Mining stocks again stole the column inches and Mwana Africa (LON:MWA) shares edged up as it updated on progress with encouraging news from all three of its core projects.
It said quarterly production from the Freda Rebecca Mine is Zimbabwe was up 19% quarter-on-quarter at 17,536 ounces of gold, while cash costs fell US$112 an ounce to US$837.
Sticking with gold, but moving to the Democratic Republic of Congo, the group revealed the latest intercepts from drilling at the Zani Kodo project included 16 metres at 6.77 grams per tonne from 400 metres and 17 metres at 3.75 grams from 161 metres.
Zani Kodo is already a significant deposit at almost 3mln ounces at 2.43 grams a tonne of gold. Work here has been suspended temporarily.
Mwana also said its Bindura Nickel Corporation subsidiary is making significant progress after deciding to target the higher grade zones at the Trojan mines in Zimbabwe.
The findings mean the firm has now delineated high value targets and mapped out a 1,500 metre drilling programme, which will kick off in the first quarter of 2014.
The licence was awarded in 2012 and consists of the former Tarouca tungsten mines and several other tungsten and or tin deposits covering an area of 48 square kilometres (sq. km.), 400km north of Lisbon.
Chairman Michael Masterman said: "This combined with the achievements of nearing production on budget and on time at La Parrilla tailings are testament to the valuable achievements by both management teams in Spain and Portugal
In return the AIM quoted gold firm will receive £1mln of cash and £3.5mln in shares, and it will retain a paying 25% interest in the project.
The identity of the buyer, described by Nyota as a “junior exploration and development companylisted on a regulated stock market”, still remains a closely guarded secret. Nyota says this is for commercial confidence and to mitigate the risk of the sale not proceeding.
The placing price is a halfpenny discount to Savannah’s closing mid-market price on the day before the fund raising was announced.
The funds raised will be used to support the development of the company's flagship 180 square kilometre Jangamo Mineral Sands project in Southern Mozambique, and for working capital.
This significant step is key in the process of seeking partners for its development, said London.
Chief executive Graeme Hossie told investors: "While London Mining's operational and capital allocation focus remains firmly on the recently announced expansion and mine life extension at its operating mine in Sierra Leone, the granting of the 30 year exploitation licence for Isua is an important validation of the extensive work to date and provides a solid basis for discussions with potential funders and partners required to move the project forward."
Less than six months after farming into the acreage, in the highly prospective South Porcupine Basin, the super-explorer and discoverer of Ghana’s massive Jubilee oil field, has completed its 3D seismic work. And it has done so almost a year ahead of schedule.
The programme covered 1,500 square kilometres (sq. km.) and is designed to de-risk the acreage ahead of drilling.
Analysts estimate the chance of success will move to perhaps one-in-five (from 1-in-10 to 1-in-12) as a result of shooting the seismic.