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Proactive news summary: Armadale Capital, Aminex, Atlantis Resources, Aureus Mining, Condor Gold ...

Published: 18:00 11 Sep 2014 BST

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The soundtrack to today’s feature is one of wheels in motion.

With the submission of documents to the state regulator Tomco (LON:TOM) has reached an important milestone in the Holliday unconventional hydrocarbon project in Utah.

The authorities are now able to consider making a decision to tentatively approve the large mining operations and begin a 30 day public consultation.

Meanwhile, Aureus Mining (LON:AUE) said it is still on target for first gold pour from its New Liberty Mine in Liberia in the first quarter of next year after it gave an update that revealed it had made material progress developing the operation.

Rose Petroleum (LON:ROSE) continues to move its legacy mining assets forward as its Mexican copper subsidiary Minerales VANE secured an option to earn a 75% stake in the Tango concessions, in southern Sinaloa.

Savannah Resources (LON:SAV) said field operations are under way to identify high priority drill targets on its Block 5 Copper Project in Oman.

Medusa Mining’s (ASX:MML) latest round of drilling at the Tambis deposits in the Philippines has finished with a flourish.

One hole returned a grade of 9.79 grams per tonne (g/t) over a 12 metre width, while Medusa highlighted grades of 1.36 g/t and 1.22 g/t in another hole.

Mining investor Armadale Capital (LON:ACP) is currently working on an expanded scoping study for the Mpokoto gold project in the DRC that will include the recent drill results a new zone of mineralisation recently delineated.

KEFI Minerals’ (LON:KEFI) Tulu Kapi gold exploration project in Ethiopia is on track to start development next year.

The gold and exploration company said that it planned to apply for a mining licence for Tulu Kapi, potentially it’s most valuable project, in the final quarter of 2014 and start work in 2015.

Stellar Diamonds (LON:STEL) said testing of its 100-tonne per hour dense media separation plant has begun ahead of trial mining at the Baoulé kimberlite project in Guinea next month.

Shares in Tanzanian joint venture partners Aminex (LON:AEX) and Solo Oil (LON:SOLO) advanced following another upgrade to the potential size of the Ntorya area.

Aminex told investors that the new seismic interpretation indicates some commonality between the Ntorya field and the system observed in the previously drilled Likonde well to the North.

In Chile, latest drilling from the Challacollo silver-gold project has confirmed the grades reported by its previous owner, Mandalay Resources’ (TSE:MND) said today.

The Canada-listed company is currently working on a pre-feasibility study for the Chile deposit and said this remains on track for the first quarter of next year.

Another Canadian company, Lydian International (TSE:LYD) said an updated feasibility study of its Amulsar gold project in south Armenia found a “compelling” opportunity to develop large low-cost mining.

Tower Resources (LON:TRP) this morning confirmed the issue of 4.5mln new shares to satisfy the second tranche of the consideration for its acquisition of a 15% stake in Block 2B, Kenya, from Taipan Resources (CVE:TPN).

Nicaraguan gold explorer Condor Gold (LON:CNR) has received a £3.5mln cash injection from the IFC, the investment arm of the World Bank.

It is a part of a total £6.4mln fund raise that will enable Condor to complete a pre-feasibility study on its flagship La India project and take it some way down the road of a bankable study.

Major shareholders in Metals Exploration (LON:MTL) have been playing their own high finance version of ‘Candy Crush’.

The shareholdings of Solomon Capital and Shelfco 724, two companies owned by multi-millionaire property Christian Candy, have been consolidated into a single company - MTL (Luxembourg) – a company equally owned by Candy and his elder brother, Nick.

Elsewhere in the gold mining sector, Patagonia Gold (LON:PGD) extracted a record amount of gold from its Lomada mine in Argentina in August.

Total gold recovered from the main and trial pads rose to 2,961 ounces at an all-inclusive cash cost of $625 per ounce.
On the acquisitions front, Mosman Oil & Gas's (LON:MSMN) proposed acquisition of Trident Energy has got the backing of the majority of the target’s shareholders.

Red Rock Resources (LON:RRR) has extended an exclusivity period with a potential buyer of the group’s Colombian gold assets.

The buyer, Nicaragua Milling Company (NMC), now has until October 10 2014 to have final agreements in place for the deal which ultimately has a closing date of November 10.

Atlantis Resources (LON:ARL), owner of the MeyGen tidal energy project in Pentland Firth, Scotland, has signed a 25-year seabed lease with The Crown Estate, the Queen’s property portfolio.

SeaEnergy (LON:SEA) increased its half-year revenue by 64% after international expansion and moved closer to making a profit in 2014.

Sales for the six months to June 30 were £3.6mln, compared to £2.2mln for the same period a year earlier. Losses from continuing operations after tax reduced to £0.2mln compared to a £0.6mln loss a year earlier.

Across the pond, President Energy (LON:PPC) has announced a new discovery well in Louisiana, USA.

The Eagle Crest well at the East Lake Verret project saw initial daily production rates of 492 barrels of oil and 2.3mln cubic feet of gas – which equates to 875 barrels oil equivalent.

In the tech sector, Globo (LON:GBO) has been awarded a €7.5mln contract to supply mobile technology and services to the Greek Ministry of Public Order and Citizen Protection.

MoPowered (LON:MPOW), a mobile commerce company, has signed a partnership with Time Inc UK, the publisher of Yachting World, Country Life, Decanter and Horse & Hound.

Deltex Medical (LON:DEMG) posted flat interim sales as growing traction in the US was offset by lower demand from the NHS. Losses for the half year rose slightly to £1.58mln (£1.44mln).

Elsewhere, India-based electricity generator OPG Power (LON:OPG) said it is unaffected by a ruling from the Supreme Court of India that hundreds of coal licences had been illegally allocated; OPG does not own any coal blocks.

Finally, low-cost African airline fastjet (LON:FJET) hit a single day record for bookings on Wednesday, September 10.

In all, 23,000 seats were sold on a day when the company held one of its periodic off-season low fares offerings.

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