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Sefton Resources, Baobab Resources, Horizonte Minerals, Vatukoula Gold Mines and others feature in Fox-Davies Capital Newsflash


Sefton Resources (LON:SER, 2p, ► (0.0%)) announced that continuous steamflood operations have commenced at its wholly-owned subsidiary, TEG Oil & Gas USA, Inc. in the Tapia oilfield near Castaic, California on the Hartje Lease in the central portion of the oilfield. This continuous steam injection pilot is part of an ongoing steam study being conducted prior to the implementation of the field-wide steamflood development of Tapia. Steam is being injected into the Hartje #10 well, which was formerly idle after it was converted to accept the steam injection process by the installation of a new slotted liner across the Yule oil reservoir at a depth of approximately 1,100ft and which was achieved at a cost significantly lower than drilling a new injector. The Hartie #10 well is surrounded by six other producing wells which the Directors believe will also benefit from the heat and pressure caused by the local steam injection. Each well will be carefully monitored during the process and the data will be input into the steamflood simulation modelling developed by Dr. Farouq Ali. These refinements to the model, along with a newly developed geologic and reservoir model, will allow TEG USA to identify the most efficient methods and injection patterns for the steamflood on a full field basis. Additionally, TEG USA anticipates the benefit of increased oil production rates on the Hartje Lease and eastern portion of the adjacent Yule lease as a direct result of the steam injection. The Company has also confirmed that it has reaffirmed and extended the bank borrowing facility.
Lansdowne Oil & Gas (LON:LOGP, 31.5p, ▼ (5.97%)) announced yesterday that it has reached agreement with certain existing loan holders to extend the repayment date of loans from those lenders.  Major shareholders SeaEnergy PLC and Lampe Conway have extended the repayment dates of their existing loans to 15 April 2011.
Alexander Mining (LON:AXM, 14.63p, ▼ (2.50%)) announced that it has completed the sale of its wholly owned subsidiary, Alexander Gold Group Limited, the holding company for the Company's Argentina assets, for a total consideration of US$2.2 million.
Allied Gold (LON:AGLD, 46.88p, ▲ (9.01%)) announced that Gold Ridge project in the Solomon Islands has begun commissioning, with first gold expected in early March. All major project construction and refurbishment activities associated with the $150 million redevelopment have been completed. Mining activities began in October and more than 200,000 tonnes of ore has been stockpiled in advance of milling and processing activities. Commissioning and ramp up during the first 3 to 6 months will initially use lower grade ore which may result in recoveries commencing in the low to mid 70 per cent range before high-grade Namachamata pit ore is blended.
Baobab Resources (LON:BAO, 25.75p, ▲ (5.64%)) announced drilling results from their Tete iron/vanadium/titanium project. Analytical results have been returned from a second three hole RC drilling cross section in the South Zone prospect. Best results (concentrated grade) include 15m @ 62.2% Fe and 0.64% V2O5, 90m @ 59.4% Fe and 0.60% V2O5, and 20m @ 60.0% Fe, 0.69% V2O5.
Horizonte Minerals (LON:HZM, 24.25p, ▲ (0.52%)) announced an initial Inferred Mineral Resource estimate from its Araguaia Nickel Project in Brazil. The maiden resource is estimated at 76.6 million tonnes at 1.35% nickel and 0.06% cobalt, at a 1.0% Ni cut-off grade, resulting in 1.03 Mt of contained nickel.
Vatukoula Gold Mines (LON:VGM, 159.5p, ▼ (2.74%)) announced its final results for the year ended 31 August 2010. Profit for the period was GBP4.5 million compared to a loss of GBP9.4 million in 2009. Production increased to 59,658 ounces of gold from 33,757 ounces of in 2009. Vatukoula attribute the increases higher gold prices received and to increased mining efficiencies which have led to decrease in unit costs.

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