Ariana Resources plc (LON:AAU) moved into the black in its latest half year as it booked a profit on the sale of lithium properties in Australia.
The junior’s main focus, however, remains construction of its first gold mine, at Kiziltepe in Turkey, with its joint venture partner Proccea.
Kiziltepe is nearing completion Ariana said today with the tailings storage facility development underway.
Bacanora Minerals (CVE:BCN) has rejected a merger proposal from its fellow lithium explorer and shareholder Rare Earths Minerals (LON:REM).
REM, which already holds a 19.8% stake, has suggested a share-based reverse takeover that values each Bacanora share at 88.5p, but the board of the Canada-listed company says this substantially undervalues its assets and potential
Bacanora's board noted that only last week REM bought 4.5 mln shares at 100p per share in cash and added the offer would dilute near term and life of mine cash flow for non-REM shareholders.
Sonora, in Mexico, is Bacanora's main asset and considered a potentially world-class lithium deposit.
Bid target Sierra Rutile Ltd (LON:SRX) has increased its production guidance for the year.
Having indicated back in July that it expected production to be at the upper end of its indicated range of 120,000 to 135,000 tonnes, the minerals sands producer has now upped that range to 135,000 – 145,000 tonnes.
Meanwhile, the production cash cost is expected to be towards the lower end of its previously advised guidance range of US$540 to US$590 per tonne.
Patagonia Gold plc (LON:PGD) surged back into profit as it rode a tailwind of higher gold prices, weak currency and an improving political situation.
The Argentina–based miner saw a US$10mln turnaround from losses into a profit of US$3.6mln in the six months to June, as production jumped by 70% to 16,900 ounces while cash costs almost halved to US$591 per oz.
The judicial review into Galantas Gold Corp’s (LON:GAL CVE:GAL) planning application for the Cavanacaw mine in Omagh is likely to be put back until December.
Galantas has been notified that an extension beyond the current 27-29 September listing dates is likely and the Court may look to list a continuance for early December 2016.
Armadale Capital PLC (LON:ACP) shares soared as it lined up a potential new partner to build its gold mine at Mpokoto in the DRC.
African Mining Services (A-MCS), a completely different company from A –CS, the company that had been carrying out due diligence for the past fifteen months, has negotiated an earn-in for an 85% stake.