Raytec Metals (TS-V: RAY) announced the formation of an advisory board which will advise on the commercialization of the company's potash deposits in Saskatchewan. The advisory board will consist of highly qualified fertilizer industry individuals including:
Howard Cummer, Ph.D., a Hong Kong resident and former MD of Canpotex Hong Kong, which markets Canadian potash to China and Taiwan.
Jim Beaton, Ph.D., co-authored the 4th to 7th editions of the textbook “Soil Fertilty & Fertilizers” and has consulted to many fertilizer and agribusiness companies.
Eric Pedersen, Ph.D., with more than twelve years experience in technology development, product development and project management in the fertilizer industry.
Jeff Schoenau, Ph.D., a senior research scientist and adjunct professor in the Department of Soil Science, College of Agriculture and Bioresourses at the University of Saskatchewan.
Barry Mutlow, who has served on various committees with the Western Canada Fertilizer Association, the Canadian Association of Agri-Retailers, and the Canadian Fertilizer Institute.
Rick Knoll, a director of Raytech said:
"I have worked closely with four of the members of Raytec's newly formed advisory board and I have experienced the value that such a board can offer, particularly in the early stages of commercialization. I expect that the valuable advice and guidance of this board will position Raytec to capture the greatest value from both its existing and expanded potash resources."
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Mercator Gold (AIM: MCR) announced that Denis Geldard, the company’s chief operating officer and a director, has resigned from the board, as of 12 September 2008, for personal reasons.
Mercator Gold is a gold producing company, which is reviving the former gold producing area at Meekatharra, Western Australia.
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Mindoro Resources (TSX-V: MIO & Frankfurt: WKN 906167) announced results for a further 35 drill holes from its Agata North Nickel Laterite project, in the Philippines. This drill program continues to expand the resource with economic grades and thicknesses consistent with those previously reported.
The limonite horizon shows an average of 1.12 percent nickel, 0.12 percent cobalt and 47.76 percent iron for an average thickness of 2.88 meters. The deeper saprolite horizon shows an average of 1.42 percent nickel for an average thickness of 5.67 meters. The saprolite grade was noted to increase in the central area and included intercepts of 19.7 meters of 1.78 percent nickel, 18.1 meters of 1.69 percent nickel, and 12.75 meters of 1.86 percent nickel.
On August 12th Mindoro reported an NI 43-101 mineral resource estimate for Agata North. The current drill program is intended to completely drill out the Agata North resource to optimise the selection of processing technologies.
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Platmin (AIM & TSX: PPN) a platinum exploration and development company focused on the Bushveld in South Africa, announced it had appointed Mr Jan van der Merwe as Exploration Manager on 1st August 2008.
He joins Platmin after twenty years experience with Lenin, a major platinum company, where he was lately Senior Exploration Manager.
Platmin COO Terry Holohan commented:
"We are delighted that Jan has decided to join us at Platmin. He brings a wealth of knowledge and experience to our exploration efforts in the Bushveld Complex. We look forward to his contribution which will complement and strengthen our capacity at a management level."
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Central China Goldfields (AIM: GGG) announced that Dr Johnny Hon retired from the board of the company at its AGM today. Johnny Hon was recently been appointed as an Economic Advisor for Jilin Province in northeast China. As Central China has a possible interest in reviewing projects in this province, he withdrew form the board to avoid possible conflicts of interest.
Following the profitable sale of the Snow Mountain project, Central China Goldfields is currently focused on bringing the Dong Mao Huo gold mine back into production, and on the Nimu copper project where the company believes that here is potential for at least one major copper discovery.
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Metals Exploration (AIM: MTL) announced that the company has allotted 100,000 new ordinary shares in the company, following receipt of notices of conversion of warrants in the company at 8p per share. Following conversion of these warrants, there will be 112,083,795 ordinary voting shares in the company.
Metals Exploration is focused on discovering and developing high value mineral resources within the Southeast Asia - Pacific region, particularly the Philippines.
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Chromex Mining (AIM: CHX) a company focused on chrome granted a total of 2,450,000 options for ordinary shares to its directors and management on 14 August 2008. The options are exercisable at 45 pence per share up to 14 August 2013. Chromex shares are currently trading at 40.50 pence.
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Discovery Metals (AIM:DME, ASX: DML, BSE: DML) issued 15,934,412 shares at 19.5p (A$0.42) to raise £3.1 million. This issue of shares is the first tranche of a placement to raise £3.82 million (AUD$8.2 million) - before expenses - from institutional and sophisticated investors in Australia and Botswana, as previously announced.
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EMED Mining Public Limited (AIM: EMED) released the result of the first drill intercept of the current in-fill drilling program at its Biely Vrch Prospect on the company's Detva Licence in central Slovakia.
Drillhole DVE27 intercepted 1.1grams per tonne gold from surface to the bottom of the hole at 460 metres. Mineralisation is still open at depth and every metre of core was mineralised.
Harry Anagnostaras-Adams, MD of EMED Mining, said:
“'Drilling at Biely Vrch is at a very exciting stage. Indications are that our Slovakian tenements have realistic potential for substantial gold deposits. This result is particularly significant and we will provide shareholders with a more comprehensive update on progress in the forthcoming months.”
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Kopane Diamond Developments (AIM: KDD) announced the appointment of Michael Wittet as a non-executive director. He is a chemical engineer and engineering consultant, who worked for DeBeers for thirty-six years.
Tim Read, chairman of Kopane, said:
“We are delighted that Mike will be joining the Kopane Board, bringing to it extensive experience of diamond mining in Africa and sound business judgement. He will add considerable value in bringing the Liqhobong Main Pipe into full production."
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Herencia Resources (AIM: HER) an exploration and development company focused on resource opportunities in South America, informed the market that drilling at the Patricia deposit (part of its 70% owned Paguanta zinc-lead-silver project in northern Chile) continues to yield positive results.
Approximately 8,800 metres, of the 10,000 metre diamond and reverse circulation drilling program at Patricia is complete, and assay results have been positive to date with high grade intercepts recorded in all veins. Drilling at Central (hole PTDD015) and Cathedral veins (hole PTRC079) have both revealed high grade mineralisation at depth.
Recent operational highlights include recognising that mineralised veins extend with high grades at depth at Patricia, the start of drilling at La Rosa porphyry-copper prospect, and appointing Golder Associates to undertake scopingsStudy which is expected to be complete by the end of November 2008.
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Ascent Resources (AIM: AST) a Europe focused oil and gas exploration and production company, announced that since its (45.23% interest) PEN-104 well at one the company’s Nyírség permits in Hungary commenced flowing on 12th August, a stabilised average gas production rate of 88,200 cubic metres a day (520 boepd equivalent) has been achieved.
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Pan African Resources(AIM: PAF & AltX: PAN) released provisional results for the financial year ending June 2008, which showed profits after taxation rising to £7.6 million from £2.89 million the previous year.
EBITDA to the end of June 2008 was £13.7 million on gold sales of 99,078 oounces, which included a year of mining operations at Barberton and eleven months of Pan African’s overall operations. Since the acquisition, Pan African has benefited from a robust gold price and has now closed its hedge book. Pan African has increased its capital expenditure at the Barberton miens and its spending at its projects in Mozambique, Ghana and the
Central African Republic.
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Ariana Resources (AIM: AAU) a gold exploration and development company focused on Turkey announced that, as part of its deal with Odyssey Resources, one exploration and five operating licences (from a package of ten licences) have been transferred to the Tavsan project. Ariana also announced that it has acquired nine new exploration territories in the same region as the Tavsan project.
The package of licences acquired from Odyssey includes several licences, which contain the existing 43-101 resource. Ariana’s total ground-holding in Turkey now amounts to about 1050 square kilometres, excluding the joint venture licences in eastern Turkey
Dr. Kerim Sener, Managing Director of Ariana Resources, said:
"Following our recent dealings on the Tavsan project, our licence portfolio in western Turkey is now even more focused on the WAVE (Western Anatolian Volancic and Extensional) project area, which enables an ease of logistics and better use of our human and financial resources. The Company holds some of the best exploration properties in western Turkey and we look forward to developing our licence portfolio and target stream yet further."
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Strategic Natural Resources (AIM: SNRP) announced that Jeremy Metcalfe, the company's chief executive, has bought 50,000 shares in the Company for 20.25p. Following this purchase, Jeremy Metcalfe now has a direct, and indirect, interested in 2,815,600 ordinary shares representing 4.33% of the Company's equity.
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Gold Oil (AIM: GOO) announced that it is exercising its option to purchase Inversiones Petroleras de Colombia S.A. (Invepetrol) for a total of US$4 million.
The company will make an initial payment of $1 million, with the balance to be paid later. Invepetrol holds an 18.05% participating interest in Union Temporal, the operator and licence holder of the Nancy, Burdine and Maxine oil fields in the Putumayo Basin of Southern of Colombia. The acquisition takes Gold Oil’s stake in Invepetrol to 58.05% (representing 27.29% of net production) Invepetrol was recently appointed project manger for these assets.
Meanwhile, at the San Alberto XXI-2, onshore Peru well, drilling reached the planned depth of 5,200 feet without an hitches, and preparations are being made to log the open-hole section of the well. Following this the upper Verdun sands will be perforated and tested..
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The board of Van Dieman Mining has appointed Ron Goodman, formerly Executive Director Operations, as CEO and Managing Director. Ken Frey, who steps down from these roles, will retain a role in the development of the company's sapphire joint venture.
The board have made these changes because its key priority is to deal with the technical and operational challenges involved in bringing its Tasmanian, Scotia and Endurance, tin and sapphire projects into production.
The board has also decided to close the company’s Sydney office and move its administration and financial control functions to Tasmania. The company has drawn down the full amount of the initial loan facility of £3M from the Galena Special Situations Master Fund and refinanced its debts and repaid certain other creditors.
An operational update can be expected before the company’s AGM scheduled for 29 August 2008.
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Synchronica plc (AIM: SYNC) a leading specialist mobile email and synchronisation provider announced that it has entered a conditional agreement to acquire for the operating subsidiary of one of its competitors - AxisMobile plc (AIM: AXIS).
Synchronica will issue 85,102,041 new ordinary shares to AXIS to complete the acquisition, which will be funded by raising £5.1million from two institutional placings. The company reports that these placing, of 169,466,399 new (1.0p) ordinary shares at 3p per share, are supported by a number of existing and new investors.
Synchronica's CEO, Carsten Brinkschulte said:
“We aim to build a world-leader in the market of consumer mobile email and synchronisation solutions, and this acquisition is a key milestone which will improve our competitive positioning and accelerate our commercial growth”
Synchronica also announced that Sun Microsystems Inc has confirmed it option the first major version of its server sync suite.
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Braemore Resources (AIM: BRR) confirmed that it had commenced the expansion of the ConRoast demonstration smelter facility in South Africa this week. The expansion will see the capacity of the smelter rise to3.2MW and allow for the production of up to 70,000 ounces of Platinum Group Metals (PGMs) per annum. The expansion is due for completion in September.
In the past 10 months Braemore has smelted 8,279 tonnes of low grade PGM/high grade chromium content feed to production 15,000 ounces of PGMs and Gold. Typically PGM smelters in South Africa cannot cope with high amounts of chromium in the ore, allowing the ConRoast technology to capture market share for higher chromium content feed.
Braemore anticipates that once the expansion is complete, the demonstration smelter will produce 20,000 ounces of PGMs by year-end, depending on the feed grade.
Leon Coetzer, CEO of Braemore Resources plc, commented:
“The smelter upgrade is a significant next step in Braemore's strategy of bringing the ConRoast process into full commercial production. Small scale roasting and smelting tests on a range of PGM concentrates have now been satisfactorily demonstrated, and the trial converting tests of the PGM alloy have been successful. These samples have been used as feed for subsequent additional leaching tests on the alloy and a conceptual design has been prepared for a hydrometallurgical pilot plant.”
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Central China Goldfields (AIM: GGG) released arguably the most compelling drill hole result for the Guqing prospect within the Gangjiang Project, which is part of the larger Nimu Copper Project in China this morning.
Drill hole GJ14 cut 65.1 metres grading 0.52% copper and 0.025% molybdenum, or 0.75% copper equivalent from only 1.7 metres below surface. The assay also suggested that around 80% of the copper mineralisation was oxidised, a crucial factor in the potential cost of extracting the copper and molybdenum from.
GJ14 extended the known copper oxide zone at Guqing to 460 metres in length, 60 to 80 metres in width and 45 to 58 metres in thickness.
Jeff Malaihollo, Managing Director of Central China Goldfields, summarised:
"The results of holes GJ07 to GJ14 have confirmed the southeastern copper-rich centre at Guqing. Mineralisation there is near surface and has been detected across an area of approximately 460 metres long, up to 150 metres wide and up to 250 metres deep. The near surface portion of this has significant amounts of oxide copper present. We are now testing the second area, East Nading, 900 metres to the north of Guqing.”
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PROACTIVE IN BRIEF.
Raytec Metals sets up advisory board
Mercator Gold – board change
Discovery Metals raises £3.1 million
Pan African Resources’ profits surge
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Accsys Technology expands license option in China