Scandinavian Minerals Limited (TSX: SGL) today announced
positive results of Pilot Plant testing for its 100%-owned Kevitsa
nickel-copper-PGE property in Finland. The Pilot Plant program has
confirmed that good quality, smelter-grade nickel and copper concentrates
can be produced from Kevitsa ore by conventional flotation methods.

Peter Walker, President and CEO of Scandinavian Minerals commented 'The
Pilot Plant results clearly show that good quality, smelter-grade
concentrates can be produced from the Kevitsa ore at commercially
acceptable levels of recovery. The attaining of very low levels of magnesia
in the nickel concentrate and the elimination of TETA from the flotation
process represent two additional important achievements.'

The Pilot Plant tests were undertaken at the Mineral Processing Laboratory
of the Geological Survey of Finland (GTK MinProc). A bulk sample totalling
575 tonnes of ore was processed in three phases from September 2006 to
February 2007, the first two phases consisting of process optimisation, the
third phase incorporating improvements made in the previous phases.

The bulk sample consisted of the nickel-copper-PGE ore type that forms the
main orebody at Kevitsa and was mined in summer 2006. The average grade of
the ore processed in phase 3 was 0.448 % copper, 0.360% nickel, 1.85 %
sulphur, 0.329 g/t platinum, 0.336 g/t palladium and 0.186 g/t gold, with
0.06 % nickel being contained in silicate minerals.

Nickel flotation
Nickel flotation yielded a range of smelter-grade concentrates averaging
12.2% nickel, within a range varying from 9.4% to 17.3% nickel. Sulphide
nickel recovery ranged from 77.4% to 80.5% and averaged 78.8%. Recoveries
with respect to total nickel (sulphide nickel plus silicate nickel) ranged
from 64% to 67% and averaged 65.3%. The nickel concentrate also contained
an average 10 grams/ton platinum at 55% recovery, 7.7 grams/ton palladium
at 38% recovery and 1.6 grams/ton gold at 10% recovery.

GTK MinProc estimates that total nickel recovery for the average ore at
Kevitsa will be between 70% and 72%. The level of non-recoverable
(silicate-bound) nickel in the bulk sample was higher than the calculated
orebody average: the phase 3 bulk sample contained 605 ppm (parts per
million) silicate nickel, equivalent to 17% of total nickel. This compares
with an average, supported by extensive drill core analyses, of 275 ppm
silicate nickel for the main orebody as a whole, or 9% of total nickel

recovery: sulphide nickel recovery: total nickel
pilot plant, average 78.8% 65.3%
projected, average 78.8% 70% – 72%

A further objective of the test work was to maintain a high iron to
magnesia (Fe:MgO) ratio in order to maximise the attraction of the
concentrate to smelters. In this regard, the test work produced
outstanding results, with an average Fe:MgO ratio of 17.9, well above the
targeted minimum of 4.5. This very high ratio will help to ensure that the
Kevitsa nickel concentrate is especially attractive to nickel smelters.

Another notable achievement of the program was the elimination from the
flotation process of several reagents, especially TETA (triethylene
tetramine). In previous work TETA was used to suppress the flotation of
pyrrhotite (iron sulphide) in the nickel circuit. The Pilot Plant work
demonstrated that by adjusting flotation conditions, the use of TETA can be
avoided. The elimination of TETA enhances the stability of the flotation
process and represents an important cost saving.

Copper flotation
Copper flotation yielded high-grade concentrates averaging 28.55% copper,
at an average recovery of 78%. This represents a significant improvement on
earlier mini-pilot results. A further 11% of the copper reported to nickel
concentrate, bringing total copper recovery to 89%. The tests further
demonstrated that nickel in the copper concentrate, could be maintained at
a commercially acceptable level averaging 0.67%, below the typical penalty
threshold of 0.8%. Nickel is considered a deleterious element in copper
concentrate. The copper concentrate also contained around 4 grams/ton gold
at 24% recovery.

copper recovery to copper recovery to total copper
copper concentrate nickel concentrate recovery
pilot plant,
average 78% 11% 89%

Ongoing Work
The Pilot Plant results will be incorporated into the ongoing Feasibility
Study for Kevitsa. This Study was commenced in April 2007 and is being
coordinated by St Barbara LLP (formerly St Barbara Consultancy Services) of
London, UK. The metallurgical process has been developed by GTK MinProc.
Plant engineering and design is being performed by Outotec Oyj. The
Feasibility Study is expected to take approximately 12 months to complete.

Mr. John Pedersen, M.Sc., P.Geo., a director of the Company, acts as the
Company’s Qualified Person under Canadian National Instrument 43-101 and
has approved the issue of this press release.

About Scandinavian Minerals
Scandinavian Minerals Limited is a Canadian public company listed on the
Toronto Stock Exchange under the symbol 'SGL' and on the Frankfurt
Freiverkehr market under the symbol W3M. The Company’s current focus is
the development of its 100%-owned Kevitsa nickel-copper-PGE project in
northern Finland.

Forward-Looking Statements
Some of the statements contained herein may be forward-looking statements
which involve known and unknown risks and uncertainties. Without
limitation, statements regarding potential mineralization and resources,
exploration results, and future plans and objectives of the Company are
forward looking statements that involve various degrees of risk. The
following are important factors that could cause the Company's actual
results to differ materially from those expressed or implied by such
forward looking statements: changes in the world wide price of mineral
commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and mining
operations, the uncertainty of future profitability and the uncertainty of
access to additional capital.

Rio Tinto's new chief executive, Tom Albanese, is a dealmaker by reputation and has wasted little time showing why since he took over on May 1.

Rio , the world's second biggest miner, unveiled an agreed $38 billion takeover of Canada's Alcan Inc on Thursday to create the world's biggest aluminium producer.

London-based Albanese, 50 in September, is a U.S. citizen who grew up in New Jersey and graduated in mineral economics and mining engineering from the University of Alaska.

Perhaps it was during his studies that he first came across Britain's network of canals, used to shift raw materials and finished goods around the nation during the Industrial Revolution.

Perhaps not. Either way, in his leisure time Albanese tours in his own canal narrow boat -- a precursor to the behemoths that today shift coal and iron ore across the oceans.

Working his way up through the mining industry, Albanese was chief operating officer of Nerco minerals when it was acquired by Rio in 1993. Rio quickly put him in charge of a gold, silver, zinc and lead mine in Alaska.

More recently, Albanese has been involved in developing Rio's joint venture exploration agreement with Norilsk Nickel in Russia, and its investments in La Granja in Peru and Ivanhoe Mining's Oyu Tolgoi copper project in Mongolia.

When announcing Albanese's appointment as Rio's CEO last December, Chairman Paul Skinner said: "Tom has been a key player in a number of major Rio Tinto developments over recent years and also in shaping the group's strategic direction".

Albanese's $3.4 million pay package in 2006 would seem to back up Skinner's comment.

Albanese joined Rio's board in March 2006 and became Director, Group Resources in July.

He succeeded Leigh Clifford as Rio's CEO on May 1 with an 825,000 pounds salary plus perks, share options and pension.

He will be paid a so-called retention bonus, awarded in April 2004, of a maximum $1.134 million on Oct. 1.

Albanese first moved to London in 1995 as group exploration executive. Three years later he became vice president of Kennecott Utah Copper at the Bingham Canyon copper mine, Salt Lake City. When Rio bought a majority holding in North Ltd in Australia in 2000 Albanese transferred to Melbourne as its managing director.

He was appointed CEO of Rio's Industrial Minerals group based in London, with responsibility for the group's borates, talc and titanium dioxide operations, before becoming CEO, Copper and Exploration, in 2004.

Albanese told reporters he saw a bright future for aluminium, used in products from drinks cans to airplanes.

With world demand forecast to grow over 6 percent annually until 2011, the enlarged Rio will be able to make around 4.4 million tonnes of aluminium a year, making it the world's biggest producer ahead of current leader, Russia's UC RUSAL.

Valencia Ventures Inc. is pleased to announce that it has entered into an agreement to acquire Standard Resources Inc.'s remaining 20% interest in the Cachinal silver project. The CDN$5.5 million purchase price is payable in two instalments with the issue of Valencia common shares. The first instalment of CDN$4.0 million is payable upon closing of the transaction and the balance 12 months hence. As a result, Valencia now owns 100% of Cachinal. Valencia will also pay Silver Standard US$0.50 per ounce of additional silver ounces in excess of the current resource estimate of 27 million ounces of silver up to a limit of 10 million ounces of silver, payable at Valencia's discretion, in cash or common shares. The closing of the transaction is subject to regulatory approval and all shares issued will be subject to a 6-month hold period.

Successful exploration by Valencia in 2006 resulted in the delineation of a significant silver deposit at Cachinal; the initial mineral resource based on a strike length of 650 metres is estimated at 14 million ounces of silver in indicated resources (based on approximately 4.11 Mt at 103.92 g/t Silver, 0.11 g/t Gold and 0.17% Nickel) and a further 13 million ounces of silver in inferred resources (based on approximately 5.09 Mt at 78.22 g/t Silver, 0.11 g/t Gold and 0.16% Nickel). The Cachinal deposit also contains considerable gold and zinc mineral resources (See press release dated February 19, 2007).

Additionally, the first phase of Valencia's 2007 drill program intersected significant high grade silver mineralization within broad zones of silver-gold-zinc mineralization over an 800 metre strike length in the Northern Extension target to the north of the current mineral resource. The drill results also indicated the mineralized zone is also open along strike to the south and the Company believes the potential to expand the existing resource is excellent.

Valencia's President and CEO, Doug Bache, commented, "Our 100% ownership of Cachinal represents a major milestone for Valencia and our strategy to build a portfolio of significant silver and gold resources in the Americas." He added, "We believe there is good potential to substantially increase the silver resource at Cachinal and our exploration team in Chile will be focused on this task during the remainder of 2007."

Valencia will immediately commence an aggressive follow-up and resource definition drill program with the objective of updating the mineral resource and producing a preliminary assessment study on Cachinal by the end of 2007. This drill campaign and evaluation program is fully funded and Valencia expects to announce initial drill results in late summer.

Cachinal Silver Project

The Cachinal de la Sierra area is located within the Paleocene Gold Belt of northern Chile, which hosts several significant gold and silver deposits including Meridian Gold's El Penon Silver-Gold Mine. The El Penon mine is a low sulphidation-style epithermal silver-gold deposit and one of the worlds lowest cost gold producers. The past-producing Guanaco Gold Mine located 12km to the southwest is a high sulphidation-style epithermal deposit that was mined as a heap leach operation during the early 1990's by Amax Gold Inc. and then by Kinross Gold Corporation. Historical silver production in the Cachinal area is estimated at approximately 32 million ounces as documented in geological reports in the library and files of Chilean Government agency SERNAGEOMIN. The production figures (tonnage and grade) referred to above is historical in nature and has not been verified by the issuer's Qualified Person, and should not be relied upon.

Valencia is a Canadian resource company traded under the symbol VVI on the TSX Venture Exchange. Valencia's development strategy is focused on the exploration and development of silver and gold properties, including the Cachinal Silver-Gold Project in Chile and the Rancheria Silver Project in the Yukon Territory and British Columbia, Canada. With a focus on silver and gold exploration in the Americas, Valencia is considering various precious metal property acquisitions.

Cautionary Note:

Mr. Douglas A. Currie, MAusIMM, Valencia's Executive Vice President-Exploration & Development, is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and is responsible for reviewing the technical disclosure in this press release. Field work in Chile has been performed under Mr Currie's supervision by SBX Consultores Ltda, Santiago, Chile.

This press release contains "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information includes, but is not limited to, statements regarding exploration prospects, the identification of mineral resources, costs of and capital for exploration projects, exploration expenditures and timing of future exploration. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters, future prices of mineral prices; and risks of the mining industry. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


Contact:

Doug Bache
Valencia Ventures Inc.
President and CEO
(416) 861-5884
Email: info@valenciaventures.com

Doug Currie
Valencia Ventures Inc.
Executive Vice-President, Exploration and Development
Email: dcurrie@valenciaventures.com

Source: Valencia Ventures Inc.

China Petroleum & Chemical Corp. aims to produce 42 million tonnes of domestic crude oil next year and hopes to reach a crude processing capacity of 196 million tonnes, representing a 34% growth from last year, the company announced yesterday.

The figures may suggest that Sinopec will import around 150 million tonnes to fill its refineries, or 76.5% of its crude processing capacity, a further boost from last year's 70%, while obtaining a small fraction of crude from other domestic sources. About 101.47 million tonnes of the total 144.83 million tonnes of crude oil the company processed last year was imported, according to its annual report.

The company's crude import dependency is likely to stand at 73.5% this year, with crude oil output targeted at 41 million tonnes and crude throughput at 156 million tonnes.

The ambitious plan to upgrade refinery capacity came after a gesture from the central government indicating that a more market-oriented oil product pricing scheme will be adopted in the near future, which may turn the refining sector into a more profitable business. The company plans to expand the capacity of five of its key refineries in the Yangtze River region.

Under the current pricing system, in which fuel prices are kept artificially low by the government, the country's refineries sometimes choose to shut down some of their facilities for maintenance despite the strong demand for fuel in the domestic market, since record-level crude oil costs sometimes make refining a money-losing business.

Next year's crude output goal is for a 4.6% hike from last year, while natural gas output is forecasted to increase by a significant 37.6% from last year to hit 10 billion cubic metres in 2008.

The oil giant, Asia's largest refiner, will see oil product sales reach 120 million tonnes next year, with 75 million tonnes through retail. It will have a crude port capable of handling 150 million tonnes, 6,300 kilometres of major crude oil pipelines and 7,200 km of oil product pipelines.

Around 92% of Sinopec's crude production and 40% of oil product output are transported through pipelines.

The company, the world's forth largest ethylene producer at the end of last year, will also expand its ethylene production capacity to 7.1 million tonnes in 2008, up 14.5% from last year, due to the company's plan to put RMB 19.46 billion ($2.54 billion) into the chemicals segment this year. Ethylene projects in Fujian, Tianjin and Zhenhai will be upgraded as a result.

The company will also boost the capacity of a refinery in the city of Wuhan in central China by 60% in order to supply feedstock to its planned ethylene facility nearby, which has an annual capacity of 800,000 tonnes.

CNPC Looks for More Syrian Involvement

The China National Petroleum Corp.'s plans to become more involved in Syria's energy sector, which may include building a refinery and further exploration in Syria's waters, is an indication of the Chinese oil giant's efforts to become a bigger player in the global market, industry experts told Interfax today.

According to state-run Xinhua news agency, CNPC is in talks with the Syrian government to jointly build a $1 billion oil refinery with a daily capacity of 70,000 barrels of crude oil, Syrian Deputy Prime Minister for Economic Affairs, Abdullah al-Dardari, said at a press conference yesterday.

Syria will also cooperate with CNPC to upgrade five old oilfields to improve oil productivity, as well as sign a contract with the China Petroleum Technology Development Corp., a subsidiary of CNPC, to import oil exploration and mining machinery with preferential loans from China, according to Syrian Minister of Oil and Mineral Resources, Sufian Allaw.

CNPC will also be invited to explore 5,000 square metres of Syrian waters, Allaw added.

Officials with CNPC were not available for comment when contacted by Interfax.

Syria is not particularly rich in oil resources, and China does not have as close ties with the country in the energy sector as it does with other Middle Eastern countries, such as Saudi Arabia and Iran. However, apart from strengthening bilateral ties, such activities may lead to unexpected discoveries, as in the case of Sudan, where oil discoveries not only boosted the local economy but also brought huge profits to the company itself, Li Weijian, an expert on the Middle East with the Shanghai Institute for International Studies, said.

Cao Xiaoxi, a senior expert with the Sinopec Economy and Technology Research Institute, believes that CNPC's plan to expand exploration activities and refinery buildup in Syria is driven by profits. "With the price of crude oil and oil products staying at high levels on the international market, CNPC has enough incentives to step up its overseas operations," Cao said.

He further noted that crude oil and oil products produced by Chinese oil companies from their overseas operations are mostly sold on the international market rather than being shipped back home, due to differences in price between the domestic market and the international market, as well as limited domestic refinery capabilities.

So far, CNPC has officially announced it has only one refinery up and running in Sudan.

CNPC made its first foray into Syria in 2005 after winning an EPC (engineering, procurement and construction) contract for the first phase of the ground facility expansion project at the Gbeibe Oilfield. It later made a joint bid with India's state-owned Oil & Natural Gas Corp. for the Al Fruit Oilfield in Syria, footing $575 million for an 18.75% stake in the field, which was previously held by Petro-Canada [NYSE:PCZ].

© InterFax-China 2007

Shares in Nautilus Minerals Inc. (TSXV:NUS) gained nearly 10 per cent Wednesday after the company reported drilling results from its Solwara project in the territorial waters of Papua New Guinea.

Shares in the undersea mining company were up 37 cents at $4.27 in early-afternoon trading on the TSX Venture Exchange. "The results of the drilling at our Solwara 1 project in the territorial waters of Papua New Guinea, demonstrate that we have a strong mineral system persisting at depth," Nautilus CEO David Heydon said in a release.

"This is in addition to the system of high-grade massive sulphide spires that are often 10 metres high above the system currently being drilled."

The bounce in the company's shares follows a sharp drop in their value last week when Nautilus Minerals said it failed to sign a detailed works contract with the company that was to build the ship it was going to use for mining, forcing the company to seek alternatives.

As a result of the collapse of the deal with Jan De Nul, the Vancouver-based company has taken over the offshore development aspects of its Solwara 1 project.

Nautilus had announced last year it had reached a heads of agreement with Jan De Nul with a view to formalizing a detailed contract by July 1. However, no deal was signed.

The company said its project development team will now deal directly with the suppliers of the specialized equipment required for mining and raising the ore.

In releasing its drilling results for Solwara 1 on Wednesday, the company said it has completed 29 drill holds for a total of 305.8 metres since drilling started on June 14. Between 70 to 90 holes are planned.

The results of the program are to be used for a mineral resource statement and for metallurgical and mine planning purposes.

The company also reported high-grade assay results at Solwara 8, where 12 surface samples averaged 16.9 grams per tonne of gold, 6.1 per cent copper, 32.5 per cent zinc and 328 grams per tonne silver.

Nautilus currently has a licence for exploration only and is undertaking an environmental assessment it hopes will land it a mining licence from the government of Papua New Guinea.

The company has raised US$300 million in the last year to undertake the world's first commercial undersea exploration for gold and copper off Papua New Guinea.

Alcan Inc., the Montreal-based aluminum producer, is in talks that could lead to a merger agreement with mining giant Rio Tinto PLC, according to news reports Wednesday.

Rio Tinto has hired investment banker CIBC World Markets to assist in preparing a bid for Alcan, an apparent move to fend off a hostile bid by U.S. rival Alcoa Inc., The Globe and Mail reported, quoting sources.

Meanwhile, The Times of London reported that Rio Tinto is set to launch a $34-billion US bid for Alcan. The UK newspaper quoted Wall Street investment bankers as saying Rio Tinto would make a formal offer two weeks.

The newspaper said Rio Tinto had no comment on a possible bid.

An Alcan spokesperson in Montreal told Reuters that the company was “in negotiations with third parties,” but declined to identify them.

On Tuesday, Alcoa told the U.S. Securities and Exchange Commission that it had signed a $30-billion US credit facility with a syndicate of bank lenders that would be used to finance its hostile takeover of Alcan.

Alcoa’s filing with the SEC came a day after the company extended its $33-billion cash-and-stock offer for Alcan until Aug. 10.
The original offer, which has been rejected by Alcan’s board as too low and too complicated, expired Monday.

Central African Mining & Exploration Co. has increased its offer for Katanga Mining Ltd. (TSX:KAT) to 17 shares of new company for every Katanga share shares, up from a prior 15 to one ratio.

The deal would value Katanga at about $1.98 billion, or 943 million British pounds. Shares in Katanga were ahead $1.32 at $26.22 in midday trading on the Toronto Stock Exchange, a gain of 5.3 per cent and a new 52-week high.

CAMEC already owns 22 per cent of the outstanding common shares of Katanga.

Shareholders are expected to vote on the bid in August.

Katanga Mining operates a major copper-cobalt mine complex in the Democratic Republic of Congo. First copper is due to be shipped in December and the site is expected to reach full production in 2011: 150,000 tonnes of refined copper and 8,000 tonnes of refined cobalt annually.

Intrepid Mines Limited (TSX:IAU)(TSX:IXN)(ASX:IAU), an international gold and silver production, development and exploration company, announces results of a post-feasibility core drilling program at its 100% owned Casposo project in San Juan Province, Argentina.

Highlights

- 4.15m at 14.19 g/t gold equivalent from 120.6m

- 3.0m at 16.19 g/t gold equivalent from 109.8m

- 7.0m at 13.41 g/t gold equivalent from 59.8m

- 5.15m at 8.56 g/t gold equivalent from 74.65m

- 4.3m at 7.51 g/t gold equivalent from 116.2m

- 6.0m at 7.46 g/t gold equivalent from 110.75m

- 4.0m at 7.10 g/t gold equivalent from 18.0m

The accompanying cross section shows the ore body pierce points and clearly indicates these results will expand the pit boundaries and postpone the transition to the underground phase.

A new resource and reserve estimate will be undertaken to include all relevant information from the Kamila area obtained since the previous estimate was completed with the results to be used in engineering and financial planning in advance of planned mine development start-up in 2008.

This is the first drill program since completion of the Casposo Feasibility Study in March 2007. The near term goal for exploration at Casposo is to increase the life of mine proposed in the Feasibility Study by testing pit extension and underground vein targets.

Drilling completed in late 2006 on the Inca Vein returned very encouraging results, suggesting that more mineralized material was available within the current mine design or with some changes to the pit outline and underground areas. These 2006 results and others were not included in the current resource and reserve estimate (see press release dated March 5, 2007) due to time considerations for the estimation. Intrepid initiated new drilling in 2007 to improve drill density in the new extension of the Inca vein with a view to generating new measurable mineral resources and allowing optimization of the deposit prior to construction of the mine. The drilling program also included additional testing at the Kamila Southeast Extension (SEXT) area of the property, a near mine underground resource target.

A total of 3,315 metres of core drilling was completed in the program that concluded in May. Approximately 600 metres (in nine holes) were used specifically to support mine geotechnical design. Highlights of drilling results are listed in the attached table.

Of particular note are very strong values in intercepts obtained from drill hole CA-07-200, which intersected 7.00 metres of 9.02 grams per tonne gold and 338 grams per tonne silver at shallow depth along the proposed pit wall. This additional near surface information will help determine pit design in the initial year of mining. Drill holes CA-07-205 intersected 4.3 metres of 4.18 grams per tonne gold and 256 grams per tonne silver from 116.20 metres to 120.50 metres and CA-07-216 intersected three metres of 8.6 grams per tonne gold and 579 grams per tonne silver from 109.80 metres to 112.80 metres. Both intercepts test down dip extension of a new section of the Inca vein defined by drill holes CA-06-183, 184, 197 in September of 2006. This section of the Inca vein (see section A-A1 is located 30-40 metres outside of the current pit wall boundary and extends below the current pit floor elevation. Other holes completed in the recent campaign (CA-07-202 to 204, 206 to 209) (see section B-B1), show continuity of the Inca vein as it extends to the southeast and to depth where underground mining may present a solution to access this mineralization.

These results once incorporated into the resource and mine models will lead to consideration of a larger pit design of the Kamila pit and of additional underground mining potential. The new information will also assist in determining the pit floor for the final mine plan.




Summary of Results for Casposo Drilling Program ending May 2007


---------------------------------------------------------------------------
---------------------------------------------------------------------------
TARGET HOLE # FROM TO WIDTH Au Ag Au Eq g/t
(m) (g/t) (g/t) (77:1)
---------------------------------------------------------------------------
INCA CA-07-200 59.80 70.00 12.20 6.32 252 9.59
---------------------------------------------------------------------------
CA-07-200 incl. 59.80 66.80 7.00 9.02 338 13.41
---------------------------------------------------------------------------
INCA CA-07-202 98.10 99.75 1.65 1.22 202 3.85
---------------------------------------------------------------------------
INCA CA-07-203 95.15 97.55 2.40 2.18 122 3.76
---------------------------------------------------------------------------
INCA CA-07-205 112.20 120.50 8.30 3.13 219 5.98
---------------------------------------------------------------------------
CA-07-205 incl. 116.20 120.50 4.30 4.18 256 7.51
---------------------------------------------------------------------------
INCA CA-07-206 120.60 124.75 4.15 4.99 708 14.19
---------------------------------------------------------------------------
B VEIN CA-07-207 13.70 20.20 6.50 3.69 48 4.32
---------------------------------------------------------------------------
INCA CA-07-207 112.90 116.25 3.35 2.64 118 4.17
---------------------------------------------------------------------------
B VEIN CA-07-208 18.00 26.00 8.00 3.12 92 4.31
---------------------------------------------------------------------------
CA-07-208 incl. 18.00 22.00 4.00 5.17 149 7.10
---------------------------------------------------------------------------
B VEIN CA-07-209 12.80 15.40 2.60 2.66 61 3.45
---------------------------------------------------------------------------
INCA CA-07-209 132.25 133.80 1.55 2.43 224 5.34
---------------------------------------------------------------------------
SEXT CA-07-211 173.30 177.30 4.00 2.36 128 4.02
---------------------------------------------------------------------------
AZTEC CA-07-G03 107.75 116.75 9.00 2.17 253 5.45
---------------------------------------------------------------------------
CA-07-G03 incl. 110.75 116.75 6.00 3.13 333 7.46
---------------------------------------------------------------------------
B VEIN CA-07-213 48.85 54.35 5.50 2.51 36 2.97
---------------------------------------------------------------------------
B VEIN CA-07-214 74.65 79.80 5.15 1.96 508 8.56
---------------------------------------------------------------------------
INCA CA-07-216 109.80 114.40 4.60 6.35 424 11.86
---------------------------------------------------------------------------
CA-07-216 incl. 109.80 112.80 3.00 8.67 579 16.19
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Holes CA-07-G01 to G08, 218 and 219 were holes dedicated to geotechnical
evaluation and report no significant results with the exception of a deep
extension to G03 targeting the Aztec vein. Exploration holes 201, 204, 210,
212, 215 and 217 reported no significant results.
---------------------------------------------------------------------------
---------------------------------------------------------------------------





Drilling at the Kamila Southeast Extension (SEXT) was also completed during the recent drill program. Of four holes drilled, hole CA-07-211 returned a significant intercept, while holes 201, 210 and 212 encountered the extensions of the mineral structure and weakly anomalous precious metal values. Recent results will be compiled with previous information to determine new testing possibilities once the geometry of the mineralization is better understood.

NOTE: To view the Casposo Property - Kamila Deposit (Composite Cross Section A-A1) and the Kamila Deposit (Composite Cross Section B-B1), please click on the following link: http://www.ccnmatthews.com/docs/iaumapss711.pdf

About Intrepid Mines:

Intrepid Mines Limited is an international gold and silver production, development and exploration company. The Company's producing property is the Paulsens Gold Mine, located in northwestern Australia. The Company's advanced development property is the Casposo Project located in San Juan Province, Argentina. The Company's exploration properties are located in Argentina, El Salvador, Mexico, Australia and Canada. The issued capital is 164,374,243 shares comprised of 145,840,890 ordinary shares of Intrepid Mines Limited on the TSX:IAU and ASX:IAU and 18,533,353 Exchangeable Shares of Intrepid NuStar Exchange Corporation quoted on the TSX:IXN.

Qualified Person:

Information in this announcement has been compiled by William McGuinty P.Geo. VP Exploration, a full time employee of Intrepid Mines Limited who has sufficient experience relevant to the style of mineralization and type of deposit under consideration and is a supervisor to the work subject of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This release contains certain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX & ASX has neither approved nor disapproved the information contained in this press release. Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

Canada's Alcan Inc (AL) has signed a confidentiality and standstill agreement with a so-called 'white knight' bidder that would rescue it from a hostile takeover bid from rival aluminum producer U.S. Alcoa Inc (AA).

In a July 9 filing with the U.S. Securities and Exchange Commission, Alcan said it is "continuing to have discussions and has undertaken negotiations concerning potential strategic transactions and alternatives to the Alcoa offer."

"In this regard, Alcan has also required that any intended recipient of Alcan's proprietary and confidential information, for the purposes of such discussions, enter into appropriate confidentiality and standstill agreements," the company added.

It didn't name the third party or parties involved, but analysts have been tipping diversified mining companies Rio Tinto PLC (RIO.LN) and BHP Billiton PLC (BHP) as the likely favorites. Both companies declined to comment on market speculation Wednesday, but an overnight report in Canada's Globe and Mail said Rio Tinto has emerged as the front-runner with BHP Billiton now said to be looking at Alcoa.

Although Alcan said in the filing that there's no assurance that its discussions will lead to agreement, it has made no secret of the fact it plans to fight the $27.93 billion Alcoa offer.

Alcan spokeswoman Chrystele Ivins reiterated that the Canadian company was "looking at all options."

Numis Securities analyst John Meyer said that a Rio Tinto-Alcan deal would provide a "significant fit between the two companies' aluminum smelting and refining operations," and would also provide "substantial benefits to the sharing of expertise, management and logistics."

But he noted that Rio Tinto would unlikely be interested in keeping Alcan's downstream operations. "It's not an area of expertise; the company has traditionally done well by continuing to be a leader in the mining industry in terms of technical ability and logistical capacity," he added.

And Credit Suisse analyst Jeremy Gray said that Rio Tinto needs a deal like Alcan. "Were base metals to stage a second rally, Rio Tinto is likely to underperform BHP and Xstrata because it cannot offer significant near-term growth in this space, unless they undertake a major M&A deal to fill the void," he added.

In a research note, Credit Suisse said if Rio Tinto acquired Alcan it would mark the company's first major buy in six years - in 2000 it agreed to pay $2 billion for Australian iron ore miner North Limited.

"Such a deal...would signal a clear change in strategy for the group that they are now prepared to releverage the balance sheet and go for growth both organically and through M&A," Credit Suisse said of Rio Tinto's reported Alcan move.

The bank added that Rio Tinto could boost its earnings by as much as 7% in 2008 by acquiring Alcan and increase its annual aluminium production to 4.2 million metric tons from 0.80 million tons currently.

"The rationale of such a deal could be to combine the strengths of Rio Tinto (bauxite and alumina) with Alcan's strength (aluminium)," Credit Suisse said.

Charles Kernot, analyst at Seymour Pierce, said Rio Tinto would be able to go into a potential deal with a private equity partner that would take on Alcan's downstream assets.

"There is a substantial amount of private equity capital available that needs to be used and spent. It is very definitely an opportunity for Rio Tinto to latch onto today that wasn't available some years ago," he said.

He noted that Rio Tinto has in the past purchased entire companies to acquire specific assets, as when it bought U.S.-based coal and gold miner Nerco, then sold off the gold business.

On Tuesday, Alcoa extended the offer to Aug. 10 to give regulators and shareholders more time to review its bid. It also said it entered into $30 billion senior unsecured multiple-draw term credit facility with a group of lenders, including Citigroup Global Markets Inc., which it may use to finance the cash portion of its Alcan offer.

As of 1100 GMT, Rio Tinto shares were trading down 0.1% at 3,903 pence a share.

Ur-Energy Inc (TSX: URE) ("Ur-Energy") is pleased to announce its acquisition of data from Power Resources Inc. ("PRI") (Cameco - TSX:CCO) pertinent to exploration and development in the Shirley Basin, Wyoming USA area. The data includes drill hole logs for more than 1,000 drill holes, historical resource reports, maps, drill summaries, individual drill hole summaries, handwritten notes, and digital printouts from such previous operators as Cherokee, Kerr McGee, URADCO (PP&L), and Mobil as well as historical feasibility reports from Dames & Moore and Nuclear Assurance.

Ur-Energy will make any data covering its Shirley Basin, WY Bootheel and Buckpoint properties and as defined by the Area of Interest, available to the venture it has with Target Exploration & Mining (TSX.V: TEM) known as the Bootheel Project, LLC.

The Data Purchase Agreement includes a 1% royalty interest payable to PRI on uranium and associated minerals and materials produced from Ur-Energy's Bootheel and Buck Point properties which involves 279 lode mining claims and 2 State of Wyoming Mineral Leases.

"This data package will play a key role moving forward on the Bootheel Project, LLC as well as provide for the possible identification of new properties to add to the Ur-Energy exploration properties pipeline," stated Bill Boberg, President and Chief Executive Officer.

Ur-Energy is a junior mining company completing mine planning, baseline studies and permitting activities to bring two uranium deposits in Wyoming into production by 2009. The company is also engaged in the identification, acquisition and exploration of uranium properties in both Canada and the United States. Shares of the corporation trade on the Toronto Stock Exchange under the symbol URE. Ur-Energy has a registered corporate office in Ottawa, Canada and bases its headquarters in Littleton, Colorado. The company's website is at www.ur-energy.com.

This release may contain forward-looking statements regarding capital and processing cost estimates, production rates, amounts, timetables and methods, mining methods, metallurgical recovery rates, government permitting timetables and strategic plans and are based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and other costs varying significantly from estimates, production rates, methods and amounts varying from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in development and other factors. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward looking statements. The forward-looking statements contained herein are made as of the date hereof and we assume no responsibility to update them or revise them to reflect new events or circumstances.

Contacts:
Dani Wright
Manager, Investor/Public Relations
1-720-981-4588, ext. 242
1-866-981-4588
dani.wright@ur-energyusa.com

Bill Boberg
CEO and President
1-720-981-4588, ext. 223
1-866-981-4588
bill.boberg@ur-energyusa.com

Copyright © 2007 SYS-CON Media. All Rights Reserved.

Gabriel Resources Ltd. ("Gabriel" or the "Company")(TSX: GBU) met with the Technical Analysis Committee ("TAC"), a panel of government representatives appointed to evaluate the Environmental Impact Assessment ("EIA") for the Rosia Montana Project, on July 10, 2007 to continue the review of the EIA and the subsequent Annex that was submitted by Gabriel to respond to the approximately 5,700 questions raised during the public consultation.

"We are pleased with the progress the TAC is making with respect to this very important project, not only for the region around Rosia Montana and Alba county, but for all of Romania," said Alan R. Hill, Chief Executive Officer of Gabriel. "The TAC is taking their responsibility very seriously and is acting professionally as it completes its review of our project," added Mr. Hill.

The TAC proposed, in its initial meeting on June 26, 2007, a series of meetings to properly analyze and discuss the 18,000 pages of material submitted by the Company (EIA approximately 5,000 pages and Annex approximately 13,000 pages). The first of the series of meetings was held on July 10, 2007, and covered a general overview of the project, as well as the key areas of technical processes and waste management.

The next meeting with the TAC is scheduled for July 19, 2007 and will address questions raised at the July 10, 2007 meeting and will allow the Company to present potential impacts of the project. The Company is unable to predict the number or timing of future meetings with the TAC beyond the scheduled July 19, 2007 meeting.

Gabriel Resources

Gabriel is a Canadian based resource company committed to responsible mining and sustainable development in the communities in which it operates. Gabriel is currently engaged in the exploration and development of mineral properties in Romania and is presently engaged in the development of its 80% owned Rosia Montana gold project.

Forward-Looking Statements: This press release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the closing of the Offering and the Company's plans with respect to the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.



The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and the information contained herein.

Contacts:
GABRIEL RESOURCES LTD.
Vera Janakievski
(416) 955-9200 or Direct: (416) 682-6083
(416) 955-4661 (FAX)
Email: info@gabrielresources.com
Website: www.gabrielresources.com

London Metal Exchange base metals traded higherWednesday, with lead touching a fresh record high, but market participantsquestion whether major follow-through buying in nickel or copper will emergeovernight.

Three-month lead jumped to a fresh record high of $3,015 a metric ton drivenby commodity trade advisory buying and technical buying, but has eased to a PMkerb of $2,979/ton.

"Calling an upside price target is difficult as prices are already inuncharted territory," said one LME trader. But other analysts noted that untilthe market tightness eases, prices will continue to climb higher.

A combination of falling LME inventories - down nearly 5% since the start ofJuly as well as supply concerns in China - the world's largest lead producer -continue to underpin prices.

Elsewhere, three-month copper was modestly boosted Wednesday but was unableto mount the key $8,000/ton price level.

Concern that problems in the U.S. subprime mortgage sector will spill overinto the wider economy have also begun to unsettle nerves in the metal markets,according to analysts.

But copper remains underpinned by industrial action and inventory draw-downs,said Standard Bank. And traders said future price direction depends ondevelopments in South America and ongoing labor negotiations there.

Plans at Chilean state copper miner Corporacion Nacional del Cobre's Andinadivision to restart mining operations were delayed Wednesday morning afterprotesting contract workers blocked buses carrying workers from leaving aterminal, according to the company. Mine operations were halted Monday after aworker on his way to the mining complex was injured by protesting contractworkers.

Contract workers went on strike 16 days ago and have left Codelco with a $20million bill for damages after protests and illegal occupations. Codelco is theworld's largest copper producer, with an annual output around 1.8 millionmetric tons.

Meanwhile, three-month nickel rose due to consumer and technical buying, saidone LME trader, after falling some 11% earlier this week. But "we're onlyseeing a bit of a bounce after such a big fall Tuesday," said an London-basedanalyst.

Slowing demand for stainless steel, particularly in China, technical sellingand rising LME inventories have added to price pressure. Nickel stocks haveclimbed roughly 13% from month-ago levels while LME nickel prices have declined18% from month-ago levels.

"Nickel prices were supported by technical buying but the trend of weaknessis expected to continue," said the LME trader. Analysts eye $30,000/ton as thenext support level.

And three-month aluminum was modestly supported as "take over action filteredin the market," said the trader. News that Rio Tinto Ltd. may launch a $34billion takeover offer for Canada's Alcan Inc. circulated the marketsWednesday.

Prices in dollar a metric ton. 3 Months Metal Bid-Ask Change from Tuesday PM kerb Copper 7940.0-7941.0 Up 30 Lead 2979.0-2980.0 Up 45 Zinc 3475.0-3480.0 Up 75 Aluminum 2833.0-2834.0 Up 26 Nickel 33250.0-33300.0 Up 610 Tin 14150.0-14160.0 Up 10 Aluminum Alloy 2230.0-2240.0 Up 20 Aluminum Alloy 2250.0-2260.0 Up 25

Solid Energy's purchase of a Nelson solar heating specialist signals a widening of the renewable energy portfolio held by the coalminer, recently under fire from environmentalists.

The purchase of the family-owned company Sensible Heat would form the basis of a new unit, Switch, to sit alongside two other renewables units, Solid Energy general manager energy developments Andy Matheson said.

The state-owned company was branching into renewables because they were profitable and New Zealanders were looking to be more sustainable in energy choices, rather than to put a positive gloss on its core coal mining business, he said.

"We see it as a growing market in that area ... we're not doing it for those reasons (to do with coal)," Matheson said.

In fact, coal had had a resurgence around the world in relation to natural gas and oil, and made up to 40 per cent of the world's power generation. "Coal is quite quite diverse and not in politically unstable areas."

Solid Energy inflamed passions amongst anti-mining activists after having been found out for paying an informant to gather information on these activists. But the miner has paid millions moving endangered snails in the way of its mining plans.

Solar power along with the other units – Biodiesel New Zealand and a wood pellet business known as Nature's Flame – formed the basis of a $20 million to $30m business for Solid Energy, Matheson said.

Solid Energy wanted to increase those sales to up to $150m in the next six or seven years.

The company has ambitions to be a big biodiesel maker through the development of canola farming.

Solid Energy had not yet made public potential sites for a biodiesel plant, Matheson said.

"We haven't concluded where that location will be but Southland is a good place for growing canola," he said.

The owners of Sensible Heat were Matt and Nadienne Cookson. Matt Cookson would be general manager of Switch.

Commander Resources Ltd. (TSX VENTURE:CMD - News) reports that Geoinformatics Exploration Canada Limited (TSX VENTURE:GXL - News) has commenced its 2007 work program on Commander's wholly owned package of five (5) copper-gold porphyry properties located about 100 km south of the Kemess Copper-Gold mine in the Omineca Mining District, British Columbia. The program, to be funded and operated by GXL, is budgeted at about $1 million and will include approximately 3000 metres of drilling on at least two of the properties. This represents the first term of an option agreement between GXL and Commander with a minimum of $750,000 in committed expenditures by GXL in 2007.

Drilling has commenced on the PAL property to test induced polarization anomalies in an area with copper-gold soil and magnetic anomalies.

The Abe and Aten properties will also be tested by drilling during this program. Known copper-gold mineralization with magnetic and I.P anomalies on the properties are associated with Hogem Batholith intrusives and Takla volcanics. The properties are all located 10-17 kilometres from the Omineca Mining Road on which Kemess concentrates are trucked to market. Ground surveys, mapping and sampling will be completed on all prior to drilling.

Under the Agreement, GXL may earn an initial 60% interest from Commander by completing $4.5 million in exploration expenditures over 4 years and paying to Commander $300,000 in cash. Upon earning 60%, GXL will continue to sole-fund work on the property until GXL completes and delivers a positive pre-feasibility study to Commander and pays Commander $1,500,000, at which time GXL will have earned an 80% working interest in the Properties. A 1.75% to 2% NSR is provided depending on the mineral claim. There is a buy-down provision to 1% NSR for $3 million.

Details of the terms of the option agreement between the Commander and GXL can be found in Commander's news release dated February 7, 2007.

For details on each of the five claim groups included in the Properties, please follow the link http://www.commanderresources.com/s/Omineca.asp.

ABOUT COMMANDER RESOURCES LTD.

Commander Resources Ltd. is a Canadian junior exploration company with control of one of the largest new gold districts in Canada and a new uranium belt in Newfoundland. The Company also owns several high quality exploration properties that will be explored this year by partners. The Company uses a combination of aggressive land acquisition, focused projects and good deal-making to increase its exposure to success while reducing risk to shareholders.

On Behalf of the Board of Directors,

Kenneth Leigh, President & CEO

Shares Issued: 62,303,659

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


Contact:

Kenneth Leigh
Commander Resources Ltd.
President & CEO
(604) 685-5254 or 1-800-667-7866
(604) 685-2814 (FAX)
Email: info@commanderresources.com
Website: www.commanderresources.com

Source: Commander Resources Ltd.

Silver Dragon Resources Inc. is pleased to announce the appointment of Mr. Sri Siva-Kumaran to be the Company's Controller. Mr. Siva-Kumaran will be responsible for the day-to-day administration and consolidation of the Company's worldwide financial statements.

Formerly of Lipton Wiseman Altbaum & Partners LLP, Chartered Accountants, Mr. Siva-Kumaran brings over 30 years experience in financial management, including financial modeling, GAAP consolidation, process engineering and corporate restructuring. He has over 10 years of mining experience, and his international exposure includes North America, South America, Europe, Africa and Asia.

Mr. Siva-Kumaran is a fellow member of the Chartered Institute of Management Accountants (UK).

``I am confident that Sri's impressive degree of accounting experience, together with his mining background will be highly beneficial to Silver Dragon Resources Inc.,'' said Marc Hazout, President and CEO. ``He will be instrumental in the ongoing consolidation of our financials for the successful reporting and audit of our operations in China, Mexico, and North America, as well as the implementation of our new proprietary mining accounting software.''

About Silver Dragon

Silver Dragon Resources Inc. is a mining and metal company focused on the exploration, acquisition, development and operation of silver mines in proven silver districts globally. Silver Dragon's objective is to acquire silver mining assets that contain promising exploration targets, have highly leveraged, out-of-the-money silver deposits, and/or are producing properties with significant untapped exploration potential. It is management's objective to grow Silver Dragon into a significant silver producer by developing the Cerro las Minitas and the Erbahuo projects in Mexico and China. For more information, please visit the Company's website at: http://www.silverdragonresources.com (now available in Chinese).

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.


Contact:

Silver Dragon Resources Inc.
Marc Hazout, President
(416) 223-8500
866-512-SDRG (7374)
info@silverdragonresources.com

Source: Silver Dragon Resources Inc.

Silver Eagle Mines Inc. ("Silver Eagle" or the "Company") is pleased to announce assays from six holes at its Miguel Auza Mine in Zacatecas, Mexico, including the deepest hole drilled on the Calvario Vein to date. Diamond drill hole number 2007-131 has intersected the Calvario Vein at 410 metres below surface and returned an equivalent grade of 732 g/t (24 oz.) Ag Eq.(1) over a vein true width of 3.0 metres. (See chart below). Hole 2007-131 also intersected the newly identified Milagro Vein (reported in press release dated April 27, 2007 - http://www.silvereaglemines.com/pdf/p_release/2007_04_27.pdf) at a depth of 330 metres below surface, returning 21.6 metres of core averaging 537 g/t Ag Eq(1).


Three surface diamond drills continue to extend the Calvario Vein on strike and to depth, and continue to identify new veins running adjacent to the Calvario Vein. The Milagro Vein, presently interpreted as a breccia pipe measuring at least 250 metres in height and up to 29 metres in width (reported in press releases dated March 8, 2007 - http://www.silvereaglemines.com/pdf/p_release/2007_03_08.pdf and April 27, 2007 - http://www.silvereaglemines.com/pdf/p_release/2007_04_27.pdf), is one such newly discovered vein. Drilling continues in order to further define the veins dimensions and extent.

Additional assays recently received from Hole 2007-116 (reported in press release dated March 30, 2007 - http://www.silvereaglemines.com/pdf/p_release/2007_03_30.pdf) have now extended the intercept width of the Calvario Vein to 9.9 metres estimated true width, with a grade of 218 g/t Ag Eq(1). An important new lateral vein measuring 8.1 metres in core length and grading 294 g/t Ag Eq(1), was also encountered in this same hole.

Shares of Schnitzer Steel Industries Inc. surged more than 16 percent early Monday after the company announced record third quarter results.

The Portland-based company had $709 million in sales for the quarter ended May 31, a 40 percent increase from last year. As a result, earnings jumped to $44 million, or $1.47 per share.

The quarter blew away analysts' forecasts of $1.07 in earnings per share. The company had earnings of $30 million, or 98 cents per share, during the third quarter last year.

Shares jumped to $60.81 in late morning trading.

Last year's results reflected a $4 million charge for settling Securities and Exchange Commission and Department of Justice investigations related to bribing foreign officials.

Schnitzer is one of the nation's largest manufacturers and exporters of recycled metal. It has facilities in 11 states.

Published July 9, 2007 by the Portland Business Journal

The expected HSR second request for Alcan Inc.'s merger with Alcoa Inc. was issued Thursday, July 5. An Alcoa press release states the following:

Alcoa will continue cooperating with the DOJ's review, and will comply with the second request as soon as possible.

As discussed previously, if a formal merger agreement is reached between the two companies, the HSR review will be the key timing factor and will almost certain result in significant divestitures. The second request process can be expected to last at least four months, even without a formal agreement, and will very likely exceed a six month time frame.

More critical, however, is Alcan's refusal to enter formal discussions with Alcoa at this point, as it continues to perceive the current offer as inadequate. Alcan's very open refusal to negotiate has prompted Rio Tinto to apparently re-enter the scene as it has reported consulted bankers for guidance on a potential bid for Alcan.

Assuming the Rio Tinto reports are accurate, this should sent a very clear and definitive signal to Alcoa that it must increase its offer within the next few weeks if it truly intends to get Alcan to the bargaining table. It remains almost inconceivable that a company with the resources and savvy of Alcoa would expect its current course of action (or inaction) to ultimately result in acquiring Alcan. It is abundantly clear that this will not happen, even if the offer is taken directly to Alcan shareholders.

It will be stated again that Alcoa would be seriously remiss to let this potential combination slip away. There is absolutely no advantage to withholding an increased offer, and on that will give Alcan no choice but to seriously consider accepting. Adding another $2.00 (+/-) to the cash component of the terms would very likely make the difference in this situation.

US corporate profits grew at the slowest rate in more than five years in the past quarter, hit by troubles in the domestic housing market and weaker commodity prices, according to analysts' estimates.

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The predicted slowdown in earnings growth reflects Wall Street's concerns over the health of corporate America amid rising uncertainty over the strength of the US economy and jitters in global credit markets.

The reporting season for the second quarter of the year, which begins in earnest on Monday with the metals group Alcoa (NYSE:AA), will be closely watched by investors to gauge whether US companies' long run of strong profit growth is finally coming to an end.

Wall Street analysts expect companies in the S&P 500 index to report earnings 5.9 per cent higher than in the same period a year ago for the second quarter, according to Reuters Estimates.

That would be the lowest growth rate since the first quarter of 2002, when US companies were reeling from the bursting of the internet bubble and mark a sharp slowdown from the 8.6 per cent earnings growth seen in the first three months of this year. "We are expecting a bit of a drop across the board," said Ashwani Kaul at Reuters Estimates.

The woes of the subprime mortgage sector and other parts of the US housing markets are expected to depress earnings of housebuilders and some consumer goods companies. Lower commodity and oil prices should hit profits of energy companies - a big component of the S&P 500.

But some market-watchers say US companies, especially those with large overseas operations, could confound analysts' pessimism, helped by a weaker dollar and the continued strength of the global economy.

Robert Keiser at Thomson Financial said the second quarter could see a repeat of the previous three months, when Wall Street predictions proved to be much lower than actual results.

The technology sector is expected to report robust earnings growth of more than 13 per cent. But analysts expect financial groups to have grown earnings at 9 per cent in the second quarter, down from 13 per cent in the first quarter.

Japanese electronics maker Toshiba Corp. said it is discussing the sale of its a stake in its U.S. unit, nuclear reactor manufacturer Westinghouse Electric Co., to a Kazakh state-owned resource company.

Toshiba and the Kazakh company Kazatomprom are in talks, a Toshiba spokesman said Monday, but he declined to provide further details.

Toshiba said in a press release over the weekend it aims to form a partnership with Kazatomprom to secure uranium supplies. Kazakhstan has the world's second-largest uranium reserves after Australia.

The Tokyo-based company expects uranium supply conditions to become tight as demand for nuclear plants rises in China and the U.S. to meet growing energy needs and to cut carbon emissions from fossil fuels.

Toshiba holds a 77 percent stake in Monroeville, Pa.-based Westinghouse, which it bought from the U.K.'s British Nuclear Fuels PLC last year for $4.2 billion.

The Shaw Group Inc. of the U.S. owns 20 percent of Westinghouse and Japanese heavy machinery maker IHI Corp. owns 3 percent.

The Nikkei reported over the weekend that Toshiba agreed to see a 10 percent stake in Westinghouse to Kazatomprom for around $487 million.