Gold Bullion Completes $8 Million Financing

Gold Bullion Development (OTC Other: GBBFF; TSX-V: GBB) has raised gross proceeds of $8 million at $0.54 per share with a half a warrant exercisable at $0.75 for up to one year.

As with other financings, proceeds from this closing will be used for the next stage of development of the Company’s Granada Gold Property in northwestern Quebec, five kilometers south of Rouyn-Noranda.

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Laurion Information to be Available via Standard & Poor’s Market Access Program

Laurion Mineral Exploration (OTC Other: LMEFF; TSX-V: LME) will utilize Standard & Poor’s Market Access Program to make available company information, including share price, volume, dividends, shares outstanding, company financial position, and earnings. 

In addition, a full description of Laurion Mineral Exploration Inc. will also be published in the Daily News section of Standard Corporation Records, a recognized securities manual for secondary trading in up to 38 states under their Blue Sky Laws.

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Advanced Explorations Accelerates Exercise of Warrants

Advanced Explorations (OTC Other ADEXF; TSX-V: AXI) has elected to accelerate the exercise of approximately 9.2 million warrants which are exercisable at $0.40 per share.  As a result and if all warrants are exercised, the Company would stand to receive gross proceeds of $3.7 million.  All warrants must be exercised within 30 days from today otherwise they shall expire.

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Lynden Wolfberry Update, Including Reserves and Wells to Spud

Lynden Energy (OTC OTher: LVLEF; TSX-V: LVL) proved plus probable reserves are estimated to be 8.25 million barrels of oil and 22 billion cubic feet of gas.  Of this amount, proved reserves were 1.28 million barrels of oil and 3.7 billion cubic feet of gas, the estimated NPV of which was calculated to be $64.0 million.

As a result of the recently completed financing, the Company seeks to expand its Wolfberry Project by upgrading the reserves through development drilling and by acquiring additional acreage. The Company expects three new Wolfberry Project wells to be spudded within the next ten days. Lynden is funding 50% of the cost of the three wells to earn a 43.75% working interest. Additional wells are expected to be spudded before the end of the year. The Company also expects to maintain an aggressive pace in developing its Wolfberry Project in 2011.

All of the Company’s activities should result in plenty of positive news flow and additional interest in the stock.

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Vietnam Bans Banks From Selling Customer Gold for Loans

HANOI (Reuters) - Vietnam’s central bank has stopped banks selling gold deposited by customers and using the funds for loans or for converting into foreign currencies, partly to help take downward pressure off the dong VND=.

It is also concerned that, if the value of gold continues to soar, banks could suffer heavy losses when they have to buy gold back to repay depositors.

A State Bank of Vietnam circular issued on Friday also bans banks from lending gold for producing and trading small gold bars, Nguyen Ngoc Bao, head of the central bank’s Monetary Policy Department, said in an interview.

Central Bank’s Still Not Really Selling Gold

LONDON - The first month of the second year of the third Central Bank Gold agreement has brought forth no sales of gold as yet.  Figures for the IMF for October are not yet available, but at the end of September there were 74.5 tonnes of gold remaining available for disposal from the Fund’s original allocation of 403.3t of metal (i.e. the gold that was not under the auspices of the Second Amendment to the Articles of Agreement of the Fund).

Net sales of gold from CBGA signatories in the first year of CBGA3 (i.e. to 26^th September 2010) came to just 6.7 tonnes, against a quota of 400tpa and the World Gold Council, in its latest “Gold Investment Digest” notes that Germany, which said in September 2009 that it would sell no more than 6.5t, actually sold only 5.2t.  What this means of course is that the other signatories sold only 1.5t (Greece and Malta).  Figures from the IFS suggest that IMF on-market sales in the period amounted to 107 tonnes. 

Sprott Physical Silver Trust IPO

TORONTO, Oct 29 (Reuters) – Sprott Inc (SII.TO: Quote, Profile, Research, Stock Buzz), the Canadian fund manager specializing in resource investments, said on Friday that it planned to raise $500 million in the initial public offering of the Sprott Physical Silver Trust.

The offering will consist of 50 million units priced at $10 each.  The trust, which will be managed by Sprott Asset Management, will invest and hold nearly all its assets in silver bullion.

Nemaska Adopts a Shareholders Rights Plan

QUEBEC CITY, QUEBEC, Oct 28, 2010 (MARKETWIRE via COMTEX News Network) –

NEMASKA EXPLORATION INC. (“Nemaska” or the “Corporation”) (TSX VENTURE: NMX) announced today that its Board of Directors has adopted a shareholders rights plan (the “Rights Plan”) in order to promote equitable treatment of shareholders in any public offer to purchase aimed at the Corporation. The Rights Plan takes effect immediately and will grant Nemaska’s Board of Directors and shareholders more time to evaluate fully any unsolicited public offer to purchase aimed at the Corporation. The Rights Plan will also provide more time to the Board of Directors to analyze other solutions or propositions in order to maximize the value of the shareholders’ investment if required. The shareholders will be asked to ratify the adoption of the Rights Plan at the next annual and special meeting of shareholders, which is called on November 22, 2010 (the “Meeting”). The Rights Plan has not been adopted in response to a specific proposal aimed at acquisition of control of the Corporation, and the Corporation has not been informed of any intention in this sense.

More here.

Eagle Star Profiled on Prospectingjournal.com: Eagle Star Minerals in a Position to Assist Brazil’s Goals

Eagle Star Minerals Corp (TSX-V: EGE and OTC: ELGSF) was profiled this morning on Prospectingjournal.com (link below).

Eagle Star is currently conducting exploration work to earn a 55% interest in a very large (100,000 acre +) iron ore prospect in Eastern Brazil, the heart of iron country and early magnetometer survey results (which coincide with large BIF (Banded Iron Formation) surface magnetite outcropping) look to be prospective for proving up a potentially massive iron ore discovery. The stock has moved up on recent trading but still has a market cap below $10 million. The area hosts excellent infrastructure for iron ore production and a recent sale in the area – Eurasian’s purchase of a 50% stake in Bahia Mineracao (932 million total tons of 35.3% iron ore resource), located in the state of Bahia) for a price of US$670 million (indicating a unit price of US$1.44 per ton of “in-situ” iron ore) bodes well for Eagle Star Minerals opportunity to build a valuable enterprise from this highly prospective land position. 

It’s early days for sure, but Eagle Star’s staff of veteran geologists are quite keen about their chances of proving up a large iron resource  - so if the exploration program confirms their thesis, Eagle Star could be poised for dramatic upside going forward from here.

The Company is in the process of completing a small pilot drill program to confirm iron grades (surface sampling of outcrop are in the 17% to 69% Fe203 range), test the iron mineralization at depth and direct the next phase of drilling which is scheduled for the first quarter of 2011.

Results of the pilot drill program are pending and we will be sure to pass this news along to our subsribers once it has been announced in a press release.

Here is a link to the Prospectingjournal.com article:

Great Panther Discovers New Silver-Gold Zones at San Ignacio

Great Panther Silver (OTC Other: GPRLF; TSX: GPR) has intersected three new zones of silver and gold mineralization on the Company’s first surface drill hole at San Ignacio.  None of these zones has been developed previously.  The Melladito vein returned 11.45 metres grading 1.18g/t gold and 131g/t silver, including 3.70 metres grading 1.98g/t gold and 203g/t silver; the Nombre de Dios vein returned 3.15 metres grading 2.15g/t gold and 157g/t silver; and a previously unknown footwall stockwork assayed 3.76g/t gold and 11g/t silver over 2.00 metres. In addition, two other zones of mineralization were intersected that, while returning lower grades in this hole, could be of greater significance along strike or down-dip.

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