MNM NEWS!

Oct. 28, 2010, 5:44 p.m. EDT

Magellan Minerals Signs Formal Agreements for Purchase of Mineral Rights in Mato Grosso

VANCOUVER, BRITISH COLUMBIA, Oct 28, 2010 (MARKETWIRE via COMTEX) -- Magellan Minerals Ltd. /quotes/comstock/11v!e:mnm (CA:MNM 1.45, +0.02, +1.40%) ("Magellan") is pleased to announce that it has signed a formal agreement to give effect to its previously announced purchase of a 25.5% interest in certain mineral rights from Brasil Central Engenharia Ltda. ("Brasil Central") in consideration for US$2.5 million. The effective date of the purchase as reflected in the formal agreements is June 4, 2010. Magellan had previously announced that it had agreed to acquire the mineral rights, located in Mato Grosso state in Brazil, from Brasil Central, a private company incorporated under the laws of Brazil with a head office located in Cuiaba. Brasil Central is at arm's length to Magellan (see press release dated August 11, 2010).
Magellan, ECI Exploration Mining Inc. ("ECI"), and Brasil Central are currently evaluating their plans for these properties.
Magellan is a TSX Venture Exchange listed exploration company with a number of gold exploration properties in the Tapajos Province of northern Brazil. Magellan's key asset is the Cuiu Cuiu project where recent drilling has identified a new gold deposit at the Central zone.

Contacts:
Magellan Minerals Ltd.
Alan Carter
President and CEO
604 676 5663 begin_of_the_skype_highlighting              604 676 5663      end_of_the_skype_highlighting
info@magellanminerals.com
www.magellanminerals.com

Khan mining licence upheld by Mongolian court; stock soars more than 18 per cent

October 27, 2010 at 14:08:30 EST by Vantage Mining

TORONTO - Stock in Khan Resources Inc. (TSX: KRI.TO) soared more than 18 per cent Wednesday after the Toronto-based uranium miner won another round in its legal battle to renew its Mongolian mining licences.
Khan stock was up seven cents, or 18.18 per cent, at 45.5 cents at midday on the Toronto Stock Exchange on volume of more than one million shares on what was a down day for most miners on the TSX.
Khan said it had received a "favourable written decision of the Mongolian appellate court" regarding an appeal filed by the Mongolian Nuclear Energy Agency against a July 19 decision by a lower court backing the Canadian miner's position.
The July ruling by an administrative court declared that notices issued by the nuclear energy agency invalidating the mining licence held by Khan's 58 per cent owned joint venture subsidiary, Central Asian Uranium Company, "were themselves illegal and invalid."
"The appellate court ruling, while containing some variations, substantially upheld the earlier administrative court ruling," Khan said in a news release Wednesday.
The NEA has a right to appeal the appellate court ruling within 30 days.
Khan also noted that in August, the Capital City Administrative Court rendered a decision, similar to its July ruling, in favour of Khan's 100 per cent owned subsidiary, Khan Mongolia. That decision has not been contested by the NEA.
"We are pleased with the ruling by the appellate court," Khan Resources president and CEO Grant Edey said. "We now trust the NEA will move forward with reregistering our licences under the Mongolian Nuclear Energy Act, or will provide just cause as to why not, all as prescribed by the laws of Mongolia."
In November, 2009, the Company submitted detailed applications for reregistration of the mining and exploration licences as required by the Nuclear Energy Act. To date, the licences have not been reregistered, even though Khan has said it believes it has met all of the reregistration criteria.
Khan is engaged in the acquisition, exploration and development of uranium properties as is currently focused on the Dornod area in northeastern Mongolia.

PROBE RESOURCES LTD - PBR:TSX-V

It seems PBR is being eaten up the past few sessions. Its bounced off its 52 week low with unusually high volume. Perhaps it has cleaned up the books and moved in the right direction. The last financial reports were actually not that bad. The drop in gas and high operation costs may have triggered the slide to its current price.

Its on my watch list though in case this high volume is followed by huge news. Its interesting to note there have been no inside trades since last year.

Its is likely they will announce a roll back and then a re issue of shares to cover debt before moving forward. Right now its a high-risk move to buy.

$50 Million Bought Deal

Exeter Resource Corporation Announces Closing of CAD$50 Million Bought Deal Financing

Exeter Resource Corporation (NYSE-AMEX:XRA, TSX:XRC, Frankfurt:EXB - "Exeter" or the "Company") is pleased to announce that it has closed the bought deal equity financing announced October 4, 2010 (the "Offering").  The Company has issued 8,065,000 common shares at a price of CDN$6.20 per common share for gross proceeds of CDN$50,003,000. 
The Offering was led by Canaccord Genuity Corp. and included TD Securities Inc., BMO Nesbitt Burns Inc. and GMP Securities Inc. (the "Underwriters").  In connection with the Offering the Underwriters received a cash commission equal to 6% of the gross proceeds raised through the Offering.
The Company intends to use the net proceeds from the Offering to advance the Company's Caspiche Project and for general working capital. Specifically, the proceeds will fund a project prefeasibility study, the entering into of certain infrastructure contracts, drilling to facilitate advanced mine optimization studies, additional metallurgical testwork and process design studies, and follow-up drilling on exploration targets in the area.

Gold prices still volatile

The price of gold is great but when you see large declines in one day its hard not to stop and wonder if there is a big retreat coming. I personally think we are headed over $1500 in the next few months. This is a market correction based on too strong too fast. It may hover around $1340 a few days before having another $30 jump in one day. Typically once a new level is broken there is pull back. This is very similar to any stock as it breaks a new 52 week high. Some investors bail and think the party is over and the stock back up and then builds strength again on a whole new group of investors going long.

BYV NEWS CAUSES SELL-OFF

Panicked investors headed for the exits today on drilling news.

October 21, 2010
Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N) (the "Company") is pleased to announce significant near-surface drill results well north of previously released holes, in an area known as the North Gold Zone, on its 100% owned Burns Block property in the Rainy River District of north-western Ontario. The Burns Block is situated immediately to the east and on strike to Rainy River Resources' (TSX-V: RR) multi-million ounce gold deposit. Rainy River Resources' NI 43-101 compliant resource included 2.37 million ounces of gold at 1.3 g/t in the indicated category and 2.66 million ounces of gold at 1.2 g/t in the inferred category.

Price	Change	% Change	Volume	Day High/Low	52 Week High/Low
1.01	-0.12	-10.62%	1,615,511	1.01/0.93	1.38/0.11

Check out the companies web site for the full story.

Drilling Update

Greenlight Resources Inc.: Strong drill results due any day do some DD and put on your watch list.

Greenlight Resources Inc. is a Canadian exploration company focused on the discovery and development of Lithium and rare metal deposits. The Company is currently focused on the 8,520 acre Brazil Lake property is located approximately 30 kilometres north of Yarmouth, Nova Scotia, and 12 kilometres west of the Avalon Rare Metals (AVL) East Kemptville Project.  Drilling to date has successfully revealed two Lithium bearing pegmatite dikes.  In addition to Lithium, the dikes host several other rare metals such as tantalum, niobium, beryllium, tungsten tin and rubidium. Metallurgical bench testing to date has also revealed other potential economic targets, including cosmetic grade mica, silica chloride, aluminum chloride and rubidium enriched potassium feldspar.  GR.V

First Star Resources Inc. Cores done and are rumored to be outstanding. Do some DD.

First Star Resources is a junior exploration company focused on gold exploration in the world famous Tintina Gold bel tin Alaska. The Tintina Gold belt hosts major gold deposits and several mines, such as; Fort Knox Mine-3.7 million oz gold, the Donlin Creek deposit 33.5 million oz. gold , the Livengood deposit, 8.1 million oz gold, White Gold deposit 1.4 million oz gold (Recently taken over by Kinross Gold Corp), and the Pogo Mine 5.6 million oz gold, which is adjacent to one of First Stars Resources' key targets for this year and the WP property. International Tower Hill (ITH-T) spent millions of dollars on the WP and LMS properties which they optioned to First Star Resources after they made their discovery at Livengood. Both of these properties have well defined Gold Targets. First Star Resources recently completed drilling on the LMS, property assays are expected later this quarter 2010. FS.V

Woulfe Mining Corp. is a TSX-V listed company with a diversified portfolio of mining licenses for tungsten, molybdenum, gold, base metals and uranium-vanadium in South Korea.The Company's current projects include the Sangdong tungsten-molybdenum mine, historically, one of the largest tungsten mines in the world; the Muguk gold-silver mine, formerly South Korea's largest gold mine, as well as a number of other properties with significant known mineralization and excellent exploration potential.Woulfe has high expectations for near-term, low-cost production. The Company has assembled a highly skilled, in-country, bilingual technical team and a board of directors with an outstanding track record of success.

Gold prices fall

Did gold really start a free-fall or is it just a mild correction? Gold went up fast and I did not expect it to keep all of its recent gains. The problem is falling gold prices effect the markets a lot more than when gold is on a run. It would seem that all market sectors are feeling some squeeze today. Its a good sale day though for buyers.