ELKO — Elko’s growth due to the mining industry is not expected to level off any time soon.

As 2012 begins, Newmont Mining Corp. and Barrick Gold Corp. have released the number of new employees they expect to hire for their respective Nevada operations.

“I think Newmont realizes that we have a significant impact on our local community and we have a responsibility to report back to you (the impact),” Mary Korpi, Newmont’s director of external relations, said Tuesday as she addressed Elko City Council. “I know the interest is on employment, investment, what does that future look like.”

Newmont currently employs 3,800 people who live in a “50/50 split” between Carlin and Elko, and Battle Mountain and Winnemucca, Korpi said.

Last year, 600 new employees began at Newmont with 200 new job openings created.

This year should bring much of the same.

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The Nevada mining industry shone in 2011, with gold prices reaching new heights in September and mining companies going for the gold with new projects, while exploration companies old and new looked for more gold.

The price is down heading into the new year, however.

The London p.m. fix price for gold hit a pinnacle for the year of $1,895 per ounce on Sept. 6 and 7, according to kitco.com’s charts, which show the 2011 low was down $576 from the peak at $1,319 per ounce on Jan. 28.

The gold price slipped again after the September high and has been in a losing streak this week. The London p.m. fix price was at $1,531 per ounce Thursday, down from $1,571 an ounce Wednesday. The spot price on the New York Mercantile Exchange closed Thursday at $1,545.50, down $18.80.

Gold has fallen almost 5 percent since Dec. 20. It’s down 11 percent this month, according to The Associated Press.

Even with prices down, there is optimism for gold to shine in 2012.

“We do expect the gold price to remain volatile in 2012 but the upward trend will continue. The fundamentals that underpin ongoing gold price strength remain in place, including economic and political uncertainty across the globe, growing demand for metals and natural resources in Asia and continued investor interest,” Mary Korpi, director of external relations for Newmont Mining Corp. in Nevada, said Thursday.

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ELKO — Newmont Mining Corp. and Fronteer Gold on Thursday announced a $2.33 billion deal for Newmont to acquire Fronteer for its late-stage Long Canyon Project in Elko County and two other Nevada projects.

Long Canyon is the star, however, and Newmont sees the potential for the project in the Pequop Mountains between Wells and West Wendover to be another Carlin Trend.

“Newmont is able to recognize the characteristics of a large, long-life deposit, and we see that with the Long Canyon Project,” said Newmont spokesman Omar Jabara.

Newmont’s president and chief executive officer, Richard O’Brien, said the Long Canyon Project, “with its Carlin trend-like metallurgical and geological characteristics, complements our existing project pipeline in Nevada.”

Newmont’s gold operations include open pit and underground mines and a variety of processing facilities. Newmont has been mining in Nevada since 1966, O’Brien pointed out in a teleconference.

“We know this region better than anyone,” he said.

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VANCOUVER, BRITISH COLUMBIA, Jul 19 (MARKET WIRE) –
West Kirkland Mining Inc. (TSX VENTURE:WKM) (“West Kirkland” or the
“Company”) is pleased to report assay results from the Company’s first
core drilling on its TUG property, which is currently under option from
Newmont Mining Corporation (“Newmont”). The first hole of the drill
program returned 15.48 meters (50.8 feet) grading 3.08 grams per tonne
gold (0.09 oz/t) and 94.75 grams/tonne silver (2.77 oz/t).

——————————————————————
Hole From (m) To (m) Length (m) Au (g/t) Ag (g/t)
——————————————————————
WT11-001 31.69 47.17 15.48 3.08 94.75
——————————————————————
Incl. 39.32 42.52 3.20 6.35 214.40
——————————————————————

WT11-001 is the first core hole of our 2011 program and it compares well
with previous reverse circulation (“RC”) type drilling in the area by
other operators, which graded 3.11 g/t Au over 22.9 meters (from 32.0 to
54.9 meters). The current drill core provides better insight into the
geological controls for gold grades than the previous RC drilling that
returns chips. This is particularly important as a result of the
recognition of a new deposit model and structural setting for gold in the
Long Canyon Trend.

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When we acquired Canada-based Fronteer Gold in 2011, we received 100 percent ownership of the Long Canyon project. Long Canyon is located in northeastern Nevada on the eastern flank of the Pequop mountain range approximately halfway between the communities of Wells and Wendover. Long Canyon represents an emerging mineral exploration district, but it is located approximately 70 miles east of the prolific Carlin Trend gold deposits near Carlin and Elko. The Long Canyon area does not have an extensive mining history or mining culture like one would encounter in the more traditional Nevada mining areas such as Elko and Battle Mountain.

Long Canyon is a component of Newmont’s Strategic Growth Plan and our intention is to bring the project into production in 2017 with initial estimated gold production of approximately 200,000 to 300,000 ounces per year. We expect that the first phase of the project could yield 2 million-2.5 million ounces of gold over a life of approximately 10 years and believe the exploration potential could yield many times that amount of gold.
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Gold giant Newmont Mining Corp. is sticking close to home for future production growth by acquiring Nevada-focused explorer Fronteer Gold Inc. in a deal valued at $2.3-billion.

Newmont is offering $14 per share for Vancouver-based Fronteer, whose flagship asset is the Long Canyon development project located near Newmont’s existing operations in the prolific gold-producing state of Nevada. Newmont, based in Denver, will spin off Fronteer’s lesser-known exploration assets into a public company called Pilot Gold.
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