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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.
Ovoca Gold, Baobab Resources, Forte Energy, Strategic Natural Resources, and others feature in Fox-Davies NewsflashJuly 06 2012, 8:28am
Baobab Resources PLC (LON:BAO) announced that it has entered into an equity subscription agreement with Redbird Investments Ltd, a fully owned investment vehicle of African Minerals Exploration & Development, whereby Redbird has agreed to subscribe for 50,000,000 Ordinary Shares at 8p per share to raise £4,000,000 and has been granted 25,000,000 warrants exercisable at 12p per share, which, if exercised, would bring the total investment up to £7 million. The funds raised will be used by the Company primarily for the completion of the pre-feasibility study on its Tete Project and to provide on-going working capital.
Ovoca Gold PLC (LON:OVG) provided an update on its Stakhanovskiy and Rassoshinskaya projects. Stakhanovskiy Project surface trench assay results from Berezitoviy and Burovaya ore bodies yielded best results of 2.5 metres at 281.40 g/t gold, 4.0 metres at 41.28g/t gold and 1.5 metres at 45.76 g/t gold. Drilling at the Rassoshinskaya Project produced best results of 0.4 metres at 74.40 g/t gold and 342.0 g/t silver, and 2.0 metres at 4.53 g/t gold and 38.9 g/t silver. An updated resource estimate is planned to be completed by the end of 2012 once all bulk sampling, trenching and drilling has been completed.
Sylvania Platinum Limited (LON:SLP) announced that it isto continue with the EIA study at its Everest North project and pursue the completion of the mining right application. The work required to obtain the mining right will still take a further nine months to complete. Once the mining right application has been approved, it is envisaged that more detailed discussions with AQPSA about re-starting the Everest South plant can commence.
Thor Mining PLC (LON:THR) advised that it has commenced a drilling program at its SpringHillGoldProject in Australia's Northern Territory. The new program will consist of 2,350 metres of drilling and will complete last year's campaign which was cut short by an early wet season. The program is expected to be completed by the end of August 2012.
Forte Energy (LON:FTE) has released a very positive resource upgrade for its Firawa uranium project in Guinea. The inferred resource has increased by 68% from 11.6Mlbs (July'09) to 19.5Mlbs at 295 ppm U3O8. The upgrade comes after the company completed a 63 hole RC drilling program and carried out more extensive bulk density measurements. Due to a lack of data previously a conservative 2.2t/m3 density was used to calculate the resource. Now after analysing 97 samples a 3.0t/m3 average density was applied. The inferred resource outline now extends over a strike length of 3km and to a depth of 100m in the Fe-rich laterite/ saprolite, but remains open at depth. The company's total resource inventory to 44.9Mlbs.
Strategic Natural Resources (LON:SNRP) has released its final results for the year ended 29 February, 2012. The company's AGM will be held on the 31st July. The past year has been nothing short of transformational for the company with the twin equity financings from Cooch 1095 Ltd (£1.95m during the year) and Richardsons LLP (£8.7m post period) releasing the value in the company. With production now started, key off-takes in place including the formation of the EliTra JV the company is now in a position to focus on its strategic objectives and has announced its own "Big 5" goals . These are 1. to achieve a production capability of 800kt by end of 2012; 2. to ensure all logistics and infrastructure are in place to support the movement of this coal by the end of 2012; 3. to double both goals by the end of 2013; 4. to double the resource base by the end of 2014; and 5. to be exporting coal from both East London and Coega and have secured supply for a mine mouth Independent Power Plant (IPP) by the end of 2017. The company will produce about 30% Anthracite/ 70% thermal next year and aims to reach a 50:50 split of 500kt anthracite and 500kt thermal exports by 2016. The company has said it can achieve up to a US$25-30/t premium over API4 prices (currently US$90/t) for Anthracite. Elitheni also has a local offtake agreement to supply a bio ethanol plant being constructed by the IDC, 250km from the mine. The company is fully funded to maintain production at Elitheni, however may look to raise some debt financing to leverage the available infrastructure options. The company expects to start underground production next month which will coincide with the arrival of the wash plant and reach steady state underground mining by the year end. A revised SAMVAL reserve statement will also be released in 3Q'12
Oil & Gas News
San Leon Energy (LON:SLE) Significant strides have been made in advancing the Company's development, and today's news continues to underline this. New concession area further expands company's unconventional acreage which should bode well for shareholders. In the news:
• Czersk Exploration Concession awarded
• Subsequently, SLE now has a 100% working interest in two Baltic Basin concessions