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Fox-Davies Capital

Fox-Davies Capital specialises in assisting international resource companies to gain access to the UK, European and North American capital markets and has a substantial background in emerging markets particularly in Africa, Asia, Russia and the CIS.


Jubilee Platinum, Sirius Petroleum and Uranium Resources feature in Fox-Davies Newsflash

May 03 2013, 8:20am

Daily Mining Monitor

Jubilee Platinum (LON:JLP) has released an update on its planned merger with Platinum Australia detailing amendments to some of the terms of the Implementation Deed.

In this news:

The amendments include

An extension of the End Date to 30 June 2013

An alteration to Jubilee's depositary interests to accommodate.

FD Comment:

According to the Deed administrator the merger of Jubilee with PLA remains on track, despite some delays in the expected timing of the implementation of the Scheme.

Uranium Resources (LON:URA) has released a maiden resource for its Mtonya Uranium Discovery in Tanzania.

In this news:

CIM Inferred Resource estimate of 3.6 million tonnes at 255 ppm U3O8 containing 2.0 Mlb U3O8

The current resource consists mostly of Tier 1 mineralisation over 4.5 km of the 36km-long Mtonya Redox Corridor, which includes the untested Nyoka and Lukimwa uranium targets

Only a short segment of Tier 2 has been drill-tested while the deeper inferred Tier 3 has not been drilled

Mineralisation remains open in all directions, including the deeper Tier 2 and Tier 3

Remarkable continuity and mineral assemblages suggest similarities with uranium deposits of Chu-Sarysu, Kazakhstan and Wyoming, USA.

FD Comment:

Although generally investors look for “pounds in the ground”, grade and for situ recovery (ISR) permeability of the host are key. However, these results are still very underwhelming, the size and grade are too low in our opinion for what the Company is planning to achieve. The resource estimate is based on a low 50ppm cut off and a long term uranium price of US$75/lb, whereas the current Cameco long term uranium price is US$57/lb and the spot price is only US$40.5/lb. Based on a 150ppm and 200ppm cutoff the total resource is 1.907Mlbs at 293ppm and 1.542Mlbs at 383ppm respectively.

Daily Oil & Gas Monitor

Sirius Petroleum (LON:SRSP) – Step Forward: The Company has resolved the funding issues that has dogged the share price in recent months, and now the attention switches to development and execution. While the Company hitherto could drift along, the introduction of leverage means that the pace of the development will be kept by external factors, which means that the stakes have just been raised. It is time for the team’s operational credentials to be tested.

In this news:

Sirius acquired 40% of Ororo field and is entitled to a preferential cash flow of 88% while it is net invested in the project

Situated in shallow water offshore in depths ranging between 23ft and 27ft

Discovered in 1986 with the drilling of the Ororo-1 well by Chevron 

Tested at approximately 2,200bopd from a single zone, and 600bopd from another oil-producing sand.


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