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Proactive mining news - Pan African Resources, Condor Gold and more

Published: 08:37 10 Dec 2016 GMT

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A busy week for the diggers. Here are some highlights.

Condor Gold PLC (LON:CNR) on Friday said it had settled the dispute with its neighbours in Nicaragua over royalties on its La India licence.

The junior has been embroiled in litigation for four years with B2Gold and Royal Gold following a swapping of concessions in the country in 2010.

Under the settlement now agreed, Condor will pay a net smelter royalty (3%) on any gold produced from 90% of the La India acreage.

Also yesterday, resource investor Metal Tiger plc (LON:MTR) shares were boosted as it revealed drilling at the T3 target in Botswana had reinforced the potential to expand and upgrade the resource there.

Infill drilling reported wide intercepts, including 49.7 metres at 1.5% copper and 33g/t (grammes per tonne) of silver from 129.4 metres.

Another hole showed 17.6 metres at 1.2% copper and 16g/t (grammes per tonne) silver from 208m.

And in a separate announcement earlier the same day, the group fleshed out its credentials following the recent significant restructuring of its board and a rejected offer for the group.

It has two "unique and highly valuable" project development interests in Botswana and Thailand and a highly promising exploration interest in Spain, it said in an update.

An indicative offer was received last month from BMR, which was rejected by the independent directors on the basis it undervalued the company.

BMR then withdrew its  offer and said it would not make another.

Metal confirmed to investors that its key interests are to continue to make substantial progress with 2017, which are expected to deliver key milestones. It noted the share price volatility since the offer.

Elsewhere, Premier African Minerals Limited (LON:PREM) opted not to exercise its option to up its stake in Democratic Republic of Congo-focused Casa Mining Limited.

Private company CASA has three mining licences, covering 133 square kilometres, known as the Misisi project in the highly prospective South Kivu province in the eastern Congo gold belt of the Democratic Republic of Congo (DRC).

Premier acquired a 4.5% interest in the company on 18 October, and has the option to increase it by 18 December to 30%, but has decided not to do so.

In name change news, Aureus Mining Inc (LON:AUE, TSE:AUE) has become Avesoro Resources Inc and its stock ticker will change to 'ASO' in London and Toronto as of Monday (Dec 12).

The firm also confirmed that the change of its website website address to www.avesoro.com will also take effect from Monday next week.

Earlier this week Aureus issued a corporate update, saying its equity fundraise to bring in around US$76mln, as part of a refinancing, had completed.

Meanwhile, fluorspar specialist Tertiary Minerals plc (LON:TYM) agreed in principle to acquire the land and historic mine workings at the Lassedalen project in Norway.

Aluminium group Hydro has agreed to sell the asset for a nominal NKr1, with Tertiary having 12 months to complete due diligence and a fourteen month exclusivity period.

Galantas Gold Corporation (LON:GAL) has said that, subject to suitable financing, it plans to commence underground development at its Omagh mine in Northern Ireland.

Although development of the Omagh mine is currently the subject of a judicial review, the company does hold a valid consent for development, and given that the judicial review process has now been delayed, has decided to press ahead with development.

Galantas has said that it will stand together with the planning authority to defend the validity of its consent.

Asiamet Resources Ltd (LON:ARS) says it's brought in around £2mln from a private placing to progress the feasibility study at its flagship BKM (Beruang Kanan Main) copper mine project as it continues to advance funding options.

The project is a 25,000tpa (tonnes per annum) heap leach copper mine in Indonesia.

Chief executive Tony Manini told investors: "Globally there are very few listed junior companies with a high quality development-ready copper project at a time when the copper market is widely predicted to move into a structural supply deficit over the next 2-3 years

Recommissioning of the mill is already underway. Now though, full scale redevelopment will begin, with cash flow expected early in 2017 from a modest amount of concentrate shipments.

Pan African Resources plc (LON:PAF) is to build a new tailings plant at Elikhulu after a definitive feasibility study confirmed it was viable.

Elikhulu will be built on the site of the existing Evander mine.

It can add 56,000 ounces per year or 25% to Pan African’s annual gold production over eight years with the potential for this to rise to thirteen years.

First gold may come as soon as the first quarter of 2018 if construction gets underway in January with the plant set to be up and running fully by the end of that year.

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