With revenues of $60 billion last year and operations at the ends of the earth, few companies are in a better position to take the pulse  of the global economy and the resource sector than Caterpillar.

The world’s number one heavy equipment manufacturer (NYSE: CAT) delivered record-breaking sales and revenues in 2011 supplying profits of just under $5 billion, up 83% from last year.

Cat added more than 12 000 jobs, not counting the workers who joined the company from Bucyrus to bring its total workforce to 153,000.

But what is it saying about this year?

Here are some of the highlights from Caterpillar’s annual review and outlook for 2012:

We are almost out of the woods

“In our opinion, the risk of a worldwide recession has diminished significantly over the past quarter, but we remain concerned that central banks, particularly in developed economies, will react to the first signs of better growth by tightening economic policies. Even modest premature tightening could significantly slow economic growth.”

Cat can’t build mining trucks fast enough

“We expect 2012 to be a new sales record $68 – $72 billion at a time when construction activity in the United States and Europe—two large markets for us—are still depressed.”

We expect mining to continue to be strong globally, and we have a sizable order backlog for mining equipment. We expect sales to increase in 2012 and are in the process of adding production capacity for many of our mining products. However, we expect sales to be constrained by capacity throughout 2012.

Metal and commodity prices will rise

“We expect improving world economic growth to increase demand for commodities. Our outlook assumes most commodity prices will increase slightly in 2012 and continue at levels that encourage investment. We expect that copper will average over $4 per pound, Central Appalachian coal about $75 per ton and West Texas Intermediate crude oil about $100 per barrel.”

Growth in America will improve

The full impact of Fed easing has likely not materialized yet, and we expect economic growth will improve further in 2012. Our outlook assumes economic growth in the United States of at least 3 percent in 2012.”

Euroland will not bring us all down

“The Eurozone public debt crisis has been a lingering negative, but it is unlikely to trigger a worldwide recession. The Eurozone will likely have at least two quarters of weak, possibly negative growth, but should begin to improve in the second half of 2012.”

Asia and the Pacific – including Japan – will power ahead

“We project the Japanese economy will grow 3.5 percent in 2012, recovering from a 2011 recession. Rebuilding from the tsunami and more expansionary central bank policies are expected to drive the recovery. We expect economic growth in Asia/Pacific will exceed 6.5 percent in 2012, about the same as in 2011. Growth should improve in Australia and Indonesia, the result of recent interest rate cuts.”

For 2012, we are expecting economic growth in China of about 8.5 percent. We have seen the Chinese government begin to ease lending policies and expect that will continue in 2012.

Latin America will slow, but mining will continue to ramp up

“Growth in Latin America is expected to slow from 4.3 percent in 2011 to about 4.0 percent in 2012. Our outlook assumes interest rates will be flat to lower in most countries. We expect that economic growth will be sufficient for construction spending and mining output to increase.”

Africa is catching up with Asia’s pace

“Africa/Middle East will likely benefit from low interest rates and favorable commodity prices. We expect the regional economy will grow nearly 5.5 percent and that construction spending will continue to improve. “

Russia and Co will build and build

“We expect the CIS economies will grow more than 5 percent, and construction spending will increase more than 15 percent. Favorable factors include low interest rates, higher metals and energy prices, and increased production of oil, gas and metals.”

New Cocos Structure Lies Northeast of Other Carmen Structures, Enlarges Area of Exploration Potential

Vancouver-based mining company Fortuna Silver says it has nothing to do with the shooting death of a protester in a town near the company’s mine site in Mexico.

World number three miner Rio Tinto has taken a majority stake in Ivanhoe Mines, its partner on the Mongolian Oyu Tolgoi project, purchasing a 51% interest.

The move comes after Ivanhoe scrapped a controversial “poison pill” shareholder provision clearing the way for Rio, which already owned 49% of the Vancouver-based company, to do a complete takeover.

Rio paid $20/share for the additional 2%. By midday on Tuesday Ivanhoe Mines (TSE:IVN) was changing hands at $17.85 down 2.5%, bringing its market value to some $13.2 billion. The counter is now negative for 2012 and is down from a peak above $28/share reached in February last year. Rio ADRs lost 1.3% at $57.52 in New York.

In August Ivanhoe executive chairman Robert Friedland told a group of investors that Ivanhoe is worth at least $30 billion, but with the probability of a delisting should Rio take full control, that prospect now seems very distant.

According to a statement released on Tuesday by London-based Rio it has no “current intention” of buying additional securities, but added:

However, Rio Tinto reserves its right to seek opportunities to purchase additional securities of Ivanhoe depending upon its assessment of Ivanhoe’s business, prospects and financial condition, the market for Ivanhoe’s securities, general economic and tax conditions, and other factors.

Rio Tinto also reserves its right to take any permitted action as the majority shareholder of Ivanhoe.

In October the Mongolian government said it was rethinking a 2009 deal that gave Ivanhoe Mines and Rio Tinto a 66% stake in Oyu Tolgoi and that it wanted half of the $6 billion gold and copper project, now 70% built. Ivanhoe shares plunged on the news, but the firm took a tough stance and after some desperate negotiations Mongolia backed off.

Oyu Tolgoi is one of the biggest mining projects in the world and will help turn Mongolia into the world’s fastest-growing economy with staggering GDP growth of 35%. The mine is on track to produce more than 1.2 billion pounds of copper and 650,000 ounces of gold each year by the first half of 2013.

Stamp circa 1979 shows the Soviet Rapidity experimental train from the series “Locomotives.” Image by AlexanderZam / Shutterstock.com

VANCOUVER, BRITISH COLUMBIA, Jan 23, 2012 (MARKETWIRE via COMTEX) — Alexco Resource Corp.CA:AXR +2.22% AXU +3.15% today reports record silver production of 608,093 ounces during the fourth quarter of calendar 2011 from the Bellekeno mine in the Keno Hill Silver District, Yukon.

Silver production increased 21%, mine output increased 66% and mill throughput increased 5% compared to the prior (third) quarter of calendar 2011. Total production during 2011, which was Alexco’s first full year of mine operations, was 2,020,695 ounces of silver, 16,454,395 pounds of lead and 7,219,740 pounds of zinc.

Alexco anticipates further increasing silver and base metal production in 2012 with the development and commissioning of two additional underground mines in the Keno Hill Silver District. The Company is also planning an approximate 25% expansion of surface and underground exploration drilling programs during 2012.

Read the full news release

Successful Exploration Programs Marked by New High Grade Silver-Gold Vein Discoveries at Guanajuato, Guanacevi and San Sebastian

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan. 24, 2012) - Endeavour Silver Corp. (TSX:EDR)(NYSE:EXK)(FRANKFURT:EJD) released today a review of the Company’s exploration results in 2011 and its exploration plans for 2012.

The Company’s exploration drilling programs in Mexico met with continued success in 2011, highlighted by the discovery of several new, high-grade silver-gold veins at Endeavour’s two silver mining operations, the Guanacevi Mine in Durango State, and the Guanajuato Mine in Guanajuato State. Several new, moderate grade, silver-gold mineralized veins were also discovered at the San Sebastian property in Jalisco State, Mexico.

Barry Devlin, Vice President of Exploration, commented, “Last year, our talented exploration team once again delivered some exciting new silver-gold vein discoveries which will be included in our next NI 43-101 reserve/resource estimate expected in a few weeks’ time. Endeavour drilled 71,440 meters (234,000 feet) in 315 drill holes testing multiple exploration targets in four separate mining districts in order to make new discoveries and expand silver resources.”

Guanajuato District

Endeavour currently holds 100% interests in 2,538 hectares (6,273 acres) within the historic silver district of Guanajuato which produced over 1.2 billion ounces (oz) according to the Servicios Geologico de Mexico (SGM). Since acquiring Guanajuato in 2007, Endeavour has discovered multiple, high-grade, silver-gold ore-bodies in the La Luz sub-district southeast of the Lucero/Bolanitos mine and along the Veta Madre ore-bearing structure northwest of the Cebada mine (see Guanajuato maps on website: http://media3.marketwire.com/r/EDR_maps).

In 2011, Endeavour drilled 32,000 meters in 115 holes at Guanajuato, mainly in the Bolanitos mine area, to successfully extend the high grade silver-gold mineralized zones within each of the Lucero, Karina, Fernanda and Daniela veins (latest drill results below) to several hundred meters long by 200 meters deep. All four veins are higher grade than the current reserves and resources at Guanajuato and the Daniela vein in particular appears to be thicker, has higher gold grades and is still open along strike to the northwest.

Recent drilling highlights at Daniela include 187 grams per tonne (gpt) silver and 6.89 gpt gold over 3.25 meters (m) true width (15.5 ounces per ton (opT) silver equivalent over 10.7 feet (ft) based on a silver: gold ratio of 50:1) in hole DN-36.

The Lucero vein has been in production for more than two years and thanks to the opening of new Lucero South mine access ramp in 2011, underground development of the Karina, Fernanda and Daniela veins is now being fast tracked for production in 2012. As a result, Endeavour plans to expand the current 1000 tonnes per day (tpd) Guanajuato mine output to 1600 tpd throughout the year in order to fill the recently expanded plant to its capacity.

High grade silver-gold mineralized zones were also discovered in two new veins, La Joya (new drill results below) and Belen, which are sub-parallel to and east of the Daniela vein. Two drill rigs are working full time to extend these mineralized zones and several compelling new vein targets will be drilled elsewhere on the Guanajuato properties this year.

Recent drilling highlights at La Joya include 195 gpt silver and 1.11 gpt gold over 4.88 m true width (7.3 opT silver equivalent over 16.0 ft based on a silver:gold ratio of 50:1) in hole LJ11.5-2.

Guanacevi District

Endeavour currently holds 100% interests in 4,076 hectares (10,071 acres) within the historic silver district of Guanacevi which produced over 450 million oz of silver according to the SGM. Since acquiring Guanacevi in 2004, Endeavour has found multiple high-grade silver ore-bodies along a five kilometer (3 mile) length of the prolific Santa Cruz silver vein (see Guanacevi maps on website: http://media3.marketwire.com/r/EDR_mapsB).

In 2011, Endeavour drilled 16,000 meters in 56 holes at Guanacevi, mainly in the San Pedro area, and made a new discovery in the Milache area (new drill results below) along the Santa Cruz vein to the northwest of the Company’s Porvenir Cuatro mine. The nature and grade of mineralization at Milache is very similar to the other five discoveries along the Santa Cruz vein that Endeavour has developed into mines at Guanacevi since 2004. Underground drilling also continued to expand the mineralization at depth in the Porvenir Norte mine, Endeavour’s largest operating mine in the Guanacevi district.

Recent drilling highlights at Milache include 775 gpt silver and 2.75 gpt gold over 6.75 m true width (26.6 opT silver equivalent over 22.1 ft based on a silver:gold ratio of 50:1) in hole MCH1.5-1.

Exploration drilling in the San Pedro area at the north end of the Guanacevi district continued to return encouraging drill results from a number of recently discovered mineralized zones on historic mine properties such as Santa Isabel and El Soto.

Recent drilling highlights at San Pedro include 2,435 gpt silver and 2.18 gpt gold over 0.88 m true width (74.2 opT silver equivalent over 2.9 ft based on a silver:gold ratio of 50:1) in hole EPS1-4B.

San Sebastian Property

Endeavour currently holds an option to acquire a 100% interest in 5,466 hectares (13,507 acres) within the historic silver district of San Sebastian which was discovered in 1542, and produced silver on a small scale from multiple historic mines on more than 20 different veins until the Mexican Revolution of 1910. Since optioning San Sebastian in 2010, Endeavour has focused on mapping and sampling six veins in a five kilometer (3 mile) area in the southern half of the property (see San Sebastian maps on website: http://media3.marketwire.com/r/EDR_mapsC).

In 2011, Endeavour drilled 7,700 meters in 36 holes at San Sebastian to test the Los Negros, Animas, Tajo, Real and Quiteria veins (new drill results below) for their ore potential. Five new, moderate grade silver-gold mineralized zones were outlined, many remain open for continued exploration, and there are several veins yet to be drilled.

Recent drilling highlights at San Sebastian include 580 gpt silver and 0.03 gpt gold over 2.20 m true width (16.9 opT silver equivalent over 7.2 ft based on a silver:gold ratio of 50:1) in hole TA04-1.

Copiapo Chile Properties

In 2011, Endeavour optioned 100% interests in the 7,900 hectare (19,518 acre) La Presidenta and 407 hectare (1005 acre) Lomas Bayas properties within the historic Copiapo district of northern Chile. Both properties had 150 year histories of small scale high grade silver-gold mine production from multiple narrow veins but neither property had ever been systematically explored or drilled.

Endeavour drilled 15,000 meters in 103 reverse circulation holes at La Presidenta and Lomas Bayas to test the historic mines and veins for their bulk tonnage, low grade, open pit ore potential. The results were disappointing at La Presidenta, with most drill intercepts returning less than 30 gpt silver equivalents over less than 10 meters. Given the higher grade sampling results around the old mine, there appears to be a supergene enrichment effect on surface.

Drill results from Lomas Bayas were more positive, confirming some small bulk tonnage ore potential, but once again there appears to be a supergene enrichment effect on surface so the upside potential at Lomas Bayas is limited. As a result, Endeavour plans to drop the property options on La Presidenta and Lomas Bayas and focus on generating new silver opportunities in Chile.

Parral Properties

Endeavour currently holds 100% interests in 32.7 hectares (80.8 acres) within the historic silver district of Parral which produced over 250 million ounces (oz) of silver according to the SGM. Since acquiring Parral in 2006, Endeavour has found by drilling a large, poly-metallic mineralized zone along the Cometa vein along strike from the historic Esmeralda mine (see Parral maps on website: http://media3.marketwire.com/r/EDR_mapsD).

In 2011, a revised resource was estimated that included an indicated 1.631 million tonnes grading 49 gpt silver, 0.9 gpt gold, 2.87% lead and 2.86% zinc, and an inferred 1.303 million tonnes grading 63 gpt silver, 0.9 gpt gold, 2.55% lead and 2.28% zinc (see Parral resource estimate on website:http://media3.marketwire.com/r/EDR_mapsE).

2012 Exploration Plans

In 2012, Endeavour plans an aggressive $15.0 million, 70,000 meter, 250 hole surface exploration drill program to test multiple exploration targets within three of the mining districts where Endeavour is currently active plus any new districts the Company may acquire during the year.

The first priorities will be to follow up the new discoveries made near Endeavour’s two mining operations at Guanacevi and Guanajuato as highlighted above and to continue the search for new prospective targets within those two districts. Management is confident that the potential to discover and develop new silver-gold resources at both Guanacevi and Guanajuato remains high.

Endeavour will also continue surface exploration drilling on the San Sebastian properties to try and extend the known mineralized zones and test new targets. Several new properties were evaluated in Mexico last year and the Company anticipates the acquisition of some new, district scale exploration projects in both Mexico and Chile in 2012.

Barry Devlin, M.Sc., P.Geo., Vice President, Exploration is the Qualified Person who reviewed this news release and supervised the surface drilling and sampling programs at the Parral, La Presidenta, Lomas Bayas, San Sebastian, Guanacevi and Guanajuato Projects. A Quality Control sampling program of reference standards, blanks and duplicates has been instituted to monitor the integrity of all assay results. All core samples are split at the respective field offices and shipped to ALS-Chemex Labs, where they are dried, crushed, split and 250 gram pulp samples are prepared for analysis. Gold and silver are determined by fire assay with an atomic absorption (AA) finish and lead, zinc and copper are determined by AA.

ENDEAVOUR SILVER CORP.

Bradford Cooke, Chairman and CEO

About Endeavour Silver Corp. - Endeavour Silver is a mid-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted seven consecutive years of growing silver production, reserves and resources. The organic expansion programs now underway at Endeavour’s two operating silver mines in Mexico combined with its strategic acquisition and exploration programs should facilitate Endeavour’s goal to become the next premier mid-tier silver mining company.

Cautionary Note Regarding Forward-Looking Statements

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 applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated performance in 2012 and the timing and results of exploration drill programs. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Comex gold and silver futures prices made strong gains in morning trade Monday, with the February gold contract powering to a six week high of $1,679.50 an ounce, up just shy of 1% by midday.

Gold is now up over 5% for the year, but still well of the record high above $1,900 hit in September.

The precious metal extended gains made last week which traders say is thanks to a fears about the European debt crisis subsiding somewhat and renewed optimism that China’s slowdown won’t result in a hard landing.

Reuters quotes Akira Doi, a vice-president at brokerage Daiichi in Tokyo:

“A disaster in the euro zone would not necessarily spark gold buying as even gold would be seen as a risk and investors would likely be prompted to sell, while geopolitical risk such as tension surrounding Iran would boost the safe-haven appetite for gold.”

BullionVault quotes from a research note by Scotia Mocatta:

“Near term technical have turned more bullish for gold,” says the latest technical analysis from Scotia Mocatta, though it sees “psychological resistance looming at $1700.”

March silver tracked gold higher, it was up 2.15% adding 68 cents, to $32.36 an ounce. March copper gained 5 cents, or 1.4%, to change hands at $3.80 per pound. Silver added 3.8% on Friday.

MINING.com reported earlier this month 80% of gold company executives expect gold to continue rising in 2012 and a majority says it will peak at $2,000, according to the results of a new survey by PwC that surveyed companies representing 26.5 million ounces of gold mined in 2011, and 37.75 million ounces to be mined in 2012.

Pan American Silver is buying Minefinders for $1.5 billion in a cash and stock deal.

Markets reacted negatively to the news with Pan American today losing 8.67% of its value and falling to $22.85 a share in morning trading. Minefinders was up 25% to $14.37 a share.

Pan American says it is paying Minefinders’ shareholders a 36% premium above the Jan. 20 closing price.

The new entity will have a combined market capitalization of $4 billion with eight operating mines in the Americas.

Commeting on the deal, the Geoff Burns, President and CEO of Pan American, said the deal will help advance Minefinders’ Dolores Mine.

“Silver production from Minefinders’ Dolores mine has increased almost 200% over the last year and we expect to see further increases into the future,” said Burns.

“Minefinders also has significant expansion potential and exceptional exploration opportunities at Dolores and a number of other promising early stage properties. The combined company will be in an excellent position to see those assets reach their ultimate potential.”

Minefinders holds gold and silver properties in Mexico and U.S.A.

“Based on expected silver production in 2011, approximately 52% of combined production will be from mines in Mexico, 21% from Peru, 15% from Argentina and 12% from Bolivia,” said the company in a statement.

SilverCrest Mines (CVE:SVL), a gold and silver miner operating in Mexico, announced today that the inferred resources at its La Joya property increased by 424% from 24.0 million to 126.0 million silver equivalent ounces.

SilverCrest is trading 6.22% higher at $2.39 a share on Monday morning trading. The full news release is on MarketWatch.

However, the company’s combined probable and indicated Resources (based on US$18 per ounce silver, US$1000 per ounce gold, and Ag:Au at 55:1) declined by 14.7% from 36.2 million to 30.9 million silver equivalent ounces as a result of production at the Santa Elena Mine in 2010 and 2011.

The company believes the La Joya deposit is potentially amenable to open pit mining with standard conventional flotation processing similar to the nearby Sabinas Mine (Penoles) which is currently operating at an estimated 4,000 tpd and shipping concentrate overseas.

“This significant increase in the Company’s resource base is another important milestone in its goal of becoming a major silver and gold asset-based company,” said N. Eric Fier, CPG, P.Eng. and COO for SilverCrest.

“SilverCrest’s immediate initiatives are to continue to diligently operate its flagship Santa Elena silver and gold mine, aggressively explore the discovery at La Joya and to further acquire and develop substantial silver-gold resources.”