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Mining News

African Eagle Resources plc (LON:AFE) announced the appointment of David Newbold as Finance Director who joins the Board of Directors as an Executive Director with immediate effect. David has 35 years' experience in the natural resources industry including executive and senior positions at Compania Minera Zaldavar, Placer Dome Inc., Outokumpu Oyj, Mercury Resource Consultants and Greystar Resources Limited.

Aureus Mining Inc (LON:AUE) announced the submission of an Environmental Impact Statement ("EIS") for the New Liberty Gold Project to the Environmental Protection Agency of Liberia ("EPA"), prepared and undertaken by Golder Associates and EarthCons Inc. of Liberia. The filed EIS document will be reviewed within a 90 day approval period. The Company expects the environmental permit to be issued in September 2012, subject to the ESIA complying with all relevant regulatory requirements.

Berkeley Mineral Resources Plc (LON:BMR) announced that it has signed an Agreement with Rephidim Mining Supplies and Technical Services Ltd for all the interests in an existing Joint Venture Agreement on three clusters, each containing stockpiles of copper tailings in the Chingola area in the north of Zambia. In total, BMR has secured Mining Rights over a total of 397.2 hectares of land, containing a non JORC compliant estimate of 17.5 million tons of copper tailings. The Luano dumps Licence 8514-HQ-SML is valid for 5 years from 30 November 2009, renewable thereafter. The Mimbula dumps Licence 8441-HQ-SML is valid until 31 July 2012 pending approval of a renewal application for a five year period which has been lodged by the JV with the Ministry of Mines. Following the inception of processing, production and sales, Rephidim will be entitled to a Profit Share of a maximum of 20% of the net operating profit, calculated annually after all costs. BMR is paying a fee of US$500,000 upon Completion of the assignment of the existing JVA to BMR.

Namakwa Diamonds Limited (LON:NAD) announced that it has requested the cancellation of its listing on the Official List of the UK Financial Services Authority. The decision follows the Company's inability to satisfy its obligations under Listing Rule 9.2.15 (the "Free Float Requirement") on admission of an additional 794,629,171 new shares to trading on the London Stock Exchange on 28 June 2012. The Company's current free float is approximately 20.9% of the issued share capital of the Company. The Company expects that the cancellation will take effect from 08.00 on 1 August 2012. Application has been made for the Company's shares to be admitted to trading on AIM, simultaneously with the cancellation of the listing on the Official List on 1 August 2012.

African Mining & Exploration (LON:AME) has signed a Sale and Purchase to effectively acquire all the share capital in Caracal Gold Mali SARL on a 'cash free debt free' basis from Caracal Gold LLC. The Caracal group holds 6 gold exploration licences in Mali, 3 of which are awaiting Ministerial approval for the transfer from Caracal Gold LLC into Caracal. Caracal also has a 7th licence under a renewal application. The exploration licences encompass approximately 280 km2. Two, Donbaleya and Daounabete are separate licences in west and south Mali respectively. Five licences are contiguous and collectively known as the 'Kossanto' permits (Kobokoto, Gourbassi, Farikounda, Koussikoto and Kobokoto-Est). These permits lie in the centre of the Kenieba inlier in western Mali, a block of ancient greenstones and granites hosting many significant gold deposits in Senegal and Mali. Historical exploration on permits include 2,070m of RAB drilling and 5,900m of RC drilling with selected intercepts from Kossanto permits include 19m @ 1.8 g/t, 17m @ 2.1g/t, and 16m @ 9.5g/t. AME has paid an initial £62,500, with a further £62,500 being payable once completion of Government approval of the transfer in respect of 3 of the 7 licences has occurred. After 18 months AME has the option to make a cash and/or share allocation of £1.25m or grant the Seller a right of first refusal to reacquire Caracal from AME. If the payment goes ahead and where a JORC compliant Proven and Probable reserve of greater than 500koz is established, AME shall be liable to allot 3,515,000 ordinary shares to the Caracal.AME is fully funded to make the acquisition and we look forward to updates on its progress.

Condor Resources (LON:CNR) has now completed its change of name to Condor Gold and will now trade under its new name. The company which has a JORC resource of 1.62m oz gold at 5.6g/t at its La India Project in Nicaragua changed its name to avoid confusion with another company Condor Resources listed on the TSX.

Edenville Energy (LON:EDL) has released the remaining results from its 2011 drill programme at Namwele. Namwele hosts an old open pit mine which was previously worked on a small scale providing lump coal to industries located at Mbeya, some 300km to the south by road. The project is 4km to the south east of the Mkomolo Deposit, where a JORC compliant inferred resource of 39 million tonnes of thermal coal was defined by Edenville earlier this year. At the end of the year, 869.80 metres were drilled in 8 holes covering a strike length of 2.2 kilometres. The drill spacing was not close enough to estimate a resource, but Edenville intend to return to Namwele to carry out infill drilling to calculate an initial resource. The planned down-hole geophysics has been delayed to mid-July as the drill contractor has yet to deliver the correct equipment to site in order to flush clean the 2011 drill holes selected for geophysical logging. Float & Sink analysis of the samples was conducted at the Inspectorate Laboratory in South Africa. Intersections range from 0.79m to 3.0m with Gross CV of between 4107 and 4847kCal/kg. The Company will have to do further wash analysis to determine the economic potential, especially with sulphur levels of up to 7.2%.

Talvivaara (LON:TALV) has released a very disappointing operational update. Production was re-started in April after a fatality, however rapid melting of snow and unusually heavy rainfall diluted leach solutions impacted production. Although production continues to ramp up on 2011, 2Q'13 nickel output was only 3,194t and Zinc was 6,686t. As a result FY'12 guidance of 25-30kt of Nickel will not be met and the company expects to update guidance in August with the 2Q results.

Oil & Gas News

Salamander Energy (LON:SMDR) Following testing, Salamander's Far East-1 well has been plugged and abandoned as a dry hole, which serves as a reminder that even when you find something interesting in the exploration well, it is not a foregone conclusion. While the news is disappointing, unless there is an immediate well commitment, this data should provide good well control and once integrated into the existing seismic, should help the Company target their next steps better. The shares will undoubtedly trade lower on the back of this.

Ophir Energy (LON:OPHR) The Company's drilling schedule is on track with the previously announced schedule. It spudded the first well in the Block R campaign in Equatorial Guinea on 2nd July, as part of a three well drilling campaign. Positive results from wells would be key catalyst given three-wells are targeting combined 2.2tcf unrisked mean estimated recoverable gross resource. Tanzania's block 1, 3 and 4 drilling programme is also on schedule with Papa-1 well (block-3) spudded last month. The Papa-1 prospect has an unrisked mean estimated recoverable resource of 3.1 tcf. We believe remaining period of 2012 will be critical as exploration programme gathers pace. The liquidity position of the company is very strong with the April-end cash balance of $529mm. We would be looking for the updates on the above activities. In this news:

Tanzania

The Block 1, 3 and 4 drilling programme, operated by BG (Ophir 40%) continues on schedule.

The Deepsea Metro 1 completed operations at the Mzia-1 discovery (Block 1) on 21 May and the vessel then moved to the Papa-1 location in Block 3.

Papa-1 is targeting the Upper Cretaceous intra-slope channel play within the Rufiji delta. The Papa-1 prospect has an unrisked mean estimated recoverable resource of 3.1 TCF (517 MMBOE). Results are expected to be released in late July

Gabon Pre-Salt Exploration (Mbeli and Ntsina)

Processing of the pre-salt 3D-seismic survey is approximately 50% complete. Ophir and Petrobras expect to receive the final processed dataset in Q4 2012.

Drilling of the first pre-salt target is anticipated in early 2013 subject to rig availability.