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Fox-Davies Capital Newsflash including Red Rock, Metals Exploration and Enegi Oil

20th Nov 2009, 8:10 am Fox-Davies Capital Newsflash including Red Rock, Metals Exploration and Enegi Oil

Enegi Oil  (ENEG)  announced that its wholly owned subsidiary, PDI Production Inc. has entered into an agreement with Shoal Point Energy and Canadian Imperial Venture Corp whereby PDIP will gain 100% interest in the St George's Group play on Exploration Licence 1070 in the Gulf of St. Lawrence, Canada. Under the terms of the agreement Enegi will transfer its interest in the other play on the licence, an unconventional shale play, to SPE and CIVC.  
 
Mining Corporate News
 
Red Rock Resources  (RRR)  announced that YA Global Master SPV, LTD. ('YA Global'), which is advised by Yorkville Advisors LLC, yesterday subscribed for 7,376,177 ordinary shares of 0.1 pence each in the Company under the terms of the Standby Equity Distribution Agreement ('SEDA') between Red Rock and YA Global, announced on 1 May 2009, at a price of 1.36 pence per Ordinary Share. The proceeds of the subscription are approximately £100,000 before expenses, conditional on the Shares being admitted to trading on AIM. Following the issue of the new Ordinary Shares the Company's total issued ordinary share capital will be 515,350,471 ordinary shares of 0.1p.
 
Metals Exploration  (MTL) announced a resource update for its Runruno gold-molybdenum project in the northern Philippines. The work was done by independent consultants using advanced geostatistical methods; this was the first time such advanced methodology had been applied to the project. The total JORC-compliant Measured, Indicated and Inferred Mineral Resource is now estimated to contain 1.5Moz of gold and 25.4Mlb of molybdenum. The previous resource calculation had included 2.0Moz gold and 34.4Mlb molybdenum so the latest work has reduced the gold resource by 25% and the molybdenum resource by 26%. On the positive side, the Measured resource has increased from 270,000 ounces of gold to 560,000 ounces. Most of the reduction has come from the elimination of areas around the periphery of the deposit which were not supported by recent drilling.


As a result of the revised resource estimate, the pit optimisation, mine plan and plant throughput will now have to be re-calculated; this will delay completion of the feasibility study from the original target date of Q1 2010.


The Executive Director responsible for the technical aspects of the company’s operations has resigned.


The company’s 44% shareholder, Christian Candy (through his company Solomon Capital) has confirmed that he remains fully supportive of the company and present management.

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