African Barrick Gold (LON:ABG) announced further positive drilling results from the Tusker resource area at the Nyanzaga project in Tanzania, confirming continuity of the broad higher-grade gold mineralization.
Ferrexpo (LON:FXPO) revealed a set of excellent financial results this week, with revenues doubling to US$1.3 billion and earnings rising by over 300 percent to US$585 million. Much of the strong performance will have been anticipated by investors as the group’s monthly production numbers have been near record levels for some time. Overall it increased pellet production by 14 percent to produce a record 10 million tonnes.
African Aura Mining (LON:AAAM, CVE:AUR) told investors that its non-executive director Steven Poulton has decided to step down. He will leave the company as it splits in two next month. Poulton was a founding director of the original African Aura business, which merged with Mano River Resources in 2009. He has decided that he will not take a position at either new company.
Weatherly International (LON:WTI) has entered into an additional forward sales contract with Louis Dreyfus Commodities Metals Suisse for an additional 1,450 tonnes of contained copper. The copper will be delivered progressively over an 18 month period commencing in April 2011 at a fixed price of US$9,643/tonne.
Prosperity Minerals (LON:PMHL) has secured 800,000 tonnes of iron ore, under its off-take agreement with Blackrock Metals of Canada. It initially signed the off-take deal with Blackrock back in January. Last week a pre-feasibility study confirmed that Blackrock has 252.4 million tonnes in estimated measured and indicated resources, grading 25.6 percent Iron. Prosperity Minerals has also unveiled a new addition to its Chinese real estate business. It has agreed to acquire a 55,589 square metre piece of land in Hangzhou City, the capital of Zhejiang province. It will own half the property via a joint venture.
Rambler Metals and Mining (LON:RMM, CVE:RAB) plans to raise £10 million in a share placing. It will issue 27.7 million new shares priced at 36 pence each. The proceeds will be used for working capital as it completes the construction phase of the Ming copper-gold mine. Seymour Pierce and Ocean Equities are acting as the joint brokers for the placing.
Kryso Resources (LON:KYS) revealed a number of corporate developments that are designed to help the Pakrut gold mine development project in Tajikistan. It has hired an experienced mine engineer, Richard Li, as the group’s new chief operating officer. It also established a new office in Beijing recently, which will be its base for procurement and administration as well as helping to facilitate communications in China. This week, Kryso Resources unveiled a set of positive drill results from the Pakrut gold project in Tajikistan. It said the results confirmed that mineralisation is continuing at depth and they are consistent with the known shape of the ore zones.
Strategic Natural Resources (LON:SNRP) said it will start a new drilling and exploration programme in April 2011. It has earmarked US$2.5 million for the work which aims to increase and improve the resource categorisation across all of its various rights areas.
Orosur Mining (LON:OMI, CVE:OMI) told investors that its joint venture partner Gladiator Resources (ASX:GLA) has now earned its first 20 percent interest in the Isla Cristalina group of prospects in Uruguay.
GGG Resources (LON:GGG) has established a technical sub-committee to co-ordinate the development of the Bullabulling gold mine in Western Australia. The committee will be chaired by Michael Short - an experienced civil engineer who is also the managing director of GBM Minerals Engineering Consultants. GGG’s technical director Ciceron Angeles and managing director Jeff Malaihollo are also on the committee.
Edenville Energy PLC (LON:EDL) said it signed a letter of intent to acquire a controlling stake in a coalfield project in southern Tanzania. Edenville is the holding company of a mineral exploration and development group focusing on energy commodity opportunities in Africa, primarily coal and uranium.
The recent successful emerald auction by Gemfields (LON:GEM) prompted Canaccord, the company’s broker, to raise its valuation of the stock by a penny to 25 pence a share this week.
Pan African Resources PLC (LON:PAF) said it has started site clearance at its Phoenix platinum project in the North West Province of South Africa ahead of construction of the chrome tailings retreatment plant (CTRP) there.
Patagonia Gold (LON:PGD) shares advanced over 10 percent on news it it revised a deal with Barrick Gold (NYSE:ABX). In 2007 the group acquired 200,000 hectares of prospective mineral titles, in the Deseado Massif region of Santa Cruz, from Barrick.
Frontier Mining (LON:FML) has started stockpiling ore at the Benkala copper mine development project. The company highlighted that operations are progressing in-line with the schedule it set out in February. When it said that stockpiling would start in March with ore crushing starting in June.
Mariana Resources (LON:MARL) said this week that John Sutcliffe has resigned from the board of the miner. The 66-year-old will retain the role of principal geological consultant until his retirement next year. Sutcliffe has been on the Mariana board for five years as managing director and latterly as a non-executive director.
Persian Gold PLC (LON:PNG) said following the recent shareholder approval for the planned reverse takeover of Hydrocarbon Exploration (HyEx) and the name change to Clontarf Energy PLC, as announced last week, the name change has how become effective.
Beowulf Mining PLC (LON:BEM) said assay results from the first ten drill holes of its campaign at Kallak South confirm the estimated size of the iron ore deposit there and that the high grade ore present is of a similar type and quality to that encountered at Kallak North.
Amur Minerals (LON:AMC) is set for a £2.5 million cash boost from an institutional investor, Lanstead Capital. The company plans to issue 25 million new shares to Lanstead at 10 pence each, an 18 percent discount to the current price of 12.25 pence.
Fiji focused mining junior Vatukoula Gold Mines (LON:VGM) reported increases in gold recoveries in the first half, expecting to achieve a 25 percent rise for the year to August 2011.
Botswana Diamonds (LON:BOD) has landed a new exploration licence in Cameroon, near an ‘intriguing’ diamond discovery. The new licence covers an 8,087 square kilometre area in the eastern part of Cameroon. The company has an 85 percent stake in the project, alongside local partners.