies covered. Our sole business is
providing quality, unbiased research.

Richview Resources Inc. paid eResearch a fee of C$18,500 + GST to conduct
research on the Company, on an Annual Continuous Coverage basis.

source news : cnw.ca

Sergei Vybornov, the new president of Alrosa, said an IPO by the Russian diamond monopoly was possible, but only provided the company increases sales.

"I would not start talking about an IPO while sales are at around $3 billion. As soon as Alrosa opens up then things will become clear. A share float? Why not? But we'd need to be cautious because there are no diamond companies there yet, no history track, let's say," Vybornov told Interfax on March 1.

"If we do this, it'll be a pilot project from the point of view of the world diamond business. It's a good project because if you talk about the diamond business as a whole, then openness and transparency are long overdue," Vybornov said.

Vybornov said the "federalization" of Alrosa – by which the federal government will increase its interest in Alrosa to controlling – should be done by the end of 2007.
But he said the term "federalization" was inappropriate.

"Russia is a federal country. The president has issued instructions on acquiring control of the company. From my point of view, this issue is settled. The court has approved a set of amicable agreements that resolved the property issues. The process is going according to plan, but with certain legal deadlines and procedures. I reckon it will all take around nine months purely for technical reasons," Vybornov said.

"And there's no political divide between the Yakuts and Federals, if you'll forgive the expression, any more. Strictly speaking, we're all Federals. At least from the point of view of the company's management, this subject is now closed," Vybornov said.

Vybornov said none of the other major players on the diamond market could be considered to be public companies because diamonds form a small portion of sales by Anglo American, BHP Billiton and Rio Tinto.

Long-term strategy. Regarding Alrosa's long-term strategy to 2015, Vybornov said this involved increasing output and Alrosa's share of the world diamond market, as well as increasing the company's geological resources. As far as geological exploration is concerned, Vybornov said Alrosa would be focusing on two or three sites. Vybornov said that the company should be on a par with De Beers as a player on the world diamond market by 2015.

"I'm not saying that the companies will split the market fifty-fifty, but the gap will narrow from what it is today," he said.

Vybornov was an investment officer at Arctic mining and smelting giant Norilsk Nickel before taking over at IG Alrosa. His appointment as Alrosa's president in February this year virtually coincided with the asset split announced by Norilsk Nickel's co-owners Vladimir Potanin and Mikhail Prokhorov. This prompted speculation that Alrosa and Norilsk Nickel might merge.

Asked whether there is any truth in these rumors, Vybornov said, "The market rumors only have anything to do with names – my own and some of my colleagues who used to work at Norilsk Nickel. A company worth, say, $10 billion is hardly likely to take over a company worth $40 billion. Nobody is discussing a merger, and it doesn't matter where such and such a person used to work," Vybornov said.

Rumors of a possible merger between Norilsk Nickel and Alrosa started to circulate at the beginning of 2006. Krasnoyarsk territory Governor Alexander Khloponin, a former top executive at Norilsk Nickel, said at the time that the shareholders of the two companies had discussed possible options under which a 25% stake in the merged company would remain with the state and the current shareholders of the companies would own the remaining 75%.

Vybornov has started a reshuffle at Alrosa.

"There'll probably be more reshuffling to come," he said.
"Some of the new appointments are long overdue, but have not been made for various reasons. But they are not radical in nature and if they have any impact on the company it will only be a positive one," Vybornov said.

Vybornov said that Yury Dudenkov, who was responsible for sales at Alrosa, had retired just days before the new president was appointed.
"I'll be responsible for sales for the time being. We have a single selling organization and there haven't been any staff changes there," he said.

Sales strategy adjustments. Vybornov plans to adjust the Russian diamond monopoly's sales strategy.

"I think it might be best to set a trading floor up in Moscow and to sell most of our diamonds there," Vybornov said.

"It might also be worth doing this in Yakutia – after all that's where the diamonds are mined," Vybornov said.

Alrosa's former management had pushed a foreign sales network and long-term contracts with clients. Vybornov said Alrosa wouldn't be abandoning these aspects of its sales policy, however long-term contracts needed some fine-tuning.

"Contracts of sorts already exist, but for now at any rate they differ greatly from what our colleagues from De Beers, BHP Billiton and Rio Tinto have because these contracts aren't tailor-made for clients. They are so far the same for everybody but, if major clients are looking to buy goods long-term they ought to be paying a certain premium," he said.

"We've only just started to switch to long-term contracts and we don't have the same system as our colleagues in place, but we're getting there," Vybornov said.

Vybornov said he thought Alrosa should only use traders abroad to sell diamonds in order to get a feel for the market.

"The export quotas have been scrapped and the market is fully liberalized, so Russian and non-Russian buyers are in more or less the same boat. But it might be more logical if everybody who wanted to buy rough diamonds for the company came here," Vybornov said.

Regarding the situation on the world diamond market, Vybornov said that it was not very "comfortable" right now, but it ought to stabilize by the summer. The diamond market was in oversupply in 2006.

"It's not that this is a problem for Alrosa, but, as trade with De Beers is being scaled down, we'll need to build our own sales strategy and network very quickly. The years of generally fruitful partnership with De Beers have limited Alrosa's own experience of these matters. This showed when the export quotas were scrapped," he said.

Alrosa could withdraw EC appeal. Alrosa is considering withdrawing an appeal against a European Commission decision on a trade agreement with De Beers, Vybornov said.

Alrosa has filed an appeal with the European High Court challenging a decision that commits De Beers to stop buying uncut diamonds from the Russian company with effect from 2009, accusing the EC of violating freedom of contract.

In the summer of 2005, De Beers and Alrosa submitted a proposal to the EC that would have enabled Alrosa first to scale deliveries to De Beers down gradually and then to sell De Beers up to $275 million in uncut diamonds per year.

At the start of 2006, the EC asked De Beers to stop buying rough diamonds from Alrosa from 2009 after a phasing out period from 2006 to 2008. During this period, De Beers' purchases of rough diamonds from Alrosa will decrease from $600 million in 2006 to $500 million in 2007 and $400 million in 2008, according to the EC's decision.

"I don't think our legal action really solves anything. Procedures are at issue and this won't change the EC's stance. Our lawyers reckon some procedures were violated when the decision was reached, but this isn't the issue," Vybornov said.

"They could acknowledge that procedures were violated and return everything to square one, start considering the affair all over again. But a lengthy court case isn't what we want. The ban doesn't concern us, it concerns De Beers," Vybornov said.

Even if the sales contract with De Beers is reinstated, Alrosa will still need to be selling diamonds on its own now that Russia has scrapped export quotas for rough diamonds, Vybornov said.

The first contract with De Beers to sell Soviet diamonds was signed in 1959 and regular sales began in 1960.

IG Alrosa to handle non-diamond projects. The Alrosa Investment Group (IG Alrosa) plans to consolidate diamond monopoly Alrosa's "non-diamond" projects, Vybornov said.

Those projects include business diversification, fuel and energy projects and gold mining.

"I think the investment group will deal with those projects, including oil and gas. This is investment business and it was for this purpose that the investment group was set up," Vybornov said.

Vybornov said that Igor Prokhorenko, IG Alrosa's former chief financial officer, would be the investment group's new general director. Vybornov himself was in charge of IG Alrosa before being appointed president of Alrosa itself. The mining company owns a controlling stake in IG Alrosa.

Vybornov said IG Alrosa had recently acquired a license to the Azatek gold deposit in Armenia and was negotiating the acquisition of the rights to the Zod (Sot) gold deposit in that country.

IG Alrosa is also holding talks regarding the Jerooy gold deposit in Kyrgyzstan.
Vybornov said that other countries where Alrosa was considering gold projects included Congo and Tanzania.

In addition, Alrosa is interested in acquiring blocks of shares in coal producers Yakutugol and Elgaugol, which Yakutia's government plans to offer at auctions.

Asked whether IG Alrosa was interested in the license to the Grib diamond pipe in Russia's Arkhangelsk region, Vybornov said, "The pipe is 70 km from Severalmaz's [Lomonosov] field, so we are thinking about it to some extent."

"But Lukoil and De Beers are still in litigation over the [Grib] pipe and it's not our turn yet to think about it more seriously," Vybornov said.

IG Alrosa controls Severalmaz.

The JerooyAltyn joint venture between Kyrgyzstan's state-owned Kyrgyzaltyn and Australia's Global Gold is currently preparing to mine the Jerooy deposit. Global Gold owns 60% of the joint venture.

Lukoil's subsidiary ArkhangelskGeolDobycha (AGD) and Canada's Archangel Diamond Corporation (ADC, owned by De Beers) have been locked in a dispute since 1993, when they signed an agreement to conduct a joint appraisal of the Verkhotinskaya property, which hosts the Grib pipe with a view to mining any commercial deposits on the basis of a license issued to AGD.

The Grib kimberlite pipe, which is thought to contain $5 billion worth of diamonds, was discovered at the beginning of 1996 at the Verkhotinskaya property.

Cooperation with Gazprom possible. Alrosa is discussing possible cooperation with Gazprom, the country's gas monopoly, Vybornov said.

"We're having certain discussions with Gazprom. We might even be in a position to sign a partnership agreement before long, but it would not be entirely accurate to describe this as a joint venture. We're close to signing a document which maps out our cooperation with respect to hydrocarbons in Yakutia," Vybornov said.

Vybornov said that legal disputes concerning gas producer Yakutgazprom will be resolved. Alrosa currently owns a controlling interest in Sakhaneftegaz and 100% of Alrosa-Gas and Irelyakhneft. It is in litigation regarding an additional share issue by Yakutgazprom.

source news : interfax.com

Finn Nickel Ltd (Suomen Nikkeli Oy), a Finnish company in which Belvedere holds a 45% interest, (and has recently signed a Memorandum of Understanding to acquire the remaining 55%), has reported a new Indicated Mineral Resource estimate for its 100% owned Valkeisenranta nickel deposit in south east Finland.

Belvedere's CEO David Pym comments, "Management is pleased with Finn
Nickel's rapid advancement of the project to an NI 43-101 compliant resource,
so soon after the completion of the last drill programme. Further drilling is
planned in the spring to investigate the extents of the mineralisation."

A copy of the Finn Nickel news release is provided below in its entirety.
Finn Nickel is an unlisted Finnish company.

complete this press release click here

David Gower, President & CEO of Castillian Resources Corporation (TSX VENTURE: CT) is pleased to welcome Helio B. Diniz as Chief Operating Officer of Castillian and Managing Director of Castillian Metais Ltda. (Castillian's Brazilian Subsidiary). Mr. Diniz has an exceptional track record of discovery which spans a 26 year career in Brazil and South Africa and has demonstrated the ability to assemble strong technical teams and execute large projects efficiently in Brazil. David Gower, President & CEO of the Company stated: "Helio Diniz's successful track record in Brazil and insights into the Brazilian mining and exploration industry will be a key competitive advantage as the Company expands its efforts in Brazil."

Mr. Diniz was most recently the Director of Exploration, Brazil for Falconbridge and Noranda (now Xstrata) where he was a primary discoverer of the Araguaia Nickel Deposits which are currently the subject of scoping studies by Xstrata. He and his team also assembled one of the most impressive IOCG property portfolios in the renowned and prolific Carajas Mineral District and successfully acquired nickel sulfide and copper properties elsewhere in the country, including the large Mangabal Project land position that is presently a core focus for Castillian.

Prior to joining Noranda, Mr. Diniz worked with Gencor (South African Group) where a key accomplishment was the evaluation and subsequent development of the Sao Bento Gold Mine in Brazil, which ultimately operated for 25 years. During the 19 years with Gencor and later Eldorado Gold Mr. Diniz managed numerous multi-million dollar gold and PGM exploration programs throughout Brazil.

Mr. Diniz will be based at the newly established Castillian Matais Ltda. office in Belo Horizonte, Brazil.

A diamond drill is on site and setting up on the Metago Zone, at the Mangabal nickel sulfide project in Brazil (see press release dated 14/02/07 for details). The initial 3000 meter drill program is designed to delineate the extent of the Metago Zone and provide sufficient drilling to calculate a resource that is suitable for completing a scoping level evaluation of the deposit. The drill will then move to evaluate six additional high priority targets within Mangabal Intrusion which hosts the Metago Zone.

About Castillian Resources

Castillian Resources Corp. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "CT" with approximately 62.8 million shares issued and outstanding. Castillian is partnered with Xstrata Nickel to explore the approximately 155,000 ha Mangabal nickel-copper project in Brazil. The company also owns the Kagera Project which comprises over 1600 square kilometers in the highly mineralized Kabanga Nickel Belt in Tanzania and 100% rights to the Pederson deposit, an advanced gold project in Bolivia.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".



The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

The Board of Western Areas is pleased to announce that the Company has executed a Heads of Agreement withReed Resources Ltd ("Reed") to explore three target areas at Mt Finnerty, 150km NE of Forrestania in Western Australia.

Under the terms of the agreement, Western Areas can earn up to 65% interest in the nickel rights by funding two stages of exploration on the Mt Finnerty tenements which are granted and available for immediate work.

Exploration at Mt Finnerty will focus on three clearly defined nickel sulphide target areas which demonstrate the following:

1. Anomalous geochemical signatures (up to 1% nickel and 400ppm copper)
in previous, shallow RAB drilling of strongly weathered ultramafic
units

2. 4km long soil nickel anomaly ((greater than)250ppm nickel) and a
coincident 2km long copper anomaly ((greater than)170ppm copper)

3. Basal contacts of high MgO ultramafic sequences with potential
channel embayments that are effectively untested by previous drilling

Western Areas' Managing Director, Mr Julian Hanna, said the agreement is
consistent with the Company's strategy to conduct exploration for high grade
nickel sulphide deposits in highly prospective, yet under-explored areas in
the Forrestania region.

"We currently have substantial land holdings in the region," said Mr
Hanna.

"This agreement with Reed enables us to cast an even wider net for
exploration opportunities within this highly mineralized region where Western
Areas has built up considerable knowledge," he said.

"Western Areas is actively exploring the region to supplement our
production from the Flying Fox mine and anticipated production from a second
mine at Diggers South," said Mr Hanna.

Western Areas recently intersected 4% nickel in shallow drilling at its
Koolyanobbing North Project (100%), located approximately 200km north of
Forrestania. Diamond drilling is planned at this project as soon as a drill
rig is available.

Additionally, the Company is earning 60% interest in the Koolyanobbing
East Joint Venture. An IP survey at the Deborah prospect, completed in
February, is expected to generate a number of drilling targets.

Mt Finnerty Agreement

By spending $1.5 million within a 3 year period at Mt Finnerty, Western
Areas can earn a 51% interest in the nickel rights to the tenements and an
additional 14% interest in the second stage by spending a further $1.5 million
on the tenements. Western Areas can withdraw from the agreement at any time
after reaching a minimum expenditure of $200,000 on the tenements.

Western Areas intends to commence an exploration program at Mt Finnerty
as soon as possible.

The information within this report as it relates to exploration results
is based on information compiled by Mr Julian Hanna who is a member of AusIMM
and a full time employee of the Company. Mr Hanna has sufficient experience
which is relevant to the style of mineralization and type of deposit under
consideration and to the activity which he is undertaking to qualify as an a
Competent Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves.' Mr
Hanna consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.

FORWARD LOOKING STATEMENT: This release contains certain forward-looking
statements. These forward-looking statements are subject to a variety of risks
and uncertainties beyond the Company's ability to control or predict which
could cause actual events or results to differ materially from those
anticipated in such forward-looking statements.
This announcement does not include reference to all available information
on the Company or the Forrestania Nickel Project and should not be used in
isolation as a basis to invest in Western Areas. Any potential investors
should refer to Western Area's other public releases and statutory reports and
consult their professional advisers before considering investing in the
Company.

source news : cnw.ca

Even though it's still not a done deal, Kennecott Minerals moved forward Thursday with its plans for a nickel and copper mine in the Yellow Dog Plains of Marquette County.

Kennecott's president David Salisbury spoke to potential contractors and vendors in a packed room at the Ramada Inn in Marquette.

"As we begin the process of contracting for work," Salisbury said, "many of those jobs will come through early contacts. So they will be folks locally that are working in the businesses that were represented today."

Kennecott is hoping to start construction of mine in late summer, and being mining operations in 2009.

There are still a few obstacles for the mining company to overcome.

The Department of Environmental Quality still has to give its final okay on permits for the mine, and public hearings on the matter will be held early next month.

Kennecott also needs to get a permit from the Environmental Protection Agency regarding groundwater discharge before it can start building.

The mine has attracted controversy and opposition locally because it would extract the ore from a sulfide body which some say could threaten the environment.

source news : wluctv6.com

Charles Supapodok, who has traded silver for six years, is seeking to raise a $300 million hedge fund to invest mainly in the precious metal after its spot price tripled since 2003.

Artemis Silver Fund, advised by Artemis Capital Management, will put 80 percent of the fund's holdings in silver, Supapodok said in a phone interview from New York. The rest will be in metals such as gold, nickel and uranium.

"I don't think we're anywhere near the top at all for silver or gold,'' said Supapodok, who will manage the fund. ``You look at the amount of metals coming out of the mines every year and the projected demand, there's a gap there for many of these commodities that's not going to be filled for several years.''

Demand for silver has outstripped supply every year since 1996, according to the Silver Institute, an industry group. Mine production grew 3 percent to 641.6 million ounces in 2005, less than the 864.4 million ounces used, with the gap filled mostly by silver scrap.

The spot price for silver has tripled from the beginning of 2003 to $14.20 an ounce, exceeding the 92 percent gain of gold and the 62 percent increase of the Dow Jones Industrial Average over the same period.

Supapodok, 38, started managing private accounts to invest in silver in 2001. The funds had an average annual return of more than 50 percent, he said. Supapodok set up Artemis Capital this year.

Silver Demand

``There is a certain element of hedge fund speculation that's brought the base metals and precious metals up to a certain height,'' said Supapodok. Still, ``phenomenal'' growth in emerging countries such as China and India is a more important trend, he said.

The world's two most populous nations are snapping up natural resources to fuel their growth. In China, the world's biggest user of copper, the economy expanded 10.7 percent last year. Silver's industrial uses include battery cathodes, switches in microwave ovens and televisions, and photovoltaic cells for generating solar energy.

Of the 80 percent of funds earmarked for silver, Artemis will invest 10 percent in an exchange-traded fund by Barclays Plc and the rest in mining stocks, Supapodok said. An exchange- traded fund tracks a particular index or security. Barclays' iShares Silver Trust has gained 9.8 percent this year.

The strategy of investing most of the funds in equities rather than the metal itself, will add uncertainty to returns, said Jonathan Barratt, managing director of Sydney-based Commodity Broking Services.

Going Long

``It puts a little bit of clouds on it mainly because you don't know which equities he's going to invest in,'' said Barratt. ``You don't know whether it's going to be exploration, or blue chips, or whether the stock tracks the silver price well.''

Hedge-fund managers and other large speculators increased their net-long position in New York silver futures in the week ended Feb. 20, according to U.S. Commodity Futures Trading Commission data.

Speculative long positions, or bets that prices will rise, outnumbered short positions by 46,428 contracts on the Comex division of the New York Mercantile Exchange. Net-long positions rose by 2,866 contracts, or 7 percent, from a week earlier.

Artemis will charge investors a management fee of 3 percent of assets and 25 percent of any profits. Hedge funds are loosely regulated private pools of capital that allow managers to partake in gains.

Supapodok used to cover property and hotel stocks as an analyst at Deutsche Bank AG in Bangkok and formerly worked in the merger and acquisition department of Credit Suisse Group in New York.

To contact the reporter on this story: Patricia Cheng in Hong Kong at pcheng9@bloomberg.net

Xstrata Nickel announced today that members of USW Local 2020, Unit 6855, representing office, clerical and technical workers at the company's Sudbury operations, have ratified a new three-year collective agreement. In a ratification vote, 89% voted in favour of accepting the new collective agreement.

The new agreement expires February 28, 2010, and includes the following highlights:

- A monetary offer including a wage increase of 3% in the first year, 3% in the second year and a cost of living allowance in the third year.

- A continuity allowance of C $8,000 per employee

- An agreement on shift schedules for running our Pilot Plant Campaigns at Xstrata Process Support

- A commitment to improve the effectiveness of the Joint Company/Union Contracting Out Committee, by providing the Union with monthly reports of work contracting out

- Top up of 90% of base wages for employees on maternity leave (for up to 17 weeks)

"These negotiations were conducted with constructive input from both sides of the table and I congratulate both bargaining teams for their commitment," said Mike Romaniuk, Vice-President of Xstrata Nickel's Sudbury operations. "The agreement we achieved is acceptable to both parties and allows us to now focus our combined energies on effectively operating and building our Sudbury operations."

Background

Xstrata Plc is a major global diversified mining group, listed on the London and Swiss stock exchanges. Headquartered in Zug, Switzerland, Xstrata maintains a meaningful position in seven major international commodity markets: copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc, with a smaller but profitable aluminium business, recycling facilities, additional exposures to gold, lead and silver and a suite of global technologies, many of which are industry leaders. The Group's operations and projects span 18 countries: Argentina, Australia, Brazil, Canada, Chile, Colombia, the Dominican Republic, Germany, Jamaica, New Caledonia, Norway, Papua New Guinea, Peru, South Africa, Spain, Tanzania, the USA and the UK.

Xstrata Nickel, headquartered in Toronto, Canada, is one of the one of the group's global commodity businesses, comprising five mines and processing facilities in Ontario and Quebec, Canada; a ferronickel mine and processing facility in Bonao, Dominican Republic; and a refinery in Kristiansand, Norway. Xstrata Nickel has a significant portfolio of growth projects, including Nickel Rim South in Canada, Kabanga in Tanzania, and Koniambo in New Caledonia.

Xstrata Nickel is the world's fourth largest nickel producer, with annual managed production of more than 110,000 tonnes of refined nickel.




Contacts:
Xstrata Nickel
Ian Hamilton
Director Corporate Affairs
Office: (416) 982-7161 or Mobile: (416) 902-0986
Email: ihamilton@xstratanickel.ca


Source: Xstrata Nickel

Alberta Star Development Corp. is pleased to report that the Company has received the assay results from an additional seven drill holes from the summer/fall drill program at the South Echo Bay gossan ("Echo Bay Program") and from the Mag Hill VTEM anomaly ("Mag Hill Program"). The Echo Bay and Mag Hill drill programs were designed to evaluate the silver, uranium and poly-metallic potential of this newly emerging mineralized region. The region is situated at the southern end of the southeast arm of Echo Bay and is viewed by the Company as having the potential to host bulk tonnage mineralization. The drill results were successful in intercepting significant silver mineralization beneath a large pyretic gossan. The silver is contained in pyrite, chalcopyrite veins and disseminations within a kilometer scale phyllic and potassic alteration halo. The alteration zone is peripheral to an extensive zone of intense magnetite-actinolite-apatite alteration that was intersected in all holes drilled in the Mag Hill Program. The South Echo Bay gossan silver-uranium target is located on the Company's property, on the southern end of Echo Bay and 3 km due east of the Contact Lake Silver & Uranium mine.

The Company has intersected 133 meters (439 feet) of 8.78 g/ton silver in hole number six in the Echo Bay silver discovery in Canada's Northwest Territories. This interval also includes 13.5 meters (44.6 feet) of 17.73 g/t silver, 6.0 meters (19.8 feet) of 22.13 g/t silver, 7.5 meters (24.7 feet) of 20.54 g/t within this interval. Hole number four intersected 37.5 meters (123.7 feet) of 20.69 g/t silver including a 3.0 meter high grade zone of 195.7 g/ton silver (6.29 oz/t). A further 1.5 meters (44.6 feet) of 51.1 g/t (1.64 oz/t) silver were intersected in hole number five.

The Company believes that the results of the drill holes from the Echo Bay Program and the drill holes from the Mag Hill Program confirms the extensive nature of hydrothermal alteration and mineralization in the Port Radium-Echo Bay-Contact Lake poly-metallic belt. All drill cores from the Echo Bay Program and the Mag Hill Program were prepared, bagged and sealed by the Company's supervised personnel and were transported by plane to Acme Analytical Laboratories Ltd. ("ACME") in Yellowknife, NT where they were crushed and pulped, and then transported to ACME's main laboratories in Vancouver, British Columbia for assaying. ACME is a fully registered analytical lab compliant with the International Standards Organization (ISO) for quality assurance.

complete this report click here

David Gower, President & CEO of Castillian Resources Corporation (TSX VENTURE:CT - News) is pleased to welcome Helio B. Diniz as Chief Operating Officer of Castillian and Managing Director of Castillian Metais Ltda. (Castillian's Brazilian Subsidiary). Mr. Diniz has an exceptional track record of discovery which spans a 26 year career in Brazil and South Africa and has demonstrated the ability to assemble strong technical teams and execute large projects efficiently in Brazil. David Gower, President & CEO of the Company stated: "Helio Diniz's successful track record in Brazil and insights into the Brazilian mining and exploration industry will be a key competitive advantage as the Company expands its efforts in Brazil."

Mr. Diniz was most recently the Director of Exploration, Brazil for Falconbridge and Noranda (now Xstrata) where he was a primary discoverer of the Araguaia Nickel Deposits which are currently the subject of scoping studies by Xstrata. He and his team also assembled one of the most impressive IOCG property portfolios in the renowned and prolific Carajas Mineral District and successfully acquired nickel sulfide and copper properties elsewhere in the country, including the large Mangabal Project land position that is presently a core focus for Castillian.

Prior to joining Noranda, Mr. Diniz worked with Gencor (South African Group) where a key accomplishment was the evaluation and subsequent development of the Sao Bento Gold Mine in Brazil, which ultimately operated for 25 years. During the 19 years with Gencor and later Eldorado Gold Mr. Diniz managed numerous multi-million dollar gold and PGM exploration programs throughout Brazil.

Mr. Diniz will be based at the newly established Castillian Matais Ltda. office in Belo Horizonte, Brazil.

A diamond drill is on site and setting up on the Metago Zone, at the Mangabal nickel sulfide project in Brazil (see press release dated 14/02/07 for details). The initial 3000 meter drill program is designed to delineate the extent of the Metago Zone and provide sufficient drilling to calculate a resource that is suitable for completing a scoping level evaluation of the deposit. The drill will then move to evaluate six additional high priority targets within Mangabal Intrusion which hosts the Metago Zone.

About Castillian Resources

Castillian Resources Corp. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "CT" with approximately 62.8 million shares issued and outstanding. Castillian is partnered with Xstrata Nickel to explore the approximately 155,000 ha Mangabal nickel-copper project in Brazil. The company also owns the Kagera Project which comprises over 1600 square kilometers in the highly mineralized Kabanga Nickel Belt in Tanzania and 100% rights to the Pederson deposit, an advanced gold project in Bolivia.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.


Contact:

David Gower
Castillian Resources Corporation
President & CEO
(416) 861-5902
Email: info@castillian.ca
Website: www.castillian.ca

Source: Castillian Resources Corp.