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Proactiveinvestors United Kingdom Anglo-African Minerals http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Anglo-African Minerals RSS feed en Wed, 16 May 2012 18:05:53 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Anglo-African Minerals, talk about the company's strategy in West Africa and opportunities in Armenia. ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/462/anglo-african-minerals-talk-about-the-companys-strategy-in-west-africa-and-opportunities-in-armenia-462.html Fri, 16 Jul 2010 12:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/462/anglo-african-minerals-talk-about-the-companys-strategy-in-west-africa-and-opportunities-in-armenia-462.html <![CDATA[Anglo-African Minerals completes acquisition for Sierra Leone diamond and gold assets ]]> http://www.proactiveinvestors.co.uk/companies/news/18380/anglo-african-minerals-completes-acquisition-for-sierra-leone-diamond-and-gold-assets-18380.html Anglo-African Minerals (FSE:AMQ) has now completed the acquisition of two Sierra Leone companies from Target Resources. Under the terms of the deal, announced only last week, Anglo-African will acquire Target subsidiaries Haliburton Overseas Ltd and Milestone Trading Ltd in return for 3 million company shares.

Jointly, the acquired businesses own one alluvial diamond mining licence and two gold mining licences, as well as an alluvial mining plant and equipment with a US$12m replacement cost. Target chief executive Dr Nissim Levy and company secretary  David Bressloff will join the Anglo-African board as part of the deal.

The company stated last week: “Dr Levy and his team have established a strong presence in Sierra Leone, a country with exciting resource potential ... The company has a large capacity to mine and process alluvial gravels along with prospective licences.”

The company is conducting a full review of its current operations in Sierra Leone, including the Gendema joint venture with Canaf SL Ltd.

]]> Wed, 26 May 2010 09:34:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/18380/anglo-african-minerals-completes-acquisition-for-sierra-leone-diamond-and-gold-assets-18380.html <![CDATA[Anglo-African Minerals expands Sierra Leone footprint with addition of diamond and gold assets ]]> http://www.proactiveinvestors.co.uk/companies/news/18379/anglo-african-minerals-expands-sierra-leone-footprint-with-addition-of-diamond-and-gold-assets-18379.html Anglo-African Minerals (FSE: AMQ) has acquired diamonds and gold assets in Sierra Leone through a deal with Target Resources PLC. In return the company will issue 3 million shares to Target. The deal is expected to close by the end of May.

Under the terms of the deal, Anglo-African will acquire Target subsidiaries Haliburton Overseas Ltd and Milestone Trading Ltd. Jointly, the acquired businesses own one alluvial diamond mining licence and two gold mining licences, as well as an alluvial mining plant and equipment with a US$12m replacement cost.

The company highlighted that it will now conduct a full review of its current operations in Sierra Leone, including the Gendema joint venture with Canaf SL Ltd, and future potential.

Target chief executive Dr Nissim Levy and company secretary David Bressloff will join the Anglo-African board as part of the deal. “Dr Levy and his team have established a strong presence in Sierra Leone, a country with exciting resource potential”, Anglo-African  chairman Michael Smith said. “The company has a large capacity to mine and process alluvial gravels along with prospective licences.”

]]> Mon, 17 May 2010 11:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/18379/anglo-african-minerals-expands-sierra-leone-footprint-with-addition-of-diamond-and-gold-assets-18379.html <![CDATA[Anglo-African Minerals extends exploration concessions in Guinea ]]> http://www.proactiveinvestors.co.uk/companies/news/18264/anglo-african-minerals-extends-exploration-concessions-in-guinea-18264.html Anglo-African Minerals (FSE:AMQ) announced it has extended all nine of its exploration concessions in Guinea, West Africa, for a further two years. The company is exploring a 1,050 square kilometres area, known for its "rich and rewarding potential", for gold, diamonds, iron ore and copper.

Anglo-African said that the extensions further bolster its considerable portfolio. Five of the concessions are for gold properties - Kouroussa, Macenta, Kankan and two concessions on the southern bank of the Tinkisso River.

At the Kouroussa concession a large number of artisanal miners work in the area, for about 5km along a narrow north-south trending ridge of “Birimian volcanic”, which form the prominent Niandian Range. The Macenta concession is located in the Diani Valley.

Anglo-African said that the Kankan gold concession is highly promising, noting that the area is “underlain by the Birimian Siguiri formation which contains small mafic-ultramafic and granitic intrusions along a strong regional scale north north-eastern trending shear zone”. Also, in other parts of the Siguiri Basin this zone has proved to be a favourable geological setting for gold mineralisation, the company stated.

At the Tinkisso river, the company has two adjacent concession areas and according to Anglo-African, the area is known to carry alluvial gold, which has been extensively worked by artisanal miners, and additionally there are known quartz-vein occurrences to the north of the concession area.

Also among the extended concessions are two diamond properties, an iron-ore property and a copper property.

The Kindia Diamond concession is located in an area known historically for artisanal diamond mining. The company highlighted that the area is known to host paleo-placer deposits. The second diamond concession, the Kissidougou Diamond Permit lies on the western fringe of the ‘diamond triangle’ about 70km west of the Aredor diamond mine.

The iron-ore concession is located South-West of the town of Kissidougou in south-east Guinea. Anglo-African noted that a number of major iron-ore exploration programmes are currently underway in the surrounding area, which is underlain by “Archean granite-gneiss”. Finally, the Faranah Copper concession area hosts “Archean terrane” and intrusions of ultramafic rocks, which are known to be associated with base metals.

The Dublin-incorporated Anglo-African was formed in 2008 to acquire exploration properties in Guinea. In December 2009, the company listing on the Frankfurt Stock Exchange. According to Anglo-African, Guinea is richly endowed with mineral resources, “most of which remain relatively unexploited compared to other countries in the region.”

The company highlights that the country contains the world’s largest known bauxite reserves, considerable iron ore deposits, more than 10Moz of known gold reserves, more than 30M carats of diamonds, as well as copper, uranium, nickel and other base metals.

“Mining provides 20% of Guinea’s gross domestic product, 30% of government revenues and 80% of export revenues. Guinea is the world’s second largest producer of bauxite and also exports alumina, gold and diamonds. There is widespread small-scale artisanal production of gold and diamonds," the group added.

]]> Tue, 02 Mar 2010 10:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/18264/anglo-african-minerals-extends-exploration-concessions-in-guinea-18264.html