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Fox-Davies Capital Newsflash including Patagonia Gold, Empyrean Energy, Afren, Kefi, Kalahari Minerals, Ariana, Serabi and Chromex

10th Nov 2009, 8:12 am Fox-Davies Capital Newsflash including Patagonia Gold, Empyrean Energy, Afren, Kefi, Kalahari Minerals, Ariana, Serabi and Chromex

Afren  (AFR)  announced it intends to raise US$200m through a proposed placing of ordinary shares and the exercise of 40m warrants. The net proceeds of the Placing will be used to fund an accelerated appraisal and development of the broader Ebok-Okwok complex, further appraisal and infill drilling of Afren's Côte d'Ivoire assets and infill drilling on the Okoro project in Nigeria. In addition, Afren shall apply a proportion of the proceeds to potential future acquisitions and general corporate purposes.
 
Empyrean Energy  (EME)  announced that it has been advised by Krescent Energy Company, the operator of the Riverbend Project in Texas, that drilling had progressed to a measured depth of 16,383ft from a vertical depth of 15,054ft. During drilling, multiple fractures have been encountered that have all exhibited significant gas flares and influx of gas into the drilling mud. Although highly encouraging, these gas kicks require extreme operational caution and necessitate drilling to be momentarily stopped whilst the gas that has invaded the drilling mud is circulated out of the well. Further announcements will be made as significant developments occur.
 
Mining Corporate News
 
Patagonia Gold  (PGD)  announced that infill drilling has commenced its La Manchuria project in Argentina to advance this high grade gold and silver project towards a resource estimate, Canadian National Instrument 43-101 (NI43-101) compliant, by second quarter 2010. La Manchuria is located just 50 kilometres south east of PGD's 'flagship' Cap-Oeste Project. Drilling continues to intercept bonanza gold and silver grades, including 1.55 metres at 257.79 g/t gold and 4,237g/t silver, in drill-hole LM-42-D
 
KEFI Minerals (KEFI)  announced that it has entered into a Letter of Intent with TSX listed Centerra Gold Inc. for a joint venture in the 100%-owned Bakir Tepe Project in southwestern Turkey. Bakir Tepe is prospective for volcanic-hosted massive sulphide polymetallic deposits and a drilling programme is planned to commence soon. Under the terms of the LOI, Centerra earns a 51% interest in the Bakir Tepe Project upon contributing US$750,000 to the joint venture over 2 years with a minimum expenditure of US$350,000 in the first year. There is a 45 day exclusivity period in which to execute a final agreement.
 
Kalahari Minerals (KAH)  announced that, further to Extract Resources Limited's (`Extract') announcement on 4 November 2009, regarding the conversion of 5,200,000 warrants to Ordinary Shares, Extract has a total of 242,460,636 Ordinary Shares in issue. Following active buying in the open market to avoid dilution, post Extract's share and warrant placing, announced on 25 August 2009, Kalahari has pro-actively sought to maintain and increase its shareholding in Extract, underlining its support and belief in Extract's portfolio, particularly in the Rossing South Project. Indeed, Kalahari is pleased to report that its current interest of 98,018,911 Ordinary Shares in Extract, represents 40.43% of Extract's enlarged issued share capital.
 
Ariana Resources  (AAU)  announced the results of trenching undertaken on the Salinbas prospect which is part of the Ardala mineralised system. The best results were 33m at 9.6g/t and 46m at 8.3g/t. On the Ardala Project, mapping and sampling has confirmed that porphyry mineralisation continues to the south of the previously recognised outcrops, and this additional extension increases the size potential of the Ardala porphyry system. A high-grade gold zone has also been identified at Salinbas, located some 3km to the southwest of the Ardala porphyry. Trenching at Salinbas has returned the following bedrock intercepts over a 360m strike length with mineralisation open to the south and at depth.
 
Serabi  (SRB)  announced the placing of 139,867,833 shares and a convertible facility to raise a total of £2.398M. The funding will be used to enhance the Palito project by investigating and evaluating a series of anomalies which have already been identified by the Company.
 
Chromex Mining  (CHX)  announced that it has concluded a binding Heads of Agreement to acquire 49% of Falvect Mining (Private) Limited, a company owned and operating in Zimbabwe for a nominal consideration, and provide an update on its activities in South Africa. Under the terms of the acquisition, Chromex will have the exclusive right to co-develop all Falvect chrome concessions in the Shurugwi region and tribute agreements in the Ngezi area, and market 100% of the chrome products produced from those operations. In return, the Company will provide working capital into Falvect and funding for the development of current projects and any additional acquisitions in Zimbabwe, which is host to significant high grade chrome ore deposits. A technical review of the contained mineralisation will commence once final agreements have been concluded. In line with the development of its business, Chromex is already investigating the economics of setting up beneficiation facilities in Zimbabwe.

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