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Proactive news highlights: Amur Minerals, Beowulf Mining, Hurricane Energy, SolGold and more

Published: 16:20 18 Apr 2016 BST

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Stratex International PLC's (LON:STI) Altintepe gold mine in Turkey is on course to hit its production target of at least 30,000 ounces this year, sending shares in the firm higher.

Sales to March 16 totalled 12,280 ounce of gold with US$14.3mln of revenues generated.

In other news, Russia-focused Amur Minerals Corporation (LON:AMC) completed the full re-stock and mobilisation of all newly purchased mobile equipment to its Kun-Manie nickel copper sulphide project in the far east of Russia.

The successful mobilisation effort positions the company to undertake and continue its development of the project, as it progresses towards the completion of its definitive feasibility study.

Progress at Rare Earth Minerals plc's (LON:REM) Sonora lithium project in Mexico continues apace - with work for a key feasibility study now started and discussions ongoing over financing.

The company has an interest in the property via its 17.19% holding in Bacanora Minerals Ltd and added that additional technical staff were being recruited with expertise in lithium development.

Over at W Resources PLC (LON:WRES), it saw good extraction rates using a straightforward gravity separation method for tungsten ore produced at its La Parrilla operation in Spain.

End to end recoveries through the process plants circuit are estimated at 71% overall WO3 (tungsten trioxide).

Meanwhile, Beowulf Mining plc (LON:BEM) remained confident of receiving the exploitation concession for its Kallak North project even though “the goalposts have been moved”.

Plans for the company's Kallak magnetite iron ore project in northern Sweden have been thrown into disarray by a judgement in February of the Supreme Administrative Court of Sweden (SAC) regarding Tasman Metal's Norra Kärr project.

Elswhere, Hurricane Energy PLC (LON:HUR) has unveiled a major funding deal that will see the North Sea oil firm raise £52.1mln to drill two wells later this year.

Over at private equity group Kerogen Capital, it is investing £44.1mln of the £52.1mln, and, as a result, will be taking a 29.9% stake in Hurricane. Institutional investors Crystal Amber and Marlborough Fund Nominees will provide the other £8mln.

NetScientific PLC's (LON:NSCI) portfolio company, Vortex Biosciences, will preview VTX-1 at the American Association for Cancer Research annual meeting in New Orleans.

VTX-1 is a fully automated system for the efficient enrichment of intact circulating tumour cells– cells that detach from a tumour and circulate in the bloodstream - from whole blood.

New Zealand and Australia focused oil company Mosman Oil and Gas (AIM:MSMN) has withdrawn from its 25% interest in the Officer Basin application.. It is now looking to call a shareholder meeting to consider the cancellation of the 9mln shares that were issued for the acquisition.

Fastnet Equity PLC (LON:FAST) is to be renamed Amryt Pharma PLC. In March it entered into a conditional agreement to acquire the entire issues share capital of Amryt Pharmaceuticals for consideration of £29.6mln equivalent shares. It is proposing to raise a further £10mln through a placing.

And finally, SolGold (AIM:SOLG) extended its condolences for the tragic loss of life following the earthquake in Ecuador, but confirmed that there had been no disruption to its Cascabel copper-gold project in the north of the country.

The board will make a donation to the Government of Ecuador to aid in the relief effort and will offer assistance where possible.

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