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Proactive end of day news wrap: Galileo Resources, Anglo Pacific, Kromek ...

A taste of the small cap stories on the Proactive newswire today
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Some of the stories on Proactive today

Galileo Resources PLC (LON:GLR) has been notified that its joint venture partner at the Silverton gold property in Nevada, Orogen Gold PLC,  has pulled out of the project.  All interests in the property and the data have reverted to Galileo, which is reviewing its options for Silverton.

Radiation detection firm Kromek PLC (LON:KMK) has been included in the ‘1000 Companies to Inspire Britain 2017’ report produced by the London Stock Exchange.

Arnab Basu, chief executive, said: “It is a privilege to have been featured by the LSE in such a prestigious report. Not only is it fantastic recognition of our scientific innovation, but it also highlights the exciting growth prospects for the company as we have moved from the R&D phase into the full commercialisation phase.”

Mining royalty group Anglo Pacific Group plc  (LON:APF  TSX:APY) has re-jigged the composition of its boardroom committees.

Mike Blyth is the new chair of the remuneration committee, which also comprises David Archer and Robert Stan. 

Patrick Meier has stepped down from this committee but takes over as head of the nomination committee, which includes David Archer, Mike Blyth, Rachel Rhodes and Robert Stan.

Sula Iron & Gold PLC (LON:SULA) has hit its best grades yet at Ferensola in Sierra Leone and is more confident than ever that it hosts a major gold system.

Roger Murphy, chief executive, said he was delighted with the results at the Sanama Hill hole, which included a grade of 3.65 g/t over an interval of 32.6m in one hole, FDD014, with several smaller very high grade zones.

Gfinity Plc (LON:GFIN) has revealed that its shares were in high-demand as it raised £6.25mln in new equity. A share placing to new and existing institutional and other investors was oversubscribed, the company said. The eSports promoter issued 31.25mln new share, representing about 16.56% of the company, at a price of 20p per share.

Alecto Minerals PLC (LON:ALO) has told investors that its Mowana copper mine in Botswana is now in full-time production.

That follows on from the first blast at the end of April and a successful trial period during which Aleecto produced saleable concentrate of up to 28% copper.

So far, the company has produced more than 1,900 tonnes of copper concentrate which is being sold to its offtake partner, Fujax.

Hurricane Energy Plc (LON:HUR) boss Dr Robert Trice, in the UK offshore oiler’s financial results statement, told investors that the company continues to progress a range of financing discussions.

It separately noted the issue of equity warrants, potentially for 25mln new shares, to its ‘house’ broker Stifel - this could see a moderate injection of capital to the company in the near term and may also add some additional liquidity for the AIM market listed shares.

Shares in Stobart Group Limited (LON:STOB) moved higher this morning after the infrastructure and support services unveiled details of a proposed share buyback scheme. Stobart is looking to buy back up to 3mln of its shares, which it will keep in treasury to be used for share awards granted to employees.

Symphony Environmental Technologies plc (LON:SYM) is benefitting first hand from the recent decision by the Saudi Arabian government to make oxo-biodegradable plastic compulsory for a wide range of plastic products. It’s very much ‘right time, right place’ for Symphony which has just received a quality mark for its oxo-biodegradable plastic additive, d2W, in the country.

BOS GLOBAL HOLDINGS Limited (LON:BOS) has accepted a conditional £500,000 cash offer for its 75%-owned subsdiary Copper Range, a mining junior with exploration tenements in the Olympic Dam mining precinct of South Australia. Copper Range's 25% minority holder will receive £114,000 of the consideration.

Tidal wave power specialist Atlantis Resources PLC (LON:ARL) has agreed a Strategic Partnership Agreement with Hyundai Engineering & Construction that will see them work together on projects in South Korea and elsewhere. The initial objective is to design and build a 100Mw tidal stream project in the south of Korea; to help deliver other tidal stream projects Atlantis is pursuing in South East Asia and to explore the potential collaboration in tidal range or barrage/ lagoon projects globally.

Savannah Resources Plc (LON:SAV) has lodged an Environmental Impact Assessment (EIA) for the Mahab 4 copper mine development, the final part of its permit applications for two copper mines in Oman. Mahab 4 (and Maqail South) are located in Block 5 and the EIA approval process is expected to take around three months assuming all goes smoothly.

Anglesey Mining plc (LON:AYM) is to assess whether an accelerated development is the best option for a development of its Parys Mountain prospect In Wales. A scoping study is currently ongoing but Anglesey is now mulling whether a throughput of 1,000 tonnes per day rather than 500 tonnes would be more economic.

Tower Resources PLC (LON:TRP) has requested that its shares are suspended from trading on AIM pending clarification of its financial position. It comes as the group’s efforts to close a farm-out deal for its Thali asset, offshore Cameroon, has stalled.

West African Minerals Corporation (LON:WAFM) is to look for partners for its Sanaga iron project in the Cameroon after a scoping study indicated it could be brought into production in two years. Sanaga is near the Port of Douala, Cameroon’s second city, and the study suggested an open pit iron ore mine and concentrator, using either transportation by barge down the Sanaga River or a slurry pipeline to a port at Yoyo, can payback back the up-front costs of US$194-298mln between 2.5-4 years depending on the route chosen.

Gemfields plc (LON:GEM) has decided to focus on opportunities that will deliver “considerably higher returns” as it withdraws from its Coscuez emerald mine transaction in Colombia and in operations in Sri Lanka. The company said will turn its attention to its portfolio of high quality assets in Africa and potential expansion opportunities in Zambia, Mozambique and Ethiopia.

Scotgold Resources PLC (LON:SGZ), the owner of the Cononish gold mine in Scotland,  is to push ahead with further exploration at projects in Portugal and France as it looks to broaden its portfolio. Rock chip samples at Pomar in Portugal indicated high grades of goal and antimony, while at Vendrennes in France, Scotgold has been awarded an exploration permit and will now start to review the data from the historic antimony workings.


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